The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1894-12-07

The causes OF the controversies between cer-
.ain railroads and their employees which had
resulted in an extensive and destructive strike,
accompanied By much violence and dangerous
disturbance with considerable loss OF life and
great destruction Of property.
The report OF the commissioners has been
submitted 10 me and will be transmitted to the
.ongrcss with the evidence taken upon their
Investigation.
The tariff act passed at the last session OF
the congress needs important amendments II
Il IS 10 be executed effectively and with cer-
tainty. In addition to such necessary amend
meuts rs viii not change rates OF duty, am
still very decidedly in favor Of putting coal and
iron upon the free list
So far as the Sugar schedule Is concerned, I
would be glad under existing aggravs,ions to
see every particle OF ditferential duty In favor
OF refined sugar stricken out OF our tariff law
II with all the favor so accorded the sugar re-
nning interest In our tarln laws IL still LAM
guishes to the extent Of closed refneries and
thousands Of discharged worlsmen, It would
seem to present hopeless case for reasonable
legislative aid.
Whatever else Is done or omitted, Earnestly
repeat here the recommendations have made
In another portion Of this communication that
the add tlonal duty OF one-tenth OF cent per
tries paying bounty on its export, be abro-
gated.
Tho president then recounts the necessity OF
issuing bonds to replete the gold reserve, and
says: Nothing could be worse or further re-
moved from sensible lnance than the relations
existing between the currency the government
has Issued the gold held for its redemption,
and the means which must be resorted TO
for the purpose OF replenishng such redemp-
tion fund when impaired Even II the claims
upon this fund were confined to the obllga-
tious originally intended, and II the redemp-
tion OF these obligations meant their cancel
lation the fund would be very small. But
these obligations. when received and redeemed
/ in gold are not Cancelled but are re-issued and
may do duty many times by way of drawing
/ gold from the treasury. Thus we have an end
\ less chain In operation constantly depicting
tho tgcasury's rold and never near final rest.
As II this was not bad enongh wo
have by statutory declaration that
II is the policy Of the government
10 maintain the parity between gold and silver,
aidcd tho force and momentum OF this exhaust
ing process md added iirgely 70 the currency
obligations c.u4ming thl, peculiar gold redcmp-
4 tion. our small gold reserve Is thus subject 70
drain IRON every side The demands that In
crease our danger also increase the necessity ol
protecting this reserve against depletion and
II Is most unsatisfactory TO know that the pro-
tectlon afforded Is only temporary palliation
1t is pcfectly and ,pably plain that the only
; way under present conditions by which
this reserve when dangerously depleted
, can be replenished Is through Tho
! issue and sale Of the bonds OF the gov
ernment fer gold. and yet congress has mol
only thus far declined to authorize the issue o
bonas best suited 10 such u purpose. but there
seems . disposition in some quarters to denl
J both the necessity and power for the issue o
e bonds ut all
. I can not for q moment believe that any o
: our citizens are deliberately willing that thei
q government should default IN It's pccuniar!
obligations or that its financial operation
{ should be reduced 10 a silver basis. Al ani
: rate should not feel that my duty was don
: II l omitted aay effort | could MAXI
0 to avert such calamity As long. there
fore as no provision Is made for IN
: final redemption OF the putting aside OF IN
: currency obligation now used TO repeated
! and constantly draw from the government Il
a gold and as long as no better authority 10
4 bond issues Is allowed than at present exist
s such authority Will be utilized whenever an
o as often as Il becomes necessary 10 maintai
n suiicient gold reserve and Ia abundant tim
4 TO save the credit Of our country and max
d good the financial declarations OF our govern
: ment
Questions relating 10 our banks and currenc
! are closely connected with the suhie'
: lust referred 10 and they also pr
n, sent some unsatisfactory feature
e Prominent among them are the lack OF elai
= ticity In our currency circulation and It's IN
N Quent concentration In financial centers whe
Il Is most needed in other parts OF the oountr
l. The absolute enforcement OF the governmel
n from the bus ness Of banking Is the Ideal rel
II tionship OF the government TO the circulate
le OF the currency OF the country. This condlti'
Of can not he Immediately reached. but as 81
l. In that direction and asa means OF securing
more elastic currency and obviatlng other o
IN jectlons 10 the present arrangement OF hai
C. circulation. the secretary u the treasury pr
h. sents in his report n scheme modifying prese
fe banking laws aud providing for the issue
he circulating notes By state banks free from "a
Sc alton. under certain limitations
OF IL Is proposed 20 repeal all laws providing
nd the deposit OF United States bonds as securi
OF for circulation TO permit national banks
be issue circulating notes not exceeding
oy amounut scvcati-hyc per cent. Of their pal
ns up and unimpaircd capital provided n
I'D deposit with she government, as guaranl
ad fund. IN United states legal tender notes,
% cludng treasury notes OF 1870, sum equal
amount 70 thirty pcr cent OF the notes N
nj desire TO issue. this deposit 70 be maintain
OF at all times. but whom ever any bank rein
ID any part Of It's circulation proportion
% part Of lts guarantee fund shall be rctprn
oa toit to permit the secretary Of the treasury
prepare and keen on hand ready Tor lsauc
case al increase In circulation Il deslr
blank national bank notes for each hank h
lne circulation. and 10 repeal the provisions
the present law Imposing limitations and
strlrtlopa upon banks desiring 70 reduce Or
crease their circulation thus pprm|liinn "A
increase Or reduction Within tho limit u 4