Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1895-02-02


follow present conditions and methods
which 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 who seek
employment as n means of livelihood,
and TO those whose only capital is their
daily labor.
1t will hardly do to say that simple
Increase of revenue will cure our troubles.
With the apprehension now existing and
constantly increasing as to our financial
ability, il does not rest upon calculation
OF our revenue. The time has passed
when the eyes of investors abroad and
our people 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 as we
have. There is now in the Treasury
comfortable surplus of more that 63,000,-
900 Of dollars, but it is not in gold, and,
therefore, does not meet our difficulty.
The silver Jumping Jack.
. i ca4not see that differences Of opin-
y "a islII
i6n concerning the extent to Which silver
ought to be coined or used in our cur
rency should interfere with the counsels
of those whose duty it 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
bimetallism, the proper solution of the
question now pressing upon US only re-
quires a recognition Of gold as well as
silver and IA concession of its Importance,
rightfuly or wrongfully acquired as Il
basis of national credit, a necessity in
the honorable discharge of our obligations
payable in gold and badge of soyency.
| do not understand that the real
friends of silver desire condition that
might follow naction or neglect to appre-
ciate the meaning of the present eXigency,
If it should result in the entire banish-
ment of gold from our financial and
currency arrangements
Besides the Treasury notes, which GER
tainly should be paid in gold. amounting
to nearly J00,00O.000 of dollars, there
will fall due in 1904 one hundred mil
lions Of bonds, issued during the last
year, for which We have received gold,
and in 1907 nearly G0O,000,0OO of s per
cent bonds issued in 1877. Shall the pay
mcnt of these obligations in gold be re-
pudiated?
If they are to be paid in such a manner
as the preservation of our national honor
and national solyency demands, we should
not destroy or even impcril our ability to
supply ourselves with gold for this pur-
pose.
| While | am not unfricndly to silver,
and while ! desire TO see it recognized to
such an extent us is consistent with the
financial safety and the preservation of
national honor and credit, am not will
| ing to see gold entirely abolished from our
currency and finances. TO avert such IL
consequence believe thorough and radi-
cal remedial legislation should be prompt-
! ly passed. | therefore beg the Congress
to give the subject immediate attention.
More Bonds Necessary.
! In my opinion the Secretary of the
Treasury should be authorized to issue
bonds of the government for the purpose
OF procuring ana maintaining n sufficient
gold reserve and for the redemption and
cancellation OF the United States legal
tender notes and the Treasury notes is
sued Tor the purchase OF silver under
the law of June II. 1890.
we should be renewed from the hunll-
1ahhg process OF issuing bonds to pro-
cure gold TO be Immediately ana repeat
ediy drawn out on these obligations Tor
purposes hol relaleu 10 the bencllt OF our
government or our people 1he prlnci-
pal anu interest OF 'hcse bonds should be
payapie on .helr lace III gold, hecause
they should he SOFA only Tor gold or IFS
Representatives ana because thefe would
now ne dllhcui'y III iaVorably disposins
OF bonds not containing TINS stipulation.
suggest that the bonds he issued in
denominations OF ~ ana 90 dollars ana
Their multlpi'S' ana mat they bear III
tcrest at rate not exceeding . per cent.
per ahilnnl' 90 not see Wh! 'heS Shouin
not be payable nifty years from their date.
We OF the present generation have large
amounts to pay If we meet or obliga-
tions and long bonds are most saleable.
The Secretary of the Treasury might
well be permitted at his discretion to re-
ceive on the sale of bonds the legal tender
and Treasury notes to he retired, and of
course when they are thus retired or re-
deemed in gold they should he cancelled.
More Bond-i,nsed Currency.
These bonds under the existing laws
could be deposited by national banks as
security for circulation and such banks
should he allowed to issue circulation III
TO the face value or any other bonds SO
dcposted except bonds outstanding bear.
ING only 9 pcr cent. interest and which
sell in thc market at less than par. Ma.
tionol banks should not be allowed TO take
ont circulating notes of a less denomina.
t;on than $40. and when such as ar,
now outstanding reach the Treasury. ey
cont far redemption and retirement they
should he cancelled, and notes of the do
nominoton of $40 and inward issued il