The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-04

usefulness of nations diplomatic
representative undeniably depends
much upon the appropriateness Of his
surroundings and country like ours.
while avoiding glitter and show,
should be certain that ii does not suf-
fer in it's relations with foreign ma
tons through parsimony and shah
binesS in its diplomatic outfit. These
considerations and the other advant-
ages of having fixed and somewhat
permanent locations for our embas-
sizes, would abundantly Justify the
moderate expenditure necessary TO
carry out this suggestion.
THE NEW TARIFF LAW.
AS we turn from review of our for
eign relations 10 the contemplation of
our national financial situation We are
immediately aware that we approach
a subject OF domestic concern more inn
portant than amy other that cam en-
gage our attention, and one at present
in such perpleNiug and delicate
predicameBt as to require prompt and
wise treatment.
We may well be encouraged to earn
est effort in this direction when we
recall the steps already taken toward
improving our economic and financial
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.
Iiy command OF the people a 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 incfli-
cient for the purpose Of revenue, cur
tailed our trade relations and impedcd
our entrance 70 the markets OF the
world, has been superseded by tariff
policy which, i'm principle, is based
upon denial of the right of the gov
eminent to obstructth avenues 70 our
peoples cheap living or lessen their
comfort and contentment for the sake
of according especial advantages to
favorites, and which, while encOurag-
ing cur commerce and trade with
other nations, recognizes the fact that
American self-reliance, thrift and
ingenuity can build up our country's
industries and develop it's resources
more surely than enervating paternal-
ism.
THE FINANCIAL QUESTION.
The compulsory purchase and coin
age of silver by the government, un-
checked and unregulated by business
conditions and needless of our curren-
CIV needs, which for more than fifteen
years diluted our circulating medium,
undermined confidence abroad in our
financial ability, and at last culminat-
ed in distress and panic at home, has
been recently stopped by the repeal OF
the laws which forced this reckless
scheme upon the country. The things
thus accomplished, Notwithstanding
their extreme Importance and benefi-
cent effects, fall far short OF curing
the monetary evils from which we suf-
fer as a result of long indulgence in i'll
advised financial experiments.
The currency denominated United
States notes and commonly known as
greenbacks was issued in large volume
during the late civil war, and was in
tended originally to meet the exigen-
cies of that period. 1t will be seen by
a reference to the debates in Congress
at the time the laws were passed au-
thorizing the issue of these notes that
their advocates tAclared they were in
tended for only temporary use and to
meet the emergency of war. In most
all of the laws relating to them some
provision was made contemplating
their voluntary or compulsory retire
ment. a large quantity of them,how-
ever, were kept on foot and mingled
with the currency of the country, so
that at the close of the year 1874 they
amounted to 1891, 099,073.
RETIREMENT OF GREENBACKS.
Immediately after that date, and in
January, 1875, law was passed pro-
viding for the resumption of specie
payments, by which the Secretary of
the Treasury was required, whenever
additional circulation was issued to
national banks, to retire United States
notes equal in amount to so per cent.
of such additional national bank cir
culation until such notes were reduced
TO $4,000 900, This law further pro-
vided that on and after the LIST day of
January, 1879, the United States notes
then out standing should be redeemed
in coin, and in order to provide and
prepare for such redemption the Sec
rotary of the Treasury was authorized
not only to use any surplus revenues