The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-07
CURRENCY REVISION.
United states Notes to BE Kept and Paid
Out for Gold Only.

Tariff legislation having been settled
by the extra session of congress, the
question next pressing for considera-
tion is that OF the currency. The work
of putting our finances upon a sound
basis, difficult as it may seem, will APP
pear easier when we recall the financial
operations of the government since 1866
On the Goth day of June of that year
we had outstanding demand liabilities
in the sum of 1928, 1868, 447.41 On the
LIST of July, 1879, these liabilities had
been reduced to $443, 8S9, 4o0SS. or our
interest bearing obligations. the figures
are even more striking. On July /, 1866,
the principal of the interest bearing
debt of the government was 81, 332, 3d.,
208. on the LIST day of July, 1898. this
sum had been reduced to $685., OBJ 100, or
an aggregate reduction of sf,747, 294, los.
The interest bearing debt of the United
States on the 1st day Of December 1897,
was $s47, 1866 $40 The government
money now outstanding fDec. ID con-
sists of S346, 6S1,016 of United States
notes; $107 $50 of treasury notes is
sued by authority of the law of 1890.
1884 1868, 504 Of silver certificates. and
SCI, $780, 61 of standard silver dollars
With the great resources of the gov
eminent and With the time honored ex-
ample of the past before us, we ought
not to hesitate to enter upon cur
rency revision which will make our de-
mand obligations less onerous to the
laws from ambiguity and doubt.
The brief review of what was ac-
complished from the close of the war
until 1893 makes unreasonable and
groundless any distrust either of our
financial ability or soundness; while
the situation from 1898 to 1897 must adj
monish congress of the immediate
necessity of so legislating as TO make
the return of the conditions then pre-
vailing impossible.
There are many plans proposed as a
remedy for the evil. Before we can
find the true remedy we must appreci-
ate the real evil. 1t is not that our
currency of every kind is not good, for
every dollar of it Is good; good be-
cause 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
fulfillment. The evil of the present sys-
tenn is found in the great cost to 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
needless of the burden this imposes
upon the people, even under fairly pros
porous conditions, while the past four
years have demonstrated that ii is not
only an expensive charge upon the
government, but a dangerous menace.
to the national debt.
The Governments Dilemma.
1t is manifest that we must devise
some plan to protect the government
against bond issues for repeated re-
demptions. We must either curtail the
opportunity for speculation. made easy
by the multiplied redemptions of our
demand obligations, or increase the
gold reserve for their redemption. We
have 5000. 200, 900 of currency which the
government by solemn enactment has
undertaken to keep at par with gold.
Nobody is Obliged TO redeem II in gold
but the government. The banks are
mot required TO redeem in gold. The
government is Obliged TO keep equal
with gold all it's outstanding currency
and coin obligations, while its receipts
are not required Ia be paid in gold
They are paid in every kind of money
bur gold and the only means by which
government can with certainty get
gold Is by borrowing. Il can get 1t in
no other way when il most needs it,
Thu government without any fixed gold
revenue is pledged TO maintain gold
rraeniution which II has steadily and
faithfully done and which. under the
authority now given. it viii continue
te Do.
The law which requires the govern
nent. after having redeemed its notes.
10 pay them out again as current funds
demands constant replenishmeat of
the gold reserve This is especially SO
IN times eff business panic and when
sha revenues are insufficient TO meet
the expenses Of the government, III