Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1895-02-02

thus indicating marked ac-
OF the depicting process with /
the lapse of time. The obligations upon |
which this gold has been drawn from 4
the treasury are still outstanding and |
available for use. repeating the ex
hausting operations with shorter in
as our perplexities accumulate. ,
The conditions are certainly superven- /
ing tending TO make bonds which may I
be issued to replenish our gold less use
full for that purpose. The adequate I
gold reserve is In all circumstances alb
essential TO upholding our pub
lie credit. and To the maintenance of our
high national character Our gold has |
again reached such stage OF di-
Ininution as To require It's speedy re-
AEgravations that must
follow the present conditions
and methods viii certainly lead TO mis-
fortune and loss. not only TO our nation
al credit and prosperity and 10 financial
but to those of our people
who seek employment and means OF !
livelihood and to those whose only cap
ital Is daily labor
REVENUE or LITTLE NOTE.
II will hardly do to say that a simple
increase of revenue will correct our
troubles. The apprehension now ex-
istins and constantly increasing az To
our financial ability does not rest upon
tions Of revenues. The time has
passed when the eyes Of investors
abroad and our people at home are
fixed upon the revenues OF this govern
ment. Changed conditions have at
tracted their attention To the gold of the
government There need be no fear
that we cannot pay our current ex-
penses with such money az we have.
There is now In the treasury comfor
table surplus. more than So, 600 600. but
IL Is not In gold, and therefor does not
meet our difficulty
| cannot see that differences of opin-
ion concerning the extent to which sill
yer ought to be coined or used In our
currency should interfere with the coun-
sells of those whose duty II Is To rectify
the evils now apparent In our financial
situation. They have to consider the
question of national credit and the con
sequences that viii follow from its col
lapse. whatever ideas may be advanced
and insisted on as to silver or bimetal-
lism. The proper solution of the ques-
ton now pressing upon us only requires
recognition OF gold as well as silver and
"A CDnNtHEloH OI llH iAHhA#
fully or wrongfully acquired. as a basis
of material credit. and the necessity for
an honorable discharge of our obliga-
tions, payable I'm gold and the badge
Of solvency. | do not understand that
the real friends Of silver desire a condi-
ton that might follow the inaction or
neglect to appreciate the meaning Of
the present exigency, II IL should result
in the entire Punishment of gold from
our financial and currency arrange
ments.
OUR OBLIGATIONS.
Besides treasury notes. which certain
i ~ should be paid In gold, amounting
nearly to $500. 600 900. there will fall due
/ In 1904 Sl00 600. 600 issued during the last
year for which we have received gold.
and in 1907 nearly S6eO. 900 600 4-per cent.
bonds issued in 1877 Shall the payment
Of these obligations in gold be repu-
dated? II they are To be paid In such
manner az the preservation OF our ma
tional honor and solveney demands, We
should not destroy. or even imperii, our
ability To supply ourselves with gold for
that purpose While am not unfriend-
ty TO silver, and while | desire to see II
recognized to such an extent as consist
ent with financial safety and preserva-
tion of the national honor and credit,
am not willing to see gold entirely ban
ished from our currency and finances
To avert such consequences ] believe
thorough and radical remedial legisla-
ton should be promptly passed. there
fore beg congress To give the snblsci
Immediate attention.
CLENELAND'S SCHEME.
I'm my opinion the secretary Of tbs
treasury should be authorized To ISSUE
bonds of the government for the pur
pose Of procuring and maintaining I
sufficient gold reserve, and for the re
demption and cancellation OF United
States legal tender notes and treasuf,
notes issued for the purchase of silver
under the law OF July 18th, 1890 w
should be relieved from the humiliat
ing process of issuing bonds to procur'
gold TO be Immediately and repeatedl!
drawn on these obligations for purpose
not related TO the benefit Of our govern
ment or our people. The principai am
, interest of these bonds should be paya
hleNon their face In gold, because ther
UouId now probably be difficulty O
, favorably disposing of bonds not con
tanning this stipulation. ! suggest tina
. the bonus ne isshth ~ aRiiSAhiA'e 1900
$50 and $50 and their multiples, and tha
: they bear interest at the rate of not [
exceed per cent. per annum. | do ne
see why they should not be payable 10
/, so wears from their date. We OF IN
: present generation have large amount
: 10 nay II we meet our obligations, an
long bonds are most saleable.
The secretary of the treasury mgr
: weu ba permitted at his discretion 10 r
!. ceive on the sale of bonds, legal tend'
! and treasury notes, TO be retired, an
: Of course. when they are thus retire
I or redeemed in gold. they should be cal
N eeled These bonds. under existif
- laws. could be deposited by nation
a hanks as security for circulation, al
d such banks should be allowed to issi
a circulation up TO the face value of the
70 ar any other bonds SO deposited. exec
= bonds outstanding bearing only p
sr cant interest and which sell In the ms
81 ket at less than par. Nauonal ban
~ should not be allowed TO take out G
~ culating notes of less denominau
ih Than $40. and when such as now are o.
u, standing reach the treasury. except
~ redemption and retirement. they shot
he Cancelled, and notes OF denomlnatio
y, Of $40 and upwards be issued In IN
=, stead. Silver certificates of denamit
-, lions of $40 and upwards should be
nj placed by certificates Of denomlnaue
In under $40
n ,Nspopr pf-TIEg IN GOLD