The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1897-12-09
CURRENCY Legislation.

satisfied with its operation and results thus
far. are in no mind to 'withhold from it
fair trial.
CURRENCY LEGISLATlON.
Congress Should Not Hesitate to En-
ter Upon Revision.
Tariff legislation having been settled by
the extra session of congress- the question
the currency. The work OF putting our
finances upon a sound basis, difficult as it
may seem, will appear easier when we re-
call the financial operations of the govern
ment since 1866 On the goth day of June
Of that year we had outstanding demand
the LIST Of January. 1879, these liabilities had
the sqSsS
the government was s., SS$2, 33l, POS: on the
first day Of July. 1893, this sum had been
duction Of 81. III. 2g4, u.s. The interest bear
Ing debt Of the Un mite States on the first
government money now outstanding QDe-
SENDER cons Hy sos Of $S4G Of United
Issued by authority Of the law Of 1890, 1884,.
9635O3 of silver certificates, and $61, $50. ISL
of standard silver dollars
with the great resources of the govern
ment, and with the honorable example Of
the past before us. we ought not to hesi-
tate to enter upon currency revision
which will make our demand obligations
less onerous to the government, and relieve
S our financial laws from ambiguity and
No Ground for Dixtrust.
The brief review of what was accom-
plished from the close Of the war to 1893
ma kes unreasonable and groundless any
dlstrust either of our financial ability or
TO 1897 must ad monish congress of the i'm
mediate necessity Of SO legislating as to
tine fe5upn Of the
plans proposed as remedy for the evil.
Betore we can lind the true, remedy We
that our currency Of every kind is not good,
for every dollar of ii is good: good because
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 it's fulfllment.
EVIL of the Present System.
The evil of the present system is found in
tanning the parity Of our different forms Of
money-that Is, keeping all Of them at par
the people, even under fairly prosperous
conditions. while the past four years have
demonstrated that it is not only an ex-
pensive charge upon the sove rn.nc.t but
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
must either curta' the, "n,'ortunity for
speculation, made easy -! lne multiplied
redemptions Of our demand .,ligations. or
increase the gold reserve for their redemp-
tion. We have $500, 100000 of currency
which the government by solemn enact
men has to keep at par With
but the. government: The banks are not
required to redeem in gold. The govern
its outstanding currency and coin obiiga-
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
tainty get gold IS by borrowing 1t can get
It in no other way when it most needs it,
revenue Is pledged to maintain gold re-
demption, which it has steadily and faith
ty now given it will continue to do
after having redeemed its United States
notes to pay them out again as current
funds demands constant replenishment
or the tg oldf reserve reserve This is especially SO
penses of the government. At such times
the government has no other way to sun
through the increase of its bonded debt az
curing ene SO NJ, st Of my predeces
to pay the expenses of the government In
gold reserve. While it is true that the the
greater part Of the proceeds Of these bonds
was used to supply deficient revenues -
fan tba ad portion was required to main
With our revenues equal to Our expenses
there would be no deficit requiring The iss
fails below how sne VIZ f1d It be
Plenished except by selling more bonds ?
Is Ss shGre any other way practicable under
snail we continue the policy that has been
pursued IN the past-that is, when the gold
reserve reaches the point of danger issue
shall we provide other means to prevent
dnese recurring drains upon the gold re-
the policy of selling bonds is to be cor contin tim
ued, then congress should give the score
tary or the treasury authority to sell bonds
at long or short periods, be- ring less ra o
OF interest than is now authorized by law.
An Obvious. Duty.
I earnestly recommend as soon as tho
receipts OF the government are quite SUI
States notes are presented for redemption
in gold and are redeemed in gold such notes
ent De aeu or p aRa h and only
States note prefers the gold and gets it
back from the government United States
note C without paying gold in exchange for
It, The reason for this is made all the
an interest-bearing debt to provide gold
for the redemption Of United States
NEUTRALITY-SUSPICIOUS. OeDL. SurelV if
should not pay them out again excent on
demand and for gold. IL they are put ont
in any other way they may return again TO
be followed by another bond issue to re-
deem them-another interest-bearingd debt
to redeem Misunderstanding debt.
Endorses Secretary Cages Plan.
The secretary of the treasury has out
lined plan in great detail for the purpose
of removing the threatened recurrence of
a depleted gold reserve and saving us from
future embarrassment on that account. TO
ton. concur with the secretary Of the
t1onal banks be allowed to issue notes to
have deposited for circulation, and that the
of such bonds be reduced to half OF one
per cent. per annum. l also join him in
Recommending that authority be given for
the establishment of national banks with
minimum capital Of $4,000. This will
enable the smaller villages and agricultural
regions of the country to be supplied with
currency to meet their needs recommend
that the issue OF national bank notes be re-
stricted to the denomination Of ten dollars
and upwards If the suggestions l have
herein made shall have the approval Of
congress, then l would recommend that ma
iional banks be required to redeem their
>. notes in gold.
THE CUBAN QUESTION.
The Time Not Ripe for Intervention