The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-05-22

In many ways the people have wit
messed wonderful displays Of agility On
the part Of republican tatcsmcn In
shaping Legislation ION q pinch" II
has been q popularity Of lattcr~day
republicanism TO frame laws which
wonld ~necessitate expensive avoidance
Of calamity by the adoption Of expedi.
ents calculated 70 tide the people lover
a pinch" II was republican financier-
ing that made large amounts Of govern
ment bonds nominally fall due in a
single year. Then. when the govern
ment faith" was 10 be preserved. the
| people were told that there was danger
| Of "a pinch" and il was necessary to
refund these bonds in others on which
they would have no option as to pay
ment for a long term Of years. II has
thus happened that rs a result Of this
peculiar Legislation the people have
been taxed 10 pay a premium Of S37.-
1885, si on bonds purchased by the pres
ent administrator in the open market
because the option OF payment had been
surrendered
But there has been brought disturb
ing element INTO the house Of republic
an fnancicring. Mr. Secretary Foster
was assumed to he a skilled exponent
OF republican doctrine. lie haddemon-
strated his fitness to associate with
great men by his ability 10 make gains
in business. lie was a financier and a
statesman because he had wealth. But
with his advent has come a strange rev.
elation Of the fundamental ideas OF re-
publican craftsmanship. lie finds the
people were taxed long years ago for
the purpose OF having a fund Of coin
wherewith to redeem their paper mon
ey when desired. A law had been
passed authorizing the secretary of the
treasury to sell certain bonds Of the
United States for the purpose Of pro-
viding the necessary redemption fund
It was determined by the secretary Of
the treasury under the discretion al
lowed him by law that he would hold
si00. 0O0. 900 of coin for this purpose.
With this understanding the people have
accepted the grcenbacks. relying upon
the good faith Of the government to
maintain at all times the redemption
fund sacredly for the purposes stated.
And now comes the dealer in calico,
and tells the people hat all this was
mere p~retense. and that ION a pinch
the coin held as a reserve fund for
the redemption Of the green backs is to
be used, and the basis" Of which re-
publican orators have prated so clo-
quently is TO be swept away. IL hap
pens then that plain citizens who have
not been so fortunate in their dealings
in cotton goods are driven to exercise
what little talents they may possess to
discover what is the net result OF this
form of republican fiaanciering. They
are forced TO the conclusion that for
the last sixteen years they have been
taxed for the maintenance Of this fund.
They know it has been in the strong
box of the government awaiting their
pleasure. On this fact has rested their
faith in the governments ability to re-
deem its paper money. But because
one billion dollars have been appropriate
ed by an extravagant congress- itnow be-
comes necessary for the government to
despoil the treasury Of the reserve fund.
From this state Of facts they are forced
10 another conclusion that is not cal.
cuiated to exalt their opinion of this
kind Of financial ability. Although
they cannot find in any statute a pro
vision demanding the maintenance Of
any specific sum rs a reserve, and al.
though the law Of 1885 leaves this mat
ter entirely at the discretion Of the
secretary of the treasury. still they
assert that the constant policy Of the
government in the past and the fact
that the people have been tn xedf for this
express purpose nave been full warrant
for the faith that the sum so held should
never be squandcrcd or touched except
for the for which it was gath
cred.
Against this peculiar policy the bust
ness men Of the country have not beer
slow to protest They understand
what Is meant by the law and practice
and contend that the government paper
money is no more a legal tender thar
when the law was passed in 1876 for tho
purchase Of coin for its redemption
} They see in The determination of Mr.
Foster a strange leaning to the ideas o.
the fiatists who inveigled so many Ohio
!. statesmen into the profession Of prin
ciples Of finance long since discarded
II it be true that the greenbacks ma,
|. stand As acceptable to the people be
. cause Of their legal-tendcr quality wha
!. defense IS Mr.. Foster to make for thu
expensive plan Of a large coin reserv'
which is to be used for other purposes
|, at the first ''pinch?" II will be well TO
! the people to look into this matter an,
: let Mr.. Foster understand their views
!. to the end that the country shall no
n again be brought to the old condition
. wherein there was no other basis 70
: their paper money than the faith 0
: the people. II is not true. as has beef
I stated by Mr.. Upton. that the use o
any part Of this fund will place MI
Foster in danger Of impeachment. Mr
Upton has overlooked the main featur
: Of republican financiering. These ar
Q not gentlemen who have placed safe
: guards against their own dishonest acts
. Their discretion has beer deemed sui
fcient guarantee Of their proper action
G That this has proved defective docs no
Q change the law. Mr.. Foster may do a
= he pleascs under the statute, but til
n people are not without recourse. The
> still nave the ballot. and when the mex