Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1897-12-10
CURRENCY LEGISLATION.
Now tho Tar II il Out Of tho Way, Tina
Is Of T. rst Importance.

Now tho Tar II il Out Of tn" Way, That
Is Of T. r.t Importance
The extra session Of this congress which
closed July last enacted important legis,
lnton, and, while it's full effect has not
yet been realized, what it has already ac-
complishctl assures ia of its tineliness and
wisdom. II, tcso it's value further time
will be required, and the people, satisfied
with it's operation and results thus far,
arc in no mind to withhold from it fair
trial.
Tariff legislation having been settled by
the extra session of congress, the question
next pressing for consideration is that of
the currency.
Review of Past Financial Operations.
The work Of putting our finances upon a
sound basis, difficult us it may seem, will
appear easier when we recall the financial
operations of the government since 1856.
On the 3Oth day of June of that year we
had outstanding demand liabilities in the
sum of S72S, 1868, AT IL. On the LIST of Jan
uary, 1879, these liabilities had been re.
duced to $443, S80, 1858. OF our interest
bearing obligations the figures are even
more striking. On July l. 1855, the
principal of the interest bearing debt of
the government was $2,333, 331 1908. On
the lst day of July, 1888, this sum had
been reduced to 1856. 1897 100, or an aggre.
gate reduction of $l,747 ,294, 1Os. Tho in
terest bearing debt of the United States
on the 1st day of December, 1897, was
t347, 800 900. The government money now
outstanding (Dec. y consists of $346, 6Sl,
DIG of United States notes, $1O7, 793, $50 of
treasury notes issued by authority Of the
law Of 1890, $}S4 ,9b3, SOB of silver certifi-
Gates and ISL, $50, 73l of standard silver
dollars.
OaCht Not tn Hesitate.
With the great resources of the govern
mcnt and with the honorable example of
the past before us, we ought not to hest
tate to enter upon n currency revision
VIII Oh will make our demand obligations
less oncrous to the government and re-
love our financial laws from ambiguity
and doubt. The brief review of what was
accomplished from the close of the war to
1893 makes unreasonable and groundless
any distrust either Of our financial abil-
lily or soununess; while the situation
from 1873 to 1897 must admOnish congress
of the Immediate necessity Of so legislat-
ing as to make tho return Of the condi-
tions then prevailing impossible.
a Correct Diagnosis tho First Thing.
There are many plans proposed as a
remedy for the evil. Before we can find
the true remedy we must appreciate the
real evil. It is not that our currency of
every kind Is not good, for every dollar Of
it is good; good because the governments
pledge is out to keep it so, and that pledge
will not be broken. However. the guar
Anty OF our purpose to Keep the pledge
will be best shown by advancing toward
its fulflllment.
The evil of the present system IL found
In the great cost the government of
maintaining the parity Of our different
forms Of money, that ii, keeping al of
them at par with gold. We surely can
not 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 expensive charge upon the
government but q dangerous menace "a
the national credit. - ~.
It Is manifest that we must devise some
plon to protect the governments against
bond issues for repeated redemptions. We
must either curtail the opportunity for
speculation, made easy by the multiplied
assumptions of our demand obligations,
or increase the gold reserve for their re.
demption. We have $500, OO0, 900 of cur.
rency which the government by solemn
enact. at has undertaken to keep at par
with eoAtl. Nobody is obliged to redeem
in gold bun tbe governments. The banks
49, Aos rs'lssssa t. 4sassea in gold. xas