The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1891-05-15
sHAeINe LEeIsLArloN.
a Strange RsvelatIoa OF Republican
.Seaeezuaausailfgs.


the part OF republican statesmen in /
shaping legislation ION a pinch" It /
has been a popularity of latter-day /
republicanism to frame laws which /
would necessitate expensive avoidance /
of calamity by the adoption of exPeCi- |
ents calculated to tide the people over /
. pinch" 1t was republican finRncier-
ing that made large amounts OF govern
ment bonds nOminally fall due in =
single year. Then, when the govern
ment faith" was 10 be preserved, the
people were told that there was danger
of "a pinch" and it was necessary to
refund these bonds in others ON which
they would have no option as to pay
nent for q long term Of years It has
thus happened that result OF this
peculiar legislation the people have
been taxed to pay a premium of SST,-
1885, 9S1 on bonds purchased by the pres
ent administration 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 laundering Mr.. Secretary Foster
was assumed to be a skilled exponent
of republican doctrine. He had demon
strated his fitness to associate with
great men by his ability to make gains
in business He was a dnancier and a
statesman because he had wealth. But
with his advent has come a strange rev
citation of the fundamental ideas of re-
publican statesmanship. He 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
U =
lowed him by law that he would hold
| 800, 600, 900 of coin for this purpose.
With this understanding the people have
accepted the Rreenbacks, 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 that all this was
mere pretense. and that ION a pinch"
/ the coin held as a reserve fund for
/ the redemption of the greenbaclSs is to
/ be used and the basis of which re-
! publican orators have grated so elO-
! quently is to be swept away. 1t 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 financiering. 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 aw aiting 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 appropriat-
| ed by an extravaganza congress it now be-
comes necessary for the government to
| despOil the treasury of the reserve fund
| From this state of facts they are forced
to another conclusion that is not cal
culated 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 as a reserve, and al
/ though the law of 1878 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 taxed for this
| express purpose have been full warrant
| for the faith that the sum so held should
! never be squandered or touched except
! for the purposes for which it was gath
cred.
Against this peculiar policy the bust
ness men of the country have not been
slow to protest. They understand
! what is meant by the law and practice,
1 and contend that the government paper
money is no more a legal tender than
when the law was passed in 1878 for the
/ purchase of coin for its redemption.
They see in the determination of Mr..
Foster a strange leaning TO the ideas of
the fiatists who inveigled SO many Ohio
/ statesmen into the profession of prin-
eiples OF finance long since discarded.
If it be true that the greenba may
stand as acceptable to the people be
cause of their legai-tender quality what
defense is Mr.. Foster to make for the
expensive plan of large coin reserve
which is to be used for other purposes
at the first ''Pinch?'' II viii be well for
the people to look into this matter and
let MIR. Foster understand their views,
to the end that the country shall not
again be brought to the old condition
wherein there was no other basis for
their paper money than the faith of
the people 1t is not true, as has been
stated by Mr.. Upton, that the use of
any part of this fund viii place Mr..