Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1895-02-05

ifuN uIHI iN geld NnH been Withdrawn
from The t~loeonfy during fhe rear tor
Tho purpose q shipping abroad or hoard.
ing % home. Nhilo nearly ooe hundred
and three millions Of tho aaino uors
drawn out dnflnr tho first Ten months
q tho year, the sum a~ggregatinx more
than two.ihlnia Of that amount being
sixty-nino miiione. Vos drawn ont dur.
ing The following two months, thus M
dicating a marked acooloraiion Of the
deplstine process within the lopso OF
time
The Obligations upon which thls gold
bias been drawn from the treasury are
still outstanding and available tor nee IN
repeating tho exhansiinR operations
with shorter intervals. az our perplexi-
ties accumulate. The conditions are
certainly s~uperviuiog tending to make
bonds which may b issued 10 ~replouish
our gold, less useful for that purpose.
An adequate gold reserve IL Ia all cir.
cumsianoes absolutely essential 10 mp
holding our public credit and 10 the
maintenance Of q high national charac-
ter. Our gold reserve has aqain reached
such q stage Of diminution as requires
IT, speedy reinforcement. The agQrava-
lions which must inevitably follow the
present conditions and methods viii GER
tainly lead to misfortune and loss not
only to our national credit and prospect
y aud financial enterprises, but those o.
our people who seek employment as q
means Of livelihood and 10 those whose
only capital is daily labor.
Il will hardly do 10 say that the sim
pie increase Of revenues will cure our
troubles. The apprehension O exist
log and constantly increasing a. 70 our
financial ability does not rest upon the
calculations OF our revenues. Tie time
has passed when the eyes Of investors
abroad and our people at home we're tx
ed upon the Of this govern
ment. The 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 rs we have. There is
now IN the treasury a comfortable sur
plus OF more than s68.OO0,OO0. but It is
not in gold and therefore docs not meet
our difficulty. IL
I cannot sec differences Of opinion
concerning the extent to which silver
ought 10 be coined OF used IL our curren
cy should interfere with counsels OF
those whose duty it is to rectify evils
now apparent 10 our financial situation.
They have to consider the question OF
national credit and consequences that
will follow from its collapse, whatever
ideas may be insisted upon as TO silver
or bimetallism, a proper solution OF the
question now pressing upon us only re-
quires the recognition Of gold rs well as
silver and the concession Of its impor-
lance rightfully or wrongfnlly acquired
as Q basis Of national credit q necessity
in the honorable discharge Of our obi
cations payable in gold, o badge Of SOL
yency. I do not understand the real
friends Of silver desire a condition that
might follow inactiop or neglect to ap-
preclate the meaning Of the present ext
gency il il should result in the entire
b%anishmeut Of gold from our financial
and currency arrangements.
Besides the Treasury notes, which GER
family shsuld be paid i n gold, amo6as
Ing 70 nearly s5Oo,OOo,OO0, there will fall
Su6 in 1904 one hundred millions Of
bonds issued during last year, for which
we have received gold, and in 1907 near
y S6OO,O00.O00 Of four per cent bonds is
sued IN 1877. Shall the payment OF thesa
obligations in gold be repudiatedf II
they are 70 be paid in such a manner as
the preservation Of our national honor
and solvency demands, we should not de-
stroy or ven imperil our ability 10 sup
ply ourselves With gold for that pur-
pose.
While | ana not ~unfriendly to silver
and while I desire to sec il recognized
to such 40 extent as is consistent with
the financial safety and preservation Of
national honor AID credit, I am not will
ing to see gold entirely banished from
our currency and finances. To avert
such a consequence, I believe thorough
and radical remedial legislation should
be promptly passed.
therefore beg congress to give the
subject immediate attention. IN my
opinion the secretary OF the TREASURY
should be authorized TO issue bonds Of
the government for the purpose Of pro-
curing and maintaining a sufficient gold
reserve and redemption aud cancellation
Of United States legal tender notes aud
treasury notes issued for the purchase
OF silver under the lew of-July "A, 1890.
We should DO relieved from the humliat-
ing process OF issuing bonds to procure
gold 70 be Immediately and repeatedly
drawn out on these obligations Tor pur-
poses not related to the benefit of our
government or d people. The pdnoi-
pal and interests Of these bonds should
be payable on the face in gold, because
they should be sold Tor gold only 1t is
Imperative and because there would now
probably bedifioulty ID fagorably dispos-
ing Of bonds not containing this stipula-
ton. suggest that bonds be issued 10
Reorganization OF tweoty and fifty dollars
aud their multiples and they bear inter-
est o. . rate not exceeding three per cent per-
annum. ! do not See why they should not be
payable Tor ATTY years from their date. We Of
me present generation have large amounts 20