The Canton times. (Canton, Miss.) 1893-1906, 1895-12-06

tne government II gold bonds. bearing M :
..SSnt., were authorized to be substituted ID
| th0se mentioned In the contract 7SY m
Inc congress having declined 10 grant m
neuessary authority TO secure this saving. IN
yontract, unmodihed, was carritd ont res,,itin
th ~ d Roia reserve amounting to si07 57l $50 Of
| ~. Wy Gun Gay or July. 1896 The performance b
enis contract not only restored the reserve b,I
onecked Tor time the Withdrawals 81 coll
an9 Drought on period of restored conIidenc,
wars SUN ~ peace and quiet In business circles o,
i Me1o on tne greatest possible value to ever,
hnesreso that Affects our people have neyel
nau tne slightest misgiving concerning tht
ouits or Rr1priesy Of this ARRANGEMENT
responsibility for Its promotion. :
Ihoush the contract mentioned STAYED for I,
lime the tide Of gold withdrawal. its good re-.
S drass SoHid not be permanent Recent with
81 25g on the 9th day of July, 1850; to s7y 8ss
700 HOW long 1t will remain large enough tt
renaer lts Increase unnecessary is only matter
sor eohhJecture' though quite large Withdrawals
d;n. saiPment IN The immediate future are pre-
az 'lct L IN wel-informed quarters About S16.-
OvoOO) has been Withdrawn during the month
OF November. VINO 'noA'N
~ Ahb NEARLY WHERE WE STARTED.
dttines ioregolng statements of events and con-
uu..1ns envelopes the fact that after increasing
Vur lhserest-bearing bonded indebtedness more
.nah oI'oOo.0OO to save our gold reserve. we
sre nearly where we started having now in
Fcbrnsrv tsS SassSoo' as against se',43S,S7 in
Ds,uary' 1874. when the first bonds were is
sueq. Ihough the amount Of gold drawn from
we treasury appears to be very large as gath
Il ec, ,rom tne facts and figures herein present
~ aGtuaiiy was much larger, considerable sums
having been acquired by the treasury within
bonds "i'hou' INC ISSUE Vi
THE WITHDRAWALS OF GOLD
INV ~ III one ssth OF January, 1895 it was reported
IMAM IMAM SIZE 5000 OF gold had been withdrawn
dor noardlng or shipment during the wear pre-
G EEL he now reports that from January l.
e1e y 70 July H. 1880; period OF more than
sMithorawn, and that between July a. 1890 the
oaIe OF the passage of the law for an Increased
purchase or silver, and the LIST day of Decem-
Vars vea ,0s., OF within less than five and half
Yeats tnere was Withdrawn nearly $375. OOO, 900,
dn nag the total Of more than s4O3, 900, 900
araWn from the treasury in gold since January
100 me date fixed in 1875 for the retirement
vi 1ne United States notes.
THOSE GoLD-RAIDING NOTES.
Nearly '37.0Oo000 Of the gold thus with
GraWn has been paid out on these United
states notes, and vet every one of the $40 OOO.-
0O0 Is still uncancelled and ready to do service
IN. future gold depletions More than S76,-
No,ooo In gold has, since their creation in 1890,
oeen paid out from the treasury upon the notes
given on the purchase OF silver by the govern
ment: and yet the whole, amounting to S155-
UnOOO except little more than $l6,0O0OO0,
which have been retired by exchanges for sill
outstanding and prepared to join their
older and more experienced allies in
future raids upon the treasury's gold reserve.
In other words, the government has paid in
gold more than nine-tenths of the United
states notes, and still owes them all. 1t has
paid in gold about one-half of it's notes given
or silver purchases without extinguishing by
iuch payment one dollar of these notes. When |
'dded to all this we are reminded that to carry
IN this astounding financial scheme the gov |
'rnment has incurred o bonded Indebtedness |
y Ss5 100000 In establishing gold reserve, and |
II $l6s ,3l5, 400 in efforts to maintain it, |
hat an annual interest charge on such |
,onded Indebtedness is more than $1l,- |
OO,OO0, that q continuance In our present |
curse may result in further bond issues,
nd that we have suffered or are threatened |
With all this for the sake of supplying gold for |
orelgn Shipment or facilitating its boarding at |
ome, a situation is exhibited which certainly
ught to arrest attention and provoke imme-
late legislative relief. 1 am convinced the
My thorough and practicable remedy for our
roubles Is found in the retirement and cancel
ation OF our United States notes. commonly
ry notes issued by the government in pay
lent of silver purchases under the act Of
100
REMEDIAL LEGISLATION SUGGESTED.
I believe this could be quite readily accom-
lished by the change OF the notes for United
tates bonds Of small as well as large
nominations, bearing low rate of interest.
hey should be long-term bonds thus increas-
g their desirability as Investments, and be-
Iuse their payment could be we'll postponed
period far removed from present financial
lrdens and perplexities, when with increased
'osperity and resources, they would be more
silly met. To further insure the cancellation
these notes, and also provide way in which
I'D may be added to our currency in lieu Of |
EN-, feature in the plan should be an au- I
ortty Civ en- to the secretary OF the treasury |
dispose OF the bonds abroad for gold. If nee !
sary, to complete the contemplated redemp- S
On and cancellation permitting him to use
e proceeds of such bonds to take up and can '
any OF the notes that may be In the treas c
y, or that may be received by the government t
any account. The increase OF our bonded I
BIT involved in this plan would be amply
mpenSated by renewed activity and enter
Use in all business circ ses. the restored conf
nee at home, the reinstated faith in our mon e
lry strength abroad, and the stimulation of
cry interest and industry that would follow y
2 cancellation Of the gold-demand obliga- 4
ms now aff1icting US.
n any event the bonds proposed would stand r
the extinguishment of u troublesome in e
btedness while in the path we now follow y
ere turks the menace OF amending bonds
tn our Indebtedness still undischarged and q
sravated in every feature. The obligations v
,essary to find this indebtedness would not
lal in amount those from which we have "
IN relieved, since 1884, by anticipation and "
4ment beyond the requirements OF the sink n
fund out Of our surplus revenues. p
he currency withdrawn by the retirement of
United States notes and treasury notes Il
W pIOuuuly lCSS tuoH pfcosOOOtVSV, | ID;
yht be supplied by such gold rs would be Il
ID In their retirement or by an increase in 81
culation of our national banks. Though the is
,regate capital Of those now In existence on
cunts to more than 1864 ,000. 600 their out N
nding circulation based on bond securities is
cunts to only about $190,Oo0,OO0. They are al
horized to issue notes amounting TO 20 per W
t. OF the bonds deposited to secure their cir m
alton. but in no event beyond the amount Of bf
ir capital stock, and they are obliged to pay nj
per cent tax on the circulation they issue. az
yCREAsED NATIONAL BANK CIRCULATION.
think they ought to be allowed to issue cir ha
ltion equal to the par value of the bonds In
Y deposit to secure it, and that the tax on eS
Ir circulation should be reduced to one SO
rth OF one per cent, which would undoubt- OF
7 meet ii the expenses the government in W.
on their account. In addition they should an
allowed to substitute or deposit in lieu OF tr'
bonds now required as security for their no
ulation those which would be issued for the m'
pose OF retiring the United States notes 70
treasury notes. The banks already exist
IL they desired to avail themselves OF the
-fsfape of Ia Tins uaodffiad e0uld iQgra | -.