Omaha daily bee., 1895-12-04
PROMPT TREATMENT is REQUIRED.
Finances Present IL PcrpIexing Prob
lem to Congress.

Finances Present IL Pcrp1eNtnE Prob
lem to Congress.
AS we turn from a review of our for
esn relations to the contemplation of our
national financial situation We are immed!-
atey aware that we approach subject of
domestic concern more important than
any other that can engage our attention and
one at present in such perplexing and deli
cate predicament as to require prompt and
wise treatment. We may well be encour-
aged to earnest effort in this direction when
we recall the steps already taken toward
improving our economic and financial s!tua-
ton and when we appreciate how well the
way has been prepared for further progress
by an aroused and intelligent popular interest
in these subjects.
BY command Of the people Gust ms revenue
system designed for the projection and benefit
OF favored classes at the expense of the great
mass of oar cOuntrymen, and which, while
inefficient for the purpose of revenue, cur
tailed our trade relations ana impeded our
entrance to the markets of the world has
been superseded by a tariff policy which in
principle is based upon 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 fayorItes
and which, while encouraging cur intercourse
and trade with other nations, recognizes the
fact that American self-rellanCe, thrift and
ingenuity can build up our countrys indus
tries and develop its resources more surely
than enervating paternalism.
The compulsory purchase and coinage OF
silver by the government, unchecked and un-
regulated by business conditions, and heed
less of our currency needs, which for more
than fifteen years diluted our circulating me
dlum, undermined confidence abroad in our
financial stability, 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, notwthstand-
ing their extreme importance and benehcent
effects, fall far short Of curing the monetary
evils from which we suffer as a result of
long indulgence in ill-advls,d financial cX-
nndients.
RETIREM ENT or THE GREENBACKS
The currency denominated United Staios
notes, and commonly known as sreenbacks.
was issued in large volumes during The late
civil war and was Intended originally 70
meet the exigencies Of that period. II viii
be seen by r. ference to the debates In CON
gress at the time the laws were passed au-
thcrizlng the issue Of these notes that their
advocates declared they wer7 intended for
cnly temporary use. and to meet tn, emer-
gency of war In almost, IL not all the laws
relating to them some provision was made
contemplating their voluntary or compulsory
retirement, large quantity Of them, how
ever, were kept atiOat and mingled with the
curI ency Of the country, so that at the close
o. the year 1874 they amounted to SSSl 999-
073. Immediately after> that date, and In
January 1875, law was passed providing
for ths resumption of specie payments, by
which the secretary Of the treasury was re
auired, whenever additional circulation was
Issued to national banks, 20 retire United
states notes equal in amount TO so pr cent
of such additional national bank circulation.
until sueh notes war, reduced to 5000 900 900
This law further provided that on and after
The Isl day of January, 1879, the United
states notes then outstanding should be re-
deemed in coin, and in order 20 provide and
prepsre for such radempt on the secretary of
The treasury was authorized not only to use
any surplus revenues of the government but
10 issue bonds OF the United States ana dis.
pose of them for coin, and to use the pro-
cseds for the purposes contemplated by the
statute,
In May 1879. and before the date thus sp