The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-29

outstanding. ana arc available for use in
rcpcatlng the exhausting operation with
shorter intervals. es our perplexities ac-
cpmulate.
conditions are certainly supervenng
tending 10 make the bonds which may be
isued 10 replenish our gold less useful
for that purpose.
An adequate gold reserve IT, In all cir
cumstances. absolutely essential TO the up
holding Of our pubic credit, and 10 the
maintenance OF our high national charac-
ter.
our gold reserve has again reached such
a stage OF diminutIon as TO require It's
speedy reinforcement.
The aggr@Vation that mi ST inevitably
follow present conditions ard methods
Will certainly lead to misfortune and loss,
not only 20 our national credit and pros
perity, and to financial enterprise but TO
those of cur people who seek employment
as a means OF livelihood. anu to those
whose only capital IS thEir daily labor.
II will hardly do TO say that simple IN
crease Of revenue Will cure cur troubles
The apprehension now existing ana CON
stantly increasing as to our financial aDih-
ty does not rest upon calculation OF our
revenue. The time has passed wnen the
eyes Of investors abroad and our people
at nome were fixed upon the revenues
of the Government. Changed conuluois
nave attracted their attention 20 the 6oId
Of the Government. There need be no
fear that we cannot pay our current eA-
penses with such money as we nave
There IS now IN the Treasury cohIlo ~, va
ble surplus OF more than 5Vo0,VJ OF poi-
lars but It is not Ia gold' ana ulcle'oio
does not meet our difficulty
cannot see that differences OF OPINION
ouebt 20 be coined or used in our cur
rencv should interfere with the counsels
OF those whose duty il IS to rectiy eViiS
now apparent i'm our financial SITUATION.
They have 10 consider the question OF
national credit. and the consequences mat
win follow from its collapse. Whatever
tdeas may be insisted upon as 20 slVer OF
bimetallism, proper sOluuFh OF the ques-
ton now pressing upon as only REQUIRES
q recognition of gold, as wen as SILVER
and a concession or its Importance. rlght-
fuUv or wrongfuny acquired as bdsls
of national credit a necessity in the
honorable discharge OF our Obligations
pavable I'm gold and q badge Of solVcncy
do not understand that the
real friends Of silver desire
condition that mibht follow mac
tioD or neglect 20 appreciate the mean
ing Of the present eXigcncy II IL shouiu
result in the entire Punishment oil gold
from our financial currency arrange
ments.
NOT UNFRIENDLY TO SILVER
Resides the Treasury notes. which GER
toinIv should be paid in gold, &mor1ting
40 nearly five hundred millions OF 40 l-!s,
mere viii fan due In 1904 one Sln1red
millions OF bonds issued during he last
year. for which We have received eoiu
and i'm 1891 nearly six hundred millions OF
per cent bonds, issued in 1871. Shai
the payment of these Obligations lh so!I
ne rcpudiatcd? If they are to he PAID
IN surh a manner as the preservation of
our national honor and national solVehcy
demands we should not destroy or even
imucru our ability to supply ourselves
with gold for that purpose
While / am not untriendly 10 ShNci'
and while / desire TO see ii recognized ~
such an extent as IS consistent WIN
financial safety and the preservation oi
natlonal honor and credit, ] am not VII
ing 10 see gold entirely banished rom
our currency and finances. TO avert Sucn
q consequence / believe thorouSh ana
radical remedial legislation should DE
pr,mptlv passed. ! therefore beg the
Congress TO give The subject Immediate
attention.
I'm nv opinion the Secretary of the
Treasury should be authorized 10 issue
bonds of the Government for the PURPOSE
of procuring and maintaining a sulhcieht
cold reserve and the redemption ana
cancellation of the United States legal
fender notes and the Treasury notes IS
sucd for the purchase OF silver under me
law of July Il, 1890. We should be re
lIevcd from the humiliating process oI
Issuing bonds 10 procure Sold 10 De I'M
med.ateIy and repeatedly drawn out on
these OBLIGATIONS for purposes not re-
lated 20 the benefit of our Government
or our people. The principal ana interest
of those bonds should be payable on thelr
face io gold. because they should be sold
only for gold or its representative, ana
because there would now probably be
difficulty in favoraby dasposlng OF bonds
not containing this stipulation. l suggest
that the bonds be issued in denominations
of twenty and fifty dollars ana thelr mul-
tlrlcs. and that they bear interest at
rate not exceeding per cent. per an
mum. ] do not see why they shouId hol
be uavabIe fifty years from their date.
We of the present generation nave large
amounts 70 pay if We meet our obllsa-
tions and long bonds are most salable.
Vbo Secretary of the Treasury might
well be permitted at his discretion 10 re-
celye on the sale of bonds the legal
tender and Treasury notes 10 be retired
and. of course, when they are thus re
tired or redeemed in gold they should be
carcened.
These bonds under existing laws could
be deposited by national banks as securl-
~ for circulation, and such banks should
be allowed to issue circulation up 10 the
face value of these or any other bonds
so deposited except bonds outstanding
hearing only per cent. interest and
which sell i'm the market at less than par.
National banks should not be allowed
10 take our circulating notes of less
denomination than ten dollars, and WHEN
euch as are now outstanding reach the
Treasury, except for redemption and re-
tirenent. they should be cancelled and
notes of the denomination of ten dollars
ana upwards issued in their stead. Silver
certificates OF the denomination OF Ten
dollars and upwards should be replaced
nv certificates of denominations under ten
dollars.
SOUND FINANCIAL CONDITION.
As constant means for the MAIN
tenance Of a reasonable supply Of gold in
the Treasury. our duties on imports
should be paid in gold. allowing all other
dues TO the Government to be paid in any
other form OF currency.
believe all the provisions l have sus-
gested should be embodied IN our laws
If we are 10 enjoy complete rehslate-
ment of a sound financial condition. Ihey
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.
Objections have been made TO the issuance
.N.lE- 49, h