The Advocate and news., 1897-12-08
THE CURRENCY PROBLEM.

IhrlH leBlSlHIlOn nhVllB DeeH SSJUleu ny Ino
extra session Of congress, the question next
pressing for consideration is that of the cur
rency The work Of putting our finances upon
sound basis difficult as 1t may seem, will appear
easier when we recall the financial operation of
the government since 1855 On the 30th day OF
June of that year we had outstanding demand
liabilities in the sum Of 1928 868 541 Al. On the
lst OF January, 1879, these liabilities had been
reduced to $443 889 1888 OF our interest-bear-
ing obligations the figures are even more
striking On July I, 1895, the principal OF the
interest bearing debt Of the government was
b. 332 S3l, ,208 On the lst day Of July, 1893, this
sum had been reduced to 1885, 037, 100, or an ag-
gregate reduction Of IL, ,747 294, 108 The inter-
est-bearing debt Of the United States on the
lSt day OF December, 1897, was SSi7, 1856 $50
The government money now outstanding (De-
cember y consists Of SS46, ,0l6 of United
States notes, s107. .793 2SO of treasury notes is
sued by authority of the law Of 1890, 1884 $685. 5O4
Of silver certificates and 8l, $50 76l Of standard
silver dollars.
With the great resources Of the government
and the honorable example Of the past before
us we ought not to hesitate to enter upon
currency revision which will make our demand
obligations less onerous to the government ana
relieve our financial laws from ambiguity and
doubt The brief review Of what was accom-
plished from the close Of the war to 1893 makes
unreasonable and grOundless any distrust either
Of our financial ability or sOundness, while the
situation from 1893 to 1897 must admonish con-
greSs Of the immediate necessity Of so legislat-
ing as TO make the return Of the conditions
then prevailing impossible.
There are many plans proposed as remedy
tor the evil Before we can find the true
remedy We must apprehend 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 out to keep 1t So and
that pledge will not be broken. However, the
guaranty OF our purpose to keep the pledge
will be best shown by advancing toward It's
IulHllment. The evil Of the present system is
found in the great cost of the government OF
maintaining the parity of our different forms
Of money, that Is, keeping all Of them at par
with gold. We surely cannot be longer heed
less of the burden this imposes upon the peo-
pie, even under fairly prosperous conditions.
while the past four years have demonstrated
that 1t Is not only an expensive charge upon the
government, but u dangerous menace to the
national credit
II Is manifest that we must devise some plan
10 protect the government against bond issues
for repeated redemptions. We must either
eurtail the opportunity for speculation, made
Easy by the multiplied redemptiOns OF our de-
mand obligations, or increase the gold reserve
for their redemption We have ,9JO0OOOOO Of
currency which the government by solemn en-
Sctment has undertaken to keep at par with
gold Nobody is Obliged to redeem in gold but
the government The banks are not required
to redeem in gold The government Is Obliged
to keep equal with gold all its outstanding cur
rency and coin obligations while its receipts
are not required to be paid In gold They ara
paid In every kind Of money but gold, and thS