The Butler weekly times., 1897-12-09

y
test its permanent value further time vii. Sr
required and the people. satisfied win IL
operation and results thus far. are IL Eo mind
70 withhold from il a fair trial
THE CURRENCY PROBLEM.
Tariff legislation having been settled by the
extra session OF congress, the question aext
pressing for consideration Is that Of the cG--
reney. The work OF putting our finances upon d
sound basis, difficult as IL may seeIa, wlll appear
easier when recall the financial operation OF
rhe government since 1863 On the 31ta d2y ot
June OF that year We had outstanding demand
Liabilities In the sum Of s7zs So. 5i1 IL. On the
ist OF January. 1872. these liabilities had teen
reduced to SAB $50. 495 s. OF our interest-bear-
Gng obligations ths figures are even more
striking On July 1. 1885, the principal OF the
interest bearing debt OF the government was
e233.. 33i .2s On the lst day Of July. 1895. this
sum had been reduced 10 <5e5 J33. lu0. ag
gregale reduction of .l.7s7 e94. iOa The inter
est-bearing debt Of the United States on the
ist day of December, leG. was .si7. .3b5 Gu
The government money now outstanding de
cember u consists Of sJ4G. .6si .0I6 OF United
States notes, l07. 733 80 OF treasury notes is
sued by authority Of the Law of 1880. :sss 953 50i
OF silver certificates. and s6l 80 76l OF standard
silver dollars
With the great resources OF the government
and the honorable example OF the past before
IS ought not 10 hesitate TO enter upon a
currency revision which will make our demand
obligations less onerous to the government and
rt eve our financial laws from ambiguity and
doubt The brief review OF what accom-
plished from the close Of the war TO 1888 makes
unreasonable and groundless any distrust either
OF our financial ability or soundness. while the
situation from 1893 to 1897 must admonish con-
eress 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,
sor 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
guaranty OF our purpose to keep the pledge
will be best shown by advancing toward its
fuihllment. 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 Gil 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 dangerous menace to the
national credit
II Is manifest that We must devise some plan
70 protect the government against bond issues
Cor repeated redemptiona We must either
curtail the opportunity for speculation, made
easy By the multiplied redemptions OF our de-
-nand obligations. or increase the gold reserve
for their redemption We have -SOooo.ooo OF
currency wnicn the government oy solemn en-
actment mas undertaken 10 Keep al par with
So'd NOBODY Is oon2eo 70 redeem IN goio oul
the government Inc banks are not required
90 !eoeem In sotu Ane government Is oollseo
70 keep oQuSA Win ko1o An 1Is outstanding cur
Sency eno com ooiisAtlons, "hiIe its receipts
are NOT required 70 DC psld IN eoio Iney are
PAID IN every Xino OF money ous eoio. ana tne
only means oy whicn tne government can WIKI
certainty get goio Is oy borrowing. IL can ge'
AZ In no otner WAY Wnen IL most needs II Inc
government WITHOUT any nxeo revenue Is
pieoSeo 10 MAINTAIN goiu teoenp'ion' "nlcn u
mas steaoiiy ana ia"niuly zone ano wnicn
unuer tne ao'no'i'' NJ" gwen ~ VIII cohsinue
@eoemot'on OF esoveromens notes.
Inc Ia" wnlen requires the government aitei
having feueemeu lts notes 10 pay them ou'
again A. curfens iunos ocmanos constant re-
paeusnuaento os tne soio reserve Inis Is espe-
oiSAiy 10 IN times on business panic ana wneI
ene revenues arc insumcient 10 meet the ex'
P~nses OF the government Az sncn times the
government mas NO otoer way 70 supply It's de
oclt ana MAINTAIN redemption but through the
increase OF It's bonded debt Thus In the ad
ministration OF my predecessor. fseS 3lo.
w OF ~ per cent bonds were issued and solc
ana the proceeds used TO pay the expenses O
sns government In excess OF the revenues ant