The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-23

Seventh. That the revenue reform, de-
manded with such unanimity by the peo-
pie, as evidenced by the recent election
cannot be safely entered upon until order
has been brought out OF the present dis
ordered condition Of the finances OF the
country.
Were the advantages Of the proposed
reduction of the tariff two-fold what they
are expected to be, after the country is
settled down TO the full advantages of the
reduction of tariff taxation, the first ef-
feet of a conviction of the country that
the change was to BE made, would be,
to reduce importation under the present
high tariff TO the lowest possible point
until the new tariff of lower duties went
into effect. This would reduce the revenue
so low as to embarrass. If not bankrupt
the United States Treasury. Certainly
Mr.. Carlisle would not then be able TO
redeem paper money The Treasury Is
now said TO be nearly empty. 1t would
certainly also bring any number Of COM
plicatiOns upon Secretary Carlisle, ana
cause the people to charge upon the new
tariff a thousand ills that should be
charged to the thirty years Of bad none
tary legislation, continued by the Demo-
Gratis, and not to the tariff. Not to first
relieve the United States Treasury from
the risk, expense, in fact. from all It's
present responsibility for the current
redemption" of all paper money by put
ting that duty upon the banks, where II
belongs, and where II is in every other
country. is to invite disaster.
The banking bill proposed secures 10 the
people every one of the advantages posi-
Bile TO be secured in a safe financial
system that is demanded by the Green
hacker. the Populst, the free coinage
advocate and those who favor the keep
ing Of our standard Of value and our
paper money interchangeable with the
money of all the most enlightened nations
of the world.
The Greenbacker and Populist demand
that the paper money shall be issued by
the national Government. This bill pro-
vIdcs that every dollar shall be first is
sued by the national Government and
then countersigncd by the banks. and
the people shall be relieved Of the trouble.
expense and risk Of keeping II at par
with coin. II provides that the signing OF
1t by the banks shall oblgate the banks
to keep it good money'-viz., always
certainly and instantly INTERCHANGEABLE
with coin Now there is $4,000 900 OF
| greenbacks issued by the Government for
the redemption Of which 100000 900 Of
gold is kept in the United States Treasury.
This leaves a balance Of $246 900. 900 on
Certainly the people are losing per cent
on this 800 10000 or 5000 900 each year
upon The 10000 900 Of gold in the Treas
ury. Upon the theory Of the Greenbacher,
the very most the people are saving on
the greenhack issue is per cent. on
S246 900 600. or $4,000 900. and every dollar
Of the 81 900 900. 600 Of paper money afloat,
the people are al all the risk and ex-
pense. by taxation. Of making good
money" Estimated at per cent on
sf0S 900 0O0 Of coin which the banks would
keep under the bill, H. r. 106l5, or 800,
10000 annual loss. Under the bill the
Government would be obliged TO keep
TO coin reserve thus saving an enormous
sum IN interest.
BY the close Of the administration OF
Mr.. Cleveland. under the law, Fl. X.
1866. there would be $500, 200 900 Of the
new greenback. for the current redemp-
ton" Of which the banks would be re-
spOnsible. This would wholly relieve the
people-the United States Treasury-from
the necessity of keeping one dollar of
coin in the Treasury TO redeem paper
money If the people are now securing
per cent. on the s246. 900 600 greenbacks.
over and above the S10O000,0O0 gold, they
would be saving 8 per cent. on 100000 600.
or S2O0G.000 annually. If the Fifty-third
Congress should pass bill II. r.. 1O6l5.
Certainly the Populist and Greenbacker
ought 10 vote for the bill
II is a monstrous thing, before unheard
of in any country. that the Government
Of the country should tax the people in
the attempt TO maintain paper money on
a par with oin--interchangeable with it
q thing no Government could do-and
relieve the banks Of the country, who
by right ought 10 do Il, OF all the FISK
and expense attending IT, and by such
unnatural action bring the whole imam
cial system into jeopardy. This current
redemption" would cost the banks moth
ing. What measures are the Responsible
rulers of the Countrywide Democratic
party-to adopt to correct this wrong. as
il has always declared II to be, now that
II has the power?
Those who favor the free coinage OF
silver ought TO vote for the bill, Tor IL
honors silver by putting 1t on par win
gold, and creates an inexorabie demapu
for IL. where there is now no law COM
peliing its use The bill provides for hair
silver and half gold in all bank reserves.
Those who favor making certain the
keeping of our paper money on par WIN
and interchangeable with the money or
all the most enlightened countries OF the
world" cannot fail TO vote for the DILL
H. r.. l06i5, II they will expend the time
and patience on It and on the report No.
1854, accompanying IT that is necessary to
the understanding OF any new proposition.
AZ wholly relieves the monetary system or
the country OF the perils attending the
issue OF the legal tender notes" by the
Government. by making their current
redemption" by banks as certain as II ID
possible TO make the current redemp-
ton" of any paper money. Certain: by
conforming the vital part OF our monetary
system to that OF those nations whose
experience proves them "a have the