The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-12-09
DISCUSSES FINANCIAL AFFAIRS
And Repeats That the Remedy Is the Re.
tirement of Greenbacks.

This reference to the condition and
prospects of our revenues naturally
suggests an alusion to the weakness
and vices OF our financial methods.
They have been frequently pressed
upon the attention of congress in pre-
vious executive communications and
the inevitable danger of their continued
federation pointed out. Without now
repeating these details | cannot refrain
from again earnestly presenting the
necessity of the prompt reform of a
system opposed to every rlHe of sound
finance, and shown by experience to be
fraught with the gravest peril and per-
plexity. The terrible civil war which
shook the foundations of our govern
ment more than thirty years ago
brought i'm its train the destruction of
property, the wasting of our coun-
'try's substance and the estrangement
of brethren. These are now past and
forgotten. Even the distressing loss of
life the conflict entailed is but a sac
red memory, which fosters patriotic
sentiment and keeps alive tender re-
gard for those who nobly died.
And yet there remains with us today,
in full strength and activity. as an in
cident of that tremendous struggle, a
feature of it's financial necessities not
only unsuited to our present circum-
stances but manifestly a disturbing
menace to business security and an
ever-present agent OF monetary dis
tress. Because we may be enjoying q
Temporary relief from its depressing in
fiuence this should not lull US into a
false security nor lead us to forget the
suddenness of past visitations. / am
more convinced than ever that we can
have no assured financial peace and
safety until the government currency
obligations upon which gold may be
<l,x .l.1 tha traa SIR a ra WI h
drawn from circulation and cancelled.
This might be done, as has been here
tofore recommended, by their exchange
for long term bonds bearing low rate
of interest, or by their redemption with
the proceeds of such bonds.
Even IL only the United States notes
known as greenbacks were thus re-
tired II Is probable that the treasury
notes issued in payment Of silver pur-
chases undey the act Of July IA, 1890.
now paid in gold when demanded.
would not create much disturbance, as
they might from time to time, wneh
received in the treasury by redemption
I'm gold or otherwise, be gradually ana
prudently replaced by silver coin. rms
plan OF issuing bonds for the PURPOSE
OF redemption certainly appears 10 De
the most effective and direct path 10
the needed reform. In default or TINS.
however, IL would be step in the right
direction IL currency obligations re-
deemable in gold, whenever so re.
deemed, should be cancelled instead or
being reissued. This operation would
be slow remedy, but 1t would I'M
prove present conditions. Nauonai
banks should redeem their own notes
They should be allowed to issue circu-
lation to the par value of bonds depos
tied as security for it's redemption, ana
the tax on their circulation should De
reduced to one-fourth OF 1 per cent.
In considering projects or the retire-
ment OF United States notes and treas
ury notes issued under the law or 1884,
i am of the opinion that we nave
placed too much stress upon the Dan
ger OF contracting the currency, ana
have calculated too little upon the golu
that would be added to our circulation
IL invited to us by better and safer
financial methods. IT is not so mucn
contraction OF our currency tnat
should be avoided as its unequal ais.
tribution. This might be obviated, ana
any fear of harmful contraction at the
same time removed, by allowing the
organization of smaller banks In less
populous communities than are now
permitted, and also authorizing exist
Ing banks to establish branches III
small communities under proper re-
strictions.
The entire case may be presented by
the statement that the day OF sensible
and sound financial methods VIII not
dawn upon us until our government
ebandons the banking business ana the