The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-12-11
CURRENCY LEGISLATION.
CONGRESS should Not Hesitate to En-
ter Upon Revision.

Tariff legislation having been settled by
the extra session OF congress-, the questloIi.
next pressing for, consideration IS tnat Oh
the currency. The work of putting our
finances upon a sound basis, difficult as IL
may seem. will appear easier when we re-
call the fnancial operations or the gSy II
of that year we had outstanding demand
liabilities in the sum of $72S SOS, 40 Al. on
the LIST Of January sd 5h is g f or mao
terest-bcaring obligations, the figures are
even more striking. On July l, lG6, the
Of the inters g to5 eaI M deDt
first day Of July. 1888 this sum had been
reduced to $5S5031l0o, or an aggregate re-
Ing debt Of the United States on the first
day of December 1887, was $si7 $3.50. The
government money now outstanding (De-
cember y consists Of $34G,GSl ,Ol6 of United
States notes, slO7. $50 of treasury notes
issued by authority Of the law Of 1890. s3Si.,
963,503 Of silver certificates, and S5l,2SO,'5l
OF standard silver dollars.
With the great resources OF the govern
ment, and with the honorable example OF
the past before us. we ought not to hesi-
tate to enter upon a currency revision
which will make our demand obligations
less oncrGus to the government, and relieve
our financial laws from ambiguity ana
doubt.
No Ground for Distrust
The brief review Of what was accom-
plishCd from the close Of the war 10 1902
makes unreasonable and groundless any
distruSt either Of our financial ability or
soundness. while the situation from 1888
to 1897 must admonish congress Of the i'm
mediate necessity of so legislating as to
make the return Of the conditions then
plans proposed as a remedy for the evil
Before we can find the truc remedy we
must appreciate the real evil. 1t is not
that our currency of every kind is not good
for every dollar of 1t Is good; coed because
the governments pledge is out to keep It
so. and that pledge will not be broken
Lou hI ant Of 80
keep the pledge will be best shown by
advancing toward it's fufillmcnt.
Evil of the Present system.
The evil of the present system is found in
the great cost to the government Of main
tanning the parity of our different forms Of
moncy-that is, keeping all OF them at par
with gold. We surely cannot be longer
needless OF the burden this imposes upon
the people, even under fairly prosperous
conditions, while the past four years have
demonstrated that 1t is not only an ex-
pensive charge upon the government but
a dangerous menace to the national credit.
Must Provide Against Bond Issues.
II Is manifest that we must devise some
plan to protect the government against
bond issues for repeated redemptions. We
must ither curtail the opportunity for
speculation, made easy by the multiplied
rcdemptions OF our demand obligations, or
increase the gold reserve for their redemp-
ton, We have sOOOoo,OOO of currency
which the government by solemn enact
ment has undertaken to keep at par with
gold. Nobody is obliged to redeem in gold
but the government. The banks are no.
required to redeem in gold. The govern
ment is obliged to keep equal with gold all
Its outstanding currency and coin obiiga-
tons, while its receipts are not required
to be paid in gold. They are paid in every
kind of money but gold, and the only means
by which the government can with GER
tainty get gold Is by borrowing. 1t can get
Il in no other way when II most needs IT,
The government without any fixed gold
revenue Is pledged to maintain gold re-
demptlon, which II has steadily and faith
fully done, and which under the authori-
ty now given 1t will continue to do.
The law which requires the government
after having redeemed its United States
notes to pay them out again as current
funds demands constant replenishment
OF tho gold reserve. This is especially SC
In times OF business panic, and when the
revenues are insufficient to met the ex-
penses OF the government. At such times
the government has no other way to sup.
ply Its deficit and maintain redemption but
through the Increase of its bonded debt, as
during the administration of my predeces-
sor, when 500, 5,i00 OF AZ per cent. bonds
were issued and sold, and the proceeds Iised
TO pay the expenses OF the government IN
excess or the revenues and sustain the
gold reserve. While IL is true that The
greater part of the proceeds OF these bonds
were used to supply deficient revenues a
considerable portion was required to main
tain the gold reserve.
with our revenues equal to our expenses
suance Of bonds. But II the gold reserve
falls below 500, 900 how will II be re-
plenished except by selling more bondsi