The comet. (Johnson City, Tenn.) 1884-1916, 1895-01-31

desire a condition that might follow
inaction or neglect to appreciate the
meaning of the present exigency II it
should result in the entire banishment
Of gold from our financial and cur
rency arrangements. Besides the
treasury notes which certainly should
be paid in gold amounting to nearly
100000 900. there will fall due in 1904
one hundred millions Of bonds, issued |
during the last year, for which we
have received gold and in 1907 nearly |
$6OO,0OOOOO Of Az bonds issued in
1877. Shall the payment of these OBJ |
legations in gold be repudiated!
If they are to be paid in such a
manner as the preservation of our
national honor and national solvency
demands, we should not destroy or
even imperil our ability to supply
ourselves with gold for this purpose.
While am not unfriendly to silver,
and while l desire to see it recognized
to such an extent as is consistent with
the financial safety and the preserva-
ton of our national honor and credit,
l am not willing to see gold entirely
abolished from our currency and f.
nances. To avert such consequence,
| believe thorough and radical RENE
dial legislation should be promptly
passed. / therefore beg the Congress
to give the subject immediate atten.
ton.
In my opinion the secretary Of the
treasury should be authorized to issue
bonds Of the government for the pur-
pose OF p. occurring and maintaining a
sufficient gold reserve and for the re-
demption and cancellation of the
United States legal tender notes and
the treasury notes issued for
THE PURCHASE OF SILVER
under the law OF June IA, 1890. We
should be relieved from the humiliat-
ing process of issuing bonds TO procure
gold to be Immediately and repeatedly
drawn out on these obligations for
purposes not related to the benefit Of
our government or our people. The
principal and interests of these bonds
should be payable on their face in gold,
because they should be sold only for
gold or It's representative, and because
there would now be no difficulty in
favorably disposing Of bonds not con-
tanning this stipulation. l suggest
that the bonds be issued in denomina-
tions of $40 and $50 and their multi
pies, and that they bear interest at a
rate not exceeding 3 per cent. per
annum. / do not see why they should
not be payable fifty years from their
date. We of the present generation
have large amounts to pay il we meet
our obligations and long bonds are
most saleable. The secretary of the
treasury might well be permitted at
his discretion to receive on the sale OF
bonds the legal tender and treasury
notes to be retired, and of course when
they are thus retired and redeemed in
| gold, they should be Cancelled. Thus
bonds under existing laws could be
deposited by national banks as secu.
rity for circulation and such banks
should be allowed to issue circulation
up to the face value OF these or any
other bonds SO deposited except bonds
outstanding bearing only 2 per cent.
interest, and which sell in the market
at less than par. National banks
should not be allowed to take out
circulating notes of less denomination
than $40, and when such as are now
outstanding reach the treasury, except
for redemption and retirement, they
should be Cancelled and notes Of the
denomination of $40 and upwards is
sued in stead. Silver certificates OF
the denomination of $40 and upwards
should be replaced by certificates ol
denominations under So AS a con.
stant means for the maintenance of 8
reasonable supply OF gold in the treas.
ury our imports
SHOULD BE PAID IN GOLD,
allowing all other duties to the GOV
ernment to be paid in any other form
OF money. j believe ali the provisions
have suggested should be embodied
in our laws il we are TO enjoin com
, plate reinstatement on sound finan
cial condition. They need not interfere
with any currency scheme provided
for the increase OF the circulating
medium through the agency oil ma
tional or State banks, since they car
easily be adjusted to such a scheme.
Objection has been made to tn
issuance OF interest bearing bonds 70
/ the purpose OF retiring the interes
T bearing legal tender notes. In poin
9 OF fact. however, these notes hay
o burdened us with a large load OF inter
II est and 1t is still accumulating. Th
o aggregate interest on the origins