Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-12-05
COLONEL CoRBIN ON THE Fl
NANCIAL SITUATION.

SOlLO4NGh SO1sbI4N OAt 4AAc Il
NANCIAL SITUATION.
Colonel S. W. Corbin, president of
the State Board of Agriculture, in hin
last annual report to the board, said:
''To ameliorate existing conditions
the federal government should cease to
do business as private banker, resume
its legitimate functions of the coinage
of both gold and silver, charging for
this service adequate and sufficient
seigniorage TO pay expenses, rehabili-
tate silver as redeemer money; remove
the tax upon State banks, thus encour-
aging State enactments, establishing
of banks issue based upon available coin
and creditable federal, State, and mu-
nicipal obligations, the federal govern
ment retaining the power to examine
and declare what shall be proper as
sets upon which to base circulation and
what the ratio of issue to assets deposit
ed, which assets shall be held in the
vaults of the United States Treasury,
10 secure note-holders against loss, and
thus enable the notes to circulate.
wherever rendered. Make all import
duties payable in gold.
with ali of the vast resources Of
this vigorous, prosperous, and phe-
nomenally wealthy empire, will any
one deny the statement that if
it was forced to liquidate It's
obligations it would be precipi-
tated into what is commercially ac-
cepted as bankruptcy? To avert this
disaster do we now not trade and bar
ter our credit and our resources to the
holders of foreign wealth, appealing 10
them with humiliating adulation and
sycophancy to continue their good
offices in allowing rs TO hold intact
reserve ofgold, while we at the same
time tremblingly concede all and every
exaction their cupidity may impose,
fearful lest they might withdraw their
support and with it their gold? Who
will deny that the United States gov
erment now maintains its paltry hoard
Of one hundred millions of gold Ito Sc
cure Its paper issue of billion or obi
gation) at the sufferance and will ofan
alien foreign congregation OF money
holders? or who will further deny that
in event of war or under the pressure
of general demand for redeemer
money, the government could continue
to pay its obligations in gold?
IF circumstances demand the further
issue OF bonds, make them of the de-
nominations of so, $50, 500 and $500,
and give our own citizens al oppor-
tunity to purchase them. Bonds OF such
denominations would from time to time
become a circulating medium, often
relieving sudden stringency iu the
market, and many of our people would
prefer them to gold, even to hoard. the
latter bearing no interest unless parted
with.
"0ur people have an abiding faith
aud confident belief in the ability of the
government TO meet its obligations. and
will accept as medium OF exchange
almost anything, provided it has the
stamp OF the United States Treasury
upon it. If more regard was shown to
their national pride and sincere loyalty
and less attention given to the dictates
of avariee and selfish schemes of in
terested combinations, the husnces OF
the nation would rest npon much
more satisfactory and independent basis
than at present. Thus, with silver re-
hsbilitated as redeemer money,
tariff for revenue only, and
prudent judicious recognition OF
local wealth upon which 10 base Cir
cnlsting medium, We might hope for
renewed prosperity in this good lsnd
in which God has allowed our lots TO
be cast Les Us be true to Him AND
true TO ourselves, and We will cease TO
be the slaves OF tribute payers to alien
masters Its true that these changes
from existing conditions would make
no provision for the accumulation OF
hoard OF gold on the part OF the gov
ernment, held, as now, available TO
meet the needs and necessities OF
brokers and bankers who have 70 pay
foreign obligations. This is not duty
or function OF the United States gov
ernment. Let these people get the
gold they need elsewhere than from
the national treasury, and prevent
them from further use and abuse OF the
credit oE this great nation TO subserSe
their own private ends. This has here
tofore been, aud Is today. the most
fearful phase OF exaggerated class pro-
lection with which this country is
cursed"