The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-04
FINANCIAL SITUATION
A Subject More Important Than Any
other.

AS we turn from a review of our foT-
eign relations to the contemplation of
OUT national financial situation, we
are Immediately aware that we ap-
preach a. subject of domestic concern
more important than any other that
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 be well
encouraged to an earnest effort in this
direction when we recall the steps al
ready taken toward improving our
economic and financial situation, and
when we appreciate how well the way
has been prepared for further progress
by am aroused and intelligent popular
interest in these subjects.
MKINLBYISM Superseded.
BY commands of the people, a GUS
toms revenue system designed for the
protection and benefit of favored
classes ait the expense of the great
mass of our countrymen and which,
while inefficient for the purpose of rev.
enue, curtailed our trade relations and
impeded our entrance to the markets
of the world, has been superseded by
a tariff policy which in principle is
based upon a denial of the rights OF
the government to obstruct the ave-
nues to our peoples cheap living or
lessen their comfort and contentment
for the sake of according especial adj
yantages to favorites, and which, while
encouraging our intercourse and trade
with other nations, recognizes the fact
that American self-reliance, thrift and
ingenuity can build up our counItry's
industries and develop its resources
more surely than enervalting paternal-
ism.
COMPULSORY PURCHASE AND
COINAGE OF SILVER.
The compulsory purchase and coin
age of silver by the government, I'M
checked and unregulated by business
conditions, and needless of our cur
rency needs, which for more than
fifteen years diluted our circulating
medium. undermined confidence
abroad in our financial ability and ait
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
withstanding their extreme Importance
and beneficent effect, fall far short of
curing the monetary evils from which
we suffer as a result of long indul-
gence in ill-advised financial expe-
dents.
UNITED STATES NOTES.
The currency denominated United
States notes, and so only known as
greenbacks, was issued in large vol
umes during the late civil war and
was intended originally to meet the
exigencies of that period. 1t will be
seen by a reference to the debates in
Congress at the time. the laws were
passed authorizing the issue of these
notes that their advocates declared
they were intended for only temporary
use and to meet the emergency of war.
In almost, if not ALL the laws relating
to them some provision was made con-
templating their voluntary or compul-
sorry retirement. A large quantity of
them however, was kept on foot and
mingled with the currency of the coun-
try, so that at the close of the year
1874 they amounted to 1899, 073. I'M
mediately after that date, and in Jam
uar'y, 1875, law was passed providing
for the resumption of specie payments,
by which the secretary of the treasury
was required. whenever additional cir
culation was issued to national banks,
to retire United States notes equal in
amount to so per cent of such addition
al national bank circulation until such
notes were reduced to s300000,000. This
law further provided that on and after
the 1st day of January, 1879, the United
States notes then outstanding should
be redeemed in coins and in order to
provide and prepare for such redemp-
ton the secretary of the treasury was
authorized not only to use any sur
plus revenues of the government but
to issue bonds of the United States
and dispose Of them for coin, and to
use the proceeds for the purposes com
templated by the statute. In May,