The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-12-14

States bonds OF small as well as large denomi-
nations, bearing a low rate of interest They
should be long-term bonds, thus increasing
their deSirability as investments, and because
their payment could be well postponed TO a
period far removed from present financial bur-
dens and perp!exites. when. with increased
prosperity and resources, they would be more
easily met. To further insure the cancellation
OF these notes. and also provide q way in which
gold may be added to our currency In lieu OF
them, a feature in the plan should be an au-
thOrity given To the secretary Of the treasury
20 dispose of the bonds abroad for gold. II nee
esSary. TO complete the contemplated redemp-
ton and cancellation. permitting iim TO use
the proceeds OF such bonds to take up and can
Gel any Of the notes that may be In the treas
ury. or that may be received by their govern
ment on any account. The increase OF OR
bonded debt Involved in this plan would be
amply compensated BY renewed activity and
enterprise in all BUSINESS circles. the restored
confidence at home, the reinStated faith in our
monetary strength abroad and the stimulation
Of every interest and industry that would fol-
low the cancellation Of the gOId-demand obli-
cations now affecting US.
NATIONAL BANK CIRCULATION.
I think they ought to be allowed to issue cir
cu!aticn equal to the par value Of the bonds
they deposit 10 secure IL, and that the tax on
their circulation should be reduced to one
fourth Of one per cent. which would undoubt-
euly meet all the expenses the government in
ours on their account. In addition they should
be allowed to substitute or deposit in lieu or
the bonds now required as security for their
circulation those which would De issued TOT the
purpose Of retiring the United states notes
and treasury notes. The banks already exist
ing, il they desired to avail themselves OF the
provisions OF law uSmolitied could issue cir
culatiOn in addition to that already outStlnd-
ing. amounting to Si7s.OO00JD. which would
nearly or quite equal the currency proposed to
be cancelled.
so OF OUR
Perhaps il is supposed that sufficient revenue
receipts would, in a sentimental way, improve
the situation by inspiring confidence in our
S~Olveucy and ~allaYlHg the fear OF pecuniary
exhaustion. and vet al through our struggle to
maintain a gold reserve there never has been
any apprehension as to our ready ability to paw
OUr way with such money as we had, and the
question whether or not our current receipts
met our current expenses entered into the eS-
innate Of our SOlvency. OF course the general
state Of our funds. exclusive OF gold. was en-
tirely immaicrial to the foreign creditor and
investor. His debt could only be said in gold.
and his only concern was our ability to keep
on hand that kline Of money.
AS To FREE COINAGE OF SILVER.
While l have enGeavored to make a plain
statement Of this. the dISOrdered condition OF
our currency and the present dangers menac-
ing our prosperity. and to suggest a way
which leads to a safer financial system,
| have constantly had in mind the fact that
many Of NV cOUntrymcn whose sincerity l DO
nnt doubt. insist that the cure for the ills now
threatening Us may y" found In the single and
simple remedy Of the free coinage Of silver.
They contend that oar minis shall be ut once
thrown open 20 the free, unlimited and indie
pendent coinage Of both gold and silver dol
lars OF full legll-tcnder quality regardless Of
the action Of any other government and IN full
view Of tn" fact that the ratio between the
metals which they suggest calls for one hun
drcd cents worth OF gold in the gold dollar ut
the present standard and only nifty cents in IN
trinSjc worth nf silver in the silver dollar.
were there infinitely stronger reasons than
can lie adjUccd for hoping that such action
would secure for Us q bimctllllc currency
moving on lines ~ parity. an experiment so
novel and hazardous Is that proposed might
well StlgEcr those who believe that stability IS
an Imprrat:v" condition OF sound money,
No government. no human COntrlyanCe or
act Of legislation. has ever been able to hold
the two metals together in free coinage at u
ratio apDreCiablc different from that which Is
established in the markets 0. the world.