The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-12-08
THE FINANCIAL QUESTION.

This reference to the condition and
prospects of our revenues naturally sug-
gests an alluSion to the weakness and
vices of our financial methods. They have
been frequently pressed upon the atten-
ton of congress in previous executive
communications, and the inevitable dan
ger Of their continued liberation pointed
out. Without now repeating these de-
tails | cannot refrain from again earnestly
presenting the necessity of the prompt re-
form of a system opposed to every prin-
ciple of sound finance, and shown by ex-
perience to be fraught with the gravest
peril and perplexity. The terrible civil
war, which shook the foundations
of our government more than
thirty years ago.. brought in
its train the destruction Of property, the
wasting of the countrys substance and
the arrangement of brethren. They are
now past and forgotten. Even the dis
tressing loss of life the conflict entailed Is
but sacred memory, which fosters pat
riotic sentiment and keeps alive tender
regard for those who nobly died And
yet there remains with us today, in full
strength and activity. as an incident of
| that tremendous struggle, feature of its
! financial necessities not only unsuited to
|
IA disturbing menace to business security
and an ever present agent o. monetary
| distress
Because we may be enjoying IL temper.
airy relief from its depressing influence,
| this should not lull Us into false secur-
| ity nor lead Us 10 forget Che suddenness
| OF past visitaIions.
| lam more convinced than ever that VT
can have no assured financial peace and
safety untn the government currency OBJ
legations upon which gold may be de
manded from the treasury are withdrawn
from circulation and cancelled. This
might be done as has been heretofore rec
ommended by their exchange for long
term bonds bearing IA low rate Of interest
or by their redemption with the proceeds
of such bonds
Even if only the United states notes,
known a y greenbacks were thus re: ired it
is probable that the treasury notes issued
in payment of silver purchases under the
act of July a. 1890, now paid in gold when
demanded, would not create much dis
turbance. as they might from time to time
when received in the treasury by redcmp-
. ton in gold or otherwise, be gradually
, and prudently replaced by silver coin.
This plan of issuing bonds for the pur'
| pose OF feUenpIloI dppCdis W Dt
the most effective and direct path tC
needed reform.
In default of this, however, it would be
p. IA step in the right direction if currency
, obligations redeemable in gold, whenever
: so redeemed, should be cancelled instead
of being reissued. This overaction would
be slow remedy, but it would improv.
Y present conditions.
! National banks should redeem theil
t own notes They should be allowed to Is
I sue circulation to the par value of bond:
r 'deposited as security for its redemption
d and the tax on their circulation should b.
reduced to one fourth Of per cent
+ The entire case may be presented by th'
statement that the day of sound fnancia
h method will not dawn upon us until oul
g government abandons the banking busi
r ness and accumulation of funds, and con
,. fines its monetary operations to the re
e ce:pt Of the money contributed by tn
!. people for its support, and to the expendl
IS ture of such money for the peoples ben
of