The Dickinson press., 1895-12-07
rest 4ttentloo and provoke mnedl... lss..1aa7,

rest =, attentiOn and provoke immediate lssisad7'
ment and cancellation Of o,r United States notes
com"irniy called greenbackH, and the outstandlni
treasury notes issued BY the government in pay
nent or silver purchases under the act Of 1890.
believe this could be quite readily accomplished
ny the exchange Of these notes for United State.
bearing n low rate Of interest. They should d,
lo'g.term tonds, thus increasing their desirabilit,
s as Investments and because the payment could b
ent financial burdens and peEplexitles, when, witt
Increased prosperity and resources, they would b
To further insure the cancellation Of these notes
and also to provide a why by which gold may b,
added to our currency In lieu Of them. 4 feature d
tary Of the treasury to dispose Of the bonds abroad
Tor gold. X necessary. to complete the contemplat
use the proceeds Of such bonds 10 take up and do. can y
Gel amy OF the notes that may be In the treaalry
O. that may he received by the government d
The increase Of our bonded debt involved in thi,
p,,1 !, would be amply compensated by renewed
Restored confidence at home, the reinstated faith II
our monetary strength abroad and the stimuiatior
o. r., every interest and industry that would follow
now affecting us.
In any event the bond. proposed would stan.
etlness, while In the path we now follow tber.
turks the menace Of unendinR bonds, with orr IN
dehtedncss still undischarged and aggravated ii
this indebtedness would not equal in amour
those from which We have been relieved sine,
ansa ny anticipation and payment beyond the re
plus revenue. W.
III ,"-""cy withdrawn by the retirement o
amounting to pr.AsG;7yy ..sss than 34s6, COO, 900
might be supplied ~ such gold as would be nset
y. s,nn ."e II re ~. O.. by an increase in the circula
llul I'll UuF III hnuIa n.nnNrA, Al- 49,
gate capital of those now in existence amoSnt,
to more than 1864 700. 600. the outstanding circu
nis%t si m Saooc on Zoo ;"n4 1, security. amounts to only
aotrs amounting to 90 per cent Of the bond
c cytnt So, :" secure their circulation. but in nt
and they are obliged to pay 1 per cent tax on ths
Reduce the Circulation Tax.
lation equal to the par value of the bonds they
deposit To secure 1t, and that the tax on theil
circulation should be reduced to one-fourth of !
per cent. which would undoubtedly meet all the
expense the government incurs on their account.
In addition: they should be allowed to substitute
or deposit in lieu Of the bonds now required al
security for their circulation those which would
I've issued for the purpose of retiring the United
states m,,e note notes and treasury notes;
avail themselves Of the provisions OF law thus
modified. could issue circulation In addition to
600, which would acnrly or quite equal the cur.
rency proposed to I've cancelled. At any rate.
should confidently expect to see the existing na;
themselves Of the proposed acknowledgements to H..
sue circulation and promptly ill any vacuum and
supply every currency needed.
It has always seemed to me that the provisions
Of law regarding the capital Of national banks
which operate US a limitstion to their location
fails 10 make proper compensation for the SUD.
preston of state hanks which came near to the
people in al sections Of the country and readily
facilities.
Any inconvenience or embarrassment arising
fr9% th mIshs te Weii ha re on the lG ga bss.e Of n nsfn 2
the present system to the creation Of banks "a
smaller communities or by permitting banks Of
i ,a'as capital .aa, to establish branches in such local.
awe control and management, but there might
not be the necessity for such an. addition to the
larst glance is indicated. II we should be re.
lievsd from maintaining a gold reserve under
coaS X n, that ,s constituted It
and II the treasury should no longer be the
aoolish purveyor OF gold for nations abroad or for
speculation and boarding by our citizens at home,
and normal functions in the business affairs Of
the me country and cease to be an object attract
their sensitive imaglnatlons.
40 not overlook the fact that the cancellation
OF Surc ane treasury act J, notes ss91 Issue issued under the silver
IN actual ownership Of sufficient silver, including
se e; do,,ag to coin nearly SIS, 0oo, 900 in stand:
a'N uWaEe 1 III worthy OF consideration Whetn.
er this might not, from time to time. be con.
vertel into dollars or fractional coin and slowly
put INTO circulation. as in the Judgment of the
country should require. Whatever is attempted
should sn"s IT., he entered upon fully approaching, the
reached sI" a d 1s saesass sept aa' and de iSst GU, we as ssgf
VIII not be accomplished without lalorous toll
t ana struggle I g We shall be wise II we realize
tion to health may require heroic treatment and
unpleasant remedies.
easy to understand how the amount Of our revenue
tion is not the quantity, Of money. received in
maintain and our ability to continue in sound
financial conditions. We are Considering the gov.
efs@e IN ds1 manos Of gold : as related to the sound;
s serye .l had never been Impaired. Or e No bonds
hai been no fcar and timidity concerning our
ability to continue gold payments; II any. part
Could SaF . esSsn to- o %s's s1 aSs l Rsis Il xsld . a %e.n !. g e
s csy,,9s,s You'd T. an influential atS factor IN the
stances TINT might lend weight to this considers
me mt no gold is received BY the government in
II the revenues were Increased. The receipts Of
the treasury, when not in silver certificates. CON
issued for silver purchases. These forms Of
money are only useful to the government in pay
t XIX y" i. cuerenG ordinary expenses: and it's guam
least contribute toward giving us that kind Of
safe financial standing Or condition which is built
held by the government. can be used to obtain
gold for or reserve, the answer is easy. The
people draw gold from the treasury on demand
upon United States notes and treasury notes, but
the proposition. that the treasury can on demand
a eaaas,gs gold from the people upon them would be
II this could be done. there il nothing to pre-
VEN MT those thus parting with their gold from re-
Gaming II the next day or the next hour by the
Breaks Down the Parity.
The secretary of the treasury might use such
the market. OF course, he could not do this with.
out paying a premium. Private holders Of gold,
tain, would not be restrained from pa''m making the
nest bargain possible when they furnished gold
to the treasury; but the moment the secretary
par he would establish a general and universal
premium upon IT, thus breaking down the parity
is pledged 0 70 % and slISef .n Th, cpen sns t seys Ta2 e
new and serious complications.
In the meantime the premium would not re-
main stationary and the absurd spectacle might
eminent. and with United States not notes or = treas a
is return and a resale at a higher premium !.
dandant receipts might favoFahiy affect the
%poDrtunlty of retaining these notes in the treasury
when received, and thus preventing their p~resenta-
tion for gold; Such retention to be useful ought
to be Mt least measurably permanent; and this u
precisely what 10 prohibited, % far as the
! nited states notes are concerned. by the law of
1878 forbidding their further retirement. That
statute In 30 many words provides that these
notes when received Into the treasury and be.
longing to the United States shall be .'paid out
again and kept in circulation"
1t Will moreover be readily seen that the gov
ernment could not refuse to pay out United
states notes and treasury notes In current trans-
actions when demanded. and insist on paying
out silver alone and still maintain the parity
between that metal and the currency represent.
ing gold. Besides the accumulation In the treas.
ury OF currency Of any kind exacted from the
people through taxation Is Justly regarded as an
evil and cannot proceed far without vigorous pro-
test against an unjustidable retention Of money
from the business Of the country, and a denln.
citation Of n scheme of taxation which proves
itself to- he unjust when 1t takes from the earn.
ings and Income Of the citizen money 30 much
IN excess Of the needs Of the government support
that large sums can be gathered and kept In the
treasury: Such a condition has heretofore In
times OF surplus revenue led the government to
restore currency to the people by the purchase Of
Its uliInntured bonds at a large premium and by
q large Increase Of its deposits in national
banks. md We easily remember that the abuse
of treasury accumulation. has furnished a most
persuasive argument In favor of legislation radi.
cally reducing our tariff taxation.
The Tariff and Currency.
Perhaps It is supposed that sufficient revenue
receipts would In a sentimental way improve the
situation. by inspiring confidence In our solvency