The people's journal. (Pickens, S.C.) 1891-1903, 1895-12-12

the avenues to our peoples cheap liv
Ing or lessen their comfort and con
tentment, for the sake of according
especial advantages to tavorites, an(
which, while encouraging our inter
course and trade with other nations
recognizes the fact that American
self.reliance, thrifS and ingenuity car
oulld up our cOuntry's industries an(
develop its resources more surely thar
encrvating paternalism.
FREE COINAGE OF SILVER.
The compulsory purchase and coin
age of silver of the government, un.
checked and unregulated by business
conditions and needless of our CURRENCY
needs, which for more than fifteen
years dilute our circulating medium,
undermined confidence aorOad 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 reckless
scheme upon the country. The things
thus accomplished Notwithstanding
their extreme Importance and benefi.
cent effects, fall far short to curing
the monetary evils from which we
suffer us a result of long Indulgence in
LII duPlScu uIluuCldl
The currency denominated United
green backs, was issued in large vol
Ime during the late civil war, and was
intended originally to- meet the exi-
gencies Of that period. 1t will be seen
by reference to the debate in Con-
gress at the time that the laws were
passed authorizing the issue Of these
notes thattheir 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 mac 9 con-
templating their voluntary or compul-
sorry retirement. A 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 ,099, ,073.
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 80 per cont.
of such additional national bank cir
culatiOn until such notes were reduced
w poOo,oUO,OuU. lis id" luFGncF pro-
v!ded that on and after the first day OF
January, 1879, the United States notes
then outstanding should be redeemed
in coin, and in order to provide and
prepare for such redemption the Sec
retary Of the Treasury was authorized
not only to use any surplus revenues Of
the government, but to issue bonds Of
the United States and dispose Of them
for coin, and to use the proceeds for
the purposes contemplated by the
statute.
In May, 1878, and before the date
thus appointed for the redemption and
retirement Of these notes, another
statute was passed forbidding their
further cancellation and retirement.
Some OF them had, however, been pre-
viously redeemed and cancelled upon
the issue Of additional national bank
circulation, as permitted by the law Of
1875, so that the amount outstanding
at the time of tho passage OF the Act
forbidding their further retirement
was 1916, 681 ,Ol6. The law of 1878 did
not stop at distinct prohibition, but
contained, in addition, the following
express 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
strOyed, but they shall be reissued and
paid out again aud kept in circula-
tion." This was the condition OF
affairs on the first day of January,
1879, which had been fixed upon four
years before as the date for entering
upon the redemption and retirement
of all these not tes, and for which such
abundant means had been provided.
The government was put in the anon
alOus situation Of owing to the holders
of its notes debts payable in gold on
demand, which could neither be re-
tired by receiving such notes in dis
charge of obligations due to the gov
ernment, nor cancelled by actual pay
ments in gold. 1t was forced to re-
deem without redemption and to pay
without acquittance.
CONGRESS WOULD NOT DO IT'S DUTY.
In anticipation Of impending trouble
[ had on the 18th day Of January, 1895,
addressed q communication to the Con-
gress fully sotting fourth our difncul-
ties and dangerous position, and earn
estly recommending that authority be
given the Secretary OF the Treasury
to Issue bonds bearing low rate of in
terest, payable by their terms in gold
for the purpose of maintaining suffi-
cient gold reserve, and also for the re-
demption and cancellation of outstand-
ing United States notes and the treas
ury notes issued for the purchase of
silver unaer the law Of 1890. This re-
commendation did not, however, meet
with approval.
In February, 1895, therefore, the
situation was exceedingly critical.
With a reserve periiously low and q
refusal Of Congressional aid, everJ-
thing indicated that the end of gold
payments by the Government was i'm
minent The results Of prior bond is-
sues had been exceedingly unsatisfac-
tory, and the large withraws of gold
Immediately succeeding their public
sale in open market gave rise to rea-
sonable suspicion that q largo part OF
the gold paid into the treasury upon
such sales was promptly drawn out
again by the presentation OF United
States notes or treasury notes and
found it's way to the hands OF those
who had only temporarily parted with
it in the purchase of bonds. In the
emergency, and in view of its surround
ing perplexities, it became entirely