The herald., 1895-12-04

cct Of domestic concern more i'm portant
than any other that can engage our at.
tention, and ono at present In such per-
picking ana delicate predicamsnt % to re-
qui re prom pit and wise treatment. We
may we'll DO ancourased to earnest effort
In this direction when We recall the stems
already taken toward improving our
economic and financial situation. and
when We appreciate how wsll the way has
been prepared for further progress bv an
aroused an intelligent popular interest
in These SUBJECTS.
TARIFF REFORM.
BY command Of the people customs
revenue system, designed for the. protec.
| ton and bsreiit of favored Classes at the
expense OF the great mass Of our country
men, and while inefficient for the pur-
| pose of revenus, curiail d our trade 2 eia.
tions and tmpei eli our entrance to the
| markets OF the world has been supsrced-
g. BY tariff policy whion in pie is
| based up denial Of th" rights Of the
| govern menL to obstruct tue aven ues to
| otnsr people cheap living or lessen the
| comfort and Contentment for the sake OF
| accO ding special advantages to favorites,
| aod which while encouraging our inter.
| cou rsc and ira lie with Their nations, re-
cognizes the fact that American self-re-
| lance, thrift and ingenuity can bu Id up
our ccuntry's iniu,trieu ana develop its
resources moro surely tnan enervating
paternalism.
PURCHASE OF SILVER.
The compulsory purchase and coinage
of silver ny the government, unchecked
and unrrguIatsd BIZ business con iitions
and heediess of our currency needs, which
for more than fifteen wears diluted our
at
denoe abroad in our financial stability,
and at last eliminated in distress aud
panic at home, has BEEN I. cently stopped
by the rope ii OF the laws which forced this
reckless scheme upon the country. The
thinss thus scconm plisbed, notwit ,stand-
hcent effects, fall short nj curing the
monetary evils from which we suffer Is =
reRult OF LONE in ulgenca in ill-advised
financial eXpad ents.
PAPER CURRENCY.
The currency Disseminated United
States and known as greenbacks, was is.
sued in large volumes durihg the late
civil war and was intended origin lily to
mest the exigencies OF that period. IL
will be seen by al eference to tho 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 usa and
to meet the emergency OF war. In aim ost
If not ali the laws relating to them no
provision was made contemplate their
voluntary or compulsory retirement. A
large quantity of them, however, were
kept ON loot and mingled with the cur
rency OF tina cou ntry, so taat at the Ulose
OF the year 1874 they amounted 1881. &c.,
0.3. Immediately ate! that dat. and in
January. 1879. law wus passed prUvid-
ing 'or the resumption Ut specie pay.
nv 90 ttrV N
treasury was required, whenever addi-
tional circulation was issued to national
banks to require United States notes
equal in amount to 80 per ut Ut such
additional national bank circulation. I'M
such notes were reduced to $3OD, 000,-
900. This law provided that on aud after
the lat day OF January, 1879, the United
States notes then outstanding should be
redeemed in coin, and in order to pro-
vide and prepare for such redemp t on the
s cretary OF the treasury was authorized
not only to use any surplus revenues OF
tire government, bat to issue bonds OF
the United States and dispose of them for
coin and to use tho prnceshs for the pur.
po es contemplated by the statute.
In May, 1873. and before the date thus
appointed for the redemption and retire.
ment of these notes another statute was
passed foibidding their further cancelsa-
ton and retirement. Some of them had,
however, been previously redeemed and
CunctlI so upon Tue ISSUE OF tuultlOHhl uu-
tional bank circulation as permitted by
the law Of 1875, SO that tho amount out.
standing at the time of the passage OF
the act forbidding their further retire.
ment was S3i6, 6Sl, OLE. The la ~ OF 1873
did not stop at distinct prohibition. but
contained in addition the following ex
press provision, land when any OF said
notes may 90 redeemed or bs received In
to the tr asury under any law from any
source whatever AMI sh II belnng TO the
Tn ted States, they shall not be retired,
cancel I'd or destroyed, but they shall be
issued and paid out again and kept IN
circulation" This WAS the condition OF
affairs on the LIST day of January. 1879,
witch had been fixed upon four years be-
! f re rs the date fo entering upon the
redemption and retirement ~ all these
notes, for which sucn abundant means
has been provided. The eovernne nt was
put in the situation OF owing to the hold
ers of Its notes debts payable in gold on
demand, which could neither be retired
by receiving such n,tes i its charge OF
| oDigstions due tho government not can.
celcd by actual payment in gold. 1t vas
reed to redeem without redemption
and TO pay without acquitts ,ce.
THE GOLD RESERVE.
There has been issued and sold sos, $780,
900 of the bonds authorized by the re-
| sumption act of 1875, the prJcseds OF
! which together with other gold in the
! treasur created a gold fund deemed
| sufficient to meet the demands which
might be made upon it for the rsdemp.
ton of the outstanding Unitel states
notes. THIS. funI, together with such
| otner gold as might be from time to time
| in the treasury available Tor the same
purpose, has been 81 CO called our gold
! reserve, and Sl0O. 900 mas been RAJ
gardsd as an adequate amount to accom-
| pllsn it's object. Ibis fund amounted on
tho first day of January. 1879, to STA, l93,-
$40, and thereafter constantly huctu. ting
1t did not fall below that sum until July,
1899. In April, 1898, for the hrst time
since its establishments this reserve
amounted to less than 0OO0. 600 con-
tanning at that time only S970ll, $50. In
the meantime and in July, 1880, AN ace
nad been passen directing larger govern.
mental monthly purcnase OF silver than
had been required under previous laws
providing that in payment for such Sill
YER treasury notes of the United STATES
should b, issued payable on demand IN
gold or silver coin at the discretion OF the
/ secretary OF the treasury. 1T was. now
ever, declared in the act to De Inc es-
tablished policy Of the United states 70
MAINTAIN the two metals on parity with
| each other upon the present legal ratio OF
oh ratio as may be pr"9idsd by law
La view OF tEs declaration 1t was nos
deemed permissible for the secretary OF
the treasury to exercise the discretion