The Dickinson press., 1895-12-07

Long-T1me Bonds and a Retiremen
OH GFeenh0Ckn

A. we turn from a review Of our foreign ~.
latious to the contemplation OF car national
SHANGHAI situation. we are Immediately aware
more important than any other that can engage
19r istten snS a and one , at R|sssent IN n. such tc r 3 PEI.
We may we'll be encouraged to earnest effort
IN this direction when We recall the steps already
taken toward improving our economic and 6lian-
wen the way Ia been p re foI further
interest In these subjects.
sy sk oo'n desIsne q f the Pc RsopI nsot . aosto nna re geneae
q favored si' Glasses at the the expense expense Of { the re
efficient for the purpose Of revenue. curtailed
to the markets Of the world, has been super
s seie3 by a tariff policy which n principle Is
ment 70 ~obstruct the avenues to our peoples
cheap living or lessen their comfort and content
Mena for to the ]fay Sssa Of o nSS0s 1hIsD. esp wsisa s sa.
ticns, recognizes the fact that American self
%country's industry and develop its resources more
surely than enervating paternlism.
by the government, unchecked and unregulated
by business conditions and Needless Of our cur
de1ney needs ed ,, which ~, for more than fifteen years ears
fdence abroad In our financial ability and at last
illuminated in distress and panic at home, has
forced this reckless scheme upon the country.
The things thus accomplished, notwithstanding
their extreme Importance and huefcent effects,
tli far short of curing the monetary evils from
which we suffer us q result OF long indulgence
The currency ommonly known as greenbacks
war and WINS intended originally to meet the
reference to the debates in congress at the time
the laws were passed authorizing the issue Of
were intended for only Temporary use and to
meet the emergency of war. In almost, II not all,
the laws relating to them some provision was
sss'ss% isps on % i saas s Gsin mingled % with Siss tSs : esr.
year 1874 they eyDa Amounted ut dIA to s SSH sns 800. o7s. ~
,s Immediately \ 1say after that date and in January LAM u :
sumption sum-; a1t OF specie @as p pssnee n'q BY Witch hot the en sec re.
s sasY,; Of the treasury was required. whenever an
S Sanh i to f s,tiS,at ua'te Tas s,a ,ss,ed nott to e1 nas10n a
amount to 80 per cent Of such additional natlona!
bank circulation until such notes were reduced
on and after the first of January. 1879. the
United States notes then outstanding should be
prepare for Sich Redemption. the secretary Of
the treasury was authorized not only to use any
bonds Of The United States, and dispose Of them
for coin and to use the proceeds for the purposes
contemplated by the statute.
A Tread-Mill AHair.
In May, 1873. and before the date thus ap-
pointed for Redemption and retirement Of these
notes, another statute was passed, forbidding
their further cancellation and retirement. Some
and Cancelled upon the Issue Of additional nation.
81 bank circulation. as permitted by the law Of
1875. 30 that the amount outstanding at the time
ther retirement was $348, GS1, O1U.
The law Of 1873 did not stop ut distinct pro-
hlbition, but contained, in addition, the follow.
Ing expressed provision:
And when any Of said notes may be redeemed
or be received into the treasury under any law
from any source whatever and shall belong to
the United States, they shall not be retired, can.
celed Or DESTROYED, but they shall he reissued
and paid out again and kept In circulation
This was the condition OF Affairs on the nnt
day OF January. 1870. which had been fixed upon