Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1895-01-31

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appreciate the meaning of the present
exigency, II il should result In the en-
tire Punishment Of gold from our a.
nancial and currency arrangements.
Besides, the treasury notes. which GER
talnly should be paid in gold, amount
to nearly S500,0O0,0OO. There will fall
due In 1904 S100,OO00O0 Of bonds is
sued during the last year for which we
have received gold, and in 1907 nearly
S600,000,000 of 4 per cent. bonds is
sued in 1877. Shall the payment of
these obligations in gold be repudi-
ated? If they are to be paid in such
a manner as the preservation of our
national honor and national solyency
demands we should not destroy or
even imperil our ability to supply our
selves with gold for that purpose.
While / am not unfriendly to silver,
and while | desire to see 1t recog-
nized to such an extent as is consist
ent with financial safety and the pres
eryation Of national honor and credit,
am not willing to see gold entirely
banished from our currency and fl
nances. To avert such a consequence,
believe thorough and radical rem
edical legislation should be promptly
passed.
| therefore beg the congress to give
the subject immediate attention In
my opinion the secretary of the treas
ury should be authorized TO Issue bonds
of the government for the purpose of
procuring and maintaining a sufficient
gold reserve and the redemption and
cancellation of the United States legal
tender notes and the treasury notes
and the treasury notes issued for the
purchase Of silver under the law of
July IA, 1890. We should be relieved
from the humiliating process of issu-
ing bonds to procure gold to be imme-
diately and repeatedly drawn out on
these obligations for purposes not re-
lated TO the benefit of our government
or our people. The principal AM in
terest of these bonds should be pay
able on their face in gold, because
they should be sold only for gold or
its representative and because there
would now probably be difficulty in
favorably dispoSing of bonds not con-
tanning this stipulation.
suggest that the bonds be Issued
in denominations of $40 and $50 and
multples and that they bear interest
at rate not exceeding 3 per cent.
per annum do not see why they
should not be payable fifty years from
-
ration have large amounts TO pay II
we meet our obligations and long
bonds are most saiable. The secre-
tary 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 10 the face value of these
or any other bonds so deposited. ex-
cept bonds outstanding bearing only
. per cent. interest ana which sell at
less than par. National banks should
not be allowed to take out circulating
notes OF less denomination than $40,
and when such as are now outstanding
reach the treasury, except for redelnp-
ton and retirement, they should be
cancelled. and notes of denominations
of $40 and upwards issued in their
stead. Silver certificates of the de-
nomination Of so and upwards should
be replaced by certificates of denomi-
nations under $40.
As a constant means for the main
tenance of reasonable supply Of gold
In the treasury our duties on imports
should be paid in gold, allowing all
other dues to be paid in any other
form OF money.
I believe all the provisions | have
suggested should be embodied in our
laws il we are to enjoy complete re-
instatement of sound financial con-
dition. They need not interfere with
any currency scheme providing for the
increase of the circulating medium
through the agency of national or
state banks since they can easily be
adjusted TO such scheme. Objection
has been made to the issuance Of IN
terest-bearing obligations for the
purpose of retiring the non-interest-
bearing legal tender notes. In point
of fact, however, these notes have
burdened MS with large load Of in
terest and 1t is accommodating The
aggregate interest on the original Is
sue of bonds. the proceeds OF which
in gold constituted the reserve for the
payment Of these notes, amounted TO
SIC. 326. $50 on January l, 1898, and the
annual charge for interest on these
bonds and those issued for the same
purpose during the last year will be
4 50. $4,000 dating from January |, 1895.
While the cancellation of these notes
would not relieve us from the obliga-
tons already incurred on their account