Marshall County independent. (Plymouth, Marshall County, Ind.) 1894-1895, 1895-02-01

/ tWO-thirdS of that amount. being about
/ sixty millions was drawn out dur
ing the following two months. thus indi
eating marked acceleratien of the de-
4 plotting process with the lapse of time.
Obligations still Outstanding.
The obligations upon which this gold
| has been drawn from the treasury are
still outstanding and are available for
use in repeating the cxhausting operation
with shorter intervals rs our pcrplcXitics
accumulate.
CONDITIONS are certainly superveHing
! tending 10 make the bonds which may be
4 issued To- roplenish oar gold less useful for
+ that purpose. An adequate gold reserve
/ IS in all circumstances absolutely essential
10 the upholding o. our puhic credit and
II the maintenance OF our high national
character.
Orr gold reserve has again reached
such state of diminuii0n As 70 require
/ its speedy reinforcement. The aggrava-
tons that must inevitably follow present
conditions ard methods viii certainly
lead 20 misfortune and loss. not only to
oar national credit and prosperity and 10
/ financial enterprise. but 10 those If our
/ people who seek employment as = means
/ Of livelihood anI go those whose only
capital i their daily lal.or
1T VIII hardly 80 10 say that a simple
increase Of revenue VIII cure our troubles
1 Tho appr, iei3s.oa ROW existing and con
stantly increasing "a, to oar financial ahili-
/ ty does not resi- unom calculation IF our
revenue. The time has PASSED when the
eyes Of investors abroad and ur people
at home wen, fixed upon The revenues of
/ TIE government. Char-.l conditions
have attracted their attention TO the gold
of tho government. Tl.o.c no,I bc no
/ fear tha; "" cannot par ear current ex-
/ peiscs with such money as we haxe.
/ There il BOW - the irc.~isy "a comfort
able surplus of more thaa Ssii.G0o,oGo
but it is not in yo;d and therefore does
not meet our difficulty.
Silver Question Eos the Issue.
Il cannot see that differences of opin-
ION concerning the extent to which silver
ought To BE- coined or used in our cur
rency should Interfere with the counsels
of those whose duty il Is to rectify evils
now apparent in Cur financial situation.
They have TO consider the question Of ma
tional credit and the consequences that
viii follow from its collapse. Whatever
ideas may hc insisted OH rs "a silver or
bime;alism. proper solution Of the cues
!
4 recognition Of gold rs well rs Siletr and
a concession Of its Importance. rishtfully
or wrongfully acquired as basis of ma
tionai credit. necessity in ihe honorable
discharge OF OR obligations payable in
gold and 4 badge OF solvcncy. / do not
understand that the real friends of silver
desire Il condition that might follow in
action or neglect to appreciate the mean
| ;-,,, ~ Lo ,,-a1ar,t eNft..r,a.- sb,ull
result in the entire Punishment Of gold
from our financial and currency arrange
mentS.
Besides the treasury notes which GER
tainly should be paid in gold. amounting
To nearly 500. 100000. there will fall due
| in 1904 S100000.G00 OF bonds issued dur
ing the last year for which we have re-
ceived gold. and i'm 1907 nearly S6D0.O00.-
0G0 of per cent. bonds issued i'm 1877.
Shall the payment Of these obligations in
gold he repudiatcd? IL they are 10 he
paid in such manner the prcserva-
ton of our national honor and national
solvency demands. we should not destroy
or even imperil our ability to supply our
selves with gold for that purpose.
while l am not unfricndly To silver.
and while desire 10 see il recognized TO
such an extent as i consistent with finan-
cial safety and the preservation of ma
tiOnal honor and credit, ! ann not will
ing To see gold entirely banished from
our currency and finances. TO avert such
i consequence. | believe thorough and
radical remedial legislation should be
promptly passed. l therefore beg the
! Congress 10 give the subject immediate
/ attention.
Secretary Should Have Authority.
In nay opinion. the Secretary of the
Treasury should bc authorized 10 issue
| bonds of the Government for the purpose
~ procuring and maintaining a sufficient
gold reserve ard the redemption and can
collation. of the United States lesal-;cn-
der notes and the treasury notes issued
for the purchase of silver under the law
of July II. 1890. We should be relieved
from the humilating process Of issuing
bonds To procure gold To be Immediately
and repeatedly drawn out on these obi
cations for purposes not related to the
| benefit of our Government or our people
The principal and interest of these bonds
should be payable en- their face i'm gold
because they should be sold only for gold
or its representative. AMI because there
would now probably be difficulty in favor
ably disposing of bonds not containing
this stipulation.
Il suggest that the bonds be issued in
denominations of $40 nnd $50 and their
multiples. and that they bear interest at
a rate not exceeding ; per cent per an
mum. L do not see why they should not
be payable fifty years from their dates.
We of the present generation have large
amounts TO pay if we meet our obliSa-
tons and long bonds are most salablc.
The Secretary of the Treasury might VOL
be permitted NJ his discretion Ia receive
on the sale of bonds the legal tender and
treasury notes TO be retired and. of
course, when they are thus retired or re-
deemed in gold they should be cancelled.
i believe all the provisions have sug-
sested should be embodied in our laws
If we are 10 enjoy a complete reinstate-
mcnt of a sound financial condition.
They need not interfere with any cur
rency scheme providing for the increase
| of the circula inc medium, tlra,,.,h 81.