The Canton times., 1896-01-17
Political Gospel.

was surplus above the 8loO. 90
gold reserve, of $3.50, 4S,9l8,ls.
Remember that with the incoming
administration of Mr.. Harrison, cam
also the Mckinley tariff law. the high
est in our history. Yet when this sd
ministration closed on the 4th OF Marcl
lse3, oil this immense surplus was no
only gone, but the governm ent ia deb
500, ,O5l 1925, ,96 and in sore strait fol
money--so much so that on the sOth Of
February, only few weeks before the
close Of the administration, Charles
Foster, then Secretary Of the Treasury
sent an order to the Chief Of the Bureau
OF Engraving and printing to prepare
plates TO issue bonds, ard that too be-
fore the passage of the then pending
s'sundry civil bill' by the Senate with
this explanation. "This authority is
gived ia advance Of the enactment, in
view Of pressing contingencies, and
ven are directed to hasten the prepa-
ration Of the designs and plates in every
possible manner" Finding bankrupt
treasury on again resnming the reins
Of government, Cleveland had to issue
these bonds from these same plates.
With the advent of his present ad-
ministration came the Wilson tariff
the lowest we have bad since anti-bel-
lnm days. and although our Secretary
Of the Treasury, Mr.. Carlisle, says, and
the President states IN his message the
revenues Of the government are ample
under ths existing tariff to meet all the
expenditures of the government, yet
have been forced to borrow gold to re-
deem greenbaeks and treasury notes.
issued in 1890 under the Sherman pu,-
chasing act to buy silver bullion, since
which time--a little over 5 years-the
treasury has been drained Of more than
$375. .ooo, 900 in gold.
During the war. the government is
sued greenbacks which it had to re-
deem. In such mum bers were they is
sued, that the credit of the government
SO suffered as to reduce the greenback
below par, being at one time worth on
ly 80 or ~ cents on the dollar. Far
seeing republican fnanciers, realized
that the governments obligation must
bo brought to par, and on Jan. the 14th
1875. passed an act for the resumption
of specie payment in 1879. This law
provided for the redemption In cein Of
all legal tender notes of the govern
inent, (greenbaeks) when presented in
sums of $50. ut the treasury. To ena-
BILE the Secretary Of the Treasury to do
this-the government owning no mines
and having no coib-authorized him to
isaue one thousand Ave hundred mil
lion interest bearing bonds to get this
coin, and this created our bonded debt.
The redemption and distraction of
greenbacks went on until the alarm
was sounded about the immense con-
traction of the currency. and ON May
the 31st 1878. law was passed prevent
ing the further retirement and cancel
lstion Of sreen6aeks. and requiring the
secretary when they came into the
treasury by redemption to reissue them,
and keep ON redeemirg and reissuing
them which goes on to this day. There
WAS left, and are today, outstanding
greenbacks redeemable in coin to the
amount of s346, 900, 900. Under the
sherman act Of July the 14th 1890,
aathorizisg the purchase of silver bull
lion monthly, there was issued treasu
ry notes redeemsble in coin to the {
anount of sI3e, e,5s3, ESQ. and the same
set authorized the Secretary to redeem
a gold or silver at the option of the
,older. These two amounts make {
Ass. s63, 2ss Of nstes or obligations of
he government redeemable in gold ,
whenever presented, and TO meet this
lensad the government is forced TO q
Keep on hand sieo 900 900 in gold. SO
long ss the greenbacks slone were re- !
ieemabls, they constituted about . to +
a gold aud all banking experience G
proves this safe basis. but when the !
sherman Roteel were added making :
about 10 I. then il become an unsafe h
'atio asd orr treasle with geld begun. {
tis the sheeress financial folly. to
maintain To circulation the large !
l