Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-03

or lessen their comfort ami uoDtonl
menii Tor the sake OF according csrec
ial advantages to favOrites; AMI which
while encouraging our intercourse aut
trade with other nations, tecDgnlzH
the Tact that American stl'.follauCe
thfiit snd ingenuity can build 40 ou
oIuntfy's industries and develop IN
rtsoufcoa more surely than enofvatins
patefnslism,
"BEcKLEss" PURCHASE or SILVER.
The compulsory purchase aud coin.
age Of sIver by the government, un,
cheoked aud untogulattd by business
conditions and heedlsss VI our oufren-
| cy nerda, which ilf more thau hneon
years diluted our circulating medium,
uniermi 81 confidence abroad in our
honnclal ability, auI IT last culminat.
Oh In distress aud panlc 1t home, has
been recently stopped by the repeal VI
tue laws when forced this reckless
scheme upon Tho couutry, The things
thus accomplished Notwithstanding
their extreme i'm p0flanoe and benefit
cent effects, foil lar short Of curing the
monetary evils from which We suffer
a. n result Of long indulgence In III.
advised financial expedienis.
oREENBACKs.
The currency, denOmlnalod United
States uOlea aud 20 only known A.
srsenbackr, was Issued In large VOL
umee during the lao Civil War anu
WIS Intended originally to meet the
oHigencies Of that period. II will be-
seen BY a reference 10 the
debates In Congress ht the time
tho laws were passed authOfiz-
ing the ISSUE Of these not ..
that their advocates declared they we're
Intended for only temporary use, and
70 meet the emergency NJ war. In
almost n not all The laws relating 10
then, some provision was made con.
tempiauug their voluntary or com.
iulsofy retirement. A large quantity
0i Them, however, were kent on loot
nnd mingled with the currency OF the
country 20 that At the close OF the year
1878 they amounted to 1851 1850. O8T.
immediately after that date, anu In
January, 1870, law was passud pfl.
vidihg for the resumption OF specie
payments, by which tho secretary Of
the treasury was required, whenever
additional circulation wac issued TO
national bAnkt, ~ Retire United States
notes equal n amount 10 ~ per cent oil
iuoh additional national bank cifcula-
Ion until such notsa were feduerd 10 |
Tnia law further ne.
,lutu that on ami after the fret day Of |
January, 1870, tbs United States notes
men outstanding snOuld he fedeemeI |
n coin, snd In order TO provide and |
'repife Tor such redemption tbs score.
hTy Of the treasury was authorized not
MY 10 use any surplus revenues OF
ne government but ~ issue bonds Of
he VI itvd States aud dispose of them
" coin, sn1 10 use the proceeds TOT tue
ufpose contemplated by the statute.
"a May, 1873, and befors tho date thus
ppointrd tif the redemption aud re.
lfement oi these notes, another ttatul.
vas passed iofbidding their further
ancollatiOn and retirement. some
Them had, however, been previously
aueemei and cancelled upon tue Issue
additional national bank circulation
, permitted by the law oi 1876, d, that
10 amount outstanding ut tho time OF
10 passage OF the act iorbidding their
itlheI fe1lTempnt was s8i0, 0sI ,Oi0.
Tue law of 1873 did not atop at dia.
net prohibition but contained ia adj.
ltion the following express provision;
Ana when any OF said nolea may los
or DO received Into the treas.
~ under aby law from any source
haleyer, and shall belong to the
nitod States, they shall not be retired,
incelled or destroyed, but they shall
? issued aud paid out again aud kept
4 cifculailOn.D
This was the condition OF affairs on
10 nfst day OF January, 1870, which
al been liked upon four years before
the date Tor entering upon the 10.
'mption and retirement OF all thsse
ltes, and for which such abundant
cans had been provided. Tho gov.
hment was put In tho situation of
Wing TO the holders OF It's notes Debts
'ynblo In gold on demand, when
uld neither be retired by teceiylng
Oh notes Ia discharge Of obliga.
,nH uue thu government nor can.
llou by actual payment In gold. II ..
~ Iotoeu 10 redeem without Tedsmp.
ia ana TO pay without acquiltancu. !
lelo hhu teen Issued anu AOld g95,- I
ViOOO OF the bonds authorized by the
sumption act OF 1875, the proceeds Of
men, together with other gold In tho .
9stuty, created n gold fund deemed Q
nolrnt 10 meet the demands which I
light DO made upon II Tor the redenp- 1
~ OF The outstanding United Btatoa q
tee. This fund, together with such q
her gOli as might DO from time 10 a
ne In the treasury available for the O
mo purpose, has been since called .
II gold reserve, and 500, 0OO, 900 has 4
on regarded AZ An adequate amount 4
accomplish It's object. This fund a
lounted, on the first day Of January. n
10, 10 sil4, 1893, $50, and though there b
81 constantly nuctuAling, Il did not ii
! below that sum until July, 1892. a
In April, 1898, Tor the fret time since y
eslAblitnmeut, this reserve amount. a
10 less than 100000, 900, oontainipg n
that date only sD7Oll $3.50. In the 81
,antime, ana In July, 1890, an ACT b
d been passed directing larger gov. n
mental monthly purchases VI silver "a
'n had been required under preyious W
w, anu providing that Ia Isymsnt al
such silver, treasury notos Of the GO
lifted States should be- Issued. payaLls Al
demaad In gold or silver coin. Al Inc al
ctetion Of the secretary OF ths tfsSs- I'D
y ~ Was however, declared In the CO
10 10 '1hb established policy OF the ~
.lleu s'ales TO maintain the two p,
tails on parity with each other a.
on the present legal ratio or auoh 90
10 as may DO provided by law.D u
now THE GOLD WENT. ~
a view Of this declaration IL waspo, nv
Imed permissible tor tue seoretary Of bs
Ia