Alma record. (Alma, Mich.) 1878-1928, 1895-12-13
NATIONAL FINANCES.
Cause and Cure of rs ond Issues Dire En-
foct OF Free Coinage.

Cause ana Cure or rs ond issues-Dire Ef-
roct OF Free Coinage.
As we turn from review OF our foreign
relations TO the contemplation OF our ma
tional financial situation we are immedi-
ately aware that we approach subject OF
domestic concern more important than aay
other that can engage our attention, and
D4e at present I'm such DtrplcXing and de@-
icate predicamcnt as 90 require prompt and
wise treatment We may Htli be encOuri
aged % earnest effort in this direction
when We recall the steps already taken
toward inproFinE our economic and imam
Cial situation, and vs. hen W. appreciate how
well the way has been prepared for fur
thor progress hy an aroused ANA intelli-
gent popular interest IN th,s' subjects.
Monetary Eviis NOt ~.ei.
by command of the people "a customs
revenue SEstcm, designed for the prOteo-
tion and benefit OF favored classics at the
expense Of the GTcat mass Of cCuutrymen,
pose OF TeNeEdr, cuItallcd our trade rcLn-
tons and impoded our entrance to the
markets If tbs world. has uccu superseded
by tariu policy which I'm principle 10
based upon a denial of tine T.Iht OF the gov
crunent 70 OhstrGct aNcl4uta 10 our pcO-
PIES cheap living, o. lessen thor comfort
and COnteutmcut iOI the sake oi according
especial advantages 10 IdNOTiteS, and
which, while encouraging OUr Intercourse
ana trade with other h"ilons. recognizes
the fact that American s-ii-rcllance,
thrift and ingenuity. can BALD up our
country industry and develop its re-
sources more surely than cnervating pa
ternalisI1.
The compulsory purchase and coinage az
silver ~ the government unchecked ana
unrcSulatcd by business conditions ana
needless of our currency needs. which for
more than IL years diluted oar circulating
medium, M Undermined confidence abroad IN
our financial ability, and AT last cuiminat-
ed in distress and panic a. home. has been
recently stopped by the repeal OF the laws
which forced this RECKLESS scheme upon
the country. Inc Things thus accom-
pllshed, acknowledgements thClr"Ni rene nm
pOrtancc ana beucilcicNt effects. faIl iar
short Of curing he monetary evils from
when we suffer as "a result OF long m
dulScHce III Hl-adNIarb !haAcihI eNprdl-
enlN.
Roview Of Financial Legislation.
The currency dcuom!natrd United states
notes and commonly known las l.reen-
haCkS v-as issitad h, Ia roe volume during
the iata civil yyar. and was Intended oripln-
siIv 80 ,,est no s,.i.-a,..i,.s nf tIst nerioJ
II viii b, ..., In, b, ~. Ia,,.. H., l,. .batea
i'm roupis.-s nI fIa tiuo.. tl. laws were
uassad tlorIzipl' t.,.. i--tI.. of these notes
thlt tb,lr adyor.lt,.- declared they were in
tended for ONLY temporary i..se md to meet
mo. .l1.r.-.rev of van M most If not ali
the laws relating 10 chem some provision
" made COM .--r..,l..t,,l, Il,.ii. ,nluntary
rr iI...r,. ,,.t,r.,a...', 80, i,,,t.a ana ~
titv of Them. however. we're kept or foot
and mingled witb thc currency OF tho
country So that an th,,,tDse Of tLG wear 1874
thry Amounted 10 1881 .es9. o.3.
Immediately after that date. and In jan
uary $50 d law Was passed providing for
the resi.mption Of specie paymcnts, 6y
required, whenever additional ejaculation
Was issued to national banks, TO retire
United States notes equal In amount to 81
per cent. OF such additional national bank
circulation until such notes were reduced
to $500, orc. 900. This law further provided
That on and after the ISt dd5 or January,
1879, the United states notes then OUT
standing should be redeemed in coin, and
in order to provide ana prepare for such re-
demption. the secretary or the treasury
was authorized not only TO use any sur
plus revenues OF the government, but 10
Issue bonds Of the United states and dis
pose OF them for COIN and 20 use the pre-
ceeds for the purposes contemplated BY tho
statute.
In May. 1873. and before the date thus APP
pointed for the redemption and retirement
OF these notes. another statute was passed
forbidding their future cancellation and
retirement Some OF them had. however,
been previously redeemed and cancelled
upon the issue OF additional national bank
circulation, as permitted ny the law of
1875 SO that the amount outstanding at
the time or the passase or the ac - ioreio-
ding further retirement was s346.ohi ,Ols. 4.
The law OF ISIS did not stop at distinct
prohibition, but contained, in addition, the
following express provision: And whom
any of said notes may be redeemed or be
received into the treasury under any law
from any source whatever. and shall be-
long 10 the United states, they shall not be
retired Cancelled or destroyed. but they
shall be reissued and paid out again and
kept in circulation
trea ton Of tho Reserve.
This was the condition OF affairs on tho
LAT 5aV Of January 1870 which had been
iivod iipon rnur vSars before as the date
for entering unofy The redemDtion and re-
tircrrept Of ali these notes and for which
si,oh abuudant means Rad heen nrovided
'rbc govnrurlcuf was mt I'm the anornalous
situation Of OWING 10 the holders of its
note d.bts r.a vaf.Ia I'm ,old an demand
,yi,i.L ,.o,ii1 ~ nor he retired Lv renoiv
n such notes IN, di-oba r,.n Of obiioa tons
Stfe tbnrov.rnuIeut non, ranceIed nv actual
49, t.,nc,t q, ,-oij n yras Forced 10 redaeno
tuitLouf rador,rtion md 10 nav v,ithout
,',,,,,tt3.c me- bod boeiI, issued sud
Sold iq- -1o Goa ~ tbe Lordg autborized hx
H. r"5"r,itio,, .,t ~ ~ ne rroceeds of
v,It.b t'.iotG.,r N,'ith otLar ,6id in re
t,aas,,,,, ,.,td1 ~ ,,,Ii er,d efnnr,.,1 80
Sciort - 40, - dcr,.,ds ,-l,iCh ,,,i,yb.
d. ~ 80, IL f,, tl I've, ,.is,',tio, nf tbe
,,t't,,i, -Ditod Ststes nntos rbis
fnrd tocnfbor Win stICb other GOLD "a
might ba from time to time I'm the treas-
ury available for the same purpose has
bacn since called our gold reserve and
800 900 has been regarded "a an ade-
ouate amount To accomplish its object
T'hts fund Amounted ON the 1st day of Ian
uarv 1874 10 SfI4 Ig3 200 and though there
after constantly Ouctuatiug Il did not fall
below that sum until Tuty 1902 I'm April
ISq3 for the first time since it's estabiish-
ment this rearrvo amounted 70 Loss than
sfO0 600 600 contsintne AT that da to only SoT
OH .30
IN tho meantime and I'm JuIv 1900 an oct
bar boau r,aaee3 dir.atipo. Iarcar Govern