The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-01-29

months of the year, a sum aggregating
more than two-thirds of that amount.
being about S69,00O,0-0, was drawn out
during the following two months, thus
indicating marked acceleration of the
depicting process with the lapse of time.
Obligations upon which this gold has
been drawn from the treasury are still
outstanding and available for use, repeat
ing these eXhausting operations with
shorter intervals as our perplexities accu-
mulate. Conditions are certainly super
vening tending TO make tho bonds which
may be issued TO replenish our gold less
useful for that purpose.
An adequate gold reserve is under all
circumstances absolutely essential to the
upholdinC of our public credit and to the
maintenance of our high national charac-
ter. Our gold reserve has again reached
such stage of dIminution as to require
its speedy reinforcement. Aggravations
that must inevitably follow the present
conditions and methods will certainly
lead to misfortune and loss, not only 10
our national credit ami prosperity aud to
financial enterprise, but to those of our
people who seek employment as n means
of livelihood, and to those whose only
capital is daily labor.
crease of revenue will cure our troubles.
The apprehension now existing and con-
stantly increasing al to our financial abIl-
ity does not rest upon calculations of our
revenues. Tho time has passed
when the eyes of investors abroad
and our people at home were
fixed upon THE revenues of his gov
ernment. Changed conditions have at
tracted their attention to the gold of the
government. There need be no fear that
we cannot pay our current expenses with
such money as we have. There is now i'll
the treasury a comfortable surplus, more
than S63,O0O,00O, bu it is not in gold, and
therefore, does not meet our d fficulty.
cannot see that any differences of
opinion concerning the extent to which
SILVER ought to be coined or used in our
currency should interfere with the coun-
seis of those whose duty 1t is to rectify
the evils low apparent IN our financial
situation. They have to consider the
question OF the national credit and tho
consequences that viii follow from it's col
lapse, whatever ideas may be insisted
on as TO silver or bmetallsm. The proper
solution of the question now pressing on
US only requires the recognition of gold
as well AS silver, and conces sion of its
Importance. rightiully or wrongfully re-
OUR I'd. as basis of material credit. / do
not understand that the real friends of
silver desire a condition that might follow
lurcton or neg iect to appreciate the
meaning of the present eNigency If II
should result IN the entire banishment of
gold from our financial and currency
arrangements, Besides tho treasury
notes, which certainly should be paid in
gold, amounting to nearly S500.000, 900,
there Will fall due in 1901 Sl00OU0.000 is
sued during the past year, for which We
have received gold, and in 1907 nearly
SGl0,00J,00J4 per cent. bonds issued in
1877.
Snail tho payment of these obligations
in gold be repu1iated? If they are TO be
paid in such manner as the preserva-
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 untrlendly to silver. and while
desire to see II recognized 10 such an eN-
tent as Is cons stent With financial safety
and the preservation of the national
honor and credit, am not willing 10 see
gold entirely banished from our currency
and finances.
To avert such a consequence, bell eve
that thorough and remedial legislation
should be promptly passed. I, therefore,
beg congress to give the subject immedi-
ate attention. In my opinion the secrs-
tary of the treasury should be author zad
to issue bonds of the government for the |
purposes of procuring and maintaining a |
sufficient gold reserve and the redemp- |
tion and cancellation of the United States
legal tender notes and treasury notes |
issued for the purchase of silver under |
the law of July IA, 1880. We should be re- |
leved from the humiliating process of |
issuing bonds to procure gold TO be i'm |
mediately and repeatedly drawn on by |
these obligations for purposes not related |
to the benefit of our government or our |
people.
The principal and interest of these |
bonds should be payable on their face in |
gold, because thew should be sold for gold |
or its representative, and because there |
would now probably be difficulty in fay- /
orably disposing of bonds not containing /
this stipulation. | suggest that the bonds |
be issued in denominations of S20 and $50 |
and their multipes, and that they bear /
interest at the rate of not exceeding per |
per cont. per annum. l do not see why |
they should not run for 80 years from
their date. We of the present generation
have large amounts to pay If We meet our
obligations, and long bonds are most /
salable. The secretary of the treasury |
might well be permitted at his discretion /
to receive on the sale of bonds legal ten
der and treasury notes, TO bo retired. and. |
of course. when they are thus retired or
redeemed in gold they should be can
celled. These bonds. under existing laws,
could be deposited by national banks as
security for circulation, and such banks /
should nc allowed to issue circulation IN
bonds so deposited. except bonds out
standing bearing only per cent. which
sell in the m lrket at less than par. w
tioual banks should not be allowed 10
take out circulating notes of less denomi-
nation than $40. and when such as now
arc outstanding reach the treasury, ex-
cept for redemption and retirement, they
should be cancelled and notes of the de-
nomination Of SO and up issued in their
stead. Silver certificates OF the denomi-
nation of SO and up should be reolaoa1 /
by certificates of denominations under 10. /
As q constant means for the maiute-
nance of a reasonable supply of gold N the
treasury. our duties on imports should be
paid in gold. allowing all other dues of
the government to be paid in any other
form of money.
| believe all the provisions | have sug-
gesled should be embodied IN our laws. II
we are to enjoy the complete reinstate-
ment of sound financial condition.