Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1895-12-05


trusted employees Of tn department OF state
These appo nj lees, though now in Turkey, have
not yet received their exequaturs.
The Consular Service.
in view of the growth o. interests in
foreign countries and the encouraging pros
poets for general expansion of our com
merce, the question Of an Improvement in the
consular service has increased in Importance
and urgency.
init the frequent and thorough inspection OF
consulites by officers appointed for that pur-
pose or by persons already in the diplomatic
consular service. Tne expense attending
slch plan would be in, ,nificant compared
with its uness and l hope the legislation
necessary to set it foot will be spel Oily
forthcoming.
The Financial Question.
AS we turn from review of our foreign rs
latipnS to the contemplation of our national
financial situat on, are Immediately aware
tina we approach subject of domestic con-
cera more important thln any other that can
erg sc our attention, and at present in
sue a perpleXing and delicate predicament as
to require prompt and wise treatment.
We may well be encouraged to earnest effort
in this direction when we recall the ste ps al
ready taken toward improving our economic
and inanc al situation and when we appre-
cate how we'd the way has b zen prepared for
furth progress by an aroused and in telligent
popular interest in these subjects.
The compulsory purchase and coinage of sill
yer by the government, unchecked and UNI
regulated by business conditions and needless
Of our currency Heels, which for more IAN IL
years diluted our circua, ing med um under
mined conf e ace abroad in our financial abll-
ity, and a last eliminated in distress and
! panic at hJInr, has been recently ste PIP I'd oy
| the repeal of the law which forctd thu, rccK-
/ less scheme upon the country.
! The thin - mus accomplished notwithstand-
ing their extreme IN .Iortanc. and beneticent
/ effects, fall far sh JrG of curing the monetary
/ evil from which suffer result of long
/ indu gence in il-idviSed financial expedients.
! The currency denominated United States
/ notes and commonly known as greenDacks was
issued in large volume during the late civil
war, and was intended originally to meet the
/ exlgeAcleS of that period. 1t will be seen by d
i reference to tine debates in congress at the
/ time the laws were passed author .Zlng the
! issue of the ,e notes THAI their advocates de-
clared they We're intended TOR only temporary
USE and IT, meet the em REGENCY of war. In a.
d most II not all the laws re ating to them some
I provision wa made con complaining their volun
tarS or cOmpt lSory retirement. A large guam
tlty of them, however, Were kept on foot and
mingled with the currency of the country, 50
! that at the cl z of the year ,S4 they mounted
to SJsl 9l9,OIo.
Immeda. ely after that date, and in January
1850, law passed provi Ing for the re-
sumption of specie payments by which the
secretary of tn treasury WAS required when
ever additional CT cilLtion WAS issued, to re-
quire national banks to retire United States
notes equal in amount to ~ per cent OF such
additional national bank circulation until such
notes We're RID iced to 35vUJJ0, NO. This Law
further PROV FL that and after Jan J.,
4 49,, the d.. IS notes then outstanding
slIould b, ii III c)ln, and in order to
provId. ana iIre for such redemption the
secrutaf, OF tne treasury was authorized not
only to USE any surplus revenues of the gov.
eminent, but to issue bonds of the United
I States and dl >po,,. Of them for COIN and to USE
the proceeds Tor the purpose contemplated by
the statue.
In NJ ~. la7,, and before the date thus APP
pointed tor tn redemption and retirement OF
th,s, notes. alother statute was passed for
bidding their further cancellation and retire
ncnt. Some IF them had how Yer, been pre-
yiou-lv re ,eened and cancelled upon the issue
4 OF II ItIonai N ,tiona bank circulation, as per
init, j by the law of 1879, 50 that the amount
outotand M nj the time OF the passage of the
act furh ding their further retirement was
s3i6 Isl .Jli.
Tn. law Of ISIS did not stop at distinct prohi-
. bitiun. but "onta ned, in lditlon, the follow
b ing express proVlo ol:
And when any of said notes may be re-
deemed or be voc lived into the treasury, under
any law IL ON any soulc whatever, and shall
.
retired cancelled or destroyed, but they shall
be- rrIS,ucd and pad out again and kept in
circulation.
This wa tn. condition of affairs Oh Jan. /,
$50 which had been fixed upon four years be-
fore u, the date tor entering upon the redemp-
ton and retirement of all the q notes, and for
which such abundant means had been pro-
vidrd. The gov rnmrnt Wa, put in III anon
aluus situation of CIV II 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 II n cancelled by actual payment in
gold
1t Vas forced - redeem without redemption,
and To pay without acq Iittance. There had
been ISSUED and sold $b.0J,OOo of the bonds
author.A 'd 10y he redemption act of ls15, the
procccJi~ Of Win h, together with other gold in
tht treasury, created gold fund deemed suf-
hcent to met the demand which might be
made upon Il II the redemption of the out
standing United States notes. This fund, to-
s.thcr with Irh other Z id as might be from
time to TIM IN the treasury available for the
sam purpose, has since been called
our Gold Reserve.
and slul.EVWJ has been regarded as an
ad,qutt. amount - accomplish its object.
This fund amounted Jan. /, 1873 to Sll4,l9}.-
81 and though thereafter constantly tiuctuat-
M, II i. a MT tan below that sum until July,
l,l. In April, + g. for he first time since Is
establishments TIL, reserve amounted to less
than siti.UUUu, Containing at that date only
81 uiTslu.
In tn meantime, and in July, 1890, an act
had en- passed directing larger governments q
monthly purchases of silver than had been re-
euircd uHdcr previous laws, and providing
that IN PAYNE NJ for such silver, treasury notes
~ th,. uitcd States should be- issued payable
an demand in gold or silver coin at the diserc-
tiou Of tn 5, cretary of the treasury. 1t was,
however declared IN the act to be 'st he cStab-