Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1894-12-14
NO. 3.


tnriff laws it still languishes TO the extent OF
cIosed raf1neries ana tnou sanGs or discnar9el
,vorkmen. II would seem TO present nope
Ices case for reasonable legislative alh.
Whatever else IS done or omitted,
| 7 earnestly repeat here the recommendation
| have made in another portion OF this COM
munication that the additional duty Of one
| tenth of cent per pound laid upon sugar
| innorted from countries paying bounty on
ifs exnort be abrogatej. 1t seems TO mo
| that exceedingly important considerations
point TO the propriety of this amendment.
With the advent Of new tariH poicy
| NOT only calculated to relieve the con-
sumers of our land in the cost OF tneir
daily life, but to invite better develop,
ment Of American thrit e.nbIa anH con-
for us closer and more prohtaole COM
mercial relations with the rest OF tne
world. It follows as a logical and I'm.
! neratiye necessity that we should at
| once remove the chief II not the onY
obstacle which has 50 long preyen'el our
participation in the foreign carrying 'rane
| of the ssa-a tariff built upon lhe tneory
that It is wellto check imports and that
| home market should bound the industry ana
effort of American registry to vessels bulH
| abroad though owned and navlgated Dy our
people. thus exhibiting willingness 10
| abandon all contest for the advantages OF
! American trlnsoceanic carriage. Vut
new tariff policy, built Gpon the theory tnat
1t IS we'll to encourage such lmportations as
our people need. and that our products AM
manufactures SD )uld find markets in every
mart of the habitable globe. is consistently
sunnlemented by the greatest possloe I'D
| ertv 70 our citizens in the ownership ana
NAVIGATION Of ships in which our products
and manufactures may be transporter. IhS
millions now paid TO foreigners Tor car
rying American passengers ana Prou,
| chA
into American hands. Shipbuildng, wnlcn
has been protected to strIngulation, SHOULD
he revived by the prospect Of profitable en-
| nlovment for ship5 when built. an | the
American sailor should be resurrectel am
again take his place Il sturiy an lnnusr-
Gus citizen in time OF peace AMI Il patrlotlo
and safe defender Of American interests IN
the day of conflict.
The ancient provision OF our law denying
American registry to ships built abroad an !
owned by Americans, appears IN the iisnt OF
present conditions not only TO be failure
for good at every point, but 10 be nearer
relic of barbarism than anything that eAlS's
under the permission OF statute OF tne
United States. 1 earnestly recommenl lu'
prompt repeal.
THE poSD ISSUE
During the last month the gold reserved
In the Treasury for the purpose of reieen'
ING the notes of the Government circulating
as money in the hanls OF the people became
so reduced, and its further depletion In tn'
near future seemed 50 certain, that In the
exercise of proper care for thu puplic well
fare, it became necessary to rcplenlsh thus
reserve and thus maIntaln popular lalta IN
the ability and determination OF the Govern
ment to meet, as agreed, its pecunlary ooi-
cations. ..,-.-
gency. authority hal existed to issue tne
bonds of the Government bearing low rate
of interest aad maturing within snort
psriod; but the Congress having Jailed 10
confer such authority, resort was necessarily
hal TO the resumption act OF 1873. ana pur
suant 10 its provisions, bonds were lssusl
drawing interest at the rate OF five per cent.
per annum and maturing ten year, after
their issue, that being the shortest tina
authorized by the act. L am glah 10 say
however, that on the slle OF ihese oonus, ths .hs
premiums received, operated 10 reduce tne
rate OF interest to be paid blythe Governmen,
to less than three per cent.
cannot for moment believe that any OF
our citizens are deliberately willing that
their Government should default in Its Pc
cuniary obligations or that its financial oper'
ations should be reduced to silver OASIS
At any rate should not feel that my duty
was done II omitted any effort | could
therefore az no provision is male for tho
final redemption or the putting aside OF t1e
currency obligation now used to repedt'
edly and constantly draw fro II the Govern
ment its gold and rs long as no better au
thority for bond issues is alowei than L
present exists, such authority will be utillzei
whenever and as often as 1t becomes neceS
sary to maintain a sufficient gold reserve,
and in abundant time TO save the creit OF
ma OO0l
declarations of our Government.
DIVORCE GOVERNMENT AND BANKS.
Tho absolute divorcament OF the Govern
ment from the business OF banking IS the
ideal relationship OF tho Government to the
circulation of the currency OF the country.
This condition cannot be immeila
reached but rs a step in that direction AMI
as a means Of securing a mora elastic cur
: rency and obviating other objections to the
present arrangement OF bank circulation.
the Secretary Of the Treasury presents IN
his report scheme mo iifylng present bang
II inglaws and providing for the issue oil cir
,I culating notes by State banks, Tree from TAX
| alton under certain limitations.
n The Secretary explains his plan so plainly
!, and It's advantages are developed by nln
d with such remarkable clearness, that any
effort on my part to present argument In us
u support would be superfluous. snail,
II therefore, content myself with an unqual-
|. fed Endorsement OF the Secretary's pro-
4 posed changes in tho law aud brief an
i imperfect statement OF their prominent fea'
d lures
. 1t is proposed to repeal all laws providing
|. for the deposit OF United States bonds as SO.
= curlty for circulation to permit Nationu
. banks to issue circulating notes not ex
cseding in amount sevsnty-ave per cent. ol
. their paid-up and unimpaired capital, pro
: ylded they deposit with the Government, AZ
a guarantee fund, in United States legal
tender notes. including Treasury notes O.
{ 1890. sum equal in amount to thirty p"i
, cent. of the notes they so desire to issus
= this deposit to be maintained at all times, bui
whenever any bank retires any part oil
i It's circulation a proportional part OF lp
n guarantee fund shall be returned TO !; ; to
4 permit the Secretary OF the Treasury to pre-
9 pare and keep on hand ready for issue, In
h case an Increase in circulation is desired,
4 bl6Sk National bank notes for each bans
S having circulation, and TO repeal the provI
: sons of the present law imposing limitations
and restrictions upon banks desiring 10 70
duce or increase the r circulation-,hus per
r hitting such increase or reduction within
> the limit of seYenty-fve per cent. OF capita
: to be quickly made as emergencies arise
Y In addition to the guarantee fund 70
uuired, it is proposed to provide salet!
fund for the immediate redemption oil tn
circulating notes OF failed banks, BY impos
y ing small annual tax, say one-halt OF on
u per cent. upon the average circulation o
x each bank until the fund amounts TO five Pc
10 cent. of the total circulation Outstanding
I When bank fails its guarantee fund Is
10 be paid into this safety fund and its note
,oaI In 40 Ira