The Red Cloud chief., 1895-12-13

anal interest charge Of such bonded in
debtedness IL moro than $1,000 0W. tl.ut
a continuance in our present course
mny result in further bond Issues,
AMI that We have suffered or are threatened
with all this for the sake Of suppl, ing gold for
foreign shipment or facilitating its boarding at
home, a situation Is exhibited which certainly
ought to arrest attention and provoke immedi-
ate Legislative relief j am convinced the only
thorough and practic able remedy for our trou-
bles Is found in the retirement and cancellation
OF our United States notes. commonly called
giecnbacks and the outstanding treasury notes
issued by the government In payment OF silver
purchases undcr the act Of 1870.
believe this @ ould be quite readily accom-
plished by the @ change Of these notes for us.
bonds OF small as well as large denominations
bearing a low rate Of interest. they should be
long torn bonds, thus Increasing their desir-
ability as investments and because their pay
mont could be we'll postponed - q period far
removed from present financial burdens and
pcrpl kites when with in;rcasod pr ,sperity
and resources they would be- more easily met,
To further insure the cancel alton OF these
notes and also prov. 10 n way by which gold
may he added to our currency in lieu ~ them,
q feature in tho plan should be an aut 'ority
given To tho Secr;tary 81 tho Treasu y
to dispose OF tho bonds abroad for gold TX
necessary, to complete the plated re-
demption and cancellation permitting him use
of the procce Is Of such bonds to take up and
CunCcl any Oh tnc moves InaV 1nhy W III tUe
treasury or that may be received by tho gov
eminent on any account. The increase 81 our
bonded debt involved in this plan would be
amply compensated by renewed activity and en-.
| tcrprise in all business circles, the restored
| confidence at home, the rcinstatcd faith In our
monetary strength abroad. aud the stimulation
OF every interest and industry that
would follow the cancellation Of the
gold demand obligations now affecting us.
| In any event the bonds proposed would stand
| FOR tho extinguishmcnt of n troublesome in-
dcbte6ncss, while in the path VIC now follow
there turks the menace Of unending bonds with
| our indebtedness still undischarged and aggra-
waited in every feature. The obligation neces.
sary to find this indebtedness would not equal
in amount those from which VIC have been re-.
lieved since 1884 by anticipation and payment
beyond the requirements Of the sink ing fund
ont Of our surplus revenues. The currency
withdrawn By tho retirement Of tho
United States notes aud treasury note.
amounting to probably less than S,0)0,o00
might he supplied by such gold as would bo
used on their retirement or 10y an increase in
irregulation Of our Nat ional banks. Though
the angrcg ate capital Of thcse now IN existence
amounts To moro than 81 .6.0)O,Ou0. their out.
standing circulation based on bond sc,urity
amounts to only about SIa0.0oo. 0V. They are
authorized to issue notes amounting 10 ninety
per cent Of the bonds deposited to secure their
circulation, but In no event beyond the amount
of their capital stock they are obliged To- pay
ONO per CENT TAX on the ClrCu HtiOn tncy Istut.
think they ought to be allowed to Issue cir
culatiOn equal to the par value OF the bonds
they deposit to sc.urc IL, and that the tax on
their circulation should he reduced To one
frurth OF one Fer cent, which would undoubt-
edly meet all the EXPENSES the Cover nment
would incur on their account. in addition
they should be allowed to sub.ttute or deposit
In lieu OF the bonds now required as security
for their circulation those which would be is-
sued for the purpose of retiring the Unitei
Ae,A-. o. n.l Uh- k..l-
already existing, IL they desired TO avail them
selvcsw Of the provisions Of law
thus modified could issue circulation
in addition To that already outstanding,
amounting to S7S, 0OL0 600, which would nearly
or quito equal tho currency proposed 10 hi
cancelled. At any rate, / should confidently e1-
pcct to SOC tbs existing national banks or
Others tn DO organized avail themselves ~ tho
proposed announcements to issue circulation
and promptly ill any vacuum and supply every
currency nced. IL has always seemed to me
that the provisions of law regarding the cap
tia Of national banks which operate AZ n linn
itation to their location fails to make proper
compensation for the suppression II state
banks, which came near to tho people in al scr.
items Of tho country and readily furnished
them with banking accommodations and
facilities.
Whatever is attempted should be entered
upon fully apprcciating the fact that by care
less, easy descent. We have reached n dangerous
depth and that our ascent will not he ac
complishcd without laborious toll and struggle.
We shall bc wise il We realize that we arc
financially i'll and that our restoration to
health may require heroic treatment.
lnasmuch as the withdrawal Of our gold Ia,
resulted largely from fright, there II nothing
apparent that will prevent it' continuance o,
REQUIRE nee. with its natural cODscQ urnces, OK
cept such n change In our financial In,thods ~
will reassurc the frightened and make the de
sire for gold less intense. IL is not clear how
an increase In revenue, unless IL he in gold anc
satisfactory to thoss whose only anxiety il (,
gain gold from tho cove rnments store. II car
not, therefore, be slfe to rely upon increased
revenues as a cure for our present
troubles. 1t is possible ia at the sugge stion Al
increased revenue a. u remedy for the difficult
ties we aro consider ing may have originated il
an intimation or distinct allegation tn nj ia
bonds which have been issued ostsnsibly Il
replcnish our gold reserve were really issue,
tn supply insufficient revenue. Nothing can bt
further from the truth. Bonds were issued I,
obtaing gold for the maintenance OF our natioua
credit.
Free silver.
While / have cndeavored to make q plaii
statement Of the disordored condition OF oul
currency and the present dang ,rs mcnacin: on
prosperity and to suggest a way which
lea Is to "a safer financial system
1 have constantly had In mind the fact tina
many OF mi countrymen, whose sincerity | d,
not doubt, insist that the cure for the ills nov
threatening us may be found IN the single ant
simple remedy Of the free coinage Of silver
, They contend that our mints shall bc at one,
thrown open to tho free and unlimited an,
independent coinpgo Of both gold and silve
dollars Of full legal tender quality, regardless
of the action Of any other gov, rnmcnt, and il
full view Of the fact that the ratio between
the metals which they suggest calls for on
hundred cents worth of q Id in the gold dolla
at The present standard aud only fifty cents il
! intrinsic worth Of silver IN the silver dollar.
! In the present sta 20 OF our difficulty IL j. no
ca,y to understand how the amount ut our Ne,
enue receipts affects IL. The important ques
, tion Is not tho quantity Of money received Il
, revenue payments, but the kind Of money W
l maintain and our ability To continue in SCUM
financial condition. We are considering tn
Cove nment holding Of gold ne related to tn
souudness OF our money and ~ affecting our m
! tional credit and monetary strength. " our col
, reserve had never been impaired: n no bond
. had ever been issued 20 ieplenish II there ha
: bean no fear and timidity concerning our abil
q ity to continue gold payment; II any par