The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-05-14
CURRENCY REFORM.

At the present time the attention of
the country is engrossed with the tar
if. and Will be until it is settled. or
rather, reconstructed. But it is not so
engrossed with this question but that
the question of the reform Of the cur
rency does not o0trude itself. When
it does so obtrule itself, it takes, in
most instances, the form Of a discus
sion of the retirement of the green
backs Thus Washington special to
Denver paper says that Senator Man
tie Of Montana. speaking of the
mission of Senator Wolcott the other
day. said that international bimetal-
lism could never be ACCOMPLISHED. and
that the Republicans would next turn
their attention toward retiring green
backs; they would have to do some
thing TO divert the people, The tariff
would not restore prosperity and they
would then claim that the greenbacks
would have TO be retired before good
times could be brought about. Senator
Cannon, who sat by, said that there
was no doubt that the Dingley policy
was to increase the revenue to such an
extent that the greenbacl5s would be
stacked up in the treasury. 1t was
known that the greenbacks could not
be retired by law.
Senator Mantle was most probably
right in what he said about the accom-
plishment of international bimetallism,
at least until some great commercial
nation undertakes to set I'D bimetal-
lism. that is. the free and unlimited
coinage of both gold and silver. alone
and without waiting for any other ma
ton. but it is by no means so certain
that the Republican party viii turn
It's attention to the retirement of the
greenbacks. The party seems to re-
gard the greenbacks as the most pre-
cious heritage of the war. more precious
almost than a restored Union. Yet, not
withstanding this fact, everything
points TO the retirement of the green
backs as the next great point of at
tack in the political field. 1t is impos-
sible to believe that Senator Cannon is
right when he says, if he is correctly
reported, that the Dingley policy is to
increase the revenue to such an ex-
tent that the greenbacks will be stacked
up in the treasury There is nothing
in the Dingley bill that warrants any
such statement. In fact, so inadequate
was that bill considered as a revenue
producer by the senate that it was
amended with a view solely to the rails
ing OF more revenue. This was the rea-
son for the amendment providing for
an increase in the tax on beer and a
tax on tea, both purely revenue taxes,
the latter a distinctivelv free trade
one. And all this is Numerically op-
posed to the Dingley policy
There is no good reason why the
greenbacks should not be retired. It is
often said in answer to those who urge
their retirement that such action would
contract the currency. 1t would not.
They being nothing but promises TO
pay. the. government is under the ne
cessity of keeping gold redemption
fund on hand for the purpose of taking
them up whenever presented If their
retirement were authorized, the gov
eminent would replace every dollar
with gold. There would simply be a
change in the quality of the circulating
medium.
The tariff question readjus.ed, that
of currency reform can scarcely be pre-
vented from coming to the fore. And
the currencv question includes all
forms of currency.