The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1895-11-29
THE QUESTION TO BE MET.

THE QUESTION TO BE MET.
The rumor that President Cleve-
land will devote good share of his
forthcoming message to financial ques-
tions, is again repeated, and also the
assertion that he will recommend the
retirement of the greenbacks, but not
one word is put forth as to con-
lecture of what he will recommend to
take their place. In fact it is doubt
full whether he will make any recon-
mendation in this direction, doubt
less for the reason that he has none to
make, which would be acceptable to
the people That war on the green
back is the present policy off the adj
ministration is shown by the fact in
an address at the Chamber of Com
MERGE banquet in New York the other
evening, Secretary Carlisle spoke in
| favor of the retirement of the green
backs, but the dispatches twere silent
as to any plan put forth by him for
some system of currency to take their
place.
That there should be some system
of currency reform is matter beyond
question. The argument put forth
that the greenback carried us safely
through the war and is therefore good
enough now, is not convincing nor
able one, though the first part of it is
true enough. Times change. They
changed in 1893, and with a weak,
hesitating administration which
simply drifted along with the storm,
not knowing what to do, led the coun-
try to the very verge of ruin. The
conditions of the financial panic,
which was worldwide, were greatly
aggravated in this country, by the
threat of the party in power, to place
the country on free trade basis, and
as result all industries were par
alyzed long before the proposed new
tariff bill became law. thus democrat
izing trade and shrinking the rev.
enueS.
And so in this storm the weakness
of the greenbacks was revealed as
never before. They may have car
ried us safely through the war as
many another temporary measure
might have done, but under the law
which provides for their reissue inn
mediately upon redemption, they
stand as weak spot in our financial
system inviting attack.
True, with sufficient revenues to
meet the expenditures of the govern
ment, much of the danger is relieved,
but panics are liable in spite of all
that can be done by governments or
men, and so long'as the government is
pledged to their redemption and i'm
mediate reissue, so long does the
danger remain.
But it would be simply suicide for
the Republicans of the present house
to carry out the ideas of the admins
tration and retire the green back, with
out substituting therefor some safe
currency system. The people will
never stand the contracting of our
money volume to that extent.
Such move would not be in the line
of policy which has heretofore guided
the Republican party. Legislation of
that kind should be Immediately sup
plemented with legislation which will
provide the country with sound cur
rency in their place: legislation which
will take the government forever out
of the banking business, and make it
unnecessary to keep great hoard of
the yellow metal within it's vaults.
What that legislation shall be is for
congress to determine, and there is
plenty of ability there to do that if it
will. Mr.. Reed, as speaker, will have
splendid opportunity to start a
movement which will reach the de-
sired end by carefully selecting a
banking and currency committee from
the strongest members of the house,
who will carefully study the question
and devise measure which will meet
the wants of the nation and thorough
ly reform it's currency system. Even
though the committee should get no
further at the coming session than
to draft bill and get it before the
house, ready to be considered at the
second session, it would do a good
work, and give the country confidence
that something tangible would be
| done.
! The question of craftsmanship should
be sunk entirely and only the good Of
the country considered, and in doing
this the party which leads will cover
itself with the greatest laurels. No
party was was ever in better shape to
rise to such position than is the Re
| mn hi ipop narfu of