Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-16


homo Il viii got the bett money the
world has, because no other Kind T.
ever used In international transacticn.
As loug az tho government leaves cur
people reasonably tree 10 trado abroad
and does DOT make any kind OF payer
legal teudcr In the payment OF the
debta, IL cannot materially OF inluu-
ously contract tie currency by sac
withdrawal, OF tie own notes. Vho
retirement aud cancellation Of tae
legal tender n0toi would not neco1anfi-
~ produce any contraction Of the cir
culation, and N sues = result should
follow and c1utiaue for any coneid,r.
able period, u would be a u1l"usifs-
lion Of the fact thst the volLne Of
currency previously ozlsing we NOT
needed IN tho Lueinera OF people, Tor
whenever the volume Ia ioiuoed below
tho actual requirements Of trade, tho
deficiency viii DO aoprliod eiiht- ir'n
abroad In exchange for our products
ana secufitiet, Or b. the banks az L5n'e
or boia. The United 5tstcH notes ana
treasury ..otol Issued In payment |
Tor silver bulllor, t,gclhot sllouut-
ing rt the bogina!ns TO gbl2,. |
Gls,OlS, havo beeu ufsd as a.
still bcinr used 10 withdrrw |
hNNA NANNA NMN LNHNA AAAAAAH HNHHHfH |
our own people u tho government, or |
people Of other counties $50 proper 10 |
demand n Tor any ,urpste, AND, uudcr |
The laws now cxiaiinv, tho secretary OF |
tho tfentury has no means Of comply
ing With those demands, except by the
ipsus and sale Of irtcfrti.henrlug bonds
under tho act " January II, 1875, or
by the purchase Of gold c0iu With
bonds or noies of ths United States un.
dor section 300 OF the revised ttatutef.
Apninst thste demands the treasury
has no available nivuuo OF defense, c1.
cert nt tho Facrlncn of tho public
| credit and the immediate depreciation
| OF the entire volume of our currency.
| Long adherence % d false syetom has
90 great uXtvnt uuucrminod our
/ national credit, 20 fer 90 10 10 tclnt-
| cd a. the maintenance % n eCund cut.
| rsncy, and n must DO rccolntfuoiud-
| not merely pr0ppud up hy ifail ana
| temporary supports. No surplus
| revenue, however large, could rG-
ttioato " from cur present q flleuliics
or give Assurance Of safety IN tue
future unless II chould DO required 10
BIO paid in gold unoor syatrm which
would exempt tue government from
tho obligations 10 furnish tue geld
when demanded, 10 BIO used Ia
making the payments nnd It
II scarcely noeelaary 70 eug'
gost that furh u system ~
impossible as long ~ tue United
states notes ana treasury notce nte
kept In circulation AMI Hra reduomnblo
Ia gold by the government ITSELF On
pressntati0n.
"rhe opinion seems 10 prevail 10 come
/ d az "A.
sufulua In the trcaBufs pii prevent
Withdrawals VI gold, Dos rnnder
the issue OF bonus ic, election Of
the reserve unnucesisiy -ui tnis view
Of tho sui jeut 10 founded, in my iudg-
mant, up0n An entire niHc0ncoptlon VI
tho causes thst have produced the
Withdrawals. Unlesa 4 am wholly
mistaken ih0y have very little, II any,
relation 10 the amount Of money held
by the government, or 10 the amount
Ol money toe government has ABILITY
TO raise by taxation or Otherwise, but
tnoy relate primarily AMI almost ex'
. clusiyUly 10 the character OF money
7 that IL might DO hblo 10 supply and
keep Ia calculation. In other words II
, was ap ,fehonei0n "a TO ihe knd Of
) | money 60 be used, a.. i'ot as 70 thu
Z ! kind Of money on hand, that brought
| our securities back ftom abroad TOT sale
, | caused foreign investors 10 wlihdfaN
: their capital ana r-lEn creditors 4
} | collect their dobtl and controlled Oul
/ own people 10 auEpssd C. contract thei
characterization nnd thus dimini Bl
, ha Inc omo o. employees ami StoAtl!
4 educate, or entire,y stot, the wagoa o
? lAtor
GOLD IS WANTED.
o WIarge Withdrawals have been mad
I dufilg the lnll tnrpc years simply be
i oaL1e gold was wanted, and the desir
i % secure gold was due TO grswln
: distrus. OF tho other Kinds OF cu,to. o.
i in circulation, ana net NJ all 10 an
@ appFohouslon that the govornue en-
r would not be able 10 discharge all II
u obligations in some kind OF papar o
Z coin. When the receipts for cnutom
Y consisted very largely Of gold, Ms VIZ
y the case priorto July l, 1892, bot-re Oh
. feaalts Of our detective currency nyi
l. tenn had been fully developed, q eurplu
. reyenue enabled the treasury 10 pa
u out gold without disturbing the rctsfvl
70 aud betidas. there was nt that tins n
y prsst demand for gold by the nresanii
p lion OF notes for redemption, and thor
E would. therefore, have been no din
u guilty In maintaining the reserve, eve
y N there had been no surplus In IN
% treasury; but the conditions have 81
u tiroly changed snd sn entirely ditiefet
~ policy 10 demanded 10 meet the silui
70 lion now existing. With or without
- surplus revenue, the government On
y aow procure gold only by negotiatir
y loans or by making purchases und'
70 the statute, and this slate OF Aiiaii
II which 10 n natural result Of causes Ell
y operative, Ia almost certain TO oontinu
usul the causes themselves arc r
moved"
q. Trhsro 10 but one safe and eheclui
~ wny,O the secretary says, "to pfoie'
our treasury against these demand
vs. and that Ia 10 retire and cancel u
potes which constitute the only NEAR
20 through which the Withdrawal can
w. made. Many partial and temporal
~ remedies may BE- suggested and urge
Nv with more or less plEuslhility, bus Oh
10 the only ono that will certainly :
NJ moyo the Taal cause Of our tr0ubl
X and give assurance OF permanent pr
no toollon against their recurrence in q
w future.
he THE sEoRErARY's PROPOSITION.
uThls can bs most successfully 81
o. economically accomplished ~ autho
~ izlng the secretary OF the treasury
mt issue from time 10 time bonds payat
lee In gold, bearing Interest ~ rate n