The Dickinson press., 1897-12-11
CURRENCY LEGISLATION.

Now the Tariff 10 Out of tho 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 1t has already ac-
complished assures us of it's timeliness and
wisdom. To test its value further time
will be required, and the people, satisfied
with its operation and results thus far,
arc in no mind to withhold from 1t q fair
trial.
Tariff legislation having been settled by
the extra session of congress, tho question
next pressing for consideration is that Of
the currency.
Review of Past Financial Operations.
The work Of putting our finances upona
sound basis, difficult as it may seem, will
appear easier when we recall the financial
operations Of the government since 1885.
On the 3Oth day Of June of that year we
had outstanding demand liabilities in the
sum Of e72S, 1858, 44741. On tho 1st Of Jan
uary, 1879, these liabilities had been re.
duced to s443, ,sso, IS. OF our interest
bearing obligations the figures are even
principal Of the interest bearing debt of
the government was 1885,, ,ssl ,2os. On
the 1st day of July, 1893, this sum had
bsen reduced to 46S5, ,O37, 100, or an agars.
gnte reduction Of 91,747,2o4, 1Os. Tho In
terest bearing debt Of the United States
on the LIST day of December, 1897, was
e847, ,063, $50. The government money now
outstanding (Dec. u consists of 9348, $751;
O16 of United States notes, S107, ,7o8, $50 Of
treasury notes issued by authority Of the
law of 1890, 1884 ,963, sos of silver certifl-
Gates and $61, $50, ,731 of standard silver
dollars.
Ought Not to Hesitate.
With the great resources of the govern
ment and with the honorable example of
the past before us, we ought not to hesi-
tate to enter upon a currency revision
which will make our demand obligations
less onerous to the government and r.
neve our financial laws from ambiguity
and doubt The brief review Of What was
accomplished from the close of the war to
1888 makes unreasonable and groundless
any distrust either Of our financial abil-
tty or soundness; while the situation
from 1893 to 1897 must admonish congress
Of the immediate necessity of 20 legislat-
ing as to make the return of the condi-
tions then prevailing impossible.
A Correct Diagnosis the First Thing.
/ There are many plans proposed a. q
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 ia not good, for every dollar of
1t Is good; good because the governments
pledge is out to keep 1t so, and that pledge
will not be broken. However, the guar.
anty of our purpOse to keen the rlaf1 na
will be best shown by advancing toward
its fulfllment. j
The evil OF the present system is found
in the great cost the governments Of
maintaining the parity Of our different
forms of money, that ID, keeping All Of
them at par with gold. We surely can
not.be longer needless of the burden this
imposes upon the people even under
fairly PROSPEROUS conditions, while the
past fou1 years have demonstrated that it
government but q dangerous menace to
the national credit.
Csrtail Obligations or Inoreass Reserve.
1T u manifest that we must devise some
plon to protect the government against
bond issues for repeated redemptions. We
must either curtail the opportunity for
speculation, made easy by the multiplied
redemptions of our demand obligations,
pf increase the gold reservH,s for thesf Is.
demption. We hive 1900 0oG,000 Of cur.
yency which the government by solemn
enactment 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