The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-12-19

ommetidatiohs. an executive order was
issued on the goth of September, 1895,
by the terms OF which II Is provided
that after that date any vacancy In a
consulate or commercial agency with an
annual salary or compensate ton from
official fees Of not more than S2500 or
less than $1,000 should be filled either by
transfer or promotion from some other
position under the state department.
NATIONAL FINANCES.
AS we turn from the review OF our
foreign relations to the contemplation
OF our national financial situation we
are Immediately aware that we APP
proach a subject of domestic concern
more important than any other tha
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 weDl be
encouraged to earnest effort I'm this
direction when we recall the steps al
ready taken toward improving our
economic and fnahcial 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.
BY command of the people a customs
revenue system designed for the pro-
lection and benefit of favored classes
at the expense of the great mass of
our countrymen and which while In
efficient for the purpose of revenue
curtailed our trade relations and Inn
peded our entrance to the markets Of
the world, has been superseded by a
tariff policy which In principle Is based
upon denial of the right of the gov
eminent to obstruct the avenues to
our peoples cheap living or lessen their
comfort and contentment for the sake
Of eccording especial advantages to
favorltes, and which, while encourag-
ing our intercourse and trade with
other nations, recognizes the fact that
American self-relbance, thrift and in
genuity can build up our countrys
Industries and develop Its resources
more surely than enervating paternal-
ism.
The compulsory purchase and coin,
| age of silver by the government un,
checked and unregulated by business
conditions and needless Of our currency
needs, which for more than fifteen
| years diluted our circulating medium,
! undetermined confidence 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, not
wLthstandlng their extreme Importance
and beneficent effects, fall far short
of curing the monetary evils from
which we suffer as q result Of long
Indulgence in i'll advised financial ex-
pedients.
| States notes, and commonly known as
| reenbacks, was issued in large vol
ume during the late civil war and was
intended originally to meet the exigen-
cies of that period. 1t Will be seen by a
reference to the debates in congress at
the time the laws were passed author
izing 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
II not all the laws relating to them
some provision was made contemplate
ing their voluntary or compulsory re.
tirement A large quantity Of them
however, were kept on foot and min.
gled with the currency of the country
80 that at the close of the year 1874
they amounted TO 1881, ,999,O79.
Immediately after that date and In
January 1878, q law was passed pro
yiding for the resumption of specie pay
ments, by which the secretary of tn,
treasury was required, whenever addi
tional circulation was issued to ma
tional banks, to retire United State!
notes equal in amount to so per cent
of such additional national bank cir
oulation until such notes were reduced
to $500, 900 900. This Law further pro
vlded that on and after the 1st day o
January, 1879, the United States note
, then outstanding should be redeemed
In coin, and in order to provide an,
prepare for such redemption the secre
tary of the treasury was authorized no
, only to use any surplus revenues o
the government, but to issue bonds o
T the United States and dispose of then
l for coin, and to use the proceeds 70
the purposes contemplated by the stat
: ute.
) There has been issued and sold $95
500, 900 of the bonds authorized by tn
resumption act of 1875, the proceeds G
which, together with other gold in tn
4 treasury, created a gold fund deeme
= sufficient to meet the demands whic
n might be made upon 1t for the r.
C demption of the outstanding Unite
j States notes. This fund, together wit
I other gold as might be from time I
time in the treasury available for th
3 same purpose, has been since called ou
u gold reserve, and 800, 900 has bee
. regarded as AN adequate amount to a.
{ complish its object. This fund amour
ed on the hrst day of January, 1897,
= 3114,193, $50, and though thereafter cor
y stantly huctating 1t did not fall belo
h that sum in July, 1892. In April, 1S9
n for the first time since It's establish
g ment, this reserve amounted to les
h than 500 900, 900. containing at thi
= date only s97,ot1. $50.
: In the meantime, and in July, 1s9
n an act had been passed directing large
u governm entail monthly purchases OF 81
l., Yer than has been required under pre-
70 :, vious laws, and providing that in pay
n ment for such silver treasury notes {
q the United States should be issue
:. payable on demand in gold or silve
d coin at the discretion Of the secretar
Ie of the treasury. 1t was, however, d.
n clared in the act to be "the establishe
IS policy Of the United States to maintai
d the two metals on a parity with eac
l. other upon the present legal ratio,
d sub ratio as may be provided by law
10 In view OF this declaration II wa
ls not deemed permissible for the secr'
'r tary OF the treasury to exercise the dli
erection In terms conferred on him b
refusing to pay gold on these note
- when demanded, because by such dit
Z" elimination in favor of the gold dolls
D the so-called parity of the two meta
T. would be destroyed and grave an
" dangerous consequences would be pr
n ctpitated by affirming or accentuatln
N the constantly widening disparity b
B. tween their actual values under Il
K existing rates.
IT 1t thus resulted that the treasuI
e, notes issued in payment of silver pu
~ chases under the law Of 1890 were ne
ID essarily treated as gold obligations
lg the option of the holder. These not,
IT ON the last day of November, lS9
n when the law compelling the month
vs. purchase of silver was repeale
IL amounted to more than $l55, 900, ,OC
a The notes of this description now GU
Id standing, added to the United Stat
r notes still undimtnished by REDEEM
tton or cancella tion, constitute a &C
umn of gold obligations amounting
$500, 900 900. These obligations are Il
"a instruments which ever since We ha'