The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1898-03-03

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financial policy of the nation which will
allow them to harvest the products oil the
people for all time to come. Fortunately
the financial lesson taught by the war he
tween state !, and subsequent acts OF con-
gress, have not been forgotten by the
American people. The Dngley tariff bill
which has been proven inadequate IN
time OF peace is not to be considered in
case of var. The Portland Oregonian
this week outlines the Republican policy
in the following words:
The weakness of our country for war Is In
its monetary or currency system. Present mon
etary conditions could not be maintained. We
should be compelled to take immediate meas
ures to uphold and confirm the gold standard
or we shosld have financial panic at the be
ginning. and no adequte means for prosecution
OF war. Upon outbreak OF war the first thing
that would be wanted is money, and money in
large sums 1t could be had only through ma
tional loans. Congress could not set In motion
any system of taxation that would bring in
much money until after the lapse OF many
months. Borrowing at the outset, would be
the only resource. But no bonds could be sold
unless the government would pledge their pay
ment In gold. Any government loan required
for the emergency of war would have To be a
gold loan. No juggle with the word coin
would do. Stipu lation would have to be made
tor payment in gold-principal and interest,
And the stress OF war would force congress to
act For, we repeat, it would be necessary to
have money, and to have it quickly, aud the
only way to get 1t would be through loans. The
emergency would force the surrender OF our
money fatists OF all grades, from the silver ia
matte to the 'percapity greenbacker without
money our government could prosecute no war
even against spain. without money our coun-
try wonld be defenceless in war, even with
Spain. We could get money only by borrowing
and could not borrow unless we could write
bonds PAYABLE, principal and interest, in gold
This would clear away all rubbish of equivoca-
ton about coin"
Brother Scott is to be commended for
the able aud straightforward way he
gives the bank syndicate" side of the
proposition.
With the recent experiences OF this
government in purchasing gold TO meet
its expenses at a time of profound peace,
the idea of carrying on Jan extensive war
with gold purchased with bonds is pre-
posterous, and should not be thought Of
for moment. II the republican policy
as outlined by the Oregonlan should be
put in effect it would mortgage our gov.
eminent to the money powers OF Europe
through all succeeding generations.
There is a way to get money to carry
on war and at the close leave us not
only Tree from foreign debt, but also in
even more prosperous condition than at
the present time. 1t is this: Open the
minis to the free and unlimited coinage
of both gold and silver at the present le-
gal ratio of 1G to |, and issue greenbacks
not as of old, but with the villianous ex-
ception clause left out, making them le.
gal tender for all debts, public and pri'
vate. 1t is better to lower our flag to
Spain at once than to further shsckle
ourselves with a debt held over us for.
ever by the remorseless money sharks OF