Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1895-01-31

>e insisted upon as to silver or {
,imetallism, the proper solution
If the question now pressing
lpon US only requires the recog-
of gold as well as silver
md the concessions of its i'm
o~ortance, ~rightfully or wrong
fully acquired, as a basis of ma
tional credit, a necessity in the
honorable discharge of our obll-
cations payable in gold and the
of solvency. l do not
understand that the real friends
of silver desire the condition
that might follow inaction or ne
glect to appreciate the meaning
of the present exigency If 1t
should result in the entire ban
ishment of gold from our fnan-
cial and currency arrangements.
"Beside the treasury notes,
which certainly should be paid
in gold, amounting to nearly
$500, 900, 900, there will fall due
in 1904 500, 900, 900 bonds, issued
during the last year, for which
we have received gold, and in
1907, nearly 5000, 900, 900 4 per
cent. bonds, issued in 1877.
Shall the payment of these obli-
cations in gold be repudiated ?
If they are to be paid in such a
manner as the preservation of
orr national honor and national
solvency demands, we should not
destroy or even imperil our abil-
ity to supply ourselves with gold
for that purpose, While | am
not unfriendly to silver, and
while [ desire to see it recog-
nized to such an extent as is con
| sistent with financial safety and
the preservation of national
honor and credit, l am not willing
to see gold entirely banished
frompur currency and finances.
To avoid such a consequence, l
believe thorough and radical
remedial legislation should be
promptly passed. [ therefore
beg the Congress to give the sub
! iect. immediate attention.
In my opinion the Secretary
of the Treasury should be author,
lied to issue the bonds of the
Government for the purpose OF
procuring and maintaining a sui
ficient gold reserve and the
redemption and cancellation o.
the United States legal-tendel
notes and treasury notes for the
, purchase of silver under the Law
of July II, 1890.
I'VE should be relieved from
: the humiliating process of lssu
ing bonds to procure gold to bt
/ Immediately and repeated,
e drawn out on these obligation!
for purposes not related to
benefit of the Government or GU
people. The principal and IN
. terest of these bonds should b
payable on their face in gold, be
cause they should be sold onl,
b for it or its representative an
because there would now pro
d badly be difficulty in favorabl
disposingo of bonds not containin
this stipulation. I suggest tina
bonds be issued in denomination
n of $50 and $50 and their multiple
g and that they bear interest at
n rate not exceeding 3 per cen
n per annum. [ do not see VIII
they should not be payable fit
le years from their date. The pr
L. SEM generation have larg
amounts to pay if we meet CT
obligations, and long bonds ar
n most saleable. The Secretary
the Treasury might we'll be pc
IF mitted, at his discretion, to r
at ceive for the sale of bonds leg;
10 tender treasury notes to be r
ut tired, and of course when the
le are thus retired or redeemed
re gold they should be cancele
t, These bonds, under existir
as laws, could be deposited by n
~ tional banks as security for CT
a culations, and such banks shou
e. be allowed to issue circulate
of up to the face value of these
On any other bonds deposited, e
vn cept those outstanding bearll
it. only 2 per cent. interest, al
or which sell in the market at lie
lg than par. National banks ShOu
us not be allowed to take out Giro
.e. lating notes of a less denomin
"a ton than so, and when such
Ike are now outstanding reach t
to treasury, except for redempti
jul and retirement, they should
tte Cancelled, and notes of the de
NJ omination of SO and upwards
to sued in their stead. Silver Ger
ficates of denomination of SO a
upwards should be replaced
lin certificates of denominations l
in der SO. AS i constant means
re- the maintenance of a reasonal
ms supply of gold in the treasul
.s- our duties on imports should
ill paid in gold, allowing all 9th
nd dues to the Governmetto be p;
nal in any other form of money.
to Il believe all the provisions
use have suggested should be e
~ bodied in our laws, if we are
,od enjoy complete reinstatement
tai a sound financial condition. Th
need not interfere with any C
nat rency scheme providing for
Tue increase of circulating medi1
ap- through the agency of Natio,
State banks, since they
our easily be adjusted to such
est scheme. Objection has been m;
ev- to the issuance OF interest be
len ing obligations for the purpt