The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-12-11
turned into American bo, -
IN This country be revivfS mp,
THE FINANCIAL oUpSr,o,

served in the Treasury for the gold 70,
OF reGeemlng notes of the govsPpuurrposs
circulating as money in the LinrGent
the people became so reduce" anus of
further depletion in the no. ana It's
seemed SO certain that in tho IuturO
OF proper care for the weIfoe Atrclss
came necessary t reolish tb,,o, IL be-
and thus maintain popular fa;'b reserve
ability and determinatlon 90 ~ IN the
eminent to meet, as agreed ito ,ue gov
ary obligations. 49, pecuni.
1T would have been won
emergency authority had Il this
issue the bonds of the government 70
ing allow rate OF interest and ma,uOear-
within q short period. "0'uring
but the Congress having fo1o,,
CONFER SUCH authority, resort waSpauto
sarIly had to the Resumption sneces.
1870. and pursuant to its nro" ion OF
bonds we're issued drawing iosIStons
the rate of five per cent 9er eIeSt at
and maturing ten Years afto ""num,
Issue, that being the shortest Tin, onelr
thOrlz8d by the act | am gla0 Eau
however, that on the sale of Ihoo, W say,
the premium received oparatod oonus
luce the rate of interest To hn na re-
the government to less h INV ny
cent. Nothing could be worse r f,o per
removed from sensible finance Suer
Cne reIatlons existing between h 'non
rency, the government has lssned -.
gold held for its redemption onG tT
means which must resOrred m g.. tTs
purpose of replenishrng s1rb ra6 SnS
ton fund when impaired Even :, Iup,
Claims upon the fund were con6no az
the obligations originally ntendad onS
IL Che redemption of these ohlIgationo
meanG their cancellation the fnnJ
would be very small. but these ohII@o
lions when received and redeem ND ~
gold are re issued and NAV d. dntv
many times by way of drawing gold
from the treasury thus we have an
endless chaln IN Operation. constantly
depicting the treasury's gold and never
near a final rest. as if this was nor hoJ
enough, we have said by q salu1atorT
declaration that it is the policy of tho
government to maintain the parity no.
tween gold and silver, aid the force of
MS exhausting process, and added
largely TO n currency obligations
claiming this peculiar gold redemption.
Our small god reserve Is thus subject
TO drain from every side.
ISSUE OF BONDS.
The demands that increase our dan.
ger also increase the necessity of nro.
tectlng this reserve against depIprion
and 1t Is most unsatisfactory to know
hat the protection afforded Ia only a
temporary p%alliatiOn. 1t is perfectly
and palpably plain that the only wav
under present conditions by which his
reserve, when dangerously depleted.
can be replenished Ia through the Issue
and aid Of the bonds of the government
for gold, and yet Congress has not only
thus far declined to authorize the Issue
OF bonds best suited to such purpose,
but there seems a disposition III some
quarters to deny both the necessity and
power for the issue of bonds At all.
Il cannOj for a moment believe that
any OF our citizens are deliberately
willing that their government should
default n it's pecunlary obligations or
that It's financial operations should be
reduced to a silver oasis AT any rate
| should not feel that my duty was
done if l omitted any effort thai l could
make to avert such a Calamity AS
long, therefore, as no provision IL made
for the financial redemption or the put
ting aside of the currency obligation
now used to repeatedly and constantly
draw from the government lis sOld,
and as long as no better authority for
bond issues is allowed than az present
exists, such auth OrIty will be uull z2d
whenever and as often as it becomes
necessary to maintain a sufficient gold
reserve, and in abundant time to ave
the credit of our country and make
good the financial declarations of our
government"
Questions relating to our banks and
our treasury are closely connected with
the SUBJECT just referred to, and they
also present some unsatisfactory
features, prominent among them are
the lack of elasticity in our currency
circulation and its frequent cOncentra.
ton In financial centres when it il most
needed in other parts of the country;
the absolute enforcement of the gov
eminent to the circulation of the cur
rency of the country. This condition
cannot be Immediately reached, but as
q step in that direction and as a means
of securing a more elastic currency and
other objections to the pres
pnt arrangement of bank circulation
the Secretary of the Treasury presents
IN his report q scheme modifying tnS
present banking laws and providing
for the issue of circulating nOtes Oy
State banks free from taxation under
certain limitations. The Secretary ex-
his plan so plainly and It's adVaI-
are developed by HIM with Fncn
clearness that any etoTS
On my part to present argument ID Is
support would be supeIfuous. shall
therefore content myself with an un'
qualified endorsement of the 0ecrG
proposed changes in the la" anu
3 brief and imperfect statement u
their prominent features.
CHANGES IN BANKING LAWS.
'It is proposed to repeal laws pro
for the deposit of United oIao9S
bonds as security for circulation TO per
m ~ NSS51~n1 Aow6C %0 TooIIn PITHllIAbLub