Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1894-12-06

The President Says They Will He
Issued as Often RS Necessary.

sS
During the last month the gold reserved
In the treasury for the purpose OF redeem
Ing the notes Of the government circulating
now in the hands of the people became so
reduced, and Its further depletion In the
near future seemed so certain that in the
exercise of proper care for the public well
fare Ii became necessary TO replenish the
reserve and thus maintain popular faith In
the ability ana determination OF the gov
crnment TO meet, as agreed, Its pecuniary
obligations.
1t would have been well III IN this emer-
gency authority had existed TO issue the
bonds of the government bearing a low rate
Of interest and maturing within a short
period. but the congress having failed TO
confer such authority resort was necessarily
had to the resumption act OF 1875, and pun.
suant to its provisions bonds Were Issue0
drawing inpsrest at the rate OF 8 per cent
Der annIu and maturing ten years after
their isSIe, that being :as shortest time az
ever. that on. the sale OF these bonds the
premium received operated TO reduce the
rate Of interest to be paid by the govern
ment 10 less than . per cent.
Nothing could be worse or further re-
moved from sensible finance than the rela-
tionss existing between the currency, the
goyrnment has issued, the gold neld for is
redemption and the means which must Do
resorted TO for the purpose or replenishing
such redemption FUND when impaired. Even
IL the claims upon this fund were confined
TO the obligations originally intended and
IL the redemption of these obligations mean
tteir cancelation, the fund would be very
small. But these obligations when received
are reissued and may do duty many times
by way ot drawing gold from the 'reasury.
A Plan suggested by Secre AIRY Car
Isle Ia Endorsed
Questions relating to our banks and Cur
rency are closely connected win the SUP
feet lust referred TO and Trey liso present
some unsatisfactory features Prominent
among them are the lack of Ella 'ticity In our
currency circulation anc Its trequent con-
centration in financial centerf wben IL IN
most needed In our parts of tne country.
The absolute enforcement 81 the govern
ment from the business or banking Is the
ideal relationship OF the Cover ninent 10 Ine
circulation of the currency of the country.
This condition cannot me Immediately reach
ed, but as a step In that direction ana as 2
means OF securing a more elastic currency
and oDyiating other object IONS to the pres
emit arrangement of bant circulation, the
secretary of the treasury presents In MS re-
port a scheme modifying present bank laws
and providing for the issue OF circulating
notes by state banks free fr)n taS ltion un-
der certain limitations.
Unaualihediy Endorsed.
The secretary explains his plar so plain
" and it's advantages are developed Dy
him with such remarkable ciearness that
any effort on ing par to present argumene
In Its support would be supercillious. 1
shall Therefore confent myself with an
unqualified Endorsement OF the secretarys
and iniperfect statement of their prominent
features.
4 ,Dnciude this Communication fully eppre-
ciating that the responsibility for all legis-
lation affecting he people Of the United
States rests upod their representatives In
the congress, and assuring them that
whether In accordance with recommends
lions / have riade or not. I shall be glad
TO cooperate in perfecting any legislation
that tends to the prosperity and welfare OK
oar country. --lirover Cieveianu.
Executive y. ,nsion. re. 2. 1894.