Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-29
maintenance Of our high national charac-
ter.
MORE GOLD NEEDED.


follov present conditions and methods
win certainly lead TO misfortune and
loss not only 20 our national credit and
nrospcrlty. and to financial enterprise.
hut 10 those OF our people who seek en-
plovmcnt as a means Of livelihood. and
a. those whose only capital Is their daily
labor.
II will hardly do 10 say that the simple
increase OF our revenue VIII cure our
troubles. The apprehension now existing
and constantly increasing as TO our
financial ability does not rest upon calcu-
lation 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. The
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 IL now In the Trea-
sury comfortable surplus Of more than
sixty-three millions OF dollars. but II Is
not in gold. and. therefore, does not
meet our difficulty.
SILVER NOT INVOLVED.
cannot see what differences OF
opinion concerning the extent to which
silver ought to be coined or used in our
currency should interfere with the coun-
81, Is Of those whose duty II Is to rectiiy
the evils now apparent In our financial
situation. They have to consider the
question Of national credit, and the con-
sequences thGt will follow from It's col
Lapse. Whatever ideas may be Insisted
upon "a TO silver or bimetallIsm, the
pI per solution Of the question now press
ing upon US only requires recognition
Of gold as wei as silver and Il conces-
sion Of its Importance. rishttully or
wronCtully acquired. as a basis or ma
ticnal credit, necessity in the honorable
discharge OF our Obligations payable in
gold. and a badge Of solvcncy.
do not understand that the real
friends Of silver desire the condition that
might follow inaction or a neglect 10
appreciate the meaning Of the present
eNiGency, If II should result in the entire
hGnishment OF gold from our financial
and currency arrangements.
Besides the Treasury notes, which GER
tainy should be paid in gold, amounting
20 nearly five hundred millions Of dollars.
there will fan due in 1901 one hundred
millions in bonds issued during the last
year, for which We have received gold,
and in 1901 nearly six hundred millions
Of per cent bonds, issued in 1857. Shall
payment OF these Obligations IN gold
be ropudated? If they are 70 be paid in
such manner as the preservation of our
national honor and national solvcncy de-
mands. we should not destroy or even
impcril our ability 20 supply ourselves
with gold for that purpose.
While I am not unfrendly to silver,
and while / desire to see II recognized
to such extent as IS consistent with
financial safety and the preservation of
national honor and credit, I am not will
ing TO see gold entirely banished from
our currency and finances. To avoid
such a consequence, l believe thorough
and radical remedial legislation should
be promptly passed. |. therefore, beg the
Congress to give the subject immediate
attention.
THE PRESIDENTS PLAN.
In my opinion. the Secretary OF the
Treasury should be authorized to issue
bonds Of the government for the purpose
OF procuring and maintaining sufli
cient gold reserve and the redemption
and the cancellation Of the United States
lecal-tcnder notes and Treasury notes
issued for the purchase OF silver under
the law Of July H. 1890. We should be
relieved from the humiiating process Of
issuing bonds To procure gold. TO be i'm
mcdiately and repeatedly drawn out on
these obligations for purposes not related
- the benefit Of our government or
our people. The principal and interest
Of these bonds should be payable on their
face I'm gold. because they should be
sold only for gold or It's representative,
and because there would now probably
be difficulty I'm favorahly disposing OF
bonds not containing this stipulation.
/ suggest that bonds be issued In de-
4 r1o1fs
and their multipes. and that they bear
interest at a rate not exceeding per
cent. per annum. do not see why they
should not be payable fifty years from
their dates. We of the present genera
ton have large amounts TO pay, II we
meet our obligations. and long bonds
are more salahlc. The Secretary Of the
Treasury might we'll be permitted at
his discretion. 10 receive on the sale Of
bonds legal-tcnder and Treasury notes.
10 be retired. Of course, and when they
are thus retired or redeemed in gold,
they should be cancelled
BANK CIRCULATION.
These bonds under existing laws. could
be deposited by national banks as Sc
curity for circulation: and such banks
should be allowed TO issue circulation
up 10 the face value OF these or any
other bonds 50 deposited. except the
bonds outstanding. bearing only 2 per
cent interest. and which sell in the mar
ket at less than par.
National banks Sould not be allowed
TO take ont circulating notes Of less de-
nomination than ten dollars. and when
such as are now outstanding reach the
Treasury. except for redemption and re-
tiromont they should he cancelled. and
notes Of the denomination of ten dollars
and upwards issued in their stead.
Silver certificates Of the denomination
of ten dollars and upwards should be
replaced by certificates of denominations
under ten dollars.
AZ a constant means for the mainte-
nance Of a reasonable supply Of gold in
the Treasury. our duties on imports
should be paid in gold, allowing all other
dues to the government to be paid in any
other form Of money.
believe all the provisions l have
suggested should be embodied in our
laws. II we are to enjoy complete rein
statement Of a sound financial condition.
They need not interfere with any cur
Ecncy scheme providing for the increase
IF the circulating medium through the
agency Of national or state banks, since
thcv can easily be adjusted 10 such
scheme.
AN OBJECTION NET
objection has been made TO the issuance
of intcrcst-bcarug obligations for the
purpose of retiring MISUNDERSTANDING
necal-tendcr notes. In point Of fact. how
ever. these notes have burdencd us with
a large load Of interest. and Il is still
aCCumulaung The aggregate interest
on the original issue Of bonds. the pro-
cecds of which in gold constituted a
reserve for the payment Of these notes.
amounted to S10.326.25) on January /.
1895. and the annual charge for interest
on these bonds and those issued for the
same purpose during the last year Will
be SoIi5e1. dating from January l. 1895.
" hile the cancellation OF these notes
would not relieve us from obligations
already incurred on their account these
figures are given by way Of suggesting
that their existence has not been free
from interest charges. and that the longer
trey are outstanding. judging from the
expense Of last year. the more expen-
sive they VIII become
In conclusion. ! desire 10 frankly con-
fcss my reluctance~to issue more bonds
IN present circuuI tnces. and with no
better results than have lately followed