Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1895-12-06
ABOUT OUR FINANCES.
Present Situation Demands Prompt and
Wise Treatment.

Wise Treatment.
AS we turn from u review of our foreign
relations to the contemplation of our ma
tional financial situation, we are imme
diately aware that we approach a subject
Of domes ic concern mo e important than
any other that can engage our attention,
and one at p 'esent in such perplexing
and delicate predicament as to require
prompt and wise treatment.
The compulsory purchase and coinage OF
silver by the government Unchecked and
unregulated by business conditions and
needless of our currency needs, which for
mare than 15 years diluted our circu-
lating medium, undermined confidence
abroad in our financial ability, and at last
eliminated in distress and panic at home.
has been stopped by the repeal of the laws
which forced this reckless scheme upon
the country. This, together with the
amended tariff bill, Notwithstanding their
extreme Importance and beneficent effects
fall far short of curing the monetary evils
from which we suffer us result of long
Indulgence in ill-advised financial ex-
peuients
Greenbacks Discussed.
The currency demon mated United States
notes and commonly known as green
backs was issued in large volume during
the late civil war intended originally to
meet the exigencies of tuat period. a
large quantity of them however. We're
kept on foot and mingled with the cur
rency Of the country so that at the close
of the year 1874. they amounted tc S3Sl.-
9.U73.
Immediately after that date and in Jan
uary, 1875, law was passed providing
hot of. fha1 CT nf
the United States notes then outstanding
should be redeemed in coin and in order
to provide aud prepare for such redemp
tion the secretary of the treasury was au
thorized not only to use any surplus rev,
enues of tho government but to issue
bonds of the United. States. and dispose
of them for coin and to use the proceeds
for the purposes contemp ated by the
statue.
In May, 1875, and before the date thus
appointed for the redemption and retire
ment of these notes, another statute was
passed forbidding their further canoe la
tion and retirement Some of them had.
however, been previously redeemed and
cancelled upon the issue of additiona, ma
tional bank circulation as permitted by
the laws;Iyy :. s75, so that the amounc out
standing at the time of the passage of the
act forbdding their further retirement
was So, '.6Sl ,Ol6.
Provi ions of the Law of 1873.
prohibition, but contained. in addition,
the following express provision: And
when any of said notes may be redeemed
or be received into the trea ,ury under any
law from any source whatever and shall
h,lo,,,r to tho TTnitoI Ctotoc tbnr bol p,s
be retired. cancelled or destroyed b,t
they shall be ressued and paid out agail
and kept in circulation.
The government was thus put in the
anamalous position of owing to the hold
ers o. it's notes, debts payable in gold on
demand, which could neither be retired
by receiving such notes in discharging
obligations due the government nor can
celled b. actual payment in gold 1t was
forced to redeem without redemption anu
to pay without acquittance
There had been issued and sold $95, ,5OO,-
0O0 of the bonds authorized by the resump-
tion act of 1879, the proceeds of which
together with other gold in the treasury.
created gold fund deemed sufficient to
meet the demands which might be made
upon it for the redemption of the out.
standing United States notes. This fund
together with such other gold as might be
from time to time in the treasury available
for the same purpose, has since been called
our gold reserve, and 500, 900 has beer
regarded as an adequate amount to &C
complish its object.
Shrinkage of the Reserve.
The reserve had fallen in April, 1895, to
S97, oil $50 1t has from that time to the
p esent. with very few and unimportant
movements. steadily decreased except as
it has been temporarily replenished by the
sale of bonds
Among the causes for this constant and
uniform shrinkage in this nd may be
mentioned the great falling off of exports
under the operation of the tariff law IN.
til recently in force. which crippled our
exchange of commodities with foreign
nations and necessity. to some extent the
payment of our balances in gold. the un-.
natural infusion of silver into our cur