The state republican. (Jefferson City, Mo.) 1871-1896, 1895-12-26

CATER large part OF the gold
hay been furnished from abroad, the
secretary, in order to prevent dis
turbance in the rates Of foreign ex-
change at critical period and avoid
a condition which would force gold
exports and consequent Withdrawals
from the treasury, acquiesced in a
departure from the literal terms Of
the contract, that oneShalf of the
coin should be procured abroad, and
accepted deposits OF gold then held
in this country to complete the de-
liver.
"The beneficial effects of this
transaction were felt immediately"
The remedy which Secretary Car
Isle proposes for the financial ills Of
which he speaks is thus set forth;
isThere is but one safe and effeet-
gssaniSf asnsnas, gE1aS 9s d t6ss ts'fstto 6
retire and cancel the notes which
constitute the only means through
which the Withdrawals can be made"
This, he says, can be most sue
cessfully and economically accom-
pl'shed by authorizing the secretary
OF the treasury to issue from time to
time, tonds payable in gold, bearing
interest at a rate not exceeding 8
per centum per annum and having a
long time to run and to exchange
the bonds for United States notes
treasury notes upon such terms as
may be most advantageous to the
government or sell them abroad for
gold whenever, in his judgment, it is
advisable to do 30, and use the gold
thus obtained in redeeming the out
standing notes.
GAS part of the plan for the re-
tirement and cancellation of the leg al
tender notes, the treasury should be
relic ed from responsibility for the
redemption of national bank notes,
except worn, mutilated and defaced
notes and the notes of failed banks,
and each association should be re-
quired to redeem it's circulate on at it's
own Office and at agencies to be des-
ignated by the comptroller of the
cur en- y, as was the case prior to
the passage of the act of June 20,
1874; or, if tn 8 is not considered
expedient, and the present system
OF urrent redemption by the treas
ur. is continued, the secretary should
have the power, after a future date
to be fxe in the law, to require the
banks to keep their per cent. re-
oemption fund in gold coin and to
deposit gold coin for the withdrawal
of bonds whenever circulate on is to
be permanently surrendered or re-
Whatever objections to a national
banking system lay have heretofore
@, listed, or may still exist among our
people, upon economic or other
grounds, the fact must be recognized
that it has been so long established
and, Notwithstanding its admitted
defects, has served such useful
of furnishing q convenient form of
currency of uniform value through
out the country that an attempt at
this time to abolish it or materially
abridge tire franchises of the institu-
tions organized under it would not
only be unsuccessful, but would pro-
vol injurious agitat on when the
precarious condition of our fiscal af-
ia rs demand repose."
After recommending the establish
ment of branch national banks, as
suggested in the presidents message,
Secretary Carlisle closed his report
as follows:
at is not probable than any plan
for the permanent retirement Of the
| United States notes and treasury
notes will be adopted that will not
re qure considerable time for its
complete execution, and therefore
respectfully urge upon congress the
propriety of prohibiting any future
issue OF such notes or of national
ban notes of less denominations than
ten dollars.
'The reasons for this recommen-
dation have been fully stated in
former reports and need not be re
peated here. Such policy would
ma. room in the circulation for sill
yer CO ms and silver cert ficates OF
small denominations, thus Increasing
their use among the people in the
transactions of their daily business
and preventing their frequent return
to and accumulation in the treasury
"The large silver certificates now
outstanding could be retired and
cancelled when received and smaller
ones substituted for them, so that
there would be no diminution of the
amount of small currency in circula-
tion and the ultimate result would be
an increased use Of our present stock
of silver in the form Of subsidiary
coin or standard dollar and certifi'
Gates"
ANIMAL FOOD.