The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-12-19
public minds, and especially abroad,

public minds, and especially abroad,
concerning the future monetary poll.
cy Of the government.
4 Until these defects in our laws are
remedied, and these doubts are re-
moved, there can be no satisfactory
assurance Of immunity from periodical
disturbances growing out Of the obi
cations which the government has
been compelled to assume in relation
to the currency. Our past experience
with the United States notes in the
treasury has clearly shown that the
policy Of attempting to retain these
obligations of the government nerma-
nently, as a part Of our circulating
medium, and to redeem them in coin
on presentation and reissue them af-
ter redemption.
Must BE Abandoned,
or that such means must be provided
as will have a tendency to facilitate
the efforts Of the secretary to accumu-
late and maintain a coin reserve suf-
ficient in amount to keep the public
constantly assured Of the stability OF
our entire volume Of currency, and Of
our ability at all times to preserve
equality in the exchangeable value OF
it's various parts. The latter alterna-
tive, which, in my opinion, if adopted,
would not afford the relief demanded
by the existing situation, necessarily
involves such large increases Of the
Understanding public debt and
would impose upon the government
permanently such onerous and map
propriate duties in relation to the pa
per currency of the country that it
ought not to be favorably entertained,
except as a last resort in the struggle
for the maintenance Of the public
faith, and the preservation Of the in
volatility Of private contract.
"The issue Of bonds to procure coin
for the reserve, which is the only eff
fectual method now available under
the law, will, unless conditions which
have already been developed by the
present policy, lire radically changed,
ultimately result in the creation of
public debt much larger than would be
required to retire and cancel all the
notes and the annual interest charge
would be much greater than it would
be necessary to incur on a new case
of bonds adapted to the present cir
cumstances Of the government and
the we'll known preferences of invest
Ors. If, however, an attempt is to be
made to keep the United States and
treasury notes permanently in circu-
lation by reissues after redemption,
and the government is to be perma-
nently charged with the duty of Sus-
tanning the value Of all our currency,
paper and coin alike, the conclusion
cannot be avoided that the policy of
issuing bonds for the accomplishments
Of these purposes
Must Also Become Permanent,
and such additional powers must be
conferred upon the secretary as will
enable him to execute the laws relat-
ing to these subject with the least pos
sible disturbance Of the business af-
fairs of the people, and the least pos
sible charge upon the treasury. I am
thoroughly convinced that this policy
ought not to be continued, but that
the United States notes and treasury
notes should be retired from circula-
ton at the earliest practicable day,
and that the government should be
wholly relieved from the responsibility
ty of providing credit currency for
the people.
ut would be difficult, if not impossl-
BILE, to devise a more announcement,
expensive or dangerous system than
the one now in operation under the
laws providing for the issue, redemp-
ton and reissue of legal tender notes
by the government"
The secretary also favors the pass
age Of law allowing national banks
to establish branches in small towns
with a view to bringing them closer
to the people in parts of the country
remote from large towns and cities
by which their usefulness would be
greatly enhanced. The secretary, in
closing his report, says that it is not
probable that any plan for the per-
manent retirement of United States
notes and treasury notes will be adopt
ed that will not require considera BILE
time for it's complete execution, and
he, therefore, urges upon congress the
propriety Of prohibiting any future
issues of such notes or of national
bank notes of less denominations than
$40, thus making room in the circula-
| ton for silver coins and silver certifi-
| Gates Of small denomina tons. This,
| he says. would increase their use
among the people and prevent their
| frequent return to and accumula ton
in the treaSll