Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1897-05-26
INGALLS, ON FINANCE AND TARIFF.

friends:
st is obvious that if the greenback
treasury notes, silver certificates and
other paper obligations of the govern
ment are to be presented for redemp-
ton in gold, redeemed in gold, reissued
and presented again for redemption in
gold definitely, il will be necessary to
have surplus revenues ID gold or to sell
more bonds for gold.
"'There needs no ghost, my Lord,
come from the grave to tell us this
las an economic proposition, it does
not make much difference whether the
people are taxed to obtain the surplus
revenue or taxed topay the bonds issu-
ed, to enable the gamblers and brIgands
to plumber the nation by methods that
make Monte Carlo respectable.
1T seems incredible that the ink is
yet wet upon a contract by which Pres
ident Cleveland transferred the protec-
| ton of the treasury and the defense of
the public credis to foreign syndicate
which agreed, for profit of So 900 900,
to restrain their own depredations up
on the gold reserve till the following
October. Any private business conduct
ed on such scheme would consign its
proprietor to the bankruptcy court, the
almshouse or the penitentiary, accord
ing to the caliber of his lawyer or the
disposition OF the jury.
The fatal infrmIty of Mr.. Dingley' S
theory is his assumption that the eXecu-
tive has the right to hold the green
backs in the treasury, either to ex-
change for gold or for the purpose of
bonds. The greehDacks limited to $780,
6l8,016, were intended as permanent
and constant addition to the legal tend
er currency of the country, and any pol
icy which has for It's object their tenn
porary or final withdrawal is without
warrant in law.
Another defeat in the hypothesis OF
Mr.. Dingley is his assertion that the re.
tention of the greenbacks in the treas.
ury would not contract the currency be-
cause the gold for which they were ex.
changed would enter into and become
part of the circulating medium of the
country. Every body knows to the con
trary.
''Practically gold is never in circula-
ton. 1t is not available in the daily
transactions of wage earners because il
is not susceptible of subdivIding into
coinage of small denominations. Ii
placid times of tranquil and cOntenteC
prosperity the people prefer paper anC
gold remains in unsought seclusion
When distrust and apprehension pre-
vail, when credit is impaired and conf
dence shaken, then gold is boarded o.
transferred IN bulk from kingdom tt
kingdom, to be buried in vaults of thu
Jews, or to replenIsh the treasures Of
mOnarchS.
1.-The statement of Dingley empha
sizes the declarations of those wht
framed the financial plank in the st
Louis platform, and of their democratl,
allies that ''SOund money" means ulti
; mately the retirement of the green
backs, the degradation of standard sill
yer money land the transfer of the lega
tender function OF gold coin alone. Tn,
volume of the currency should have NJ
more to say about the number of dol
lars to be issued than about the num-
Der of hats to be made or the number O
} bushels of wheat to be ground or TIT
number of cattle and hogs to be raised
ut should retain and assert sucl
power as would punish counterfeits ant
insure security, but the amount O
money should depend on the require
ments of business and not on the ca
price ofcongress, the edicts of rapaclou
syndicates, or the complaint vagarIe
of renegade secretary of the treasury
"All the people of the United State
are unreservedly in favor of homes
money and the maintenance of publ
, faith, credit and honor. MANY of then
believe in the principles of tariff TO
revenue and for protection. But an
measure whose justification is the con
traction of the currency, or which will
. reduce the price of wool, hides and 9th
er raw material by unrestrained com
petition, and increase the costs of coat
| and shoes by heavy duties on the man
ufactured product, will not be receive
with unmeasured enthusiasm by tn
/ republican farmers of the Mississippi
, valley"
ANOTHER INTERVIEW.
On May Goth, Mr.. ingalls, was i
: Washington and gave way to his fee
ing as follows. Unfortunately for tn