The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1897-12-10
cunREScy LroIsLArIoN
President Advises that some Radical
Changes be- Made.


Changes be- Made.
Tarln legislation having been settled
BY the extra session of Congress, the
question next pressing for connidcrn-
ton IN that OF the currency. The work
OF putting our finances upon a sound
basis. dilIicult nu Il may seem. VIII ap-
near easier when we recall the imam
cial operation 81 the government since
1866 on the thirteenth day o. June
OF that year We had outstanding de-
mand liabilities In the sum ~ Si2s,Nos,-
UIti. ON the nrnt nf July, 1879 these
liabilities were reduced to Nil,ss9, 49,
~. OF our interest bearing obligations,
the figures are even more striking. on
July 1, 1860. the principal OF the inter
est bearing debt Of the government
was g. 300. a3i sos. on the tirHt day II
q July. 1898, this sum had been reduced
60 iash. 100 OF an aggregate reduc-
tion ~ 8i.7i1. 29f. los The Interest bear
Ing debt Of the United States on the
nrst day OF December 1897, was fsiI-
aGiqe0. The government mnnrv nov
outstanding ntUcmhrr ihh consists uf
ssl6.6si0iG ~ United strtsn notes,
siOl Igg. $50 OF treasury note .psurd by
authority OF the law u 1890 H.D6l, b0t
OF silver certificates, ana sol, ESQ l6t
OF standard silver dollars.
with the great resources ~ the gov
crnment and with the timed hnnorcd
example Of the past before un, We
ought not hesitate 10 enter upon a cur
rency revision which will make our de-
mand obligations less oncroua TO the
government and relieve our financial
laws from ambiguity ana doubt.
The brief review OF what has been
accomplished from tho close ~ the
war. until 1888 makes unreasonable
and groundiess any diatrust either ~
our financial ability or HuundneHa,
ha fU
must admoniah Congress OF the lmmc-
dlatc necessity of so lcrialntng uH Ga
make the return OF the conditions then
prevailing impossible.
There are many plans proposed na a
remedy for the evil Before We can mud
the true remedy we must appreciate the
real evil II IN not that uur currency
OF every kind II not good good be-
cause the governments pledge H. out
60 keep II 80. and that pledge VIII not
be broken However the guaranty ~
our purpose 10 keep the pledge win be
best shown by advancing towards ita
fulnilment -.
EVIL or THE PRESENT System.
The evil OF the present system Is
found Ia the great cost Co lfhe govern.
ment Of maintaining the yhrity OF our
different forms 81 ndoney. that tH
keeping an ~ them 1t par with gold
We surely cannof-he longer needless
n the burden y,,hls Imposes upon tho
peopH,I-,eN under fairly prosperous
conditions. while the past four years
have demonstrated that Il IN not only
an expensive charge upon the govern
nient. but a dangerous menace 10 the
national credit
Il Ia manifest that we must devils,
aamr plan 80 protect thr government
against bond Issues for repeated re-
demptionH. We must either curtan the
opportunity for speculation. made easy
by the multiplied redumptiona OF uuJ
demand obligations. or increase the
gold reserve Tor their redemption We
have $500 10000 Of currency which
the government boy solemn enactment
has undertaken GO keep al par with
gold. Nobody IA Obliged 90 redeem in
gold but the government The banks
are not required 60 redeem In gold
The government Is obliged 10 kceu
equal with gold an ita outstanding
currency and coin obligations. while
itn receipts are not required 20 be- paid
IN gold. They are paid IN every Kind
o. money but gold. and the only means
BY which the government can. with
certainty, get gold. Is by borrowing. II
can get Il IN no other way when ID most
needs H. The government without any
Fixed gold revenue, ~ pledged 10 main,
tain -Koid REDEMPTION which ~ hai