Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-12-13
HE ONLY REMEDY FOR The EVIL
President Cleveland Says Greeubacks
should lie Retired.

President Cieveland Says Grecubacks |
should he Retired.
1 am convinced the only thorough and
practicable remedy for our troubles Ii
found In the retirement and cancellation
Of our United States notes, commonly
called greenbacks, and the outstanding
treasury notes issued by the government
In payment of silver purchases under the
act of 1891. / believe this could be quite
readily accomplished by the exchange
of these notes Tor United States bonds Of
small as we'll as large denominations
bearing a low rate of interest. They should
be long term bonds. thus increasing their
desirability as Investments and because
their payment could be well postponed
to a period far removed from present
financial burdens and perplexities when
with increased prosperity and resources
they could be more easily met.
BOND ISSUE 5CHEME.
To insure the cancellation Of these
notes and also provide q way by which
gold may be added to our currency IN
lieu of them, q feature in the plan snouio
be an authority given to the secretary Oh
the treasury to dispose of the bonds
| abroad for gold II necessary to complete
| the contemplated redemption and cancel
lation. permitting him to use the pro-
cesds of such bonds to take up ana can
| Gel any of the notes that may be IN the
treasury or that may be received by the
government on any account. The IN
| crease of our bonded debt involved In
| this plan would be amply compensated
for by renewed activity and enterprise IN
all business circles. The restored conf
| dence at home, the reinstated faith In
our monetary strength abroad and the
stimulation Of every interest and indus
| try would follow the cancellation OF the
| gold demand obligations now affecting US.
In any event the bonds proposed would
stand for the extinguishment of trouble
| some indebtedness. While In the case we
now follow-the menace of amending
bonds. without Indebtedness till I'M
| discharged and aggravated III every feat
| ure-the obligations necessary to fund
this Indebtedness would not equal In
amount those from which we have been
| relieved since 1884 by anticipation ano
| payment, by the requirements of the sink
ing fund of our surplus revenues, the
currency withdrawn by the retirement OF
| the United States notes and treasur,
notes. amounting to probably less thar
$4S6. 000. 900. might be supplied by sucf
| gold as would be used on their retirement
| or by an increase in the circulation o.
} our national banks.
TAKE OFF THE TAX.
Though the aggregate capital OF tnos'
| now in existence amounts to more tnai
| 1864, 00O, 000 their outstanding circulation
based on bond security. amounts to oni!
about $3.50 900. and they are author
lied to issue notes amounting to ninet.
per cent of the bonds deposited to secur
their circulation. but in no event beyons
! are obliged to pay one per cent tax OF
their circulation they issue.
/ think they should be allowed to issu
: circulation equal to the par value OF tn
bonds they deposit to secure 1t. and tina
| the tax on their circulation should be re
duced to one-fourth Of per cent, whicl
would undoubtedly meet all the expens
: | the government incurs on their account
. | In addition they should be allowed to sub
|. | stitute or deposit in lieu Of the bonds nov
1 ID Rrxvr al
!, | those which would be issued for the pur
, | pose of retiring the United States note
: | and treasury notes.
The banks already existing, II they dc
J sired to avail themselves Of the provision
of the law thus modified. could issue cir
| culatfon in addition to that already out
standing amounting to 347s.0oo.ooo whic
. | would nearly or quite equal the currenc
a proposed to be Cancelled. At any even
y should confidently expect to see the e1
. | isting national banks or others to be oil
!. ganized avail themselves of the propose
d promptly I'LL any vacuum and suppl
n every currency need.
n 1t has always seemed to me that tn
; provisions OF the law regarding the car
e ital of national banks, which operate a
= | q Limitation to their location. fall to max
4 proper compensate for the suppressio
v OF state banks. which came near to tn
> people in all sections Of the country an
Q | readily furnished them with banking az
t | commodations and facilities. Any incor
r venience or embarrassment arising frol
d | those restrictions on the location Of ns
: tional banks might well be remedied
e | better adapting the present system to tn
= | creating OF banks in similar communitie
Q or by permitting banks of large capits
y to establishes branches In such localitie
z as would serve the people. 20 regulate
r ] and restrained to secure their safe an