The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-12-07
CURRENCY LEGISLATION.
Now the Tariff is Out of the Way. II
Is of First Importance.

Now the Tariff is Out of the Way, That
Is of First Importance.
The extra session of this congress which
closed July last enacted important legis-
lation, and, while its full effect. has not
yet been realized, what it has already &C.
complished assures us of its timeliness and
wisdom. To test it's value further time
will be required, and the people, satisfied
with its operation and results thus far,
are in nc mind to withhold from it a 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 as it may seem, will
appear easier when we recall the financial
operations Of the government since 1866.
On the Both day of June of that year we
had outstanding emand liabilities in the
sum OF $12S, 1868, All. Al. On the 1st of Jan
uary, 1879, these liabilities had been re-
duced to SAB, Ss9, 495. 50. OF our interest
bearing obligations the figures are even
more striking. On July l, 1866, the
principal of the interest bearing debt of
the government was So, 1892, 331 POS. On
the lst day of July, 1893, this sum had
been reduced to $3.50. OBJ 100, or an aggre.
gate reduction of ST. ,294, los. The in
terest bearing debt Of the United States
on the 1st day of December, 1897, was
SS47, 365, $50. The government money now
outstanding dec. u consists of $346, 6Sl, :
Ol6 of United States notes, S1O7, 793, 2SO of
treasury notes issued by authority of the
1nxr ~ 1SOn %lSf NOD zoo -
Gates and S6l $50, 731 of standard silver
dollars.
Ought Not tn Hesitate.
With the great of the govern.
ment and with the honorable example of
the past before us, we ought not to hest
tate to enter upon a currency revision
which will make our demand obligations
less onerous to the government and re-
lieve 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-
ity or sOundness; while the situation
from 1893 to 1897 must admonish congress
of the immediate necessity of so legislat-
ing as to ne Ike the return of the condi-
tions then prevailing impossible.
A Correct Diagnosis the 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. 1t is not that our currency OF
every kind is not good, for every dollar OF
it is good; good because the governments
pledge is 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 fulfllment.
The evil of the present system is found
in the great cost the government Of
maintaining the parity Of our different
forms of money, hat is, keeping all Of
them at par with gold. We surely car
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 il
is not only an expensive charge upon the
government but a dangerous menace to
the national credit.
Curtail Obligations or Increase Reserve.
1t is manifest that we must devise some
plon to protect the government against
bond issues for repeated redemptions. We
must either curtail the opportunity fol
speculation, made easy by the multiplied
redemptions of our demand obligations
or increase the gold reserve for their re
demption. We have $500, 0 ,OOO of cur
rency which the government by solemn
enh,... 1T has undertaken to keep at pal
with GOA. Nobody is obliged to redeem
in gold but the government. The hankl
are not required to redeem in gold. Th'