The Lamar register., 1895-02-02

friends OF silver desire condition that
might follow inaetion or neglect to ap-
preciate the meaning of the present ex-
igency If 1t should result in the entire
Punishment OF gold from our financial
ana currency arrangements.
Besides the treasury notes which
certainly should be paid in gold.
amounting to S50O,0O0.OOO. there will
fall due in 1904 100000, 900 of bonds is
sued during the last year, for which we
have received gold, and in 1907 nearly
stoo,OpoVoo OF per cent bonds, issued
IN 1877. Shall the payment OF these
obligations In gold be repudiated? If
they are to be paid In such a manner
as the preservation of our national
honor and national solvency demands
we should not destroy or even imperil
our ability to supply ourselves with
gold for that purpose.
while l am not unfriendly to silver.
and while / desire to see Ii recognized
10 such an extent as is consistent with
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, l believe that
thorough and radical remedial legisla-
tion should be promptly passed. l
therefore beg the 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 of pro-
curing and maintaining a sufficient
gold reserve and the redemption and
cancellation OF the United States legal
tender notes, and tho treasury notes is
sued for the purchase of silver under
the law OF July IA. 1890. We should
be relieved from the humiliating pro-
cess OF issuing bonds 10 procure gold to
be Immediately and repeatedly drawn
out in these obligations for purposes
not related to the benefit of our govern
ment or our people.
1.-The principal and interest of these
bonds should be payable on their face
In gold. because they should be sold for
only gold or its representative and be
cause there would now probably be
difficulty in favorably disposing of
bonds not containing this stipulation. l
suggest that the bonds be used in de-
nominations OF $50 and $50 and their
multiples and that they bear interest at
the rate OF not exceeding 8 per cent.
per annum. | do not see why they
should not be payable for so years from
their date. We of the present genera
meet our obligations and long bonds
are most saleable. The secretary of the
treasury might well be permitted at
his discretion to receive on the sale of
bonds the legal tender and treasury
notes to be retired and of course, when
they are thus retired or redeemed in
gold they should be cancelled.
These bonds, under existing laws,
could be deposited by national banks
as security for circulation and such
banks should be allowed to issue cir
culation up to the face value of these
or any other bonds so deposited except
bonds outstanding bearing only Der
cent. interest and which sell in the
market at less than par. National
banks should not be allowed to take
out circulating notes of less denom-
ination than SO aud when sucG AZ
now are outstanding reaef tile treas
ury, except for redemption and retire
ment they should be cancelled and
notes issued in their stead. Silver GER
tificates of the denomination of SO
and upwards should be replaced by
certificates of denominations under
S1o.
AS n constant means for the main
tenance of a reasonable supply of gold
In the treasury, our duties on imports
should be paid in gold. allowing all
otter dues to the government to be
pa d in any other form of money
4 believe all the provisions l have
suggested should be embodied in our
instatement of a sound financial con-
diuon. They need not interfere with
am currency scheme providing for the
in,raaSa of tho circuln tipp rna1ip,n