The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-04
FINANCIAL LEGISLATION.
GreenbacIxs Must Go and the 10 TO 4
Ratio "A FaIIacy.

As we turn from a review OF our foreign
relations to the contemplation of our ma
tional financial situation we are immedi-
ately aware that we approach a subject
of domestic concern more important than
any other than can engage our attention,
and one at present In such perpleXing
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 already
taken toward improving our economic
and financial situation. and when we APP
preciate how well the way has been pre-
pared for further progress by an aroused
and intelligent popular interest In these
subjects. BY command OF the people a
customs revenue system, designed for the
protection and benefit of favored classes
at the expense of the great mass of our
countrymen, and which, while inef-
ficient for the purpose of revenue cur
tailed our trade relations and impeded
our entrance to the markets of the world
has been superseded by tariff policy
which in principle is based upon a denial
of the right of the government to OBJ
struct the avenues to our peoples cheap
living or lessen their comfort and con-
tentment, for the sake of according es-
pecial advantages to favorites, and which.
while encouraging our intercourse and
trade with other nations. recognizes the
fact that American self-reliance, thrift
and ingenuity can build up our country S
industries and develop its resources more
surely than enervating paternalsm. The
compulsory purchase and coinage of sill
yer by the government, unchecked and
unregulated by business conditions and
needless of our currency needs, which
for moIe than fifteen years diluted our
circulating medium, undermined conf
denee abroad In our financial ability, and
at last eliminated in distress and panic
at home, has been recently stopped by
6fced repeal tSs Of reckless scheme Wheh
the country. The things thus ac-
complised, Notwithstanding their extreme
Importance and benefcent effects. fall far
short of curing the monetary evils from
which we suffer as a result of long indul-
gence in ill-advised financial expedients.
The currency denominated United States
notes and commonly known as greenbacks
was issued in large volume during the
late civil war, and was intended original
~, to meet the exigencies of that period
II Will be seen by a reference to the de-
bates 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 the war
In almost, if not all, the laws relating to
them some provision was made contem-
plating their voluntary or compulsory re-
trement A large quantity of them, how
ever were kept on foot and mingled with
the currency Of the country. SO that az
the close of the year 1874 they amounted
TO 1881, 999, 073.
Immediately after that date, and in
January, 1879. law was passed providing
for the resumption Of specie payments.
by which the Secretary Of the Treasury
was required, whenever additional circG-
lation was issued to national banks, to
retire United States notes equal IN amount
10 So per cent OF such additional ma tlonaf
bank circulation until such notes were
reduced 10 s3O0, 900. 900.
THIS law further provided that on ana
after Jan. !, 1879. the United States notes
then outstanding should be redeemed d.
coin, and IN order TO provide and prepare
FOR such redemption the Secretary OF the
Treasury was authorized not only 20 use
any surplus revenues Of the governments.
hut 10 issue bonds OF the United States