The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-12-13
PEMBINA. PEMBINA COUNTY. NoRTI 1T

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kpseyssasat, ~ ~ leoalllsF Sssyics. II 49,
ispaah 1e Il ~ NJ : ~ y ,,sT
ts e 4 y n ~
u q y n. KS
g cMse1.aaAl u 4 u ~ pespts. Il ~ lssease
tor ~ ptotsetion and bensAt Of favored
tcaasseS a. tn expense Of the great nass
SoI our eeuntfynsn, and which, while m.
emcisnt Tor the purpose Of revenue.- cur.
tailed our trade relations and lmpeaed our
|. .serancs to the markets Of the world, has
Zen - supsrsedsd by the tariR policy which
u principle p bassd upon denial Of the
ttyht OF the government to obstruct tie
avenues OF our peoples cheap living OF
lessen their comfort and contentnent. for
the sake OF according especial advantages
% Mvorttes, and while encouraging our
intercourse and trade with other nations,
q nccgniEss the fact that American seie.re.
lance. thrift and ingenuity can build nm
oar countryt industry and develop ito ne.
ttfnallsm." =. s,-' pt' 20
but this and the repeal Of the silver pur.
cnase law. 1t ia said. falls far short Of cur.
lnS tue financial evils from which We suf.
Il = 2 Z
The Carrency Question.
= lengthy review follows Of the growth
o1 our currency. especially the Upite,l
states notes and treasury notes and the con.
segment endless drain ON the gold reserve
of the treasury. y ~ :,
the president states that "amonr the
csases tor this constant and uniform shrink.
age ~ THIS fund. may be attributed the
tic tsse y .s'lss on y exports under the opera
uon of the tariff law, until recently in
tofce. which crippled our exchange Of co,n.
modities with foreign nations and neccssi.
tated to some extent the payment Of our
balances In gold: The unnatural infusion
81 silver Into our currency, and the increaa.
ing agitation for Its free and unlimited coin.
:. .se. wniSn nave created apprehension as
20 cur osposition or ability to continue
goia payments; the consequent boarding Of
eold at home and the stoppage Of Inyest,
ments OF foreign capital, as well as the re.
Turn oi our securities already sold abroad :
and the high rate Of foreign exchange
Mn;cn induced the shipment Of our gold
uiatiOn'' ---a'.e' " slec'
The history Of the various bond
sransectlons which have been resorted to
" order to replenish the gold reserve. ia
,.ev'eMed ana the constant subsequent fall
ing on pointed out. or the last TRANSACTION
",sn ,,,n, the syndicate. the president says:
fS-ASA sAAu1SS Vi luI0 contract MOt
only restored the reserve. but checked Tor
time the Withdrawals Of gold and brought
on period of restored confidence. and such
peace and quiet In business circles as were
of the greatest possible value to every
interest that affect our people. have never
a.,o asa tne slishtest misgiving concerning the
wisdom or proprlety Of this arrangement.
ana am quite willing to answer for my
share OF responsibility for its promotion.
Deiieve 1t averted disaster, the i'm
minence OF which was fortunately NOT ef
the time generally understood by our
We are now, the president says. nearly
where We started. and nearly all Of tho
gold withdrawn has been paid out on
United Stntes notes, which still remain
uncanceiled. Therefore, he says, II nm
convinced the only thorough and practicable
remedy for our troubles IL found I'm the
retirement md cancellation Of our United
States notes. commonly called greenbacks.
ana the outstanding treasury notes issued
BY the government In payment of silver
purchases. under the act Of 1900"
The method he proposes ID to exchange
for bonds. small and large. and bearing a
low rate OF Interest. and for long term.
The Increase In the bonded debt would
be compensated by renewed activity aud
enterprise and restored confidence. A
troublesome indebtedness would be can.
celled instead Of the menace of unendinu
bonds.
"The obligations necessary to fund this
indebtedness would not equal In amount
those which we have been relieved since
lSA BY anticipation and payment beyond
the requirements of the sinking fund. ont
Of our surplus revenues.
'The currency Withdrawn by the retire.
ment Of the United States notes and treas.
ury notes. not amounting to probably less than
$466,OO0,OOO might be supplied by such gold
as weuld be used on their retirement. or bv
an Increase In the circulation Of our nation.
al banks. think they should he
allowed to Issue circulation equal to tho
par value q the bonds they deposIt to &C.
cure. and that the tax ON their circulation
should be reduced to one-fourth Of one per
cent, which would undoubtedly meet ali
the expense Of the government incurred
on their account. In addition, they should
be allowed to substitute or deposit In lieu
Of the bonds now required as security for
their circulation, those which would be
Issued ,Isaed lor the purpose Of retiring the
United States notes and treasury notes"
1t IL estimated that this would increose
the national bank circulation BY nearly
as much as the currency retired. Re.
strlctions III the law ON the location Of
national banks, the president says, might
be done away with. and branch banks
authorized.
But there might not be the necessity for
such an addition to the currency by new
Issues Of bank circulation, a. at first glance
II indicated, he says.
Silver for Fractional Coin.
The silver left In the treasury, he thinks.
might be gradually converted Into frac.
tional coin.
The government, he says, receives no gold
In payment Of revenues, nor would It IL
are all In silver certificates, United States
notes aud treasury notes. A lengthy argu.
ment follows on the impossibility of secur-
Ing gold for the treasury from the present
currency receipts. The Withdrawals Of
gold, he says. are due to fright. and moth
Ing will stop them but cure Of the fright.
1t IL denied that bonds have been issued
to supply insufacleant revenue. The prcsI.
dent then takes mp the free silver coinage
question, and says:
Were there Infinitely stronger reasons
than can be adduced for hoping that such
rency moving on lines Of parity. an expert.
ment 20 novel and hazardous as that pro-
posed might well stagger those who believe
that that stability is an imperative condi.
tion Of sound money.
"No government, no human contrlvance.
hold the two metals together In free coin
age, at Q ratio appreciably different from
that which II established In the markets
Of the world"
lengthy argument against the theory
Of the governments power to maintain the
value Of silver follows, on well known
lines and the value Of safe and stable
currepcy il enlarged upon in general terms.
The message closes as follows:
II have ventured to express myself on
this subject with earnestness and plain.
ness Of speech, because cannot rid myself
Of the belief that there Turks in the PROPOSE
tion for the free coinage Of silver, 20 strong-
u approved and 10 enthusiastically advo-
Gated by q multitude Of my countrymen,
serious menace to our prosperity and an
insiduous temptation Of our people to wan
der from the allegiance they owe to public
and private Integrity. 1t Is because do
R9t aistrust the good faith and sincerity
OF those who press this scheme that
have imperfectly. but with zeal, submitted
my thoughts upon this momentous subject.
! cannot refrain from begging them to re-
examine their views and beliefs in the light
Of patriotic reason and familiar experience
aud to weigh again and again the conse-
quences Of such legislation as their efforts
haye invited. Even the continued agita.
tion Of the subject adds greatly to the dim
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