Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-10-18

pointmsnt o. q committee or cgmmis
sion TO cooperate wish tHe executive
department of the government may II
rightly supplemented by some futther
practical suggestions for attaining the
purpose aimed al.
Firsl--rhs government might sell
intefest-bearing bonds TO such hu ex
tent for gold ~ 70 increase the gold r..
serve up g. the point when the conf.
denpo oi tho community IN absolute
redemption in gult coin viii be r..
vived; but no living man can deter.
mine what that reserve OF gold must
be.
bfcoud-rhe true way ont Ia n slim.
pie and ready oue. Toe treasury may
provide itself with gold by the sale OF
bonus, 40 As to enable II, ia o1-opera.
ton with the National banks, 10 meet
any possibls demand OF tue people for
the redemption OF the gOverc mont
notes ss fast ~ they are pfe.entsd. In
that event, n tho volume OF paper
money IA redundant, It will be re.
duced by fcicmption; II II Is not fe-
dundant, II will continue In cifcula-
ton.
Therc may DO no present question
about the lawful plwer n tie sccrC-
tary OF the trlasury o. issue the legal
te1der notes Of ls02.G3 under the pro-
visions OF the act when hsa converted
that loan Into permanent loan, until
further action Of Congress, There W.,
However, very grave uUubt OF the law.
iul power Of the secretary Of the treas
ury to Reissue tho treasury notes Of
1880, which have uecn Maid Ia coin.
4. Nl.a 4.
his duty TO cancel and destroy oil tue
notes VI TIL. issue which are paid 10
silver dollars. There IL olauss IN the
SHERMAN act which provides that the
amount Of silver bullion at It, cost aud
the dollars coined thefefrOm under this
act, email always be no more ami no
lrss than this amount NJ notes out
standing under the act. IL has somt-
times been held that under this pro-
vision II might be the duty OF the sVe-
fetsfy OF thu treasury ~ reissue tue
notes which are net paid In silver, not.
withtIsnding thu tact thst II II leit
entirely TO the discretion q tic sec.
Rotary to pay those notes either ~
gold or silver, according tD hl, ~ ".
mont. IL In urgeJ that II these treas
ury notes are paid IN gold anu not
teissuod, tho amounl OF silver in the
treasury nj itA east anu the dollars
coined thoTeirom, will exceed tho
amount Of the notes outstanding
which were issued under this act.
WHAT, then, suall the secretary do
with this silver? What Will Congress
do with Il? VINO eau tell?
Ths way In whioh the banks IN y
now cooperate with the treasury ~
~ TO Instantly remove all cause VI
diatfust and dlfcftdii, would DO Tor a
combination OF the national and STATE.
banks TO offer l. purchase such amount
OF tho 4 neF cent thirty-ytat bands M
would tuiilce TO withdraw ali tho u cas-
ufy notes VI 1890 which are nov IN
circulation. Less thau s01,uO1 OuU
bonds would be- require 10 cover all tue
outstanding notes Of 1890.
mold that Il Is not only tue privi.
lege but the duty OF the national ia ks
10 place all their gold ut the command
OF this treasury. In other wofJh, tho
treasury In but one OF tho national
banks Of Issue, aud being that OF latg.
eat issue, upon tia absolute solvency
and power to meet every domand Tor
prompt resumption rests, not only lie
credit, but that OF all tho national
banks alike. II the banks cannot
trust the treasury, what 10 their own
credit worth?
Mr.. Atkinson closed by expressing
the hope that n committee represent.
ing this association will DO appointed
10 cooperate with the government, by
which committee the several propose
tons made should be- carefully c0nsid-
cred.
Mr.. VIM. 4. 81. John, Of New York,
addressed the convention Ia favor Oi
free coinage OF silver. lie was listened
TO respectful ly but without enthusiasm,
the delegates being almost n unit IN
OF osition to the policy.
Eugene II. Pullon was nominated
Cor president aud elected by acclnma.
ton, anu Robert J. Llwrey, OF Allan.
tS, was made vice president. The con.
vontion then adjourned sine die, hnd
this afternoon the delegates were Ca
tettainsd nj genuine Georgia bafbs.
cue.