Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-12-10

sources OF revenue 70 enable the govern
ment to meet the necessary ex.t. 1ses Of its
maintenance. Considered as to it's sufl-
Cieucy IN rhiS aspect the present law cen
by no means fan under just condemnation.
During the only complete fiscal year OF
its operation II has yielded 9cearly $3.50 eco
more revenue than was received from
tarlH ~9 stss in the preceding year There
Was, mex ertheless. a deficit between our
receipts nd expenditures of a little NOR
than S25tq0,00o. This, however. was not
unexpected
DEPRESSION Not Due TO She Law.
The situation was such in December
seven months before the close Of the fiscal
year. that the secretary OF the trea surv
foretold deficiency of Sl7,0Qd.C00. The great
and increasing apprehension and tiinidity
IN business circles. and the depression in
all activities intervening since lhat time
resulting from causes perfectly well under
stood and entirely disconnee ed with CUr
checked the imports we would have ether
wise received and readily account for The
difference between this estimate of the
secretary and the actual deficiency az
well as fer q continued deficiency. Indeed.
It must be confessed that We could hardly
nave had q more unfavorablc period Than
tariff revenue.
Believes 1t win Prove a Success.
We cannot reasonably hope THAI cur re
cuperation from this business depression
viii he sudden but il has already set IN
with a promise of acceleration ard cGntinu--
once. believe our present tariff law, u
allowed q fair opportunity, Will ia ting near
future yield q revenue which, with feaSGna-
bly, economical expenditures, will overcome
all deficiencies. In the meantime, NO deiicit
that has occurred or may occur need excite
or disturb us.
Use of the Reserve Lawful.
To meet any such deficit we have in the
treasury. in addition TO a gold reserve Of
Sl00000009, a surplus Of more tn1n SllS,000-
eco applicable 10 the payment Of the eE-
penses of the government, and which must,
unless expended fer that purpose, remain
q useless hoard, or, If not eNtraFaganuN
wasted, must in any event be perverted
from the purpose of its eXaction from our
pc oDle. The payment, therefore, of any de-
fCiency in the revenue from this fund is
nothing moro tAan its proper and legiti-
mate use.
Government Not Like an Individual.
The government, thus applying surplus
fortunately in it's treasury to the month
~ expenses not met by its current reve-
nues, is not al all to be likened to a man
debt or encroaching on his principal II IS
not one of the functions of cur government
to accumulate and make additions To a
fund not needed for immediate eXpendi
ture. with individuals it is the chief OBJ
ject Of struggle and effort. The appltca-
ton of an accumulated fund by the gov
eminent TO the payment Of its running eN-
penseS is a duty. An individual living be-
Nona his income alld embarrassing himself
with dcbt or drawing upon his accumu-
lated fund of principal is either unfortu-
nate OF impr0Vident. The distinction Is
between a government charged With the
duty of eXDending for the benefit of the
people. and for proper purposes. all the
money ii receives from any source. and
the individual who is expected to manifest
q natural desire to avoid debt, or 10 ac-
Cumulate as much as possible, and to live
within the income derived from such ac-
cumulations, to the end that they may be
increased, or at least remain unimpaired
for the future use and enjoyment of him
self and objects Of his love and affection
who may survive him
70 20,
our surplus TO the payment Of Justidable
expenses than to allow il to become an inNi-
tation to reckless appropriations and eX.
traNagant expenditures suppose II VIII
not be denied that under the present law
our people obtain the necessaries OF com
Portable existence 81 a cheaper rate than
formerly. This j. a matter Of supreme inn
p0rtance, since Il is the paipable duty of
every just government to max the burdens
Of taxation as light as possible 1he pg9-
PIE should not be required TO relnquish this
Of cheap living except under the
stress Of their governments necessity made
plainly manifest.
Vices % Our Financial System.
The reference to the condition ard pros
poets of our revenues naturally suggests
an allusicn TO the weakness and vices Of
our financial methods They have been IRE
quently pressed upon tho attention of con-
gress in previous executive communica-
tons and the inevitable danger of their
continued toletation pointed out Without
now rep dtfr /, any OF ,hese details, | cam
not ref sin from gain earnestly presenting
the necessity of The prompt reform of Il
system opposed to every rule of sound
finance and shown by experience TO be
fraught with the gravest peril and per
pleXity.
The Greenback should 60.
The terrible civil war which shock the
foundations of our government more than
80 years ago brought in its train the do
struction OF property. the wasting OF orl
country's substa nee and the eatTangcment
of brethren These ere now ast ard for
gotten. Even the ,distressing i9ss Ct life
the conflict entailed is but sacred mem
DRY, which fosters patriotic sentiment and
keeps alive a tender regard for those who
nobly died And vet there remains with
us to-day, In fun STRENGTH and activity. as
an incident of that tremendous struggle
feature OF its financial necessities. not
but manifestly a disturbing menace to
business security and an ever-present
agent of monetary distress. because we
may be enjoying a temporary relief from
its depressing influence this should not
lull us into a false security nor lead us to
forget the suddenncss Of mast Visitations.
] am more convinced than ever that we
can have no assured financial peace and
saf4ty until the ~-v2rr',-, ~ currency y
legations upon which gold may be de-
manded from the treasury are withdrawn
from circulation and Cancelled. This Nigh,
be done, as has been heretofore recon-
mended, by their exehang. for long-term
bonds bearing a low rate of interest or by
thei- redemption with the proceeds Of such
bonds
Even If only United States notes known
as greenhacks We're thus retired it fl
probable That the treasury notes issued IN
payment Of silver purchases under the act
of July IA, 1895, now paid in gold when de-
manded, would not create much dis
turbance, as they might from time to time
when received in The treasury bl rcdcmr-
ton IN gold or otherwise be gradually
ana prudently replaced by silver coin
Most Effective Path TO Reform.
The plan Of issuing bonds for the purpose
of redemption certainly appears to be t4e
most effective and direct path to the
needed reform
Ia default Of this. however. it would bc
a step ~ the right direction IL currency
obligations redeemable in gid. whenever
so redeemed should he Cancelled instead
of being reissued. This operation would
be slow remedy. but it would improve
present conditions
Nationa! banks should redeem their own
notes. They should be allowed To issue
circulation 10 the par value of bonds de.
posted as security for is redemption. and
the tax on their circulation should be re-
duced 70 one-fcurth Of one per cent.
Real source Of Danger.
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