The daily morning journal and courier., 1895-12-04

ed by the treasury with the several periods stated without the issue of bonds. On the 2Sth of January, 1895, 1t was reported by the secretary of the treasury that more than $l7200O,0OO of gold had been withdrawn for hoardlng or shipment during the year preced- ing, He now reports that from Jan uary l. 1879, to July IA, 1890, a period of more than eleven years only a little over $2S,000,000 was withdrawn, and that between July 14,1S9O the date Of the passage of the law for an increased purchase of silver, and the last day of December, 1895, or within less than five and half years, there was withdrawn nearly $S75, OO0, 900 making total of more than $403 000, 900 drawn from the treasury in gold since January 1, 1879, the date fixed in 1875 for the retirement of the United States notes. Nearly $S27 100000 of the gold thus withdrawn has been paid out Of these United States notes and yet every one of these S846, 900 is stilI uncancelled, and ready to do service in future gold de- pletions. More than $76,O0OOOO in gold has since their creation in 1890 been paid out from the treasury upon the notes given on the purchase of silver by the government and yet the whole, amounting to $155, ,000, ,000 except a little more than $16,000,0 ,000 which have been retired by exchanges for silver at the request of the holders, remains out standing and prepared to join their old CT and more experienced allies in future raids upon the treasury's gold reserve, In other words the government has paid in gold more than nineteenth of its United States notes and still owes them all. It has paid in gold about one-half of it's notes given for silver purchases without extinguishing by such payment one dollar of these notes. When added to all this we are reminded that to carry on this astounding finan- cial scheme the government has incur red bonded indebtedness of 95,50O, 900 in establishing a gold reserve and of $162, ,315, 400 in efforts to maintain it; the annual interest charge on such bonded indebtedness is more than $11 1000, ,000; that a continuance in our present course may result In further bond is- sues, and that we have suffered or are threatened with all this for the sake of supplying gold for foreign shipment or facilitating it's hoarding at home, a ought to arrest attention and provoke immediate legislative relief.
 A REMEDY.
 I am convinced that the only thor ough and practicable remedy for our troubles Is found in the retirement and cancellation of our United States notes, commonly called greenbacks, and the outstanding treasury notes isued by the government in payment of silver pur- chases under the act of 1S90 I believe this could be quite readily accomplish ed by the exchange of those notes for United States bonds of small as well as large denominations, bearing low rate of interest. They should be long term bonds, thus increasing their desirabii- ty as Investments, and because their payment could be well postponed to a period far removed from present tlnan- cial burdens and perplexities, when with increased prosperity and resources they could be more easily met.
 To further insure the cancellation of these notes and also provide a way by which gold may be added to our cur rency in lieu of them, a feature in the plan should be an authority given to the secretary of the treasury, to dispose of the bonds abroad for gold if neces- sary to complete the contemplated re- demption and cancellation, permitting him to use the proceeds of such bonds to take up and cancel any of the notes that may be in the treasury or that may be received by the government on any account. The increase of our bond ed debt involved in this plan would be amply compensated by renewed activ. ity and enterprise in all business cir cles, the restored confidence at home the reinstated faith in our monetary strength abroad and the stimulation of every interest and industry that would follow the cancellation of the gold de. mand obligations new aff1icting us. 1r any event the bonds proposed would stand for the extinguishment of trou. blesome indebtedness, while in the path we now follow turks the menace ol intending bonds, with our indebtedness still undischarged and aggravated ir every feature. The obligations neces. sary to fund this indebtedness would not equal in amount those from which we have been relieved since 1884 by an. | ticipation and payment, beyond the re. ! quirements of the sinking fund, out ot our surplus revenues.
 | The currency withdrawn by the re. l tfrement of.the United States notes an6 treasury notes, amounting to probably less than S6,O00 900, might be supplied by such gold as would be used on theii retirement or by an increase in the cir. culation or cur national banks. Though l the aggregate capital of those now ir existence amounts to more than $664 l 000,000, their outstanding circulation ! based on bond security amounts to only ! about $190, ,000. They are authorized | to issue notes amounting to 90 per cent of the bonds deposited to secure theil l circulation, but in no event beyond tn, amount of their capital stock and they are obliged to pay one per cent. ta1 on the circulation they issue. I thinl | they should be allowed to issue circu | lation equal to the par value of tho bonds they deposit to secure it, ant 1 that the tax on their circulation should be reduced to one-fourth of one per cent, which would undoubtedly meet al
 the expense the government incurs or | Ia, Tr oa