Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-12-12

4 government
| small and in most cases insufficient to pay.
atnsr
functions The usefulness Of q nations diplo--
roundings, and a country like ours, while
not suffer in its relation with
ness in its diplomatic outfit. These considera-,.
/ tions and the other advantages Of having liked,
EMBASSIES emil would abundantiy justify the mod
| crate expenditure necessary to carry out thiss
Domestic Affairs.
THE FINANCIAL SITUATION
As we turn from review OF our foreign re.
lations to the contemplation of national
| financial situation, we are Immediately aware&
more Important than any other that can en-
gage our attention. and one at present In such
an ND M,s treptmen
By command OF the people a customs rev.
enue system. designed for the protection and.
benefit OF favored classes ut the expense of thos
great mass of our countrymen. and which,
| while inefficient FOR the purpose Of revenue
entrance to the markets OF the world. has been
superseded by a tariff policy which in princi-
Of the government to obstruct the avenues to-
our peoples cheap living or lessen their COM
| ing especial advantages to favorites. and
which, while encouraging our intercourse and
| trade with other nations. recognizes the fact
that American self-reliance. thrift and inge-
nuity can build up our country's industries.
| and develop its resources more surely than
eneryating paternalism.
REPEAL OF THE sIIvER-PURcHAsE Law.
The compulsory purchase and coinage OF sil--
yer by the government unchecked and unregu--
our currency needs. which for more than fifteen.
years diluted our circulating medium, UNDER.
ability. and at last cniminased in distress and
panic at home has, been recently stopped by
less scheme upon the country. The things thus.
accomplished. Notwithstanding their extreme.
importance and benehc,ent effects, fall far
we suffer as result OF long indulgence in fil-
advised financial expedients.
THE GREENBAcK CURRENCY.
The currency denominated United States.
was issued in large volume during the late civil
gencies Of that period. It will be seen by
a reference to the debates In congress-
as. the Issue o ssee noss
that their advocates declared they were in-
tended for only temporary use and to meet the
In almost if not oil, the laws relating to-
them some provision was mate contemplating
their voluntary or compulsory retirement A..
foot and mingled with the currency OF the
they amounted to SSH " imm ssna
after that date. and in January. 1879. law was.
payments by which the secretary OF the treas
ury was required whenever additional circula--
to retire United States notes equal In amount
to so per cent. of such additional national bank
1900. 100000 This law further provided that on
and after the LIST day of january, 1879. the
be redeemed in coin. and In order to provide
and prepare for such redemption the secretary
OF the treasury was authorized not only to use
issue bonds OF the United States and dispose
OF them for coin, and to use the proceeds for
In May. 1873. and before the date thus APP
pointed for the redemption and retirement Of
ding their further cane collation. and retirement
Some Of them had however. been previously
ditional national bank circulation. as permitted
by the law Of 1873. SO that the amonnt out
forbddna their turner .ls xas
6si .0l6 The law OF 1878 did not stop at distinct.
pro3ninition. but contained: In addition. tho
And when any OF said notes may be re-
deemed or be received into the treasury. under
belong to the United States, they shall not be-.
retired. cancelled. or destroyed. but they shall
De reissued and paid out again and kept In Cir
This was the condition OF affairs on the Ist.
four years before as the date for entering upon
the redemption and retirement OF all these
been provided. The government was put in
the anomalous situation OF owing to the hold
Is notes n sy
ceiving such notes In exchange Of obligations
due the government nor .cancelied BY actual
lance.
There has been issued and sold to5. 100000 or
the bonds authorized by the resumption act or
ls,s, the proceeds o. which segetner a s w.
deemed SUFFICIENT to meet the demands which
might be made upon il for the redemption Of
fund. together with such other gold rs might
be from time to time in the treasury available
our gold reserve. and 500 100000 has been re-
garded as an adequate amount to accomplish.
Is1 DAY Of January n issp. to sii4.ississ ard
though thereafter constantly nuctuatingr
1858. for the Ell rss time Since It's establishment.
this reserve amounted to less than 800 0oo. 0o0.
meantime. and In July. 1850, an act had been
passed directing larger monthly governmental
under previous laws. ana providing that in
payment for such silver treasury notes OF the
n s
ton OF the secretary OF the treasury. II was
however declared In the act to be the estab-
upon tho present legal ratio, or such ratio as
IN view Of this declaration IT wns not deemed
permissible for the secretary OF the treasury
him by refusing TO pay gold on these notes.
when demanded, because by such discrimi-
nstion In favor OF the gold dollar. the so-cailed
parity Of the two metals would be destroyed.
and grave and dangerous cunscq uences would
se Se aidsnina .rsrss
their nctualsvalucs under the existing eAsi0s
It thus resulted that the treasury no4cx issued
In nayment Of silver purchases under the INV
OF 1880 were necessarily treeted - gold 6biign-
lions. at the option Of the holder.
These notes. on the nrSt day o. November
1893. when tho law compelling Ia monthly pufl
than &i5S,0000tM The notes OF this desc fp&fon
now outstanding. added % the untsed Slater
collation., constitute volume % gold oblies-