Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-02-08
,e issued to replenish our gold less USE

be issued to replenish our gold less USE
full for that purpose. The adequate
gold reserve is in all circumstances alb
solutely essential to UNFOLDING our pub
lie credit, and to the maintenance of our
high national character. Our gold has
again reached such stage of d.
minution as to require its speedy re-
Enforcement Aggravations that must
inevitably follow the present conditions
and methods will certainly lead to mis-
fortune and loss, not only to our nation
al credit and prosperity and to financial
enterprise, but to those of our people
who seek employment and means of
livelihood, and to those whose only cap
ltal is daily labor.
REVENUE OF LITTLE NOTE.
1t will hardly do to say that a simple
increase of revenue will correct our
troubles. The apprehension now ex-
listing and constantly increasing as to
our financial ability does not rest upon
calculations of revenues. The time has
passed when the eyes of investors
abroad and our people at home are
nxed upon the revenues of this govern
ment. Changed conditions have at
tiaStSu thSiI attention TO the gold the
government. There need be no fear
that we cannot pay our current ex-
penses with such money as we have.
There is now in the treasury a comfor-
table surplus, more than $50, 900 600, but
it is not in gold, and therefor does not
meet our difficulty.
! cannot see that differences of opin-
ion concerning the extent to which sill
yer ought to be coined or used in our
currency should interfere with the coun-
sells of those whose duty it is to rectify
the evils now apparent in our financial
situation. They have to consider the
question of national credit and the con-
sequences that will follow from it's col
lapse, whatever ideas may be advanced
and insisted on as to silver or bimetal-
lism. The proper solution of the ques-
ton now pressing upon us only requires
recognition of gold as well as silver and
a concession of it's Importance, right
FULLY or Wrongfully acquired, as q basis
of material credit, and the necessity for
an honorable discharge of our obliga
tons. payable in gold, and the badge
of solvency. | do not understand that
the real friends of silver desire a condi-
ton that might follow the inaction or
neglect to appreciate the meaning OF
the present exigency, if it should result
in the entire Punishment of gold from
our financial and currency arrange
mentS.
CLEVELAND'S SCHEME
In my opinion, the secretary of the
treasury should be authorized to issue
bonds of the government for the pur-
pose of procuring and maintaining a
sufficient he %
demption and cancellation of United
States legal tender notes and treasury
notes issued for the purchase of silver,
under the law of July 14th, 1890. We
should be relieved from the humiliat-
ing process of issuing bonds to procure
gold to be Immediately and repeatedly
drawn on these obligations for purposes
not related to the benefit of our govern
ment or our people. The principal and
interest of these bonds should be paya-
bic on their face In gold because there
would now probably be a difficulty of
favorably disposing of bonds not con
tanning this stipulation. | suggest that
the bonds be issued in denominations of
$40 and $50 and their multiples, and that
they bear interest at the rate of not to
exceed per cent. per annum. l do not
see why they should not be payable for
so years from their date. We of the
present generation have large amounts
to pay If we meet our obligations, and
long bonds are most saleable.
The secretary of the treasury might
we'll be permitted at his discretion to re-
ceive on the sale of bonds, legal tender
and treasury notes, to be retired, and
of course, when they are thus retired
or redeemed in gold, they should be can
celed. These bonds, under existing
laws, could be deposited by national
banks as security for circulation, and
such banks should be allowed to issue
circulation up to the face value of these
or any other bonds SO deposited, except
bonds outstanding bearing only pei
cent. interest and which sell in the mar
ket at less than par. National banks
should not be allowed to take out cir
culating notes OF a less denomination
standing reach the treasury, except for
redemption and retirement they should
be Cancelled, and notes of denominations
of $40 and upwards be issued in their
stead. Silver certificates of denomina-
lions of $40 and upwards should be re-
placed by certificates of denomination
under $40.
IMPORT DUTIES IN GOLD.
AS a constant means for the mainte-
nance of a reasonable supply of gold in
the treasury our duties on imports
should be paid in gold, allowing all other