The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1894-12-25

necessity IN the honorable
discharginp OF cur obligations paya-
BILE i'm pold aud badge Of solvency.
| do not understand that the real
friends of silver desire "a condition
that might follow iuaction ur neglect
to apprcciats The meaning OF the pres
ent exirencv If it IN auld result in the
entire Punishment Of golo from our
financial and currency arrangements.
Resides the treasury notes which
certainly should be paid i'm gold,
amounting TO nearly 800 millions OF
dollars. there will fall due iu l9OA
100 millions Of bonds issue during
the last year, for which we have re-
ceived gold, and in 1907 nearly 600
millions Of per cent bonds issued in
1877. Shall the payments OF these
obligations in gold be repud utcd' If
they are 60 be paid in such manner
as the preservation Of our national
honor and national solvencv demands,
we should not destroy or even imperu
our ability TO supply ourselves with
gold for that purpose.
While ! am not unfrienlly TO silver,
and while desire TO see it recognized
TO such an extent as is consistent
with financial safety and the prcserv-
am not willing to see gold entirely
banished from our currency and
finances. To avert such conse-
quence believe thorough and radical
remedial legislation should be PROMPT
" passed. | therefore beg the con-
gress TO give the subject immediate
attention.
LONG TERM GOLD BONDS ADVISED.
In my opinion the secretary Of the
treasury should be authorized TO is
sue bonds Of the government for the
purpose of procuring and mainta ining
a sufficient gold reserve and the re-
demption and cancellation of the
United states legal tender notes and
the treasury notes issued for the
purchase of silver under the
law Of July a. 1890 We would
be relieved from the humiliat-
ing process of issuing bonds TO
procure gold to be Immediately and
repeatedly drawn out on these obli-
cations for the purpose not related
to the benefit of our government or
our people The principal and inter.
est of these bonds should be paya bic
on their face in gold, because they
should be sold only for gold or its
representative and because there
would now probably be difficulty in
favorablv disposing of bonds not con
tanning this stipulation
suggest that the bonds be issued
in denominations of $50 and $50 and
their multiples, and that they bear
interest at rate of not exceeding
per cent per annum. | do not see
why they should not be payable fifty
wears from their dates. We of the
present generation have large
amounts TO pay if we meet our obli
cations and long bonds are most sala
BILE. The secretary of the treasury
might well be permitted at his discre
tion TO receive on the sale of bonds
the legal tender and treasury notes tC
be retired, and of course when they
are thus retired or redeemed in golC
they should be cancelled
These bonds under existing laws
could be deposited in national banks
as security for circulation mp TO tn,
face value of these or any other bonds
SO deposited except bon Is outstInd
ing bearing only . per cent interes
and which sell in the market at les
than par
SUGGESTIONS AS TO LEGISLATION.
National banks should not be al
/ lowed to take out circulating notes O
/ less denomination that $40, an
! when such as are now ouistaulin
| reach the tr aeurcr, except for r,
/ dcmption and retirement, they shoul
. - na~"alah o"l notAe Of the demon