Rock Island Argus., 1897-12-07
CURRENCY rnE NAN QUESTION.
Call. Ats~sssss IN What We Have Done
ant what Is To NJ Done.

Ttrtr legislation having been settled
by the extra session q congress the
question nsxt pressing tor consideration
~ that 90 the CurrerCy.
The work ~ putting our finances up
cn snund basis, difficult as u may
s-eni Nill arp.ar easier when We recall
IN. nnariai operations 20 the govern
ment since iSss trh- president then
EiVrE a review "a the fnarcial operation
10 the government since the warl The
brlef review of what Was accomplished
fr1m the etsse ~ the war 10 iSsa makes
unreasonable. and groundless any dis
trust either of cur financial ability. or
suundn.ss, vtiie the situation from
iSal h. 1896 must sdmonish congress u
IN. Immediate necessity of So legisat-
Inc ~ 10 make the return % the condi-
tions then prevailing impossible. There
are mans plans Proposed as a remedy
fu the evil Before We can ind the
true remedy we must appreciate the
real evil II is not that our currency %
every Kind " mt good. Ter every dollar
of u " good. eood because the govern
mants pledge viii not be broken, How
ever. the guaranty - cur purpose 90
trep the pledge win be best shown by
ADVANCING tow ards its fuinilment.
rhecvii of the present systemis found
IN the sreat ecst To the government %
Easistslnis< re parity % eur different
forms ~ money; that is. keeping all %
them 81 par with sold. We surely can
not ionrer be Needless % the burden
this imposes upon the people even un-
der fairly prosperous conditions. while
the past four years have demonstrated
that u N not only an expensive charge
upon the government but a dangerous
insrace ~ the national credit. 10 H.
manifest that we must devise some plan
10 protect the government against bond
ignes for repeated redemptions. We
must either eurtail the opportunity for
ri,ed redcmpttons ~ our demand OBJ
legations, OF increase the gold reserve
for their redemption.
We have tsoNooe eo0 ~ currency which
tho government by solemn enactment
has undertaken TO keep Mt par with
roii. Nobody is Obliged to redeem In
gold but the government. The banks
are not required 10 redeem In gold. The
government is Obliged 20 keep equal
with gold all Its outstanding currency
and sold obligations. while its receipts
are not required tn he paid In gold. They
are paid In every kind Of money hut
gold. and the only means by which the
government can with certainty get gold
IL by borrowing. II can ret u In no
other way when u most needs ~. The
government without any hxed gold rev.
enue Is pledged 10 maintain sold re-
demptior. which u has steadily and
faithfully done ard which under the au-
thority now given Il will continue q
do 81.
The law which requires the govern
rfent after having redeemed its United
states mites % pay them out again as
current furis demands a constant re-
plenishnent 90 the gold reserve. This
IL especially ~ In times of business
panic and when the revenues are In
runcient to meet the expenses % the
government A. ach tins the govern
msrt has no other way TO supply It's
deficit and maintain redemption. bu,
through the Increase % its bonded
debt. as DURING the adnninistrsti N o'
my predecessor. when tssi iai5.tf0 oi
sS per cent bonds were issued and sold
and tho proceeds used Co pay the ex-
penses of the government In excess ot
the revenues and sustain the gold ~.
sxve. while d is true that the greater
rort % the proceeds % these bonds
were used 20 surpiy deficient revenues
q cons,dersh'e portion was required O.
maintain the grid reserve. without
revenues equal 90 our expenses there
would ee no dercit requiring the is.
suAnc ~ ecrds Hut " the rnld re-
servs falls below Sice eco 600 how VIII
n te repl~Nished EXCEPT by selling NOR,
bonds, n there any other way prac.
ucable under existing iswr