Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1895-12-13

ceived by the Government Oh any dccOun''
BRANCHES ron NATIONAL BANKS.
hIt has always seemel TO me that the pro-
visions Of law regarding the capital OF Ma
tiondl banks Which operate as Limitation to
their location fails to MAKE proper c5npen'
sation for the suppression of State BANKS,
which came near to the peopie in all
sections of ths country aud rsatily turA-
ishe1 them with banking accom- no.
dations and facilities. Any lnconyenl-
ence or embarrassment arising tro n
these restrictions on the location OF Natlon Il
banks might we'll bs ren1e iis1 by petter
a'aptiug ths present system to tn9 creation
OF banks in smaller communities or py P9C-
mittinS banks Of large capital tJ estaolsn
branches In such localities rs would serve
the people-so regulated and constrained rs
to secure their safe and conservative control
and MANAGEMENT.
collation. Of the Treasury notes is5ust Under
the silver-purchasing act Of 1S9 would Leave
the Treasury in the a3tual ownership OF su :
flclent silver. inclu ling seigniora2e, to coin
nearly s17s. 1000, 900 in standard dollars. IL
il worthy of consideration whether tnls
might not, from time to time, be conyerteI
into dollars or fractional coin an1 slowly pu'
into circulation, as in the judgment OF the
Secretary of the Treasury the necessities ol
the country should require
WE ARE FINANCIALLY ILL.,
"Wbatevsr is attempted should be entere
upon fully appreciating tho fact that Dy
carsless. easy descent we have reached q
dangerous depth, and that our ascent vii
moi be accomplished without laborious toI
aud struggle. We shlll be wise il va realize
that we are financially i'll and that our res
toration to health may require heroic treat
ment and unpleasant remedies
"In our present predicamsnt NJ gol1
is received ty the Government id pay,
ment 0f revenus charges, nor woIl1
there bs IL the revenues wers increased ].
Tks receipts OF tbs Treasury, when nol
in silver certificates, consist OF United
States notes and Treasury notes issued
for silver purchases. These forms OF money
are only useful to tns Government in pay
ing its current ordinary expenses AM IT.
quantity In Government possession does no
in the least contribute towards giving IL
that kind of safe financial standing OF con
dition which is built on gold alone
"If it is said that these notes ii helC
by the Government cln BE- useI to %
tain gold for our reserve, the answer l
easy Tho people draw gold from tn
Treasury on demand upon ths Untet
States notes AMI Treasury. notes, bi
the proposition that the Treasury ca
on demand draw gold from the peopl
uDon them would be regarded III thss
dsvs with wonder and amusement. AM
even Il this could be done, there is nothin
to prevent those thus parting with thel
gold from regaiulng it the next day OF tn
next hour by the presentation OF the note
they receiyeI in exchange foT 1t.
"'rhe Secretary OF tbs Treasury might US
such notes taken from surplus revenue t
buy gold in the market. OF course he coul
not do this without paying premium Pr
yate holders of gold, unlike ths Govern
ment having no parity TO maintain, woul
not be- restrained from making the best bal
gaiu possible when they furnished gold t
the treasury but this moment the SecTe
tary Of the Treasury bought god o
any terms above par he would esta-
lish general and universal preniu,
upon il. thus breaking down the parity be
t,yaen gold and silver which the Governmeu
is pledged to maintain. and opening the wa
to new aud serious co Implications. In tn
mean time the premium would not renal
stationary, and the absurd spectacle migf
he presented OF dealer selling gold to tn
Government, and with United States note
or Treasury notes in his hand immediatel
clamoring for its return and resale at
higher premium
RETENTION OF CURRENCY ExACrED AS TAX
TON IS AN EVIL.
"it will. moreover, be really seen tha
the Government could NOT refuse to pa
out Unitel States notes and Treasur
notes in current transactions when d
manded aal insist on paying out sily'
alone and still maintain th' parity b
tween that metal aul the currency rel
resenting gold. Besides the accumuli
ton in the Treasury Of currency OF au
kind exacted from the people throue
taxation is Justly regarded rs an ey
and it cannot proceed far without vigorol
protest against an unjustihab.e retention
money from the business OF the country an
, denuneiation OF ascheme oftaxation Walc
proves itself to be unjust when 1t takes fro
the earnings and income OF tbs citizen mona
SO much in excess Of the nseis OF Cover
!, ment support that large sums ca
be gathered AMI kept in tae Trea
ury Such condition has hnre.oiora
times OF surplus revenue led the Goyernmsi
to restore currency to the people by the pu
, chase of its unmatured bonds a. lar!
premium and by large increase OF its q
: posits in National banks aud we easily I
member that the abuse Of Treasury accum
, lation has furnished most persuasive arg
ment in favor of legislation radically redu
ing our tariff taxation.
: ABLE TO PAY OUR WAY.
"Perhaps it is supposed that sufficient rev
nue. receipts would in sentimental VI
improve the situation by inspiring conhden
in our solvency and allaying the fear
pecuuiary exhaustion. Anl yet through
our struggles to maintain our gold reser
there never has been any apprehension as
our ready ability to pay or way with SUI
money as we had. and the question wheth
or not our current receipts met our cure
EXPENSES has not entered into the estima
OF our solyancy o. course, the gener
state of our funds, exclusive OF gold, vi
entirely immaterial to the foreign credit'
md investor. HIS deot coul1 Olly be pa
in gold aud his only concern was our abili
to keep on hand that kind OF money.
"Iuasmuch as the Withdrawal OF our go
has resulted largely from fright, there
nothing apparent that viii prevent lis co
tinuance or recurrence, VITA its natural co
sequences. EXCEPT sucl Il change in o
financial methods as will reassura the frlgl
enei and make tae desire for gold less
tensp. II is not now clear how an incre
in revenue, unless it be in gold, caa salts
: those whose only anxiety is to gain SO
; from the Governm store
"It cannot, therefore, be safe TO rely up
increased revenues as 4 cIre TO- our press
, troubles.
/, BONDS NOT ISSUED FOR REVENUE.
mTt is possible that the sug g;estiol OF i
creased revenue as remedy for the d
fculties wo are considering may he
I originated in an intimation o. distir
allegation thai the bonds which ha
3 been issued ostensibly to rsplendisi 0
= gold reserve were really issued to SUPP
D insufficient revenue Nothing can
3 further from the truth. Bonds were
sued to obtain gold TO-. the maintenan
OF our National credit. As has be
shown, the gold thus oo.ainsi has be