Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1897-12-09

day. His treatment of the currency
question was the principal subject Of
interest. In part he said:
In their respective annual reports
to congress my predecessors since the
close OF the civil war have called at
tention with unfailing regularity to
the menace to the public credit occa-
stoned by the continued use of the
large volume of demand liabilities,
represented by the legal tender notes,
and have constantly appealed for such
legislative action as would remove the
dangers pointed out. Although these
warnings and appeals have not as yet
met with the responsive action that
their serious nature justifies, it is not
now the part Of wisdom to ignore
them. In fact, as time has gone on,
all the reasons upon which these
warnings and appeals were based have
received additional force. The enor-
nous depreciation in the commercial
value of silver, as compared with
gold, has greatly increased the finan-
cial responsibilities of the government
in it's demand liabilities, and all the
logical consequences of the fact should
be boldly faced.
Under the act of 1878, requiring the
purchase and coinage of silver, supple
mented and enlarged by the so-called
Sherman act of 1890, there were out
standing June 80, 1897, the sum of
$410,337 $50 in silver dollars or GER
titicates representing them. Under
the act of 1890 there We're also out
standing $114,S67, 2S0 in treasury notes
der.
In the act of Nov /, 1898, repeating
the purchasing clause of the act of
1890, it was declared to be the policy
of the United States to secure by safe
guards of legislation the parity in
value of the coins of the two metals
(gold and silver) and the equal power
of every dollar at all times in the mar
kets and in the payment of debts"
"Conformable to the spirit of this
declaration, the treasury department
in all it's operations has treated gold
and silver coins, and the paper repre-
sentatiVes of each, as of equal dignity
and value. In the collection of its rev.
enues, whether in the form of excise
taxes or of customs duties, it has made
discrimination against neither, while.
upon the other hand, it has held itself
ready to pay to the public creditor
whichever of the two he might choose
to receive as the more desil able to him.
Even further than this, it has de-
clared itself ready, whenever neces-
sary ITO the maintenance of it's parity,
to exchange on even terms, at the
pleasure of the holder, either form of
the metallic money for the other.
These practical operations and declar-
atoms were necessary, and they have
operated to keep in concurrent circu-
lation on terms of equality the two
kinds of metallic money, notwith-
standing the varying and never-ceas-
ing disparity between the natural or
commercial value of the one as COM
pared with the other. Nevertheless, it
must be recognized that this undertake
ing involves a large financial respon-
sibility, and requires proper and ade-
quate legislative provisions for its
continued execution.
Considered from the standpoint of
national defense the argument is rein
forced. We appropriate millions to
create a navy, which, through the
genius of invention, may speedily be-
come obsolete and worthless. We APP
propriate other millions to provide
coast defenses against attacks which
may never be made. Such action,
timely and wise as it may be, is in
consistent with a treasury condition
so extended in time of peace as to
bring panic and alarm to our own peo-
pie before the first sound Of the enc
my's guns In modern days d we'll
supplied war chest with an impreg-
nable credit is as important as are
warships shore batteries, or regi-
ments of men.
The advantages or a st.ong posi-
ton in the national TREASURY, with its
accompanying benefits to all CONNER
cial interests and great reinforcement
of the public credit, can, believe, be
secured without any unsettling legis-
lation, in manner easy to be compre-
hended by all. ana with small cost to
the people.
The recommendations | make must
be construed as tentative steps in di-
rection which, il consistently pursued,
will ultimately lead to conditions
theoretically desirable rather than as
being in themselves lnal measures to
that end. The condition Of the treas
ury in its relation to demand obliga-
tions requires that one of two steps
be taken. The one may be a large
reinforcement of the permanent gold
reserve, the other may be by an i'm
portant reduction in the Objectionable
form of liabilities. The latter is, in
my opinion, more desirable.
First recommend that proper