Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-12-14
CURRENCY LEGISLATION.


far. are in 90 mind to withhold from it
tai- trial
CURRENCY LEGISLATION.
Congress. Should Not Hesitate to En-
ter Upon Revision
Tariff legislation having been settled by
TIE Extra session Of congress, the question
next pressing FOR conSi0e Grafton is that of
,-nances upon sound basis, difficult as it
ray seem, will appear easier when We re-
cali che Hnancia! operations Of the govern
..eEt since io6b. On the goth day OF June
liabilities ia the sum OF Sly, sss, Al. IL 81
been reduced 10 s+l:.>se 495 S. OF our in
l=Iest- oearing cbilsationS. the figures are
ever more s5 RI; On July |, ls6S the
tie SuvernmerC was 8. ~. c:iI POS. On the
1lr51 iay OF July. 1sss. thi= sum had beer
,:acc,on OF sl...',.. ~. lvs. The intereSr-bear-
zig debt OF the Uulced States on the first
cay OF Decem Der. l.o7. was se41 aba, $50 The
government ncoEey now outstanding de-
lenU-r II consists OF s34G. dsl ,91t Of United
States notes, slu; 49,. 80 of treasury notes
.ssueu by authority OF the la OF 1870 SsS4,-
$685. ID; OF silver certificates, and s61. 49, 761
ut=tandard silver dollars.
With the great RESOURCES OF the govern
NsCt. and with the honorable example of
re past before Us. We ought not to hest
lace - enter upon currency revision
W7.ch Will make our demand obligations
-ess l-eruus TO the government, ard relieve
.ur financial laws from Ambisuiiy AMI
c. ub--
No Ground for Dis1ruSr
tn brief review Of what was accom-
Pushed from the close CT the war TO 1885,
-aah-S unrea$vnaoi- and grounGless anv
C.s1rust either CT cur uranciaI aDlIItv ~
e1UN..esS, wCj-e the situation from 49,;
% 1s.. must at.nonlsh cor=ress OF the i'm
: .:5+.. neces=.ty Of SO !=glsiating to
Prevailing nlpusSlDie. There are macy
ans propo5el as a remedy for The ev.L
-1usi appreciate the real evil II is rot
saat our currency OF every kind is not good
.yr every uol4ar Of it Is good; good beca use
ne su.ernineuts pledge Is OUT. TO keep il
50, anu that pledge Will rot be broken.
;io"ever. the guaranty Of our purpose to
keep the pledge Will be best shown by
aG'acchg toward It's fulfLment
Evil OF the Present System
tie great cost lo the government CT main
lalnins the parity OF our q l1ertnI forms OF
with gold We surely cannot be longs-
l3eeulesS Of the burden this imposes unOn
me peupie, even uncer 1atriy prosperous
coiioluors. while the past four years nave
'-eIuoastraied mat it Is not only an ex-
pensive charge upon the govern but
dangerous neaace TO the national credit.
Must Provide Against bond Issues
1t Is manifest that we must devise some
plan to protect iNt government against
oonI issues ior repeateu reueI.pllCil-. We
1ca-t e!taer curta;l the uppurtunlty tor
-=ter, ptlon= Of our demand oblIgat!ons, or
r7ereass tue SOtd reserve for their redemp-
winch the government by solemn enact
-7enl has undertaken to Keep at par with
sold. Nobody is obliged to redeem in god
clt tie government: The banks are NOT
1nen1 IS obliged to keep equal with gold all
Us Outstanding CURRENCY and coin obliga-
10 be paid IN gold. They are paid in every
Sind q money but gold. and the only means
-ain1y get gold IS by borrow1ns II I can Ss-
i IN 40 other way when it most needs it.
me soVe r n without any fixed gold
.;empton- which it has steadily and faith
FLY done, and which under the authori-
~ now gwen it will continue to do
The law which requires the government
after having redeemed its United Srates
notes 10 pay them out again as curren1
Of ne gotd reserve This is especially 50
N times OF business panic, and when the
penses OF sRe government. At Such he ,;rg 1S
the guVefnment has no other way 20 sun
Ply its deficit and main tain redenpeion but
through the increase Of its bonded DEBT AZ
during the administration of my Dre,ieces
scr, when szs2.s ,4uu of ~ per cent. bonds
were issued and sold. ana the PROCEEDS 49,
excess or the revenues anu sustain th.
son reserve w lille it is, true that the
greater part Of the proceeds Of thes.. hon,,s
was used 10 supply deficient revenues :.
considerable portion was required TO main
VIII our revenues equal to our expenses
tnefe would DC 40 uencII rtuulr1n. me. ~
ss 6e 90 xa ,n E .., il the gold
plenlsaed except by selling more. bonaS,
Is mere any other way practicable under
existing law? The serious question then is.
Shall we continue the policy thai has hsac
pursued In the past-that is when rhe So1d
reserve reaches the point OF danger tssue
saaA We provide other mez.cs 20 51uz or
tnese recurr1Rs drains upon the gold re-
the policy Of selling bonts is TO be CONN tn
ued, then congress should give the stcre-
s "a OF eae treasury authority to sell bonds
AZ long Or snort periods, bearing less rafe
OF interest than is Eow authorized by Law
An Obvkou. Duty.
I earnestly recummend al Soon "a rho
receipts OF the SuvernmtuI Art. o,IiTr err
nsIens 20 Pay al the expenses OF the gov
States notes are presented TOR redemnIion
IN gold ana are redeemed in gold such no od.a
s' tass th Se seaer e q tbs Is uat 90
from The he s ho, a aat xsss il
back from the government United states
note without paying gold in exchange tor
more apparent W hen the xoxeruna.ssst r.s.,..s
an tntersst-bearrns debt 20 pruulde gold
4 noninterest-bearIug debt Si1rrtv ~
should lot pay them OUT again exctDr or
demand AND far gold IL they ere out OUT
AZ t.
be followed by another bond issue 20 re-
ceem rhean-another INTEREST," bearing DEBT
to redeem MISUNDERSTANDING debt.
lHa0fses Secretary Gaxesn E.1an
. The secretary OF the treasury has OUT
Eneu plan Ia great detail for tine purpose
5 ct removing the threatened RECURRENCE. OF
depiete1 gold reserve and saving US from
future embarrassment that account sFt,
this plan invite your careful ennxiQera-
ton L concur with the secretary OF the
treasury Ia bis Recommendation rhaf na-
.iouaI banks be allowed to issue notes to
the face value Of the bonds which thev
nave deposited for circulation. an1 that the
tax On circulating notes secured by aepos,r
ST such bonds be reduced to oue-naIf of one
per cent, per amman. IL also Join him Ia
recommending that authority be given for
he establishment at natianal banks Vii.
a minimum capital OF 2A00G This WIN
enable the smaller Villages antt aErictIr ur1p
resfous of the country to be supplied with
currency to meet their needs reconamend