The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1895-12-12

aaal interest charvo a such booded IN.
dsbtsdne0 = more thaa S1loo0o0o. that
. eootinc.nes in our present eoulss
and that 10 have suffered or arc threateped
With Ill this for The sake Of supplying s6ld Tor
foreign shipment or facilitatinS its hOarCling Ct
home, . situation il exhibited which certainly
ought to arrest attention and provoke immedi-
a&s legislative relief I am convinced Tho only
thorough and practicable remedy for our trou-
bles is found in the retirement and cancellation
ee our United States noses. COMMONLY called
Neenbacks and tho outstanding treasury notes
Issued BY the government in payment Of silver
purchases under The act Of lSs0
believe this ould b quito readily accom-.
plished By the exchange Of these notes for q. 8
bonds Of small as veil as largo denominations
long term bonds, thus increasing their desir.
ability as investments and because their pay
ment could be veil postponed to . period far
removed from present financial burdens and
perplexities when with increased prosperity
and resources they would b moro easily met,
To further insure the cancell alton Of these
notes and also provide q way BY which gold
may be added to our currency in lieu of them,
feature in the plan should be an auth GRITTY
given to the Secretary Of the Treasury
to dispose OF the bonds abroad for gold il
necessary, to complete the contemplated re-
demptiou and cancellation permitting him use
Of the proceeds Of such bonds to take up and
treasury or that may b received BY the gov
eminent on any account Tho increase of our
bonded debt involved in this plan would b
amply compensated by renewed activity and en-
terprise in all business circles, the restored
confidence at home, the reinst 1 faith in our
monetary strength abroad. and stimulation
OF every interest and .ustry that
would follow tho cancellation Of the
gold demand obligations now affecting US.
In any event the bonds proposed would stand
for the extinguishment Of q troublesome in
debtedness, while in tho path We now follow
there Turks the menace Of unending bonds with
our Indebtedness still undischareed and asgra-
sary to find this indebtedness would not equal
in amount those from which We have been 70
Geved since 1854 BY anticipation and payment
beyond the requirements Of tho sink ing fund
out Of our surplus revenues The currency
Withdrawn by the retirement of the
United States notes and treasury notes
amounting to probably less than 100000
might be supplied by such gold as would be
used on their retirement or By an increase in
ir1egulation of our Nat ional banks Though
the aggregate capital of these now IN existence
amounts to moro than S66&0OO,OOO, their out
standing circulation based on bond security
amounts to only about $4,000. 0OQ They are
per cent of the bonds deposited to secure their
circulation, but in no event beyond the amount
Of their capital stock they are obliged to pay
one per cent tax on the circulation they issue.
/ think they ought to be allowed to issue cir
culation equal to the par value of the bonds
they deposit to secure 1t, and that the tax on
their circulation should be reduced to one
| 81
edly meet all the expenses the government
would incur on their account. In addition
they should b allowed to substitute or deposit
in lieu Of the bonds now required as security
for their circulation those which would be is
sued for tho purpose Of retiring the United
State: notes and treasury notes. The banks
already existing, If they desired to avail them
eelvesw Of the provisions Of law
thus modified could issue circulation
in addition to that already outstanding.
amounting to $47S, 0OlO00. which would nearly
or quito equal the currency proposed to be
cancelled. At any rate, should confidently ex-
pect to see this existing national banks or
others to be organized avail themselves Of the
proposed announcements to issue circulation
and promptly I'LL any vacuum and supply every
currency need. 1t has always seemed to mo
that the provisions of law regarding tho cap
itai of national banks which operate as a linn
itation to their location fails to mako proper
compensation for the suppression Of state
banks, which came near to the people in all sec
tons of the country and readily furnished
them with banking Accommodations and
facilities.
Whatever is attempted should be entered
upon fully approaching the fact that by care
less, easy descent, we have reached dangerous
depth and that our ascent will not be ac-
We shall be wise il we realize that We arc
financially i'll and that our restoration to
health may require heroic treatment.
lnasmuch as the withdrawal of our gold has
resulted largely from fright, there is nothing
apparent that will prevent its continuance or
recurrence with its natural consequences, ex-
cept such change in our financial methods az
will reassure the frightened and make the de-
sire for gold less intense It is not clear how
an increase in revenue, unless it be in gold and
satisfactory to those whose only anxiety is to
gain gold from the governments store. It can
not, therefore, be safe to rely upon increased
revenues as cure for our present
troubles, It is possible tn at the suggestion Of
increased revenue as a remedy for the Difficult.
ties We are considering may have originated in
an intimaticn or distinct allegation tn at tho
bonds which have been issued ostensibl to
replenish our gold reserve were really issued
to supply insufficient revenue. Nothing can be
further from the truth. Bonds were issued to
obtain gold for the maintenance Of our natioual
credit
Free Silver.
While have endeavored to make q plain
statement Of the disordered condition Of our
currency and the present dangers menacing our
prosperity and to suggest q way which
leais to safer financial system
I have constantly had in mind the fact that
many of my countrymen, whose sincerity do
not doubt, insist that the euro for the ills now
threatening Us may b found in the single and
simple remedy Of tho free coinage Of silver.
They contend that our mints shall be at once
thrown open to the FREQ and unlimited and
Independent coinage Of both gold and silver
dollars Of full legal tender quality, regardless
Of the action Of any other government, and in
full view OF tho fact that ths ratio between
the metals which they suggest calls for one
hundred cents worth Of lid in the gold dollar
at the present standard aud only fifty cents in
intrinsic worth of silver IN the silver dollar.
In the present sta 70 Of our difficulty It Is not
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