Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-12-19

prospects of our revenues naturally
suggests an allusion to the
and vices of u financial methods. They
have been frequently pressed upon the
attention OF congress In private COM
m~unications, and the inevitable danger
Of their continued liberation pointed
out. Without now repeating these de-
tails. / cannot refrain from again earn
estly presenting the necessity or the
prompt reform OF a system opposed 10
every rule of sound finance n shown
by experience to be fraught with the
gravest peril and perplexity. The terri-
BILE civil war, which shook the n
tions OF our government more than
thirty years ago, brought I'm its train
the destruction OF property, the vast
ing of our countfy's substance and the
arrangement of brethren. These are
now past and forgotten. Even the dls-
tresslng loss Of life the conflict entailed
is but a sacred memory which fosters
patriotic sentiment and keeps alive a
tender regard for those who nobly died.
And yet there remains with US today
in full strength n activity, as an incl
lent Of thai tremendous struggle, a fea-
ture OF It's financial necessities, not only
unsuited to our present circumstances,
bur manlfestly a disturbing menac TO
business security and an ever present
agent of monetary distress.
Because we may be enjoying a tempo
rary relief from its depressing influence
this should not lull us into a false Sc
curity nor lead US TO forget the udden
ness Of past Yisitations. / am more
convinced than ever that we can have
no assured financial peace n safety
until the government currency oDliga-
lions upon which gold may be demand
ed from the treasury are Withdrawn ana
Cancelled. This might be done as has
been heretofore recommended-by their
exchange for long term bonds bearing
a low rate Of interest or by their re-
demption with the proceeds or such
bonds.
Even IL only the United states notes
known as greenbacks were thus retired
il is probable that the treasury notes
issued in payment Of purchases under
the act Of July IA, 1890, now paid in
gold when demanded, would not create
such disturbance as they might from
time to time when received in the treas
ury by redemption in gold or otherwise,
be gradually and prudently replaced by
silver coin. This plan OF issuing bohds
for the purpose of redemption certainly
appears to be the most effective anu
direct path to the needed reform.
In default of this, however, it o
be a step in the right direction II cur
rency obligations redeemable in goio'
whenever so redeemed should be cam
| celled instead of reissued. This opera
ton would be a slow remedy but IL
would improve present conditions. Ma
tlonal banks should redeem their W
notes.
They should be allowed to issue and
circulate TO the par value of bonds de-
posted as security for its redemption
and the tax on their circulation should
be reduced to ~one-fourth of n per
cent.
In considering projects for the retire
ment of United States notes and trea-
I sury notes issued under the law of 1890,
/ am of the opinion that we have placed
too much stress upon the danger of con-
tracing the currency and have calcu-
lated too light upon the gold that would
be added to our circulation if invited to
us by better and safer financial meth
Jus Il I 10 lloN ~ lIluNu " Va Va
our currency hat should be avoided as
such unequal distribution.
This might be obviated by II fear
of harmful contraction as the same time
removed by allowing the organization OF
smaller banks and in less populous com
munities than are now permitted, and
authorizing banks to establish branches
in small communities under proper re-
striction.
The entire case may be presented by
the statement that the day of sensible
and sound financial method will nc
dawn upon Us until u government
abandons the banking business ana the
accumulation of funds, and confines its
monetary operations to the receipt OF
the money contributed by the people
for it's support, and to the expenditure
of such money for the peoples benefit
our business interests and all good cit
liens long for rest from feverish agi-
tation and the Inauguration by the gov
eminent of a reformed financial poll
cy which will encourage enterprise and
make certain the rewards Of labor and
industry.
~