The Dickinson press., 1896-12-12

poets OF our revenues naturally suggests IN
/ all,fsiOn to the weakness and vices OF our
financial methods They have been fire.
quemtly pressed upon the attention Of con-
gress In previous executive communications
and the inevitable danger of their contin.
ued liberation pointed out. Without now re-
peating these details, ! cannot refrain from
again earnestly presenting the necessity Of
the prompt reform Of q system opposed to
every principle Of sound finance and shown
by experience to be fraught with the grav.
est peril and pcrplexlty. The terrible civil
! government more than thirty years ago
brought In Its train the destruction Of
property. The wasting Of our country's sub.
stance and the estrangement Of brethren.
These ore now past and forgotten. Even
the distressing loss OF life and conflict en-
tailed Is hut Il sacred memory, which fos.
ters patriotic continent and keeps alive q
tender regard for those who molly died
And yet there remains with us to-day, lu
fuli strength and activity, as an incident
Of that tremendous struggle, u feature Of
Its financial necessities not only uaSu;tetl
to our present circumstances, but manifest.
~ disturbing menace to business security
anu an ever-present agent Of monetary dis.
tress. Because we may be enjoying tenn
pOrary relief from Its depressing influence,
this should not lull us into a false security
nor lead us to forget the suddenness Of past
visiiat.Ons.
l am more convinced tnan ever that we
can have no assured financial peace and
safety until the government currency ol.ll.
cations upon which gold may be dema ntled
from the treasury are withdrawn from cir
culation and cancelled. This might he done,
as has been heretofore recommended, by
their exchange for long term bonds bearing
low rate Of interest or by their redemption
With the proceeds Of such bonds Even if
only the United States notes, known as
greenbacks. were thus retired. 1t Is probable
that the treasury notes Issued In payment
OF silver purchases under the act Of July
IA, lSs, now paid In gold when demanded,
would not create much disturbance. as they
might from time to time when received in
the trtasfury by redemption In gold or other.
wise, ~ gradually and prudentlv replaced
by silver coin.
This plan Of issuing bonds for the purpose
OF redemption certainly appears to be the
most effective and direct path 10 the needed
reform.
III defaul TOT this, however, it would be
step In the right direction II currency oh.
legations redeemable In gold, whenever so
redeemed should be cancelled instead Of be-
ing reissued. This operation would be a
slow remedy, but 1t would improve present
conditions
National banks should redeem their own
notes. They should be allowed to issue cir.
culatiOn to the par value of bonds demos
tied as security for It's redemption. and the
tax on their circulation should be reduced
to one-f0urth 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
upon the danger Of contracting the cur.
rency and have calculated too little upon
| the gold that would he added to our cir.
cnlation II Invited to us by better and safer
nnahcial methods. 1t Is not so much a con-
traction OF our currency that should be
| avoided us It's unequal distribution. This
might be obvated, and any fear OF harm
full contraction at the same time avoided.
ly allowing the organization Of smaller
banks and In less pOpulous communities
| thah are now permitted, and also author.
| izillg existing banks to establish branches
In small communities under proper resiric-
| tiOns.
The entire case may be prcsen ted by thc
statement that the day Of sound tinnncIa,
method will not dawn upon us until on,
government abandOns the banking business
and the accumulation of funds and confines
Its monetary operations. to. the reueiot OF
the money contrlou5ed ny the people for It's
support, and to the expenditure OF such
money for the peoples benefit.
Our business interests and all good Gift
zens long for rest from agitation and the
Inauguration by the government Of , re
formed financial policy which will encour
| age enterprise and make certain the rc
wards of labor and industry.