The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1895-02-01

ability or disposition ofthe govern
ment to continue paying its oblig-
ations in gold. The most dangerous
and irritating feature Of the situa-
tion he AYERS, is in the means by
which the treasury is dispossessed
of its gold by those who find pro-
fit in shipping it. abroad. Contin-
uing, he says: Besides treasury
notes which certainly should be
paid in gold, amounting to $780,
100000, there will fall due in 1904
100000, 900 issued during the last
year, for which we have received
gold, and in 1907 nearly $500,000.-
600 4 per cent bonds, issued in
1877. Shall the payment of these
obligations in gold be repudiated?
While | am not unfriendly to sill
yer, and while / desire to see it rec
ognized to such an extent as is con-
sistent with the financial safety
and the preservation of national
honor and credit, | am not willing
to see gold entirely banished from
our currency and finances. To
avert such consequence | believe
thorough and radical remedial leg
islation 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 ef securing and main
tanning q sufficient gold reserve
and the redemption and cancella-
tion of United States legal tender
notes and treasury notes issued for
the purpose Of silver under the law
of July IA, 1890. We should be
relieved from the humiliating pro-
cess of issuing bonds to procure
gold to be immediately drawn on
these obligations for purposes not
related to the benefit Of our gov
ernment or our people. The prin-
cipal and interest of these bonds
should be payable in gold, because
there would now probably be
difficulty in favorably disposing of
bonds not containing this stipula-
tion. | suggest that bonds be is
sued in denominations of $40 and
$50 and their multiples, and that
they bear interest at a rate not ex-
ceeding 3 per cent per annum. /
do not see why they cannot be pay
able 80 years from their date. The
secretary Of the treasury might
well be permitted at his discretion
to receive for the sale of bonds le-
gal tender and treasury notes to be
retired, and of course when they
are thus retired or redeemed by
gold they should be cancelled.
These bonds, under the existing
laws, could be deposited by nation
al banks as security fol circulation,
and such banks should be allowed
to issue circulation up to the face
value Of them or any other bonds
so deposited except bonds out
standing bearing only 2 per cent
interest and which sell in the mar.
ket at less than par. National
banks should not be allowed to
to take out circulating notes Of less
denominations than $40, and when
such as are now outstanding reach
the treasury, except for redemption
and retirement, they should be can
celed, and notes Of denominations
of $40 and upward issued in their
stead. Silver certificates of denom-
nations Of $40 and upwards should
be replaced by certificates of de.
Nominations under $40 as coin
statements for the maintenance of
reasonable supply of gold in the.
treasury. Our duties on imports
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