The people's journal. (Pickens, S.C.) 1891-1903, 1895-12-12

more than $65 100000. This gold was
to be delivered in such instalments as
would complete its delivery within
about six months from the date of tho
contract and at least one. half of the
amount was to be furnished from
abroad. 1t was also agreed by those
supplying this gold that during the
continuance Of the contract they would
| by every means in their power protect
the Government against gold with
drawals. The contract also provides
that if Congress would authorize their
| issue bonds payable by their terms in
gold and bearing interest at the rate
OF 8 per cent. per annum might within
ten days be substituted at par for the
per cent. bonds described in the
agreement.
On the day that contract was made
it's terms were communicated to Con.
gress by a special Executive message,
in which it was stated that more than
sixteen millions of dollars would be
saved to the Government If gold bonds
bearing 3 per cent. interest were au-
thoriZed to be substituted for those
mentioned in the contract. The Con
gress having declined to grant,the nec-
essary authority To secure this saving,
the contract, unmodified, was carried
out, resulting ir a gold reserve amount
ing to $l07.57l ,230 on the Sth day OF
July, 1895. The performance Of this
contract not only restored the reserve,
but checked for time the Withdrawals
of gold and brought on q period OF re.
stored confidence and such peace and
quiet in business circles as were OF the
greatest possible value to every inter-
est that affects our people. 1 hav
never had the slightest misgiving con-
corning the wisdom or propriety of
this arrangement and am quito willing
to answer for my full share Of respon-
sibility for its promotion. l believe it
averted q disaster, the immiaence of
which was fortunately not at the time
generally understood by our people.
Though the contract mentioned stay
ed for time the tide Of gold with
drawals, its good results could not bo
permanent. Recent Withdrawals have
reduced tho reserve from $l07 81 .2230
on the Sth day Of July, 1895, to $40, 333.-
9TG. How long it will remain large
enough to render it's increase unneces-
sary is only matter Of conjecture,
though quite large Withdrawals for
shipment in the Immediate future are
predicted in we'll informed quarters.
About lG,000,000 has been Withdrawn
during the month Of November.
THE ONLY REMEDY FOR OUR TROU-
BLES.
l am convinced that the only thorough
and practical remedy for our troubles
is found in the retirement and cancel
lation of our United States notes, com
monly called greenbacks and the
outstanding treasury notes issued by
the Government in payment OF silver
plrchasei iunder,tho Act of 1890
| believe that this could bo quite
readily accompanied by the exchange
Of these notes for United States bonds
bearing a low rate of interest. They
should be long term bonds, thus ir~
creasing their desirability as invest
mcnts, and because their payment
could be we'll postpaid to period far
removed from present financial burdens
and perpleXitics, when with increased
prosperity and resources they would bo
more easily met.
TO further insure the cancellation of
these notes and also provide way by
which gold may be added to our cur
rency in lieu OF them a feature in the
plan should be an authority given to
the Secretary of the Treasury to dis
pose of the bonds abroad for gold, if
redemption and cancellation, permit
ting him to use the proceeds of such
bonds to take up and cancel any of the
notes that may be in the treasury or
that may be received by the Govern
ment on any account.
The increase Of our bonded debt in
Volved in this plan would be amply
compensated by renewed activity and
enterprise in all business circles. the
restored confidence at homo, the rein
stated faith in our monetary strength
abroad, and the stimulation OF every
interest and industry that would follow
the cancellation of gold demand OBJ
legations now atllicting us. In any
event the bonds proposed would stand
for the extinguishment Of trouble
some indebtedness, while in the
path we now follow there turks The
menace of unending bonds. with Gu
Indebtedness still undischa rgcd an
aggravated in every feature. Tue OBJ
legations necessary to fund his in
debtedness would not equal in amount
those from which we have been rcliev.
ed since 1854 by anticipation and pay
ment, beyond the requirements Of tt,
sinking fund, out OF our surplus rev.
enunS.
THE FREE SILVER REMEDY.
While [ have ende2vored to make a
plain statement Of the disordorcd con
ditiOn of currency and tho present
dangers menacing our prosperity, and
to suggest a way which leads to u SAFER
financial system, / have constantly had
in mind the fact that my countrymGn,
whose sincerity do not doubt insist
that the cure tor tho ills now threaten
ing us may be found in the single and
simple remedy of the free coinage OF
silver. They contend that our mints
shall be at once thrown open to the
free, unlimited and independent coin
age OF both gold and silver dollars Of
full legal tender quality, regardless OF
the action of any other Government
and in full view of the fact that the
ratio between the metals which they
suggest calls for one hundred cents
worth of gold in the gold dollar at the
present standard, and only fifty cents
in intrinsic worth ofsilvcr in the silver
dollar.
Were the infinitely stronger reasons
than can be adducod for hoping that
such action would secure for us q BIZ