The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-12-18

the prompt reform Of system epposeii r.,
every principle Of sound finance and shown
ny experience to be frausht With the grav.
est peril and perplexity. The terrible civil
government more than thlfty years ago
brought In its; train the destruction Of
property. The wasting of onr country sub.
stance md the enhancement Of brethren,
sIhese are now past and forRttten. Even
the distressing loss OF Tie nnd conflict en-:
aaised Sis but a<sacfed memory. which fos-,
les patriotic sentiment and keeps alive q
tender regard for those who nobly died.
And yet there remains with ~ to-day, In
1ull strength, and activity, a. an Incident
OF that tremendous struggle, feature o<
It's financial necessities not only unsuitef
ito our present circumstances, but mantfess:.,
~ disturbing menace to- business security
ana an evcr-present agent Ct monetary dis
tress. Because weEmay be enjoying TEN.
porary relief from its depressing influence.
THIS should not iull u int false security,
nor lead US to forget the suddenness Of past
yisitations. " IS
l am more convinced than ever that We
can have no assured faancfal peace and
safety until the government currency. obli.
cations upon which gola may be demanded
from the TREASURY are Withdrawn from cir.
culation aud Cancelled THIS might be done.
as mas been heretofore recommended, by
their exchange for bong-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 AZ
greenbdcks. were thus retired, 1t is probable
that the treasury notes issued In payment
OF silver purchases under the act OF July
II, 1891 now paid in gold when demanded,
would not create much disturbance, 40 they
might from time to time when received in
the trcasury by redemption In gold or other.
wise, by gradually, and prudently replaced
by silver coin. ;. -.
This plan Of issuing bonds for the purpose
OF redemption certainly appears to be the
most effective and direct path to the needed
reform. ,,s,s
In dofaul tot this, however, 1t would be
a step In the right direction II currency OBJ.
redeemed should be cancelled instead Of be-
Ing rcissued. This operation would be q
slow remedy. but II would improve present
conditions. ~. 49,:
National banks shsam, redeem their own
notes. They should ~ allowed to issue cir.
tied as security for Its redemption, and the
tax on their circulation should be reduced
to one-fourth Of 1 per cent. = - y
In considering projects for the retirement
of United States notes and treasury notes
Issued under the law of 1890. I 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 be added to our cir
cuation II invited to us by better and safer
financial methods. 1t Is not SO much con-
traction of our currency that should be
avoided as its unequal distribution. This
might be obvlated, and any fear Of harm
full contraction at the same time avoided.
by allowing the organization Of smaller
banks and in less populous communities
than are now permitted, and also author.
izing existing banks to establish branches
In small communities under proper restric-
tions.
The entire case may be presented by the
statement that the day Of sound financial
method will not dawn upon us until our
government abandons the banking business
and the accumulation Of funds and confines
Its monetary operations to the receipt Of
the money contributed by the people for Its
support, and to the expenditure Of such
money for the people'a benefit
Our business interests and all good citl-
zcns long for rest from agitation and the
Inauguration by the government Of a re-
formed financial policy which will encour-
age enterprise and make certain the re-
wards of labor and industry. -,u1s:.:I.i~