Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-16


demanded for export, bat was taken
out by people who had become
Affirmed on account OF the
critical condition Of tue treasury Ia
~ relations to tho ourroucy Of the
country.
The purchaso Of $500 ounces Of gold |
followed, II being ia the contract That |
not lesH than oue.hnlf Of the gold was
10 DO procured abroad, but after large |
part OF the gold had been furnishoi |
from abroad, tho secretary, In order |
10 prevent disinrbauoe In tho rate OF |
foreign exchange alta critical period, |
and avoid condition which would |
force gold exports and consequent |
Withdrawals from the treasury, 40. |
quiQscod Ia departure from the 1T !
ofal terms oil the contract, that ono.
bali OF the coin should ho procured |
abroad, and accepted deposits OF gold |
then held In this cOntTy 10 complete
the delivery, Ordinary prudence de-
msnded that tho success Of the plan
" pfcteHt the treasury against with
craWalo should not be ENDANGERED by
iuaiailug upon = strict compliance
with al thu details Of tho contrect,
especially NJ tho government could
lultsin 90 loss and the whole amount
Of gold stipulated tor was secured.
The amount o honda Issued undor
thln con,rac. was So, 3i5. 900, ard the
amount Of gold received waa s6j,ll5,.
2{l.
Tho beneficial effects Of this iranSac.
uon, tue eoorttary says, Wf'e iolt im-
nodiately, not ONLY IN this country.
but In avery other having commercial
relations with ~.
/ 81 A.. 3
ho contlnues, "wss NJ once re-
Stored, and tho encouraging IN.
dicatiouB Of increasing prosper
ity sull continue, And Il IL Toa-
sonRbly certain that n our progress IL
not checked by q repetition Of large
demands upon our resources or by q
failure 70 meet the just expectations Of
the people In fespoci TO the reformation
Of our nncal system, We nro eniefing
upon m era Of material growth und
development not surpassed IA our bis.
tory.
Dr1 CTS IN THE LAWS.
The safety Of the existing situation
T., however, constantly mcnacud aud
our further prcgrols toward the con-.
plolo r,slofnilon OF conGdcuoe and
prosperity Il seriously impodod by tho
defOoih Ia our currency laws and tho
doubt aud uncertainty still prevailing
In tho public mind aud o1pculally
abroad, concerning the future mono.
tafy policy Of the government Until
these detects 10 our laws are romodisd
, and these doubts afe removed, there
can b. no aatisiaclory Assurance oil
] Immunity from periodical disturbance
growing out VI tho obligations which
4 Id Ia
assume in relation 70 the currency
, Our past experience with the United
! States notes aud the treasury notes has
( clearly shown that the policy Of nj.
5 | tempting 90 retain these obligations oil
: tho government permanently 40 = pnrl
= OF circulating medium, and 10 redeem
y them In coin on presentation and re-
T. issue thom after redemption must be
r abandoned or that such mean
I. must DO AZ once provided
/, 40 will have a Tendency
4 10 facilitate the efforts Of tho secretary
10 accumulate aud maintain q colin r.
!. serve sufficient In amount to keep thi
o public constantly assured Of the sta
: bility OF our entire eluro volume o
q currency nnd OF our ability nj all time
Z timol 70 preserve equality In tue OK
q changeAblo vAlue OF iih vgrloua parts
q The latter alternative, wliCh, IN m
h opinion, n adopted, would not sii.r,
Il tie relief demanded by the tElHt'n
IA ! situatiun, ueccasaTing lnvDlvOu sucl
g large Increases OF tho interest brarin
\ | public debt from time % line, au'
a. would Impose permanently upon tn
a government such erroneous and IN
" appropriate duiies Ia relation TO tn
paper currency Of tho county, tdni
10 ought not TO 10 favoThbly ontsrtaino
4. ezceptus n last resort In tao stfuggl
10 for the maintenance Of public iait
n aud tho reservation OF the inyiolabAsi
> OF priva'o contacts.
D. WThe issue OF bondb,D he says, 90
mcclure coin FOR the reserve, which
Inc only elifolual method now ava
Able under the law, viii, unleaa COT
" ditiOns whicn have already boon Dc
10 veloped by the present policy ura rad
b cally changed, ultimately rctult In III
. creation OF public debt mucu large
In than would be required 10 retire M
b. cancel tho notes; and the annnal int
at ost charge would DO much create
at than IL would be necessary TO Incur 0
" new Issue OF bonds adapted to N
IN present circumstances Of the, COVER
n ment aud the well known pteicrono
b. OF Investors. IL, however, On 9ltrml
n, IL 10 te made to keep the United Stat
he notice nud treasury notes permAaent
Il In circulation BY rSiaauts after REDEEM
10, tion aud the government IL 10 DO pc
re maueuuy charged with the duty
he sustaining tho value Of our outrenu
IT. paper and coin alike, the oonuluhiC
v cannot be- avoided that tho policy
10, istuing bonds for tho accomplishing
Ip- OF thuse purposes must also beoon
le. permanent anu such additional poWo
". must DO conferred upon tue teorelal
~ ns will enable him ~ execute the lay
We relating 20 these subjects with q
be least poHsibls disturbance OF the bu
In uess nilAlrs Of tho people aud the loo
Tor possible charge up9n the treasury.
GO aREFsnAoKs sHouLD M RETInED
to dam thoroughly convinced that y
NV Motley ought not 10 10 continued, b
Of mt the United HlAtes notes aud treI
IT, nv notes should bs retired from eirr
IL iatiop at tho earliest pfasiienble dn
.uf and that the government should
rpl vholly relieved from the responsible
,0l Of providing credit currency for /
q pBop!o.
I'D OF would be d.illCult II not lmpos
cal HE 10 devise more incOnyenient, ,
ith penalye or dangerous system than {
nor ono now In operation undor the Ia
are nroyidIng for tho iHaue, redompti
.ho and roiasue OF legal tender Ro1es by {