Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-12-13
e GREAT QUESTION - FINANCE
Recommendations in Keeping With
MciI.kuOwu Views.

Well known Views.
As we turn from review OF our foreign
relations to the CONCENTRATIONS OF our ma
t.onal financial situation we are imme-
diately aware that we approach SUB
iect OF domestic concern more important
than any other that can engage our at
tention and one at present in such per-
picking and delicate predicament as to
require prompt and wise treatment.
We may well be encouraged to earnest
effort in this direction when we recall the
steps taken toward improving our eco
nomic and financial situation. and when
we appreciate how well the way has been
prepared for further progress by an arous-
ed and Intelligent popular interest in these
subjects
BY command OF the people a customs
revenue system, designed for the protec-
ton and benefit OF favored classes at the
expense OF the great mass of our country
men, and which, while inefficient for the
purpose of revenue. curtailed our trade
relations and impeded our entrance to the
markets OF the world, has been superseded
by a tariff policy which In principle Is
based upon a denial of the right OF the
government to obstruct the avenues to
our peoples cheap living or lessen their
comfort and contentment for the sake
OF according especial advantages to favor
ties, and which. while encouraging our IN
tercourse and trade with other nations,
recognizes the fact that American self
reliance, thrift and ingenuity can buiid
up our country's industries and develop
it's resources more surely than enervat-
ing paternalism.
SILVER COINAGE.
The compulsory purchase and coinage
of silver by the government unchecked
and unregulated by business conditions
and needless of our currency needs, which
for more than 1b years diluted our cir
culating medium, undermined confidence
abroad 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 benefcient ef-
fects. fall far short OF curing the none
tary evils from which we suffer as result
OF long indulgence In all advised financial
expedients.
GREENBACK ISSUES.
Currency, denominated as United States
notes and commonly known as green
backs. was Issued In large volume during
the late civil war, and was intended orig
inally to meet the exigencies of that pc
Rod. 1t will be seen by reference to the
debates in congress at the time the laws
were passed authorizing the issue Of these
notes that their advocates declared they
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 made contemplating their
voluntary or compulsory retirement.
large quantity OF them, however, were
kept on foot and mangled with the cur
rency of the country, SO that at the close
of the year 1874 they amounted to $751;
999,073. Immediately after that date. and
In January, 1875, law was passed pro-
viding for the resumption of specie pay
ments, by which the secretary of the
treasury was required. whenever addition
81 n
banks, to retire United States notes equa
in amount to so per cent of such addition
al bank circulation until such notes were
reduced to $500. 900. This law further
provided that on and after the first ia,
of January, 1879, the United States notes
then outstanding should be redeemed II
coin, and in order to provide and prepare
for such redemption the secretary OF th'
treasury was authorized not only to u.s.
any surplus revenues of the government
but to issue bonds of the United states
and dispose of them for coin and to u.s.
the proceeds for the purposes contem
plated by the statue.
In May, 1878, and before the day thu
appointed for the redemption and retire
ment OF these notes another statute wa
passed forbidding their further cancella
ton and retirement. Some OF them had
however been previously redeemed an
Cancelled upon the issue of additional ma
tional bank circulation as permitted b.
the law of 1876. so that the amount obtain
ing at the time of the passage OF the &C
forbidding their further retirement wa
$685. ,Ol6 The law of 1878 did not sto
at distinct prohibition but contained Il
addition the following express provision
"And when any of said notes may b
redeemed or be received into the treas
ury under any law from any source what
ever and shall belong to the United States
they shall not be retired, uncalled o
destroyed, but they shall be reissued an
paid out again and kept in circulat ten.
WHY GOLD DISAPPEARS.
This was the condition of affairs on tn
first day Of January. 1879. which had bee
fixed upon four years before as the dat
for entering upon the redemption and RI
tirement of all these notes and for whic
such abundant means had been provided
The government was put in the anomaiou
situation OF owing the lenders of II
notes debts payable in gold on deman
which could neither be retired by n
ceiving such notes In discharge OF obi
cations due the government nor cancele
by actual payment In gold. 1t was force
to redeem without redemption and to pa
without acQuittance.
There has been issued and sold sos. 5000
900 of the bonds authorized by the resumI
ton act of 1875, the proceeds of which tt
gether with other gold In the treasur.
created a gold fund deemed sufficient I
meet the demands which might be mad
upon 1t for the redemption of outstandin
United States notes. This fund, togeths
with such other gold as might be frol
time to time in the treasury available &c
the same purpose. has been since calle
our gold reserve and 100000 600 has bee
regarded as an adequate amount to a.
complish Its object. This fund amounte
on the first day of January, 1873. to STA
1880 and though thereafter constant
fluctuating IL did not fan below that SUI
until July, 1892. In April, 1898. for Il
first time since its establishment, tn
reserve amounted to less than $l0o. 0o0. OF
containing at that date only s97. oh, 800.
REDEMPTION IN GOLD.
In the meantime and in July, 1880. an a.
had been passed directing larger govern
mental monthly purchases OF silver tina
had been required under previous law
and provided that In payment for sue
silver treasury notes of the United Stat
should be issued payable on demand
gold or silver coin at the discretion of Il
secretary of the treasury. 1t was, HOY
ever. declared In the act to be the esta
lished policy of the United States to mai
tain the two metals on a parity with eae
other upon the present legal ratio or sue