The Saint Paul globe., 1896-12-08

country's substance and the estrangement of
brethren. These are now past ana forgotten
Even a, the asstressing loss OF life the. conflict
entailed is but sacred memory, which fos-
ters patriotic sentiment and keeps alive =
tender regard for those who nobly died And
se. mere remains with us- today. In full
ssereueln ana activity, incident of that
tremendous struggle, feature of its fnan-
ciat necessities, not only unsuited to our pres
Snt ta circumstances. but manifestly a disturb
ING menace to business security and an ever
present agent Of monetary distress.
because We may be enjoying temporary
relief from its depressing influence this
should not lull us into false security nor.
Lead us to forget the suddenness of past Wis
itations.
am more convinced than ever that we
can have no assured financial peace and
safety until the government currency obliga-.
tions upon which gold may be demanded from
the treasury are withdrawn from circulation
ana Cancelled. This might be DONE as has
been heretofore recommended, by their ex>
change for long term bonds bearing low
rate OF interest by their redemption with
the proceeds Of such bonds.
Even If only the United States notes. known
as gfeenoachs, were thus retired, it is prob
able that the treasury notes issued in paw
ment of silver purchases under the act of
July Il, 1880, now paid in gold when de-
manaed, would not create much disturbance,
as they might from time to time when re-
celved In the treasury by redemption in gold
or otherwise. be gradually and prudentiy re-
placed by silver coin.
fhis plan of issuing bonds for the purpose
Oh redemption certainly appears to be the
most effective and direct path to tho needed
reform.
In default of this, however it would be a
step In the right direction if currency obli-
gatlons redeemab1e in gold, whenever SO re-
deemed should be cancelled instead of being
reissued. This operation would be a slow
remedy, but 1t would improve present condi-
tions.
National banks should redeem their own
notes: Ihey should be allowed to issue cir
culatlon to the par value of bonds deposited
as security for its redemption, and the tax on
tneir circulation should be reduced to one
fourth of 1 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 nave placed too much stress upon the
danger of contracting the currency and have
calculated too little upon the gold that would
De ADDED TO our circulation if invited to us
by better and safer financial methods. 1t is
not SO much a contraction of our currency
that should be avoided as its UNEQUAL dis
tribution. This might be obyiated and any
rear Of harmful contraction at the same time
removed, by allowing the organization of
smaller banks and in less populous communi-
ties than are now permitted, and also aMther-
1zlng existing banks to establish branches in
small communities under proper restrictions.
The entire case may be presenwd by the
statement that the day of sound financial
method Will not dawn upon us til our govern
ment champions the banking business and the
accumulation of funds, and confines it's mon
etary operations to the receipt of the money
contributed by the people for its support, and
to the expenditure of such money for the
peoples benefit.
Our business interests, and all good citizens
long for rest from agitation and the Inaugural
tion by the government of a reformed inan
and make certain the rewards of labor and in
duStTy. tT7'e