The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1895-11-15
THE nATTER OF CURRENCY RE-
ENDT

rency and enact some legislation
which will put the subject in way of
final settlement. The idea is very
general that the presidents message
will take hold of the matter, though
there seems to be no definite idea as
to what he will have to say on the
subject, further than the belief that
he will recommend the retirement of
the greenbacks. Farthersthan this
all is speculation.
In an able editorial upon the sub.
ject Harper's Weekly notes the fact
that congress last winter was unable
to agree upon what was known as the
Baltimore plan, adopted by the Amer
lean Bankers association and thinks
that perhaps the fact that the bank
ers at that time presented CON-
plete measure, only added to the diff
ficulty which faced the house Of
representatives in agreeing upon a
measure, and that more could be &C
complished by simply setting forth
certain principles which a sound
measure should contain. ElThis the
bankers did at their recent meeting
at Atlanta, and the Weekly says that
these principles were clearly set forth
by eX-Gov. Merriam when he said
that ''the conditions absolutely es-
sential to the furtherance of any pro-
posal for the issuance of paper money
are: l. 1t must be safe and properly
secured. 2. 1t must be redeemable
in gold OF. it's equivalent, either at the
place of issuance or at the great finan-
cial centerS of the country. 3. 1t
should circulate at par in all parts of
the country. 4. 1t should be suf-
ticiently elastic in it's character to &C
commodate itself to the varying con-
ditions of trade, going forth from the
business centers during the active
movements, when the products of the
soil are being transported from their
sources of supply to the markets of
the world, and returning in natural
way, and retiring when it's duties
have been fulfilled" These are re-
quirements which any one who de-
sires an honest and safe currency can
subscribe to, and the problem which
confronts congress is to engraft them
into legislation which will bear the
desired results to the country
So far the present administra-
tion and it's party leaders in congress
have most signally failed to bring
forth any plan which will command
the confidence of the business inter-
ests of the country. They have got
ten no farther than the single retire
ment of the greenbacks. The country
has never had better currency than
the greenbacks. The only trouble
with them, has shown itself during
the hard times of the past two or
more years, when they have been
used as an endless chain with which
to get gold out of the national treas
ury. Senator Sherman opposes any
scheme for this retirement, and says
the recent trouble can be obviated
by legislation that will supply the
federal treasury with revenue
which will at all times meet the de-
mands against IL. P!j, experience
would show that this is true. But
occasions like that through which we
have recently passed, are likely to
occur from time to time, and if the
government is to remain in the bank
ing business, it ought to possess the
power to protect itsef, which it does
not have at present
One thing ought to be thoroughly
impressed upon the minds of our
national lawmakers, and that is,
that if the idea which has been put
forth by the administration to retire
the greenbackS, is carried out; pro-
vision at the same time should be
| made for some other kind of paper
currency to take their place, and that
currency should be perfectly safe in
every respect.
What form of currency it shall be is
| for congress to decide, and there
ought to be, and is, ability enough
within its membership, to successfully
settle the matter. All questions of
partisanship and any party advantage
ought to be laid one side, and the one
thought be for the best interest of the
whole country.
| OF course all work in this direction
during the past two or three years has
been greatly hampered by the wild
ideas of every sort. which have been
prevalent, and by the free silver craze.
But much of the fog of this kind has
of late been cleared away, and the bet.