The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1895-12-12
FINANCIAL QUESTION.

A Discussion of the Situation and Some
Recommendation.
As we turn to a review of our ma
hOnal financial situation, we are i'm
mediately aware that we approach a
subject of domestic concern more i'm
pOrtant than any other which can en-
gage our attention, and one, at present,
in such a perplexing and delicate pre-
I dcament as to require prompt and wise
treatment. We may we'll be encour-
aged to earnest effort in this direction
when we recall the steps already taken
toward improving our economic and
/ financial situation and when we ap-
preciate how well the way has been
prepared for further progress by an
aroused and intelligent popular inter-
est in these subjects.
By command Of the people customs
revenue system, designed for the pro-
lection and benefit of favored classes,
at the expense of the great mass of our
cOuntrymen, and which, while in
I Efficient for the purpose of revenue.
7 curtailed our trade relations and i'm
peded our entrance to the markets OF
the world, has been superseded by a
tariff policy, which, in principle, is
based upon denial Of the right of the
government to obstruct the avenues Of
our peoples cheap living, Or lessen
their comfort and contentment for the
sake of according especial advantages
to fayorites, and which, while encour-
\ aging our intercourse and trade with
other nations, recognizes the fact that
American self-reliance, thrift and in
genuity can build up our country's in
dnStries and develop it's resources more
surely than enervating paternalism.
The compulsory purchase and COIN
4 age of silver by the government, un-
checked and unregulated by business
conditions and needless of our cur
i Fency needs, which for more than fif-
teen years diluted our circulating med
lum, undermined confidence abroad In
our financial ability, and at last Gull
minated in distress and panic at home,
has been recently stopped by the re-
peal of laws which forced this reckless
scheme upon the country The things
mus accomplished, Notwithstanding
nelr extreme Importance and beneficent
ELECTS, fall far short of curing the
monetary evils from which we suffer
as result of long indulgence in ill-ad-
'sed financial eyDedientS.
The currency denominated United
oates notes, and commonly known as
feeenbacks, was issued in large vol
ame during the late civil war and was
Intended originally to meet the ext
Sehcles Of that period. 1t will be
Sen BY a reference to the debates in
Vngress at the time the laws were
passed, authorizing the issue of these
'1OteS, that their advocates declared
lucy We're intended for only temper
aiy use and to meet the emergency OF
Ie war. In almost, if not all the
avs relating to them, some provision
vas made contemplating their volun'
S Or compulsory retirement. a
# b. 1AUy VI tIlOIIs Ao"ONOAt W.
~sN on foot and mingled with the
IIiren1y of the country, so that at the
,.Oe OF the year 1874 they amounted
F0Sl, 999,O7S. Immediately afte1
na' Gate, and in January, 1875. Law
s sas passed providing for the resump
s,Ol OF specie payments, by which thu
~SIte'ary Of the treasury was required
ueneVer additional circulation wal
Tsued TO national banks, to retire
Di'eo States notes equal in amount t
per cent of such additional bank cir
Iaslon until such notes were reduced
soVo' 100000. This law furthe
ao'iued that, on and after the FRS
S,s Vi January, 1879, the Unitet
n .sses notes then outstading should b
ri seemed in coin, and in order to pro
fN' "nd prepare for such redemption