The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-12-12

nlgneSt limit OF tne pension roll, ana
that after that year it must begin to
decline. The claims oending in the
bureau have decreased more than $50,
900 during the year. A large proper
ton of the new claims filed are for in
crease of pension by those now on the
rolls. The number of certificates is
sued was S0,213. The numbers of
names dropped frem the roll was
SO,213. The names dropped from the
rolls for all causes during the year
numbered 37,951. Among our pen
sioners are ninewidows and three
daughters of soldiers of the Revolution
and forty-five survivors of the war of
1912.
THE BOND ISSUE.
During the last month the gold re-
served in the Treasury for the purpose
of redeeming the notes of the govern
ment circulating as money in the
hands of the people became so reduc-
ed, and its further depletion in the
near future seemed so certain. that in
the exercise of proper care for the
public welfare it became necessary to
replenish this reserve and thus main.
tain popular faith in the ability and
determination of the government to
meet, as agreed, its pecuniary obllga-
tions. It would have been well if in
this emergency authority had existed
to issue the bonds of the government
bearing low rate of interest and ma
turing within short period. But the
Congress having failed to confer such
authority, resort was necessarily had
| to the Resumption Act of 1875 and
pursuant to it's provisions bonds were
issued drawing interest at the rate of
per cent. per annum and maturing
ten years after their issue, that being
the shortest time authorized by the
act. 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 worse or further
removed from sensible finance than
the relations existing between the cur
rency the government has issued, the
gold held for its redemption and the
means which must be resorted to for
the purpose of replenishing such re-
demption fund when impaired. Even
if the claims upon this fund were con-
fined to the obligations originally in
tended and if the redemption of these
obligations meant their cancellation,
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 drawing gold from the
Treasury. Thus we have an endless
chain in operation, constantly depict
ing the Treasury's gold and never near
final rest. AS if this was not bad
enough, we have by statutory decla-
ration that it is thepolicy of the gov
ernment to maintain the parity be-
tween gold and silver, aided the force
and momentum of this exhausting
process, and added largely to the cur
rency obligations claiming this pecu-
liar gold redemption. Our small gold
reserve is thus subject to drain from
every side. The demands that increase
our danger also inrease our danger
also increase the necessity of protect
ing this reserve against depletion, and
| it ismost unsatisfactory to know that
the protection afforded is only tenn
porary palliative.
1t is perfectly and palpably plain
that the only way under present con-
ditions by which this reserve, when
dangerously depleted, can be replenish
ed is through the issue and sale of the
bonds of the governmentfor gold and
vet Congress has not only thus far de-
clined to authorize the issue of bonds
best suited to such purpose, but there
seems disposition in some quarters
to deny both the necessity and power
for the issue of bonds at all. 1 can
not for moment believe that any of
our citizens are deliberately willing
that their government should default
in its pecuniary obligations or that its
financial operations should be reduced
to a silver basis. At any rate 1 should
not feel that my duty was done if 1
omitted any effort I could make to
avert such acalamity. AS long, there
fore. as no provision is made for the
final redemption or the putting aside
of the currancy obligation now used
to repeatedly and constantly draw
from the government its gold and as
long as no better authority for bond
issues is allowed than at present exists,
such authority will be utilized when
ever and as often as it becomes necessary
to maintain sufficient gold reserve
and in abundant time to save the credit
of our country and make good the fin
ancial declarations of our government.
THE PRESSING QUESTION.
Questions. relating to our banks and
currency are closely connected with
the subject just referred to and they
also present some unsatisfactory fea-
lures. Prominent among them are
the lack of elasticity in our currency
circulation and its frequent concentra-
ton in financial centers when it is
most needed in other parts of the
country. The absolute enforcement
of the government to the currency of
the country is advisable. This con-
dition cannot be Immediately reached :;
but as step in that direction and as a
means of securing more elastic and
obviating other objections to the pres
ent arrangement of bank circulation,
the secretary of the Treasury presents
in his report ascheme modifying pres
ent banking laws and providing for
the issue Of circulating notes by State
banks free from taxation under certain
limitations. The Secretary explains
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