The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1895-12-04
bsrrsss the Government by public dems
onstrstions hostile to Spain.
Turkav

w A0S0hb NAo-
turbances In Turkey, and says this Gov
ernnent is doing everything possible to
protect the lives and property OF Ameri-
cans In b Ottoman Empire. The at
tempt Of the United States consul at
Sivas to attend the investigation OF Ar
menisn ousrages was not an effort to
interfere in political matters, but solely
to have On accurate knowledge OF the
conditions surrounding those persons en-.
titled to the protection OF .he United
States Government.
The Financial Situation.
AS we turn from @ review Of our
foreign relations to the contemplation
OF our national financial situation, we
are Immediately aware that we ap-
proach a subject Of a domestic concern
more important than any other that can
engage our attention, and one at present
In such q pe%rplexing and delicate pre-
dicament as to require prompt and wise
treatment.
We may we'll be encouraged to earnest
effort in this direction when we recall
the steps already taken toward improv-
lug our economic and financial situation,
and when we appreciate how we'll the
way has been prepared for further
progress by an aroused and intelligent
popular interest in.shese subjects.
BY Command of the people a
customs revenue system, designed for
the protection and benefit OF favored
classes st the expense Of the great
mass Of our c%ountrymen and which,
while inefficient for the purpose of
revenue, curtsiled our trade relations
and impeded our entrance to the
markets. OF the world, has been super
seded by q tariff policy which, in prin-
ctple is based upon q denial of the
right of the government to obstruct
the avenues to our peoples cheap liv-
ing or lessen their comfort and content
ment for the sake OF according especial
advantages to favorites aud which,
while encouraging OUT intercourse and
trade with other nations, recognizes the
fact that American self-reliance, thrift
and ingenuity can build up our coun-
try's industries and develop its re-
sources more surely than enervating
pa ternalism.
The compulsory purchase and coinage
OF silver by the government unchecked
and unregulated by business conditions,
ana needless OF our currency needs,
which for more than fifteen years di-
luted our circulating medium. UNDER
mined confidence abroad in our q financial
ability, and at last culmlnated in dis.
tress and panic at home, has been re-
Gently stopped by the repeal of the laws
which forced this reckless scheme upon
the country. The things thus accom-
plished, Notwithstanding their extreme
Importance and benefcent effects, fall
far short Of curing the monetary evils
from which we suffer as 8 result OF long
~induldence in ill-advised financial expe.
dents.
The currency, denominated United
States notes and commonly known as
g~reenbacks, was issued in large
volumes during the late civil war and
was intended originally to meet the
~exigencies of that period. 1t will be
seen by q reference to the debates In
Congress at the time the laws were
passed authorizing the issue OF these
notes that their advocates declared
they were intended for only temporary
use and to meet the emergency OF war.
In almost If not all the laws relating to
them some provision was made CON
templating their voluntary or COM
pulsory retirement. A large quantity
OF them, however, were kept atioas and
mingled with the currency of the coun-
try, 80 that at the close of the year
1874 they amounted to 1881, 800, O73.
Immediately after that date, and in
January, 1875, a law was passed provid-
ing for the resumption of specie paw
mente. by which the Secretary of the
Treasury WAS required, whenever al
ditional circulation was issued to ma
tionsl banks to retire United Status
notes equal in amoun to 80 per can't.
OF suck additional national ba nix circu-
lation until such notes were reduced TO
5000, 600, 600.
after January 1. 1879, the United States
nnkaa than nntot apAfnn ohnnld ba 80
deemed in coin, NC in order to provide
and prepare for such redemption the
Secretary Of the Treasury WAS author-
lied not only TO use any surplus revenue
OF the Government but to Issue bonds Of
the United States n dispose of them
Tor coin and to use the proceeds for the
purposes contemplated by the tatute 10.
In May. 1878, and before the date nus
appointed for the redemption and retire.
mens of these notes smother g. "a tu te was
passed %forbidding their further cancel
lstion and retirement. Some of them
had, however, been previously redeemed
and cancelled upon the issue OF sddi-
tionsl national bank circulation, as per-
mitted by the law of 1878, so that the
amount outstanding st the time of the
Their retirement was S346, 681, DIG.
The law OF 1878 did not stop at dis-
tinct prohibition, but contained In addi-
tion the following express provisions:
And when any OF said notes may be re.
deemed or be received into the treasury
under any law, from any source what
ever, and shall belong to the United
States. they shall not be retired. can
celled, or destroyed, but shall be reissued
and paid out again and kept in circula-
ton"