Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-12-10
CURRENCY LEGISLATION.
Congress should Not Hesitate to En-
i. ter Upon Revision.

Tariff legislation having been settled BY
the extra session Of congress, the question ts
next pressing for, consideration Is that OF
FINANCES ns eefs upon sound basis. difheuit as il
may seem, will appear easier when we re-
@ h snea Sss Jn ha s q day g
liabilities in the sum Of s72s, S6s. z47.l. or
Seen a re d e 81 @
terest-bearing obligations, the figures are
ps 81 s ibs On 5ay l asbt tai
ahe. government was aa s2,ss2. Ssl. 2os; On the
s Gus9aa a or rhe nssresatse re-
day Of December, 1897. was sS47. 1855, $50. The
eeember conssts Of Of
States notes, .$lO7, 793, $50 of treasury notes
ISSUED by authority Of the law Of 1899. $751; ~
OF standard silver dollars.
With the great resources of the govern
ment, and with the honorable example Of
the past before us, we ought MOTTO hest.
tate to enter upon q currency revision
which Will make our demand obligations
our financial laws from ambiguity and
No Ground for Distrust.
The brief review of what was accom-.
makes unreasonable and groundless any
distrust either OF our financial ability OF
lsoundness, Wnue Inc SITUATION from 1885
TO 1897 must admonish congress Of the Inn
make the return Of the conditions then
plans proposed as a remedy for r the t u evil
Before we can find the true remedy We
must appreciate the real evil. It Is moi
that our currency OF every kind is not good,
for every dollar of il Is good; good because
the governments pledge is out to keep it
60, and that at pledge wiz not be broken.
keep the pledge will be best shown BY
advancing toward its fulfillment.
Evil of the Present System,
The evil of the present system is found in
the great cost to the government Of MAIN
tanning the parity OF our different forms Of
yo'd " Keeping all Of them en- at par
fSe neone Even under TAI farV Ip0n
conditions, while the past four years have
demonstrated that 1t Is not only an ex.
pensive charge upon the government but
"a dangerous menace to the national credit.
Must Provide Against Bond Issues.
1t is manifest that we must devise some
plan to protect the government against
fbond issues for repeated redemptions. We
lredemptions Of our demand obligations, OF
increase the gold reserve for their redemp.
which the government by solemn enact
ment has undertaken to keep at par with
the Is eped The e panSz in s
required to redeem in gold. The govern.
Anent is Obliged to keep equal with gold all
tions. while its receipts are not required
to be paid in gold. They are paid in every
kind Of money but gold, and the only means
by which the government can with GER
Eainty get gold is by borrowing. It can get
It in no other way when it most needs it
revenle is pledged to maintain gold re.
nemption, which 1t has steadily and faith.
fully done. and which under the authori.
after having redeemed its uhieed s1ate
notes to pay them out again as .curren
"a times Of business panic, and when th b,
penses Of the government. At such time
the government has no other way to sun
ply It's deficit and maintain redemption bn
Through the increase Of its bonded debt. a,
sor. when s252, sl5 400 Of III per cent . bond
TO pay the expenses Of the government nfi i,
ea of 10 OF III the revenues and sustain th
sca res Sc y a. Mhle It + true that II
yves used to supply deficient revenues.
Honside BILE portion was required to main
kain the gold reserve.
With our revenues equal to our expense
there would be no deficit requiring The is
saIs ee % po sSG SSt Il the g9d resr
Plentshed except by selling more bonds
1s there a, any other tIa way practicable nnde
Z SS1slluB law! Inc SERIOUS question then is
Shall We continue the policy that has bee,
pursued in the past-that is, when the Col,
preserve reaches the point Of danger issu
more bonds and supply the needed gold. O
shau We provide other means to preyen
these requiring drains upon the gold re
serve? II no further legislation is had an
fhe policy OF selling bonds is to be confin
ped, then congress should give the secre
gary OF the treasury authority to sell bond
Ut long or short periods. bearing less rat
~ interest than is now authorized by law
An Obvious Duty.
M earnestly recommend as soon as tn
Eaceipts of the government are quite SUI
Hctent to pay all the expenses Of the gov
krnment that when any of the Unite
&tates notes are presented for redemptio,
IN gold and are redeemed in gold such note
shall be kept and set apart and only pai,
out In exchange for gold. This is an ob
Ei0us duty. II the holder of the Unttet
States note prefers the gold and gets
from the government he should not receiv,
back from the government a United State,
note without paying gold In exchange fo
IT. The reason for this ig made ali tn,
more apparent when the government Issue,
an tpterest-bearing debt to provide eoic
for the redemption OF United States notes.
VI Misunderstanding debt. Surely Il
should not pay them out again except OF
6emand and for gold. II they are put OH,
In any other way they may return again, Il
ne foli2wed by another bond issue to re.
70 rfdaAfn q nontnterest.bearing dAbt-