The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1895-12-06

Dor, jet the plain duty of their government
is to observe in good faith the recognized obli-,
| gatiops of International relationship The,
performance of this duty should not be made.
| more dificult by a disregard on the part OF our
| citizens Of the obligations growing out Of their
/ allegiance to their country, which should re-
strain them from violating, as individuals, the
| neutrality which the nation Of which they are
| members is bound to observe in its relations
| to friendly sovereign states Though neither
| the warmth of our peoples sympathy with the
Cuban insurgents, nor our loss and material
| damage consequent upon the futile endeavors
| thus far made to restore peace and order,
| nor any shock our humane sensibi!ies may
| have received from the cruelties which appear
| to especially characterize this sanguinary and
| fercely conducted war, have in the least shak-
| en- the determination Of the government to
| honestly fulfill every international obligation,
| yet, 1t is earnestly hoped, all grounds.
| that the devastation Of armed conflict may
| speedily be stayed and order and quiet restored
to the distracted island. bringing in their train
| the activity and thrift OF peaceful pursuits.
Vigorous protests against excessive fines i'm
| posed on our ships and merchants by the ships,
officers OF these islands for trivial errors have
resulted in the remission OF such fines in in
| stances the equity Of the complaint was appar-
| ent, though the vexatiouS practice has not
| been wholly discontinued.
Occurrences in Turkey have continued
to excite concern The reported massa-
ores Of Christians in Armenia and the de-
| the spirit of fanatic hostility to Christian in
! fuences naturally excited apprehension for
| the safety of the devoted men and women, who
| as dependents of the foreign missionary soci-
| cites in the United States all reside in Turkey
| under the guarantee OF law and usage and in
| the legitimate performance of their educa-
| tional and religious mission No efforts have
been spared in their behalf and their protection
| IN person and property has been earnestly and
vigorously enforced by every means within our
| The n W
now in the vicinity of the disturbed localities
| affords opportunities to acquire a measure OF
| familiarity with the condition of affairs and
will enable us to take suitable steps for the
protection Of any interests of our countrymen
within reach OF our ships that might be found
imperiled.
| The Financial situation.
AS we turn from a review Of our foreign re-
| lations to the contemplation Of national
| financial situation we are Immediately aware
| that we approach a subject Of domestic con-
Germ more important than any other that can
engage our attention and one at present in
| such perplexing and delicate predcament 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 improving our economic and fnan.
| cial situation. and when We appreciate how well
the way has been prepared for further progress
| by an aroused and intelligent popular interest
| in these subjects. By command of the people,
| q customs revenue system, designed for the
protection and benefit of favored classes at the
expense Of the great majority of our country
| men and which, while inefficient for the pur
| pose Of revenue, curtailed our trade relations
and impeded our entrance to the markets of
| the world has been superseded by tar
| if policy which. in principle is
| based upon q denial of the right
of the government to obstruct the avenues to
| our peoples cheap living or lessen their COM
fort and contentment, for the sake of accord
| ing especial advantages to favorites, and
which. while encouraging our intercourse and
| trade with other nations, recognize the fact
| that American self-reliance, thrift and inge-
nuity can build up our country's industries and
| develop its resources more surely than ener-
| waiting paternalism. The compus sorry purchase
| and coinage Of silver by the government, I'M
checked and unregulated by business condi-
| tions and needless of our currency needs,
| which for more than fifteen years
| diluted our circulating medium, under
| mined confidence abroad in our financial
| ability and at last eliminated in distress and
| panic at home has been recently stopped by
| the repeal Of the laws which forced this reck-
| less scheme upon the country. The things
| thus accomplished. Notwithstanding their
| extreme Importance and beneicent effects,
| fell far short Of curing the monetary evils from
which we suffer as result of long indulgence
| in i'll advised financial expedients. The cur
| rency denominated United States notes and
| commonly known as greenbacks was issued in
| large volume during the late civil war and in
| tended originally to meet the emergencies OF
| that period.
1t will be seen by a reference to the debates
| in congress at the time laws were passed au-
| thorizing 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 contemplating
| their vo! untary or compulsory retirement.
large quantity of them, however, were kept on
| foot and mingled with the currency of the
| country, SO that at the close of the year 1874
they amounted to 1881 ,999073. Immediately
| after that date and in January. 1875, law was
| passed providing for the resumption of specie
payment by which the secretary of the treas
| ury required, whenever additional
| circulation was issued to national banks
| to retire United States notes equal in amount
| to 80 per cent. of such additional national
| bank circulation until such notes were re-
| duced to 30O,0)0,OJJ This law further pro-
vided that on and after the first day of Janu-
! airy, 1879, the United States notes then out
/ standing should be redeemed in coin, and in
| order to provide and prepare for such re-
| demption the secretary Of the treasury was
authorized not only to use any surplus reve-
nueS of the government, but to issue bonds OF
the United States and dispose of them fol-
coin and to use the proceeds foI
| the purposes contemplated by the statute
| In May 1873, and before the date thus appoint
| ed for the redemption and retirement of these
notes, another statue was passed forbidding
| their further cancellation and retirement
| Some Of them had, however been previously
| redeemed and cancelled upon the issue OF addi-
| tional national bank circulation. as permitted
| by the law Of 1875 SO that the amount out
| standing at the time Of the passage of the act
| forbidding their further retirement was $685.
| 6Sl,O16 The law of 1873 did not stop at dis
tinct prohibition, but contained, in addition,
| the following provision: And when
| any Of said notes may be redeemed UT
| be received into the treasury, under any
law. from any source whatever. and
shall belong to the United States. they shall
| not be retired. cancelled, or destroyed but they
| shall be reissued and made out again and kept
| in circulation This was the condition of af-
| fairs on the 1st day Of January 1879, which had
| been fixed upon four years before as the date
for entering upon the redemption and retire.
| ment OF all these notes, and for which such
abundant means had been provided The gov
| eminent was put in the anomalous situation OF
| owing to the holders of these notes debts pay
| able in gold on demand, which could neither be
| retired by receiving such notes in discharge OF
| obligations due the government. nor Cancelled
| by actual payment in gold. 1t was forced to
| redeem without redemption and to pay without
| acQuittance.
There has been issued and sold s95, 900 Of
| the bonds authorized by the resumption act
| Of 1873, the proceeds Of which. together with
| the gold in the treasury. created a gold
| fund deemed sufficient to meet the demands
which might be made upon it for the redemp-
| tion Of the outstanding United States notes
/ This fund, together with such other gold as
| might be from time to time in the treasury
| available for the same purpose, has been since
| called our gold reserve and slO06OlOOO has
been regarded as an adequate amount to- &C