The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-04

UAAAnkN VI kAAf Jaw ~ tAAA lllNA NAhhfA
purchase OF silver and the LIST day Of
| DeoembeR 1895, or within less than i've
and U half years, there was withdrawn
nearly SlT50O0,0O0, mnlSing n total OF
more than 100000, 900 drawn from the
| treasury IN gold since January |, 1879,
| the date fixed In 1875 for the retirement
OF tho United States notes,
The government has paid In gold
more than nine-tcnths OF its United
| States notea and still owes them all. II
has paid In gold about one-half OF It's
notes given for silver purchases with
out extinguishing by such payment one
dollar OF these notes, When added 70
this, we IRE reminded that 10 carry on
| this astounding financial scheme the
government had incurred II bonded in
| debtedness OF sos. 600, In establishing
n gold reserve and OF $l523l5,iO0 In
efforts to maintain IL; that the annual
interest charge on such bonded indeht-
| edness Is more than Sll,OOO,0OOi thatR
continuance In our present course may
result IN further bond Issues, and that
We have suffered or are threatened
with all this for the sake OF supplying
gold for foreign shipment or facllltnt-
Ing It's boarding at home, the situation
Is exhibited which certainly ought 20
arrest attention and provoke immedi-
ate legislative relief.
THE REMEDY.
/ am convinced the only thorough and
practicable remedy for our troubles is
found In the retirement and caucella-
tion OF our United States notes, COM
monty called greenbRcIss, and the out
standing treasury notes issued ny the
government IN payment OF silver pur-
chases under the act OF 1880.
/ believe this could be quite readily
accomplished by the exchange OF these
notes Tor United States bonds OF small
ms well ms large denominations bearing
n low rate of Interest. They should be
long term bonds thus increasing their
desirnbility as Investments and because
their payment could be well postponed
10 n period far removed from present
financial burdens and perpleEltes when
with Increased prosperity and resOurc-
es they would be more easily met. To
further insure the cancellation OF these
notes and also TO provide way W
which gold may .be added % our cur
rency in lieu OF them, feature IN the
plan should be an authority given 10
the secretary OF the treasury TO dls-
nose Of the bonds abroad for gold II
necessary to complete the contemplate
cd redemptlon and cancellation, permit
ting the proceeds OF such bonds to take
up and cancel any Of the notes thtt
may be IN the treasury or that may he
received by the government on any ae-
count.
The banks should be allowed TO sub
ytltute or deposit In lieu OF the bonds
now required as security for their CIR
culatIon. those which would be issued
for the purpose OF retiring the United
states and treasury notes. Ihe BANKS
already existing, II they desired 70
avail themselves OF the provisions OF
the law thus modified, could issue CIR
culntlon In addition to that nlready
outstanding amounting to $4iS,OOO,ON
which would nearly or quite equal the
currency proposed to be cancelled. Az
any rate should confidently expect to
see the existing national banks or
othors to be organized, avail them
selves OF the proposed encouragemcnts
TO issue circulation and promptly MI
amy vacuum and supply every currency
need, II has always seemed to Inc that
the provisions OF law regarding the
capital OF national banks which operate
as Limitation TO their location talls 10
make proper compensation for the sup
preston OF state BANKS which come
near to the people in all sections OF the
country end readily furnished IheM
with banking accommodations ana Ia
CIlltles,
cancellation OF the treasury notes Is
sued under the silver purchasing act
OF 1890 would leave the treasury IN the
actual ownership Of sufficient silver To
coin nearly Si7S,0OO,00O In standard dol
lars.
tered uron fully uppreciatlng the tact
that by careless, easy descent we have
reached dangerous depth, and that
our ascent will not I've accomplished
without lnborious toll and struggle
We shall be wise II We realize that we
are financially III and that our restora-
tion TO health may require heroic treat
ment and unpleasant remedies
HONEST MONEY.
In the present stage OF our difficulty
It is not easy to understand how tho
amount OF our revenue receipts directly
affects II. The important question Is
not the quantity OF money received In
revenue payments. hut the kind of
money we maintain and our ability to
continue in sound financial condition,
We are considering the government 8
holdings OF gold as related TO the SOUND
ness OF our money and 0s Affecting our
national credit and monetary strength
II our gold reserve had never been Inn
paired; II no bonds had ever been is-
sued to rcplenish u; II there ma Deeh
no fear md tmidlty concerning our
ability to continue gold payments "
any part OF our revenues were now paid
IN gold, and II we could look to our gold
| receipts rs IA means OF maintaining
| safe reserve, the amount OF our reVc-
ptcs would be an influential factor In
! the problem, But unfortunately all the
circumstances that might lend weight
10 this consideration are entirely lack
| lnE. In our present prcdlcoment no
gold Is received by the government IN
| payment OF revenue charges nor would
there be II the revenues were Increased.
| The receipts OF the treasury. when not
| I'm silver certificates, consist or united
| Statas notes and treasury notes Issued
| FOR gllyer purchases These forms OF
money nrc only useful TO the govern
ment in paying Its current ordinary cN-
pcnses, and itB quantity In government
poasegsion does not in the least contrib
| nte toward giving us that Kind OF
standing which Ia built OF gold alone.
THE secretary OF the treasury might
uEe such notes taken from Surplu1
revenue TO buy gold IN the mnrkct or
course he could not do this without pay
ing premium. Private holders Of gold
unlike the government having no parity
10 maintain, would not be restrained
unlike the government, hnvlngnopartiy
| from making the best possible
bargain when they furnished gold to
inc TREASURY; hut the moment the score
tnry or the treasury bought gold ON any
| ,crtna nhnVC mr. he would establish Il
general aud universal premium upon Il,
| thus breaking down the parity between
| poil mud silver which the government
| W. I..anL.. NM ....tiIL-.a LlaL.