Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1895-01-31

Z ONA SoSAN ANSS A'SANA ASA kbAS 1uA
pose. An adequate gold reserve is
in all circumstances absolutely es-
sential to upholding our public
credit and to the maintance of our
high national character, and our
gold has again reached such stage
of dimiuution as to require its
speedy reinforcement.
There need be no. fear that we
cannot pay our current expenses
with such money as we have.
There is now in the treasury COM
Portable surplus of more than $63-
900, 900, but it is not in gold, and
therefore does not meet our difficult
ty. I cannot see that differences of
opinion concerning the extent to
which silver ought to be coined or
used in our currency should inter-
fere with the councils ofthose whose
duty it is to rectify the evils now
apparent in our financial situation.
They have to consider the question
of national credit, and the conse-
quences that will follow its collapse,
whatever their ideas may be, and
however insisted OH as to silver or
bimetalism. The proper solution
of the question now pressing upon
us only requires the recognition of
gold as we'll as silver, aud the con-
cession OF its Importance, rightfully
or wrongfully acquired, as a basis
of material credit, and its necessity
in the honorable discharge of our
obligations, payable in gold.
I do not understand that the real
friends of,silver,desire the condition
that might follow their inaction
or neglect to appreciate the mean-
ing of the present exigency, if it
should result in the entire banish-
ment of gold from Our financial and
currency arrangements. Besides
treasury notes, which certainly
should be paid in gold, amounting
to nearly $500, 900, 900, there will
fall due in 1904 SIoo, 900, 900 bonds
issued during last year, for which
we have received gold, and in 1907
nearly 5000, ooo, 900 four per cent
bonds issued in 1877.
Shall the payment of these obli-
cations in gold be repudiated? If
they are to be paid in such man
ner as the preservation of our ma
tional honor and our national SOL
vency demands, we should not de-
stroy or even imperil Our ability to
supply ourselves with gold for that
purpose.
While I am not unfriend1y to sill
yer, and while l desite to see it
recognized to such an extent as is
consistent with financial safety and
the preservation of national honor
and credit, am not willing to see
gold banished from our currency
and finances. To avert such con-
sequence I believe thorough and
radical remedial legislation should
be promptly passed. 1 therefore
beg congress to give the subject
immediate attention.
In my opinion the secretary of
the treasury should be authorized
to issue bonds of the government
for the purpose Of procuring and
maintaining sufficient gold re-
serve, and the redemption and cam
collation. of United States legal ten-
der notes and treasury notes issued
for the purchase of silver under the
law of July ID, 1890.
The principal and interest of
these bonds should be payable on
their face in gold, because there
would not probably be any difficult
ty in favorably disposing of bonds
not containing this stipulation. I
suggest that the bonds be issued in
denominations $40 and $50 and
their multlpleS, and that they bear
interest at the rate Of not exceed
ing 8 per cent per annum. do
not see why they could not be made
payable 50 years from their date,
we of the present generation having
large amounts to pay if we meet
Our obligations, and as long bonds
are the most salable, the secretary
Of the treasury might we'll be per-
mitted, at his discretion, to receive
on the sale Of bonds legal tender
and treasury notes to be retired,
and, Of course, when they ale thus
retired or redeemed in gold they
should be Cancelled.
These bonds, under the existing
laws, could be deposited by the ma
tional banks as security for circu-
lation, and such banks should be
allowed to issue circulation up to
the face value of these bonds or
any other bonds SO deposited, ex-
cept bonds outstanding bearing on
| ly per cent interest and which sell
in the market at less than par. Ma
tional banks should not be allowed
| 80 4afxz 1,,& T.. Z 4.