Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1895-12-12

lection and benefit of the favored
classes at the expense of the great
mass of our countrymen and which
while insufficient for the purpose
of revenues. curtailed our trade re-
lations and impeded our entrance
to the markets OF the world, has
been superseded by a tariff policy
which is based upon n denial of the
right OF the classes. Thecompulsory
purchase and coinage of silver by the
government unprotected and regu-
lated by business conditions and
needless of our currency needs, which
for more than II years denuded our
circulation, undermined confidence
abroad i'm our financial ability and
at last eliminated i'm distress and
panic at home, has been recently
stopped by the repeal of the laws
which forced the reckless scheme
upon the country. The things thus
accomplished notwithstanding their
extreme Importance and beneficent
effects fall far short of curing the
monetary evils from which we are
suffering as a result of long indul-
gence in ill advised financial ex-
pedients. After explaining the re-
sumption of special payment and
the creation of the reserve gold fund
of 300, 900, the president gives a
brief monetary history of the United
States, quoting the fact that in July
1890, congress provided for the pur-
chase of silver bullion, but decided
that gold and silver must be kept at
a parity. The redeemed treasury
notes treated as gold obligations in
1892 amounted to $155, 900, 900, with
$500, ,OOO.O 900 outstanding. This con-
spired to deplete the gold reserve in
April, 1893, to $9I. ,9ll $50, and the
president ascribes it's further deple-
ton to the high tariff laws i'm vogue
until the passage of the Wilson bill,
together with the infusion of silver
into the currency and the increasing
agitation of free coinage. In con
sequence of these conditions, the re-
serve had fallen i'm FEBRUARY, 1894, to
q,
in nine months. To retrieve this
state of affairs. $62.O00, 900 in bonds
were issued in three periods, under
the redemption act of 1885. President
Cleveland explains the necessity oi
the Morgan syndicate contract and
declares that if mt its session in July
congress had authorized the issuance
of 3 per cent bonds. $4,000, 900 would
have been saved. Despite these
, efforts the gold reserve is now about
in the same condition. there being
but $79,333, 1866 on hand at present
|, Between 1879 and 1890 but $2S,OO0, ,O0i
of gold was withdrawn, while be.
, tween 1880 and 1895 the amount il
1919, ,OOO, 900. This is attributed to
: the increased purchase of silver. The
: government has paid i'm gold nine
( tenths of it's notes, and owes then
: ALL 1t has incurred a bounded in
, debtedness of $95, 100000 in estab
r fishing the gold reserve, and ex
4 pended $l62,3l5, 400 i'm an effort t,
e maintain it, besides an annual in
: terest of $11 100000. Immediat,
. legislation is asked. Greenback,
r and treasury notes should be retiret
: by exchanging them for bonds @
: small denomination. The secretar,
1 of the treasury should beempoweret
= to sell bonds abroad for gold in
r order to cancel these notes. Th
$ amount of currency thus withdrawn
! would not be over $4S6, 900, 900
I which would be supplied by gold.
The president suggests as "A relic
r to the circulation that hanks b
= allowed to issue notes to the full
+ amount of bonds deposited and tn
t tax on their circulation be reduce,
c to one-fourth of l per cent. As
v further relief it is suggested tina
n revenue collections he made payabl
: in gold. Not to pay out Unite'
q States and treasury notes ON dc
+ mand and to insist on paying il
d silver notes, the president declares
/, would injure the parity betwee
v gold and silver, which the govern
, ment is bound to maintain. An eA
d cess of revenue receipts would no
,e alter the question of national sol,
II ency, as in the struggle to maintai
l. the gold reserve the treasury coul
;. not pay debts with any money
ls had, but only with gold, and tina
= to the foreign investor. As the onl