Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1895-12-06

cases having Deen uueStlohco W way
insular authorities, their enjoyment OF
the privileges stipulated by treaty Tor
the consuls of Germany was claimed
under the most favored nation provision
of our own convention, and was prompt
ly recognized.
FINANCE AND TARIFF
Retirement of the Greenbacks Is Earn
estiy Recommended.
AS we turn from a review of our for
eign relations to the contemplation OF
our national financial situation, we are
Immediately aware that We approach
a subject of domestic concern more
important than any other that can en-
gage our attention, and one at present
in such a perplexing and delicate pre-,
dicament as to require prompt ana
wise treatment. We may well be en-
couraged to earnest effort in this direc-
ton when We recall the steps already
taken toward improving our economic
and financial situation, and when we
appreciate how well the way has been
prepared for further progress by an
aroused and intelligent popular inter-
est in these subjects. By command OF
the people a customs-revenue system,
designed for the protection and benent
of favored classes at the expense OF the
great mass of our countrymen, ana
which, while inefficient for the purpose
of revenue, curtailed our trade rela-
lions and impeded our entrance to the
markets of the world, has been super
seeded by a tariff policy which In prin-
ciple is based upon denial of the right
of the government to obstruct the ave-
nues TO our peoples cheap living or les
sen their comfort and contentment for
the sake of according especial advan.
tages to favorites and which, while en-
couraging our intercourse and trade
with otl er nations, recognizes the fact
that American self-reliance, thrift and
| ingenuity can build up our country's
| industry and develop it's resources
more surely than enervating paternal-
| ism.
The Silver Notes.
| The compulsory purchase and coin
| age of silver by the government UNI
| checked and unregulated by business
conditions and needless OF our currency
| needs, which for more than fifteen years
| diluted our circulating medium, under
mined confidence abroad in our tinan-
cial 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 ac-
complished. Notwithstanding their exc
| treme Importance and beneiicent ef-
| fects, fall far short Of curing the mon
etary evils from which we suffer as a
result of long indulgence in ill-advised
! financial eXpedients. The currency de-
nominated United States notes, and
commonly known as greenbacks, was
issued in large volume during the late
civil war and was intended originally
- ia
1t will be seen by a reference to the de-
bates in congress at the time the laws
were passed authorizing the issue OF
these notes, that their advocates de-
clared they were intended for only tenn.
porary use and to meet the emergency
of war. In almost If not all the laws
relating to them some provision was
made contemplating their voluntary oil
| compulsory retirement. A large guam
tity of them. however. We're kept on foo
and mingled with the currency of the
country. so that at the close of tht
year 1874 they amounted to 1881, 999. 073
The Resumption Act.
Immedla tely after that date and in Jan
uary. 1875. n law was passed providing
for the resumption of specie payments
by which the secretary of the treasur,
was required, whenever additional cir
culation was issued to national banks
|, TO retire United States notes equal In amour
to so per cent Of such additional national banl
, circulation until such notes were reduced 4
$500 0C0. 00O0. This law further provided tina
on and after the first day of January, 1879
; the United States notes then outstandin
should be redeemed in coin. and in order (
provide and prepare for such redemption. tn
, secretary OF the treasury was authorized no
only TO use any surplus revenues of the gov
erument, but to issue bonds OF the Unite
States and dispose of them for coin. and to us
the proceeds for the purposes contemplate
by the statute. In May, 1873, and before tn
date thus appointed for the redemption an
retirement of these notes, another statute wa
passed. forbidding their further cancellation
| and retirement. Some OF them had however
been previously redeemed and cancelled upo
+ the issue of additional national bank circula
, ton as permitted by the law of 1875, tina
I the amount outstanding at the time Of tn
passage of the act forbiddng their furthe
retirement was $346. ISL .ol6. The law OF ls7
did not stop at distinct prohibition. but cor
: tanned, in addition. the following express pre-
. | vision: 'And when any of said notes may b
redeemed or be received by the treasury undo
| any law from any source whatever, and sha
, belong to the United States, they shall not
! retired, cancelled, or destroyed, but they sha
. be reissued and paid out again and kept /
circulation"
= Would Retire the Greenbacks-
Y This was the condition of affairs on the fr.
n day of January 1873. which had been ixe
I upon four years before as the date for ente
Z ing upon the redemption and retirement
all these notes, and for which such abundar
: means had been provided. The governmer
e was put in the anomalous situation of OWN
G to the holders OF its notes, debts payable
{ gold ON demand. which could neither be r,
g tired by receiving such notes In discharge
:. obligation due the government. nor cancele
: by actual payment in gold. 1t was forced
h redeem without redemption and to pay withol
3 acauittance.
n There has been issued and sold Si95 500
/ coo of the bonds authorized by the RESUME
!, ton act of 1875. the proceeds of which. I,
r. gether with other gold in the treasur.
= created u gold fund deemed sufficient
r meet the demands which might be mas
4, upon II for the redemption of the on
v standing United States notes. This fun