Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1897-12-10
|OR CURRENCY REVISION
khen Greenbncks Arc Redeemed
They should BE Rcissued Only
for Gold.

ror;N legislation having been settled by
he extra session Of congress the question
sYt pressing for consideration Is that OF
No currency The work of putting our
nances upon a sound basis difficult as 1t
ay seem. will appear easier when we
scsr the financial operations of the gov
Eminent since 1866
On ON the sOth day Of June Of that year
he . sum Of Sis. S6s. 447.4l. On the first OF
|uy' 1897. these liabilities had been re-
need TO $443, SS9, 49,. So. OF our interest
saring obligations the figures are even
lore striking. On July l, 1865. the prin-
ipa Of the interest," st. bearing "aa debt OF tne
ay Of July, 1893. this sum had been re-
iced to $5S5, 037. 100. or an aggregate reduc-
|on Of 81, IA, 294. los. The interest-bearing
ebt Of the United States on the first day
& December. 1897. was $s47 .365, $40. The gov
i consists Of ss4s. Ssi .Ols Of United
tates notes. $l17.7s3.2SO Of treasury
otes' issued by authority Of the law Of
kO; $sS4, 1853 5O4 of silver certificates. and
nN,7N Of standard silver dollars.
krnment and with the time-honored ex-
nipple Of the past before US, we ought not
hesitate to enter upon currency revision
khich will make our demand obligations
less onerous to the government and
relieve our financial laws from ambiguity
hnd doubt.
The brief review of what was accom-.
blished from the close of the war until
@ makes unreasonable and groundless
lny distrust Of either our financial ability
br soundness while the situation from 1888
10 1897 must admonish congress Of the I'm
make the return Of the conditions then
prevailing impossible.
There are many plans proposed as a
remedy for the evil. Before we can find
The true remedy we must appreciate the
zeal evil. 1t IL not that our currency OF
Every kind is not good. for every dollar
Df It Is good; good because the govern
ment's 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 fulfllment.
The evil Of the present system Is found
IN the great cost to the government OF
maintaining the parity OF our different
forms OF money-that Is. keeping all OF
not be longer needless Of the burden this
mposes upon the people. even under fair
y prosperous conditions, while the past
Tour years have demonstrated that 1t Is
sot only an expensive charge upon the
the national credit.
II Is manifest that we must devise some
phn to protect the government agains,
conc issues FOR repeated redemptions. We
must either cur:ail the opportunity fol-
spec0lation. made easy by the multiplied
assumptions Of our demand obligations
Exemption.
Must Have Gold.
We have $500. oo0. 900 Of currency. which
sne government, by solemn enactment
S ~ Undertaken TO keep At par with gold
me government. The banks are not re
CURED to redeem in gold. The govern
~ %snt U obliged to keep equal with gol'
Nv ~ outstanding currency and coin OBJ
Suirsd to be paid in gold. They. are pal
every kind of money but gold and tn
o1y means by which the government cal
am certainty get gold IL BY borrowing
M can gel u In no other way when
Any fixed gold revenue. is pledged t
"Nntain gold redemption. which 1t Ia
ssaiiy and faithfully done and which
c cMSHr tne authority now given. 1t wi
The law which requires the government
,SeI having redeemed its no;es. to pa
.m out again as current funds. demand
Wnstant replenishment Of the gold r.
bn.,e.T his Is especially SO In times
| s ss ness panic and when the revenue
he s Msuacient to meet the expenses {
r government. At such times the go,
Ssaa,eeht has no other way to supply l,
thr"rm. and maintain redemption b.
| A. ootne increase OF Its O)nde1 deD
NV W rred during the administration
c.n predecessor. when S262, 3l5, 400 Of ~ pr
mo-. ponds were issued and sold and Il
ro vass used to pay the expenses Of II
snd snt. In excess of the revenue
tn,s SUSTAIN the gold reserve. While it
Of th mat the greater part of the proceed
ac,snntes e bonds was used to supply d
Vas revenues. q considerable porto
serv. e0uired to maintain the gold
- WIN our revenues equal to our expen
issnanse would be no deficit requiring II
Serva ce OF bonds. But II the gold r
b Nv, r tails below 500 900. 600. how will
bond.p ,iehished except by selling mon.
ahla - Is there any other way practi
Ths nueI existing laws?
|. continnse serious question then Is. shall
IN niue M the policy that has been pursue
serve Dast-that is-when the gold T
more eaches . point Of danger. iss
Or sh. Tmonds and supply the needed gol
vent ,hwe provide other means to pr
reservsnss e recurring drains upon the 20
and rs. ~ no further legislation is NJ
cont,nMe policy Of selling bonds Is to
sscra,susd. then congress should give {
eonSs OF the treasury authority to $
~ ,,, long or short periods bearing
81" OF interest than h now Auths