Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1895-11-01

d engagements entered into for upwards
through The i medium s. isgisiative
!. enactment. Good faith and fair deal
I ing should forbid such y determination.
The American people were honest when
they resolved to face the mountain Of
debt incurred by q dreadful war and
! 6quidAte It to the last dollar.
They will not rest easy under the
tmputation Of. trying to avoid their REQ.
ognized obligations by asking creditors
to accept SILVER dollar, worth but 48
, cents. Cover the question Of free COIN
/! sRe of silver with all the cunning 90
phistry and with all the persuasive ar
guments 80 often reiterated by the mis-
guided silver theorist, enlarge upon the
wickedness Of the so-called crime Of
1878 as you may, the people, when they
are once assured of what it all means,
will never consent to having the nation
dishonored. For the sake of the appar-
ent saving Of interest upon forced loan
Il say apparent, for, as q matter OF fact.
it has cost large sums to maintain the
reserve to redeem the national note) the
vast business of the country is in con-
slant jeopardy. Tomorrow should q
large sum of the so.called greenbacks be
presented for redemption reducing the
gold reserve it would send thrill of dis
turbance over the entire land. The
secretary Of the treasury is charged with
the most colossal undertaking ever
placed upon an executive officer. He is
expected with a meager hundred mill
ions OF gold to redeem at call almost a
billion of obligations. In January last,
when the general financial conditions
We're normal, he was forced at enormous
cost to protect TIE reserve, and may at
any time be compelled TO repeat the
operation:
When Greenbacks Came Into Existence.
A third of q century ago the necessi-
ties Of great war evolved the green
back" The doubtfulness of the result
of the conflict, coupled with the entire
withdrawal Of specie from circulation,
demanded such action. In reality, q
loan, without interest, issued tor the
purpose of purchasing the supplies moi
denC to war, there was amp4e reason for
the action taken at the time. With the
return Of peace there was no real cause
for the continuance of the national note
in circulation. It should have been re-
tired long ago. But with a greed for
saving few hundred thousand dollars
year in interest by the national legis-
lature it has remained in existence, and
to insure it's continuance the govern
ment has spent several millions of dol
lars to maintain the reserve necessary
to its salvation. It is clearly without
the province of the government to trans
act a banking business or furnish cur
rency, nor do I know that it has ever
been maintained, save by the disciple of
paternalism, that the duty of the gov
erning power lies beyond the protection
of life and property and the enactment
of such wholesome legislation as will
provide safeguard against the commits
sion OF fraud, and afford the fullest op-
portunity to the humblest citizen. In
this instance the government has
usurped an instrument OF commerce
and converted it to it's own use, and not
without many Inconvenience and at no
little cost. The fact that the secretary
is compelled to pay, out the treasury
notes he may redeem makes the sltua-
ton remarkable. In other words, he
sells his bonds to replenish the reserve,
and few months later, provided any
ions together for the purpose Of with.
peat the operation ad intinitum, each
transaction involving several thousands
in cost to the treasury department.
Dangers of Irredeemable Currency.
The chief danger, however, is the prin-
ciple involved of the issuance Of
a paper currency, based upon
any consideration save the de-
mands of commerce. Unless the sys
tenn is dispensed with the pressure will
come sooner or later for more money,
and we can easily see the result Of such
a proceeding. Unlimited, irredeemable
currency issues have been tried SO often,
and with the same results, that need
hardly 90 over the we'll trodden path.
The South American countries were the
latest victims of the''A Abundant Money
theory. I trust I may be pardOned for
quoting the words Of famous French
man on the subject of the Assignat. A
dominant force in the year 1890, he evil
IDENTIFY failed to appreciate the danger
Gus ground upon which he ventured.
The giant Mirabeau, as Carlisle calls
him, thus addresses the French assem-
bly, in support Of the theory that land
was a secure foundation upon which to
base a currency:
1T is in vain to assimilate assignats,
secured on the solid basis Of these do
mains, to an ordinary paper currency,
possessing forced circulation. They
repres ent real property, the most secure
Of all possessions, the land on which we
tread. Why is a metallic circulation
solid? Because it is based upon subjects
of real and durable value, as the land,
which is directly or indirectly, the
source of all wealth. Paper money we are
told, will become super-abundant. It
will force the metallic out Of circulation.
Of what paper do you speak? If paper
without q solid basis, undoubtedly. If
on one based on the firm foundation of
landed property, never. There may be
difference in the value Of circulation
of different kinds, but that arises as
frequently from the one which bears
the higher value, being run after, as
from the one which stands the lower,
being Stunned from gold, being in de-
mand, not paper at a discount. There
cannot be greater error than the terror
80 gene rally prevalent as to the over
issue of assignats. It is this alone that
viii pay your debts, pay your troops,
advance the revolution. Reabsorbed
progressively in the purchase of the ma