Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-12-10

"r#LMnM tINf
the prompt refores 81 d system opposed to
every prinripic Of sound france and shown
By experience TO be fraught with the gray
est peril and perplexity. The terrible civil
war which shook the foundations OF our
government more than thirty years ago
drought In IT. train the destruction OF
properly. The wasting OF our country's SUBJ
stance aud the estrangefnent of brethren.
z llese are now past and forgotten. Even
the distressing loss OF life and conflict en-
tailed is but Il sacred memory which fos-
tiers patriotic sentiment and keeps alive q
tender regard for those vino uoDiy iiri.
Aud yet there remains with us to-day, in
full strength and activity. as an incident
or that tremendous struggle. q feature or
its financial necessities not only unsuited
10 our present circumstances. but manifest
ly q disturbing menace to business security
AMI an eyer-preseni agent of monetary dis
tress. Because we mps DE enjoying a tenn
porary relief from its depressing influence.
this should not lull us into a false security,
nor lead Us 10 forget the suddenness OF past
yisitations.
| am more convinced than ever that we
can have no assured financial peace ard
safety until the government currency obli-
CARTONS upon which gold may be demanded
from the treasury are withdrawn from cir
c~ulation and 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 redemption
with the proceeds OF such bonds Even II
only the United States notes. known AS
greenbacks, were thus retired. IL Is probable
that the treasury notes issued in payment
of silver purchases under the act of July
IA. 1890. now paid In gold when demanded.
wauld rot create much disturbance. as they
might from time to time when received IN
the treasury by redemption In gold or other
wise, by gradually and prufently replaced
by silver coin. .
This plan of issuing bonds for the purpose
Of redemption certainly appears 10 be the
most effective and direct path to the needed
reform.
In defaul tof this. however. II would be
q step In the right direction Ii currency OBJ
legations rcdeemable in gold, whenever so
redeemed should be cancelled instead Of be
ing reissued This operation would be a
slow remedy. but It would improve present
conditions.
National banks should redeem their own
notes. They should be allowed To issue cir
culation 10 the par value of bonds depos-
tied as security for its redemption. and the
tax Oh their circulation should be reduced
to one-fourth Of l per cent
In considering projects for the retirement
of United States notes and treasury notes
issued under the law OF 1890, | am Of the
opinion that we have placed too much stress
npon the danger Of contracting the cur
EenfN dHu nave aIlcilateu TOO Nitle upon
the gold that would be added 10 our cir
c~ulation II invited 20 us by better and safer
financial methods. Ii Is not SO much a con-
traction of our currency that should be
avoided as its unequal distribution. This
might pa obvi5ted, and any faag OF harm
ful contraction ~ the sane time avoided.
by allowing the organizations Of smaller
banks and IN less populois communities
than are ROW permitted, aud also author
izlng existing banks TO establish branches
ia small communities under proper ~restric-
tons.
The entire ease may be presented by the
statement that the day Of sound financial
method win not dawn upon US until our
government abandons the banking business
and the accumulation OF funds and confines
IT'S 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 citi-
zens long for rest from agitation and the
inauguration by the government or a re-
formed financial policy which will encour-
age enterprise and make certain the re-
wards OF labor and industry.