The Saint Paul globe., 1897-08-19

d
deadening of reviving industry. and destroy
returning prosperity. There is no relief from
this situation in the great individual wealth
Of the individual citizen, nor in his individual
desire to maintain his credit. The unlimited
resources of the country and the unbounded
energies of the people are equally unayailing
in giving aid and comfort. The fault lies III
the governments financial system, and not
in the rule Of conduct which guides the in
dividual as an individual: Until the natlonal
fault is eradicated the citizen must continue
to suffer for his country's folly, both in purse
and in reputation. The boastng plea or the
sustaining power of patriotism, as appllea 10
the country's issues, in time of financial
stress is of no avail great government
financial operations cannot be conducted SIM
ply upon PATRIOTISM nor can taey Pe Packs DaSGn IN
dignity when it puts itself in a position Where
1t is either mendicant asking aid from prl-
vate citizens, a weakling at their mercy
1t possibly may be a bad thing from the
patriots standpoint to present for redemption
the currency demand obligations which the
treasury under the mandate of the law, SENDS
torth at time when the government is imam
cially embarrassed but the act is busi-
ness one and is governed by business reasons.
The treasury department should be in such
condition 1t would not find 1t necessary for
its protection to have the citizen eliminate
all the elements of human selfshness when
dealing with it. In order to inspire confidence
it must stand upon the same footing as any
other business establishment, ready and will
ing to pay the governments debts without
asking leniency from its creditors, and at no
time having a larger liability outstanding
than it is able to liquidate 1t certainly ought
not to insist on voluntarily furnishing the
means for its. own destruction, and then COM
plain if those means are employed and dan
ger threatened
The citizens who note the trend of events
must see that the cloud upon the beautiful
horizon: which we count as already ours, is
the ambiguity in governmental contracts in
troduced by the legal tender issues. These
issues are condemned by the student of finance
familiar with the worlds monetary history,
md will haC dffatra
trained in the school of business. In their
operation they constitute the strongest hope
of the advocates of the free coinage Of silver
thuss working double hindrance to the re-
turn of complete and lasting prosperity. The
advocate of the free coinage Of silver be-
lieves that through them a silver basis must
ultimately by reached and because Of this
resists their payment and cancellation, unless
silver dollars at a ratio Of sixteen to one be
equal vehemince against their conversion
equal venemince against their conversion
into absolute gold certificates in explicit
terms. In their present position and treat
ment they compel the interests of trade and
the cause of labor, the undertakings of the
manufacturer, all to give hostages to for
tune.
Those who now assert thay are a patri-
otto emblem of the war and unchanged must
remain 1.-The peoples money should study
the history of their creation, and their
effect upon the country's welfare. They are
demand obligations never retired, yielding to
no ordinary rules of trade necessities in ex-
pansion or contraction in volume. In the very
IeIu1S VI Tie contract, WHICH Is DOTQ6 up on
their faces are uncertainty and doubt, causing
from their inception loss and expense to the
people: They at once enhanced the cost of
country from specie basis to one for many
years of irredeemable paper. At the time they
were first sent forth their most ardent advo-
cate apoligiZed for their issue and promised
a quick payment and cancellation.
The temporary issues of that day, despite
the appeals of the chief executive and secre-
taries Of the treasury are yet a part of the
liked volume of From FIRST To
last they have been the greatest burden and
most expensive debt ever placed upon the
government. The loss to the people through
speculation engendered by them, the finan-
cial heresies to which they have given birth
the damage to individual business enterprise
and credit through the recurring doubt as to
the ability or willingness of the government
to maintain their payment in gold cannot be
reckoned in figures But every panic we have
mad and every stagnation in business which
has come upon us in recent years, mark their
distinctive influence.
1t Is asserted that when the revenues of the
government exceed its necessary expenditures
no further trouble will follow, and the argu-
ment based upon former conditions under
piethorla OF money in the tretsury is advanced
IN support OF the contention. 1t is forgotten
however, how greatly the burden placed upon
the treasury has been increased through silver
purchased and issued, and how, under ex-
lstlng conditions of today, the treasury has
no gold income from the ordinary channels
OF receipts. The difficulty is a more far reach
ing one than mere lack of revenue. 1t touches
dence Of those dealing with us in our ability
and continuing determination to maintain
gold payments. Complete confidence cannot
be restored by increasing the governmental
income, but even if it could there would be
no guarantee against future impairment of
II through the same cause. That danger can
only be eliminated by rendering it impossible
TO nave the treasury the one source of gold
supply FOR the people of evern nation. 1t is
not sufficient to have our currency good to-
uay, put an earnest must be given that it
will be good tomorrow and throughout the
future That promise cannot be accepted un-
less legislative action once for all establishes
beyond the peradventure of doubt that ours
is gold standard country with laws estab-
l1shlng the fact so plain that he who runs
may read, and with a treasury so equipped
ana resourceful as to be unmoved, no matter
now strongly assaulted. 1t will not be fully
credited as long as 1t is but the policy of an
executive officer. and not the uncontradicted
expression of statutory law.
CURRENCY LEGISLATION.
John T. Branch, president of the
Merchants National bank, Richmond,
Va, in discussing the question, What
Legislation is Needed in Respect To-
the Currency" said
1 maintain that our currency should be the
best Nothing short of the best will serve
the higher and larger interests of our coun-
try Its value should be fixed and stable
1t should be adequate to the needs of The
country. 1t should expand and contract auto
matically. 1t should be simple and uniform
1t should be distributed throughout our fer
ritory. that every man entitled to credit should
be able to obtain its use at fair rate A
competent non-part!san currency commission
should be appointed and it seems to me they
should advocate:
1.-The final adoption of the gold standard
2.-The gradual cancellation of government
demand notes. said cancellation to be not
faster than new currency is issued by the
banks; the deposit of government revenues
in the banks of the country and the retire.
ment of the government from the banking
business.
3.-They should advocate the repeal of the
tax on the circulation of state banks and
make possible the issue of currency which
Will expand and contract automatically with
the needs of the country; said currency to
be under the supervision of our national
government, and to be surrounded by simple
practical, and efficient safeguards
If the currency commission does not solve
the problem and guide the people to demand
currency reform, based on eternal principIes
1t is my solemn conviction that with the
inevitable return of hard times, the people
Will solve the question for themselves and
free silver may be the least of our evils
A committee will be appointed to take
action on the suggestions embodied IN
Col. Branch's paper and report at
the next meeting of the association.
The hour was so late when Col Branch
finished speaking and so many had left
the hall that President Lowry sue-
gested that the deferment of all the
remaining addresses until tomorroN,
morning, when the convention will be
called to order at o'clock. be made
n Or tI1nS S,,-k