The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1895-12-06
rHE FINANCIAL SITUATION.


/ As we turn from a review OF our foreign Re.
/ lations 10 the contemplation Of our naiioax
+ financial situation. we are Immediately aNars
/ that we approach "a subject Of domestic conee-l
more important than any other that can En-
/ gage our attention. and one at present In sEeh
perplexing and delicate predieament as q
require prompt and wise treatment.
/ We NAV well be encouraged TO earnest f.
/ fort Ia this direction when We recall the sisw
already taken toward improving our economic
anu financial situation, and when we appreel-
/ ate how wei the way has been preparedig
/ furtner progress by an aroused and nteligsM
! popular interest in these subjects.
BY command OF the people. customs rev.
enue system. designed for the protection a1d
benefit OF favored classes at the expense q The
great mass Of our countrsmen, and With
while inefficient for the purpose OF reTeaus
curtailed our trade relations and impeded or
entrance 10 the markets OF the world has bee-
superseded by tariff policy which 10 pFinri.
pie is based upon denial Of the rgai
OF the government 10 obstrgct the avenues 70
our peoples cheap living or lessen their con-
fort and cOntentment. for the sake OF accord
ing especial advantages to favorites, ana
which, while encouraging our intercourse ane
trade with other nations, recognizes the iaes
that American self-reliance, thrift and iEge'
nuity can build up our country lndusIss
and develop its resources more surely isal
enervating paternalism.
REPEAL or THE sILvER-PURcHAsE Law
The compulsory purchase and coinage Of ST.
Ntf by the EOhETHIltHL AEtuEthtu anu AhiteN
lated by business conditions and needless 9
our currency needs. which for more than nitcel
years diluted our circulating medium, unosl,
mined confidence abroad in our nhahca
ability, and at last eliminated in distress aha
panic at home has, been recently stopped y
the repeal OF the laws which forced this fecA-
less scheme upon the country. The Things w
accomplished, notwithstanding their extfe..
/ Importance and benetclent effects, ian u y.
short Of curing the monetary evils from wn WIG
we suffer as "a result Of long indulgence u w
advised financial expedients.
THE GREENBACK CURRENCY
The currency denominated United Stases
notes, and commonly known as greenps1Sss
was ISSUED IN large volume during the lase si,s
war, and intended originally to meet inc "a
gencies Of that period. 1t will be seen y
reference 10 the debates in cohsirsss
at the time the laws were pas 49,
authorizing the issue of these no n.
that their advocates declared they WERE Y.
tended for only temporary use and to meel'D'
emergency OF war. u
In almost, II not all, the laws relating ~, y
them some provision was mate conten -.
their voluntary or compulsory retlreihehe. y
large quantity Of them, however, were kvp. ~
! foot and mingled with the currency q III NJ
country so that at The close OF tle sesni
they amounted To 1851 5000. llnhieuasea. ~
after that date. and In January 1870 d ian vi
, passed providing for the resumption o. 80 80
payments by which the secretary OF the lie
ury was required whenever addltlohul ci h.ts
to retire United States notes equa IN ali ssrs
TO 80 per cent OF such additional national "a n
| circulation until such notes were Ieuusees n
45oO,V0OOOO This law further provided sns' ne
and after the list day OF January, lo asouId
United States notes then outstanding snasi5e
be redeemed IN coin. and in order " po,ary
anu prepare for such redemption the ~ ~ ~
OF the treasury was authorized not oniy NJ %
any surplus revenue OF the government, ss"nos
issue bonds of the United states ahu u,1F IN
OF them for coin, and to use the pIoee.ee
the purposes contemplated by me STAINS ,s,s Az
In May, 1873, and before the date t nus 81
pointed for the redemption and retlr isieSrhil.
lnese notes, another statue was pasSeV ae,,ept
alng their further cancellation and ellS;oaslF
| Some of them had. however, been ltei ~ ad-
redeemed and cancelled upon the lssue .v.,iited
ultlonal national tank circulation, as PEI ont
Dy the law of 1919. so that the aloli.h No ACT
standing at the time Of the passage OF .A ssis
| iorbidding their further retirement WsaSistinti
ool, Ol6 The law of 1873 did not stop Az z. The
prohibition, but contained, IN aoaisiV
following express proyision: no re-
and when any Of said notes n ias under
deemed or be received into the tfeasui Ina sh5ll
any law, from any source whatever, an az MI ps
belong to the United States, they shail shal
retired cancelled. destroyed, phs VI N cir
De reisSued and paid out again ana hop'
culation." he Isl
This was the condition of affairs o Ile ar upon
day OF January 1879. which had been nA sns up0a
Tour years before as the date for en-, an these
the redemption and retirement OF az