The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1894-12-13

Sind to the existance Of mean and treacherous
crimes which play upon demagoic fears and
make sport OF the patriotic impulse of CRATE
full people. The completion OF the eleventh
census is now in charge Of the commissioner Of
labor The total disbursements on account Of
the work for the fiscal year ending June 30th
1894 amounted H9 36S 81, 1t the close OF the
year the number persons employed in the CEN
sus Office was 67e, at present there are about
400 The whole number OF volumes necessary
to comprehend the 18th census will be twenty
five and they will contain 22,270 printed pages.
The assurance is confidently made that before
the close Of the present cllen lar year the
material still incomplete will be practically in
hand and the census can certainly be closed by
the 4th Of March, 1895. After that the revision
and proof reading necessary to bring out the
volumes will still be required.
The text of the census volumes has been linn
tied as far as possible 10 the analysis of the
statistics presented This method which is in
accordance with law has caused more or less
friction and in some instances individual disap-
pointment for when the commissioner of Labor
took charge of the work he found much matter
on hand which according TO this rule he was
compelled to discard.
The tariff act passed at the last session Of
congress needs important amendments II it is
to be executed effectively and with certainty.
In addition to such necessary amendments
will not change rates OF duty, l am still very
decidedly in favor Of putting coal and iron on
the free list.
So far as the sugar schedule is concerned 1
would be glad under existing aggravations, to
see every particle OF lifferential duty in favor
of refining sugar stricken out Of our tariff law
If with all the favor accorded the sugar
refining interests in our tariff laws it still lam
cuisines to the extent OF closed retinerieS and
thousands of discharged wOrkmen, it would
seem to present hopeless case for reasonable
legislative aid.
During the last month the gold reserved in
the treasury for the purpose Of redeeming the
notes of the government circulating money
in the hands of the people became reduced
and its further depict ion in the near future
seemed so certain that in the exercise of prop
er care for the public welfare it became nee
cessary to replenish this reserve and thus
maintain popular faith in the ability and de-
termination OF tho government to meet. "a
agreed its pecuntary obligations. 1t would
have been we'll if in this emergency authority
had existed, to issue the bonds Of the gov
eminent bearing low date Of interest and
maturing within q short period, but the con-
greSS having failed to confer such authority,
resort necessarily had to the resumption
act of 1875, and pursuant to its provisions
bonds were issued drawing interest at the rate
of per cent per annum and maturing ten
years after their issue, that being the short
est time authorized by the act. 1 am glad to
say however, that on the sale Of these bonds
the premium received operated to reduce the
rate OF interest to be paid by the government
to less than per cent. Nothing could be
wor~ g or further removed from sensible finance
that the relations existing between the cur
rency. The government has issued the gold
bonds for its redemption and the means which
must be reSOrted to for the purpose OF re-
plenishing such redemption fund when in.
spired. Even if the claims upon this fund
were confined to the obligations originally in
E3ad Tho N11i
tons meant their cancellation the fund would
be very small.
But these obligations when read and redeem
ed in gold are not cancelled but reisSued
and may do duty several times by way of draw
ing gold from the treasury thus have an
endless chain of operation constantly depict
pleting the treasury's gold and never near q
final rest as If this was not bad enought we
have by statutory declaration that
it is the pelicy Of the government
To maintain the parity between gold and sill
ver aided the force and momentum OF this ex-
hausting process, and added largely to the cur
rency obligations claiming this peculiar gold
redemption our small gold reserve is the sub
ject to drain from every side.
The demands that increase our danger also
increase the necessity OF protecting this re-
serve against depletion and it is most unsrtis-
factory to know that the protection afforded IS
only a temporary palltation. It is perfectly
and palpably plain that the only way under
present conditions by which this reserve when
dangerously depleted be replenished is
through the issue and sale OF the bonds of the
government gold. and yet congress has not
only thus far declined to authorize the issue Of
bonds best suited to such q purpose but there
seems a dlSpoSitiOnin some quarters to deny
both the necessity and power for the issue o.
bonds at all 1 cannot for mement believe
that any OF our citizens are deliberately will
Ing that their government should default in its
obligations financial
erations should be reduced to silver basis.
At any rate l should not feel that my duty was
done if L omitted any effort could make to
avert such calamity. AS long therefore as no
provision is made for the scheme modifying
present banking laws and providing for the is
sue of circulating notes by state banks free
from taxation under certain Limitations.
1t is proposed to repeal all laws providing
for the deposit of United States bonds as secu-
rlty for circulation to permit national banks
to issue circulating notes not exceeding IN
amount seventy-flve per cent OF their pald-up
and impaired capital provided they deposit
with the government as a guarantee fund In
United States legal tender notes, including
treasury notes OF 1893, a sum equal in amount
to thirty per cent. of the notes they desire
to issue this deposit to be maintained at all
times, but when any bank rettreS any part OF
its circulation proportonate part Of it's guar
antee fund shall be returned to Issue, to per-
nit the secretary Of the treasury to prepare
and keep on hand ready for issue In case an in
crease in circulation is desired blank national
notes for each bank having circulation and tc
repeal the provisions of the present law i'm
posing limitations and restrictions upon banks
desiring to reduce or increase their circulation
thus permitting such increase reduction
within the limit OF seventy-t1ye per cent. OF
capital to be quickly made as emergencies
arise. In addition to the guarantee fund re-
quired it is proposed to provide safety fund
for the immediate redemption Of the circulat-
ing notes of failed banks by imposing small
tax, say one-half OF one per cent. upon the
average circulation of each bank until the
funds amounts to five per cent. Of the total cir.
culation outstanding.
Each national bank, except in case of q failed
bank shall redeem or retire its notes in the FRS,
instance at its own office at agencies to be
maintained On account OF deposits.
Another very important feature of this plaz
is the exemption Of state banks from taxation
by the United States in cases where it is sho vi
to the satisfaction of the secretary Of the treas
ury and comptroller OF the currency by banks
claiming such exemption that they have mo-
had outstanding their circulating note exceed
ing rs per cent of their paid up and unimpairet
capital, that their stockholders are individually
liable for the redemption of their circulating
notes to the full extent of their ownership o.
stock; that the liabilities OF said banks upor
their circulating notes constitutes under theal
state law first lien upon their assets; thai
Sucn BANKS nave kept ana ma1uLalheQ q Ru0r9n
tee fund in United States legal tender notes in
GLIDING treasury notes OF 1890 equal to thtYt,
per cent of their outstanding circulating note.
when presented at their principal or branch Of
fees.
conclude this communication fully appre
cating that the responsibility for all Legislation
affecting the people OF the United States rest
upon their representatives in congress and o
surfing them that whether in accordance wftl
recommendations have made or not I shal
be glad to cooperate IN perlecting any lee1sla
ton that tends TO tho prosperity aud welfare q
our country.
(Signed) GROVER CLEVELAND
Dec. 8, 1894, ExECU9wE MANSION.
Why HOODS? Because
:" Hoods Sarsaparilla is the best,