Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-12-12

omends that ambassadors and minis
ters at foreign courts be provided with
official residences. He advocates that
while avoiding the glitter and show of
foreign nations this country should not
suffer by comparison through the shah
biness and parsimony of its diplomatic
corps.
| As we turn from q view of our for.
eign relations to the contemplation OF
our national
| FINANCIAL SITUATION
we are Immediately aware that we ap
proach subject of domestic concern
more important than any other that
can engage our attention and one al
present in such q perplexing and deli
cate predicament as to require prompt
and wise treatment. We may we'll be
Encouraged to earnest efiort in this
direction when we recall the steps al.
ready taken towards improving ouI
economic and financial situation and
when we appreciate how we'll the way
has been prepared for further progress
by an aroused and intelligent popular
interest in the subjects.
| THE TARIFF.
BY command Of the people q GUS
toms revenue system designed for the
protection and benefit Of favored
classes at the expense of the great
mass Of our countrymen, and which,
while inefficient for the purpose of
revenues, curtailed our trade relations
and impeded our entrance to the mar
kets of the world, has been superseded
by tariff policy which in principal
is based upon denial Of the right.
SILVER COINAGE.
The compulsory purchase and coin
age Of silver by the government un-
checked and regulated by business
conditions and needless of our cur
rency needs, which for more than If
teen years diluted our circulating me-
dunn, undermined confidence abroad
In our financial ability and at last Gull
minated in distsess and panic at home,
has been recently stopped by The re-
peal of the laws which forced this
reckless scheme upon the country. The
things thus accomplished notwith-
standing their extreme Importance and
benefcent effects fall far short Of cur
ing the monetary evils from which we
suffer - result OF long indulgence
In i'll advised financial expedients.
After explaining the resumption Of
specie payment and the creation OF q
reserve gold fund Of elO0O00OOO the
president gives
BRIEF MONETARY HISTORY
LOT the United States quoting the fact
that in July 1890, congress provided
for the purchase Of silver bullion, but
decided that gold and silver must be
kept ct . parity. The redeemed
treasury notes, treated a. gold obli-
cations In 1899, amounted to S155,OOO.-
600 with 60QO0Q,O00 outstanding. This
served TO deplete the gold reserve in
April 1893 to or, OIL $50 and tho presi-
dent ascribes It's further depletion to
high tariff laws in vogue until the pas
sage Of the Wilson bill together with
the infusion Of silver into the country
and the increasing agitation for its
free coinage. In consequence Of these
conditions the reserve had fallen in
February, 1894, to e65, ASSIST, q de-
crease Of 81, 100000 in nine months.
To relieve this state Of affairs 9l62,.
100000 in
BONDS WERE ISSUED
In three periods under the redemption
act Of 1896. President Cleveland ex.
plains the necessity for Morgan syndi-
cate contract and declares II at its
special session In July congress had
authorized the issuance of three per
cent bonds 916, 600, 600 would have been
saved. Despite these efforts the gold
reserve IL again in the same condition
there being but o79, 333066 in hand &C
present. Between 1879 and 1880 but
o28, 100000 Of gold was withdrawn while
between 1880 and 1895 the amount Il
e376, 100000. This Is attributed to the
increasing purchase Of silver. The
government has paid in gold nine
tenths Of the notes and owes them all.
It has incurred bonded Indebtedness
Of OK, SOC, 600 In establishing the gold
reserve and expended 9162 315, 400 IN an
effort to maintain it besides the an
nuA interest Of Oil 100000.
Immediate legislation relief is asked.
GOLD IN PLACE OF 0REENBAcKs.
Grssnbacks and treasury notes
should be retired BY exchanging the
bonds with small denominations. The
secretary Of the treasury should be
empowered to sell bonds abroad for
gold in order to cancel these notes.
The amount Of currency thus with
drawn would not be over 9406 100000
which would be supplied by gold.
The president suggests rs relief to
circulation that that banks be allowed
TO issue notes to tho full amount Of
bonds deposited and the tax on their
circulation be reduced to one fourth