The Dickinson press., 1894-12-08
MORE BONDs.
The President Says They Will he
Issued as Often as necessary.

NCCGU0uFys
During the last month the gold reserved
10 the treasury for the purpose Of redeem
Ing the notes Of the government circulating
now In the hands Of the people became 90
reduced: and its further depletion In the
near future seemed so certain that In the
exercise Of proper care for the public wei.
fare 1t became necessary to replcnish the
reserve and thus maintain popular faith In
ernment to meet, 40 agreed, its pecunlary
Il would have tsen we'll If in this emer.
gency authority had existed to issue the
OF interest and maturing within q short
period. but congress having JAILED to
confer con r. such M authority resort was necessarily
suant to its provisions bonds We're issued
drawing interest at tho rate Of per cent
per per- annum ,la,l and maturing ten years after
thorized by the act. am glad TO say. how
ever. that on the sue OF these bonds the
premium pr received operated TO reduce the
ment to less than $ per cent.
Nothing could be worse or further re.
moved from sensible finance than the rela-
government has issued, the gold held for lis
redemption and the means which must be
res3rted to for the purpose Of replenishins
epcn a. red3em,pt1on fund d., when impaired Even
70 the obligations originally intended and
y the redemption OF these obligations mean
their cancellation, The fund would be very
small. But these obligations when received
and redeemed In gold IRE not cancelled, but
are reissued and may do duty many times
1y way OF drawing golu from the treasury.
constantly depicting the treasury's gold and
Never Near a Finnl Rest.
AS II this was not bad enough, we have.
by statutory declaration, insisted that 1t is
the policy Of the government to maintain
the parity between gold and silver aided
the force and momentum of this exhausting
process and added largely to the currency
obirations claiming this peculiar gold re-
subject to the Drain from every side. The
demands that increase our danger also in
crease tho necessity of protecting this re-.
serve against depletion and 1t is most unsat.
isfactory 10 know that the protection Afford
ed is oaly a temporary palliation. 1t Is per-
fectly and palpably plain that the only way
eE %ash s
replcnisheh Is through the Issue and sale
of the bonds of the government for gold;
and yet congress has not only thus far de-
suited to the purpose. but there seems q
disposition in some quarters to deny both
the necessity and power for the issue Of
cannot for moment believe that any
Of our citizens are deliberately willing that
their goyernment sho lid default IN IS pecun-
tions should be reduced to u silver basis.
At nny rate. should not feel that my duty
was done II ! omitted any effort 1 could
make to avert such n calamity. As long,
therefore, as no provision is made for the
final redemption Of the putting aside OF tho
currency obligation now used to be repealed
by and constantly drawn from the govern
ment its gold, and rs long as no better au-
thority for bond Issues Is allowed than at
present exists. such authority will be util-
lied whenever and as often as 1t becomes
necessary to maintain sufficient gold re-
serve. and In abundant time to save the
credit Of our country and make good the
financial declarations of our government