Condon globe. (Condon, Gilliam Co., Or.) 189?-1919, 1897-12-17
THE CURRENCY QUESTION.
Necessity of Puttipg Our Finances
Upon a sound Basis.

Tariff legislation having been settled by
khe extra session OF congress. the question
hext pressing for consideration ID that OF
.Ihe currency. The work OF putting our
finanoesA upon a sound basis difiieult as Il
I may seem win appear when wo recall
the financial operation OF the government
since 1856. on the goth day OF June OF
that year. we had outstanding demand
liabilities IN the sum OF gI2s. .SsS. .4t7 IL. on
the LIST day OF July. 1873. thsse liabilities
had been reduced to tii3.Sss.is IS. or our
Intsreat-bearlng obligations, pe figures
are even more striking. on JuH IL 1895.
the principal OF the interest bearing ldebt
of the government was s., ,5a2, ISL. .2e6. on
the LIST day Of July. ls33, this sum had
been reduced to $3.50. .0s7 100, or an aggre-
gate reduction OF ti.741,2si,iOs, The inter-
est.bearIng debt OF the United States on
sthe day OF DECEMBER, 1891. was tA7.-
S65 GO. The government money now out
standing December u consists OF t5i6..
eg.oie OF United States notes; SiO7 7SS, $50
Of treasury notes isaued by authority OF
che act OF $780, sasi 1868. .5A OF silver ctrtifi-
Gates and vi. .2S0,76I OF standard silver
dollars.
With the great resources OF the govern
] ment and with the time-honnred example
OF the pual before MS, We should not hest
tate 20 enter upon a currency revision
which win make our demand obligations
less onerous TO the government ana re-
Leve cur financial laws nom ambiguity
and doubt.
The brief review or what was accom-
plshed from the close OF the war until
isa2 makes unreasonable and groundless
any aistrust either or our financial abiI-
ity or guundneas: while the situation from
1889 10 1897 must admoniAh congress Of the
Immediate necessity for 10 lcgslating as
to make the return OF the conditions then
prevailing lmpoSblc.
There are many plans proposed ns a
remedy for the evl, Before we can find
the true remedy we must appreciate the
real evil Ii TX not that our currency or
every kind Is not good, for every dollar
of II la good; good because the govern
mentis pledge IL out to keep II 80. ana
that pledge viii not be broken. How
ever. the guaranty OF our purpose to keep
the pledge will be best shown by advnnc-
ing toward Is fulilment
Evil of the Present system.
NThe evil OF the present system II found
IN the great cost 10 the government of
maintaining the parity OF our different
forms OF money; that Is, keeping ali or
them at par with gold. We surely cannot
be longer needless OF the burden this Inn
poses upon the people, given under fairly
prosperoua conditions, while the past four
years have demonstrated that II IL not
only an expensive charge upon the gov
ernment, but dangerous menace TO the
national credit
1t is manifest that we must devise some
plan to protect the government against
bond Issues for repeated redemptions. We
must elthec curtall the opportunity
speculatlon. made easy by the multip
.t,r md n
increase the gold reserve for their re-
demptlon. We have s9OO0OO.0O0 OF currency
which the government by solemn enact
ment. has undertaken to keep at par with
gold, Nobody Is obliged TO redeem In
cold but the government. The banks are
moi required to redeem In gold, The gov
arnment is Obliged TO keep equal with
gold AZ it's outstanding currency and coin
obllKaNe<o, while Its receipts are not re-
sulred ttsbe paid in gold. They are paid
In every kind OF money but gold, and the
only means by which the government can,
with certainty. get gold Is by borrowing
II can get Il In no other way when II most
needa IL. The government without any
axsd aold revenue h pledged to maintain
voId redemption, which II has steadily and
faithfully DONE and which, under the au-
shortly now given, II Will continue to 90,
The law which requires tho government
sfter having redeemed Its notes, TO pay
them out again as current funds demands
! constant replenishment Of the gold re-
serve. This Is especially 80 in times OF
busIness panic and when the revenues are
irm,fIicIent to meet the expenses OF the
government. AT such times the govern
rAnt has no other way 10 supply Its def
ana maintain redemption but through
M Increase OF It's bonded debt. as during
tho administration OF my predecessor
when S262, 3i5, 400 Of Az per cent bonds
were issued and sold and the proceeds
used to pay the expenses of the govern
nent in excess Of the revenues ana sustain
sha goid reserve. While II 10 true that
a. greater part OF the proceeds 81 these