Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-12-13

control and management.
hut there might not be the necessity Tor
such an addition to the currency py new
glance is Indicated. II we should be re-
lieved from maintaining gold reserve
under conditions that constitute 1t the
barometer of our solvency, and II our
treasury should no longer be the foohsn
puryeyor of gold from nations abroad or
Tor speculation and boarding by our cit
liens at home. 1 should expect to see
gold resume its natural and normal func- |
lions In the business affairs OF the coun-
try. and cease to be an object attracting |
the timid of our people and exciting their
sensitive imaginations.
EVEN no COIN SILVER.
do not overlook the fact that the can
collation. Of the treasury notes issued un-
der the silver purchasing act Of 1880 would
leave the treasury In the actual owner
ship OF sufficient silver. including seig-
uiorage to coin nearly $178, 1000 in stand
ard dollars. 1t Is worthy Of consideration
whether this might not. from time TO
time, be converted into dollars or frac-
tional coin and slowly put into circu-
lation as in the judgment OF the secre-
tary of the treasury the necessities OF the
country should require.
Whatever II attempted should be en-
tered upon fully appreciating the fact that
by careless and easy descent we have
reached q dangerous depth and that our
ascent will not be accomplished without
laborious struggle. We shall be wise II
we realize that we are financially i'll and
that our restoration to health may require
heroic treatment and unpleasant reme-
dies In the present stage of our difficult
ty 1t Is not easy to understand how the
amount Of our revenue receipts directly
Affects 1t. The important question Ia not
the quantity Of money received In rev.
enue payments, but the kind Of money we
maintain and our ability to continue
sound financial conditions. We are con-
sidering the governments holdings of gold
as related to the soundness of our money
and as affecting our national credit and
monetary strength. II our gold reserve
had never been impaired or II no bonds
had ever been issued to replenish 1t, II
there had been no fear and timidity con-
corning ability to continue gold payment II
any part Of our revenues were not paid In
gold. and II we could look to our gold re-
ceipts as a means Of maintaining a safe
reserve the amount of our revenues would
he an influential factor In the problem.
but unfortunately the circumstances
which might lend weight to this consid-
Grafton are entirely lacking in our pres
emit predicament. No gold is received by
the government In payment for revenue
charges nor would there be II the rev.
enues were increased. The receipts of the
treasury, when not In silver certificates.
consist of United States notes and treas
ury notes issued for silver purchases.
These forms Of money are only useful to
the government in paying Its current
ordinary expenses and its quantity In gov
eminent possession does not in the least
contribute toward giving us that kind of
| safe financial standing or condition which
Is built on gold alone.
THEORIES AND ARGUMENT.
II 1t Is said that those notes If held by
Mo- to- oh otr "A
| for our reserve. the answer is easy. The
| people draw gold from the treasury on
| demand upon United States and treasury
| notes, but the proposition that the treas
ury can ON demand draw gold from the
| people upon them would be regarded In
| these days with wonder and amusement,
and even II this could be done. there IL
| nothing to prevent those thus parting
| with their gold from regaining 1t the next
day or next hour by the presentation OF
| notes they received in exchange for 1t.
| The secretary Of the treasury might US,
| such notes taken from a surplus OF rev
enue to buy gold in the market. OF cours,
he could not do this without paying
premium. Private holders Of gold, uniik'
this government. having no parity t,
maintain. would not be restrained from
making the best bargain possible wheI
they furnished gold to the treasury, blu
| the moment the secretary OF the treasur.
bought gold on any terms above par b.
would establish general and universe
| premium upon 1t, thus breaking dow
| the parity between gold ana silver wnic
| the government Is pledged to MAINTAIN
| and opening the way to new and seriou
complications. In the meantime the pre-
MUM would not remain stationary an
. the absurd spectacle might be presente
, | OF a dealer selling gold to the governmen
: and with United states notes or treasur
, notes In his hands Immediately clamorin
, | for its return and a resale at a highe
, | premium. 1t may be claimed that q iare
revenue and redundant receipts might Il
, | vorably effect the situation under discu!
: | sion by affording an opportunity Of retail
| ing these notes in the treasury when n
| ceived and thus preventing their presei
tation for gold. Such retention. to
i | useful, ought to be at least measurab
. | permanent and this is precisely what
. prohibited SO far as United states not
Q | are concerned.
BY the law Of 1878 forbidding their flu
: Their retirement. that statute In SO mar
a words provides that these notes when r
n ceived into the treasury and belonging
n the United States shall be paid out aga
A and kept in circulation. 1t will morrow
: be readily seen that the governmel
e could not refuse to pay out United Stat
Il notes and treasury notes in current tran
" actions when demanded and insist
n paying out silver alone and still mai
h tain the parity between that metal al
II the currency representing gold. Besid
n the accumulation in the treasury OF Gu
rency of any kind exacted from the peop
through taxation Is Justly regarded as
10 evil and 1t cannot proceed far witho
| vigorous protest against an unjustifiat
| retention OF money from the business
~ the country and a denunciation of
= scheme Of taxation which proves ftss
~ to be unjust when 1t takes from the ear
70 ings and income of the citizen money
"A | much in excess of the needs of the go
~ eminent support that large sums can
N gathered and kept in the treasury. Su
condition heretofore. in times of surpl
10 revenue led the government to restore
70 currency to the people by the purcha
~ of its unmatured bonds at large pI
.. MUM and by a large increase of its q
~ posits in national banks and we cas-
80 remember that the abuse of treasury 9
!. emulation has furnished a most persu
~ sive argument In favor Of legislation ra
ically reducing our tariff.
" Perhaps 1t Is supposed that sufficie
- revenue receipts would in a sentimen,
=. way improve the situation by inspiri
% confidence in our solvency and allayi