Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-01-31


speedy reinforcement. The aggravations
that must inevitably follow present condi-
tons aud methods will certainly lead to
misfortune and loss, not only to our
national credit and prosperity and to
financial enterprise, but to those Of our
people he seek employment rs a means
of livelihood and to those whose only
capital is their daily labor.
IT Is GOLD THAT is NEEDED.
1t will hardly do to say that u simple in
crease Of revenue will cure our trouble. |
The apprehension now existing, aud con-
s'antly increasing, as to our financial |
ability, does not rest upon calculation of |
our revenue, The time has passed when |
the eyes Of investors abroad and our peo- |
pie at home were fixed upon the revenues |
of the government. Changed conditions
have attracted their attention to the gold
of the government. There need be no fear
that We cannot pay our current expenses
with such money US we have. There is now
in the Treasury comfortable surplus of
more than sos, 900, 900, but 1t is not in gold,
and therefore does not meet our difficulty.
THE QUESTION OF NATIONAL CREDIT.
] cannot see that differences of opinion
concerning the extent to which silver
ought to be coined or used in our currency
should interfere with the counsels of those
whose duty il is to rectify evils now
apparent in our financial situation. They
have to consider the question of national
credit and the consequences that will
follow from its collapse Whatever ideas
may be insisted upon as TO silver or BIZ
metallism, proper solution of the ques-
ton now pressing upon us only requires a
recognition of gold as well as silver, and
concession of its Importance, righttully or
wrongfully acquired as u basis of national
credit, a necessity in the honorable dis
charge of our obligations payable in gold
aud badge of solyency.
do not understand that the real friends
of silver desire u condition that might fol-
low inaction or neglect to appreciate the
meaning of the present exigency, ii 1t
should result in the entire Punishment of
gold from our financial and currency ar
rangements. Besides the treasury notes,
which certainly should be paid in gold.
amounting to nearly S5OO.U0OUU0, there
will fall due in 1904 Sl00,0JuOUO of bonds
issued during the last year, for which we
have received gold, and i'll 1907 nearly
S6OJ,00O0 go OF 4 per cent bonds, issued i'll
1877.
Shall the payment of these obligations
in gold be repudiated? If they are TO be
paid in such q 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
While am lot unfriendly to silver and
while desire to see il recognized to such
| an extent rs Is consistent with the financial
safety AMI the preservation of national
honor and credit am not willing to see
| gold entirely banished from our currency
and finances. To avert such a consequence
| believe thorough and radical remedial
| legislation should be promptly passed.
THE PRESIDENTS SUGGESTION.
therefore beg the Congress to give the
subject immediate attention. In my opn.
ion the Secretary of the Treasury should
be authorized to issue bonds of the gov,
eminent for the purpose of procuring and
| maintaining sufficient gold reserve and
the redemption and cancellation OF the
United States legal tender notes and the
Treasury notes issued for the purchase OF
silver under the law of July 1lth, 1880
We should be relieved from the humiliat
ing process of issuing bonds to procure
gold to be Immediately and repeatedly
drawn out on these obligations for pilr
poses not related to the benefit of Our gov
eminent or our people. The principal ant
the interest of bonds should be payable OF
their face in gold because they should b.
sold only for gold or its representative ant
because there would probably be difficult!
in favorably disposing of bonds not con
tanning this stipulation.
| BONDh Ot oMhLL aMOlNlo'
suggest that the bonds be issued in de
nominations of $50 and $50 and their mul
tiples, and that they bear interest at rat
not exceeding per cent per annum. d
not see why they should not be payable 5
wears from their date. We of the presen
generation have large amounts to pay
we meet our obligations, ana long bond
are most salable. The Secretary of tn
Treasury might well be permitted, at hi
discretion, to receive IN the sale OF bond
: the legal tender and Treasury notes to b
| fretired, and OF course when they are thu
. retired or redeemed in gold they should b
cancelled.
5 These bonds under existing laws coul
I | be deposited by national banks as securlt
: for circulation; and such banks should
: allowed to issue circulation up to the tat
o value of these or any other bonds SO d
: positea, except bonds outstanding bearil
e only per cent interest, and which sell
5 the market ut less than par. NatiOni
banks should not be allowed to take ol
circulating notes OF a less denominatiu
i than ten dollars and when such us al
@ now outstanding reach the Treasury, G
IS cept for redemption and retirement, the
d should be cancelled and notes of the d
l. nomination of ten dollars and upwar'
Q issued in their stead. Silver certificates
L the denomination of ten dollars and u
/, wards should be replaced BY certificates
Il denominations under ten dollars.
n As u constant means for the malnt
nance OF a reasonable.supply Of gold in Il
If Treasury our duties on imports should
/ laid in gold, allowing all other dues
!. The government to be paid in any 9th
st form of money.
THE GREAT NECESSITY.
DC Ibelieye all the provisions lhavesuggest
" should be embodied III our laws II we
.lakA Rni1n al tar a n
u sound financial condition. They need Il
Iy interfere with any currency scheme pi
in yidiug for tue increase of the circulati
ce medium through the agency OF nation
It. or State banks. since they eau easily
~ adjusted to such scheme.
Id Objection has been made to the issual
ID of interest, bearing obligations tor the pl
i'd pose of retiring the non.interest-beari
e. legal tender notes. In point of fact, no
ty ever, these notes have murdered us with
large load OF interest and it is still accum
lating. The aggregate interest on t
RI original issue of bonds, the proceeds
an which in gold constituted the reserve /
m, the payment of these notes, amounted
We $40, 3l6, 80 on January LIST, 1888, and I
ot- annual charge for interest on these buf
re and those Issued for the same purp
during the last year will be So l45,u
ur dating from january LIST, 1913.
IN While the cancellation of these no
b. would not relieve us from the ohligatit
10. already incurred ON their account, tn
to figures are given by way of snggesti
he that their existence has not been free fir
he interest charges, and that the longer Il
NJ are outstanding, judging from the exp
Ell ence of the last year, the more e2pens
10. they will become.
10 MEET EVERY NATIONAL OBLIGATION
ere In conclusion, | desire to frankly C
he fess NV reluctance to issuing more BOZ
nat in present circumstances and with no |
d. ter results than have lately followed t
sue course. cannot, however, refrain fr
of ,,1J;n,, IN an nss,irnnce of nv an xiet,