The record-union., 1895-12-04

COnSulateS by O1lcefS appointed lOl
that purpose, or by persons already in
the diplomatic or consular service. The
expense attending such a plan would
be insignificant compared with It's use
fulness and I hope the legislation ne
cesSary to set it on foot viii be Speed1ly
| forthcoming.
OUR AMBASSADORS AND MINIS
TIERS.
I am thoroughly convinced that IN
addition TO their salaries our EnbaS-
sadors and Ministers at foreign courts
should be provided by the Government
with official residences. The salaries
of these officers are comparatively
small, and in most cases insufficient TO
pay, with other necessary expenses,
the cost of maintaining household es-
Establishments in keeping with their I'M
portant and delicate functions. Inc
usefulness of 8 Nations diplomatic
representative undeniably depends
much upon the appropriateness OIL ms
surroundings and q country like ours,
while avoiding unnecessary glitter and
show, should be certain that it does
not suffer in its relations with forelgn
nations through parsimony and shah
! bineSS in it's diplomatic outfit. TheSe
considerations and the other adVanta-
ges of having fixed and somewhat
permanent locations for ambassadors,
would abundantly justify the moderate
expenditure necessary to carry out this
suggestion.
DOMESTIC FINANCES.
AS we turn from a review of our for
eien relations to the contemplation of
our National financial situation, we
are Immediately aware that we ap-
proach a subject of domestic concern
more important than any other that
can engage our attention and one at
present in such a perpleXing and deli
cate predicament as to require prompt
and wise treatment.
We may be well encouraged to earn
est effort in this direction when we re-
call the steps already taken toward
improving our economic and financial
situation, and when we appreciate
how well the way has been prepared for
further progress by an aroused and in
telligent popular interest in these sub
JectS; by the commands of the people
customs 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 reve-
nue. curtailed our trade relations and
impeded our entrance to the markets
OF the world, has been superseded by
a tariff policy which in principle is
based upon a denial of the right
I
avenues to our peoples cheap living, or
lessen their comfort and cOntentment
Tor the sake of according especial ad-
vantageS to faVOrites; and which, While
encouraging our intercourse and trade
with other Nations, recognizes the fact
that American self-reliance, thrift and
| ingenuity can build up our country's in
dIstries and develop its resources more
surely than enervating paternalism.
lThe compulsory purchase and coinage of
SilVerby the GoVernment,u unchecked and
unregulated by business conditions and
needless of our currency needs, which
for more than fifteen years diluted our
circulating medium, undermined conf
dence abroad in our financial ability and
at last eliminated in distress and panic
at home, has been recently stopped by
the repeal of the laws which forced this
reckless scheme upon the country. The
| things thus accomplished, ,notWithStand-
| ms their extreme Importance and bene-
| fcent effects, fell far short of curing
the monetary evils from which we suf-
fer as a result Of long indulgence in i'll
advised financial eXpedients.
THE GREENBACK QUESTION.
The currency denominated United
States notes and so only known as
| greenbackS, was issued in large vol
umes during the late civil war and was
=
| gencieS of that period. It will be seen
| by reference to the debates in Con-
gress at the time the laws were passed
authorizing the issue Of these notes that
their advocates declared they were in
| tended for only temporary use and to
meet the emergency of war. In almost
| il not all the laws relating to them,
some provision was made COntem-
| plating their voluntary or compulsory
retirement. A large quantity of them
| however. were kept on foot and mingled
| with the currency of the country so that
at the close of the year 1874. they
amounted to 1881 999, ,073 Immediate
| ly after that date, and in January, 1915,
a law was passed providing for the re
sumption of specie payments by which
| the Secretary Of the Treasury was re-
quired, whenever additional circula ton
| was issued to National Banks, to retire
| United States notes equal in amount to
| so per cent of such additional National
| Bank circulation until such notes
were reduced to $500. 100000. This law
| further provided that on and after the
! first day Of January, 1879, the United
States notes then outstanding should be
redeemed in coin, and in order to pro-
vide and prepare for such redemption,
! the Secretary of the Treasury was au-
thOriZed not only to use any surplus
revenues of the Government, but to
! issue bonds of the United States and
! dispose of them for coin and to use the
| proceeds for the purpose contemplated
| by the Statute. In May, 1873, and be-
| fore the date thus appointed for the re-
demption and retirement Of these notes,
| another Statute was passed forbidding
| their further cancellation and retire
ment Some of them had, however,
| been previously redeemed and cancelled
upon the issue of additional National
I I'll
| law of LJI5, so that the amount out
standing at the time of the passage of
the Act fOrbidding their further re-
tirement was $346. .6S1 ,016. The law of
| 1878 did not stop at distinct prOhib1-
ton, but contained in addition the fol-
| lowing express provision:
And when any Of said notes may be re-
deemed or be received into the Treasury
under any law from any source whatever,
| and shall belong to the United States.
they shall not be retired, cancelled or
! destroyed, but they snail be issued and
paid out again and kept in circulation.
This was the condition of affairs on
the 1st day of January, 1879, which had
been fixed upon four years before as
the date for entering upon the redemp-
ton and retirement of all these notes,
and for which such abundant means
! had been provided. The Government
was put in the situation of owing to
the holders of its notes debts payable in
gold on demand, which could neither
be retired by receiving such notes in
discharge of obligations due the Gov
ernment nor cancelled by actual pay
ment in gold. Tt was forced to redeem
without redemption and to pay without
acquittance.
INTERESTING FINANCIAL HIS
TORY.
There had been issued and sold S95,-
! 100000 of the bonds authorized by the
Resumption Act of 1873, the proceeds
of which, together with other gold in
| the treasury, created a gold fund