The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-07
RETTsION IMPEBATTVE.
Several Recommendation as to Remedies
for the Financial system.


for the Financial system.
"The extra session Of this Congress
which closed during July last enacted
important legislation and while its fun
effect has not yet been realized what ie
has already accomplished assures us oi
SIS timcllness and wisdom. To test its
rormanent value further time VIII be re-
ouircd and the people satisfied win lls
opcratlon and results thus lar, are lh
no mind 10 withhold from 1t a fair trial
Tariff legislation having been settled
bv the extra session Of Congress, thp
question next pressing for consideration
g. that Cf the currency. The work OF
ptttinc our finances upon sound basis
diWcult as 10 may seem. VIII apprdf
Vasier when We recall the financial oper-
atoms of the GOV ornment since 1866 ON
The 30th day OF June of that year we
had outstanding demand liabilities in the
sum OF S12S,S6S iii.D. ON tho irst OF
January. 1879 these liabilities had been
reduced 10 $685. i9J~
cor our interest bearing obligations
ibe deines are even more striking. on
1uly 1. 1866. tho principal of the interest
hearing debt of the government was 81
ee, 3u. Dos. ON the first day of July, 1873.
this sum had been reduced 10 $685.. 3IlP,
or am aggregate reduction of $l,4.2A los.
The interest bearing debt Of the United
States ou the first day of December, lN'''
was Si1.365,G20 The government money
now outstanding December lsD consists
Of 1916 Csl .0i6 OF United states notes
sl01. .79s. .2S0 OF treasury notes issued 10y
authority of the law of 1890. S3Sfs65'oOi
of silver certificates. and Sol 2>l'ol OF
standard silver dollars.
REVISION NEEDED.
of a.
rrnment and with the honorable example
of the past before u.s. we ought not 10
hesitate To enter upon a currency revi-
sion which will make our demand obii-
cations less onerous 20 the government
ana relieve our financial laws from am
blguity and doubt
'Tho brief review OF what was accom-
niishcd from the close OF The war 10
1895. makes unreasonable and groundlosa
my distrrst either Of our financial ability
Or soundncss. while the situation from
1893 20 1897 must admonish Congress OF
the Immediate necessity of so logislating
Hs TO make The return OF the condition
then prevailing impossible.
''Therc are many plans proposed as
remedy for the cVi. Before we con find
ihe true remedy we must appreciate the
real evil IL Is not that our currency OF
tvery kind is not good. for every dollar
,f II Is good good because the govern
ment's promise IS out to keep it so and
me pledge will not be broken.
.fIowever. the guaranty Of our purpose
10 keep the pledge WIFI BE best shown by
advancing the fulnlmcHt The evil of
the present system Is fopnd I'm the great
coat 10 the government or maintaining
the parity Of our different forms Of
money. that is keeping all Of them az 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 II is not only an eX-
pensive charge upon the government. but
a dangerous menace TO the national
credit.
PROTECTION MUST BE HAD.
1T ~ manifest that we must devise
some plan 10 protect the government
against bond issues for repeated redemp-
lions. We must either curtail the oppor-
ninity fOr speculation. made easy by ;he
multiplied redemptions OF our demand OBJ
ueatlons. or increase the gold reserve for
their redemption. We have $O0,oOOo 900 OF
currency which the government by sol
emn enactment has undertaken to keep
M the par with gold Nobody is Obliged
"a redeem in gold but the government.
THE hanks are not required % redeem IN
cold. The government IS obliged TO keep
eonal with gold all its outstanding cur
rencv and coin obligations while its re-
GENTS are not required 10 be paid I'm god.
Ghev are paid in every kind OF money
hut cold and the only means BY which the
govcrpment can with certainty gct gold
is by horrowing II can get II In no other
NAV when IL most needs II. The govern
utnt without any fixed 900 revenue is
pledged 10 maintain gold redemption