Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1895-12-06

fixed in 1875 for the retirement OF the Unit =
States notes.
Nearly sj27 10000 Of the gold thus with.
drawn has been paid out Of these United
States notes and yet every one Of the f346 OOO,.
900 Is still uncancelled and ready to do service
in future gold depletions More than $1,000.
90 in gold has, since their creation In 1890
been paid out from the treasury upon the
notes given on the purchase Of silver by the
government
And yet the whole, amounting to SlJ5, O0O,.
0OO, except little more than SIG. 100000 which
have been retired by exchanges for silver at
the request Of the holders, remains outstand.
ing and prepared TO join their older and more
experienced allies in future raids upon the
treasury's gold reserve.
Plans For Relief
A situation is exhibited which certainly
ought TO arrest attention and provoke immedi.
ate legislative relief l am convinced the only
thorough and practical remedy for our
troubles IS found ia the retirement and can
collation. Of our United States notes. com.
monty called greenbacks, and the outstanding
treasury notes issued by the government in
payment Of silver purchased under the act of
1880.
believe this could be quite readily accom-.
plished by the exchange of these notes for
United States bonds Of small as well as large
denominations, bearing a low rate Of interest
They should be long term bonds thus increas
ing their desirability as investments and be-
cause their payment could be well postponed
to a period far removed from present financial
burdens and perplexities, when, with increased
prosperity and resources, they would be more
easily met
To further insure the cancellation Of these
notes and also provide a way by which gold
may be added TO our currency in lieu Of them,
feature in the plan should be an author
ity given to the secretary Of the treasury
20 dispose of the bonds abroad for gold, II
necessary, 10 complete the contemplated re.
demption aud cancellation, permitting him u
use the proceeds of such bonds TO take up and
cancel any Of the notes that may be in the
treasury, or that may be received by the gov.
eminent on any account.
The increase OF our bonded debt involved in
this plan would be amply compensated by re
newed activity and enterprise in all business
circles the restored confidence at home and
the reinstated faith in our monetary strength
abroad.
In any event, the bonus proposed would
stand for the extinguishment Of a troublesome
indebtedn sss, while in the path we now follow
there Turks the menace OF unending bonds
with our present Indebtedness still undis
charged and aggravated in every feature.
think national banks should be allowed Il
issue cirulation equal to the par value of the
bonds they deposit to secure it, and that the
tax on their circulation should be reduced to
= Of l per cent which would undoubtedly
meet all the expense the government incurs ON
their account. In addition they should be al
lowed to substitute or deposit in lieu of the
bonds now required as security for their cir.
culation those which would be issued for the
purpose Of retiring the United States notes
and tire asury notes.
1t has always seemed 10 me that the provi.
sions Of law regarding the capital of national
banks which operate as a limitation 70 their
location fails to make proper compensation
for the suppression Of state banks, which
came near to the people in all sections Of the
country and readily furnished them with
banking accommodations and facilities.
Any Inconvenience or embarrassment aris-
ing from these restrictions on the location OF
national banks might well be remedied by
better adapting the present system 10 the
creation Of banks in smaller communities or
by permitting banks of large capital to estab-
lish branches in such localities as would serve
the people-so regulated and restrained as 10
secure their safe and conservative control aud
management.
1t is neither unfair nor unjust to charge a
large share of our present financial perplexi
ties and dangers to the operation Of the laws
of ISIS and lSO comps ling the purchase Of sil-
yer by the government.
No government, no human Continuance or
act Of legislation, has ever been able TO hold
the two metals together in free coiuage, at a
ratio appreciably different from that which is
Established IN tue markets OF the world
Twice in our recent history we have sig
nally failed 10 raise by legislation the value
Of silver. Under an act Of congress passed in
ls1e the government was required for more
than II years to expend annually at least S2l,-
0OO,0OO in the purchase Of silver bullion for
coinage.
The act Of July Il. 1890 IN a still holder effort
increased the amount OF silver the government
was compelled TO purchase and forced it to be-
come the buyer annually of 54,OOO 90 ounces.
or practically the entire product of our mines.
Under both laws silver rapidly and steadily
declined in value.
l have suggested a remedy which my iudg-
ment approves. desire, however, to assure
the congress that am prepared to cooperate
with them in rerfecting any other measure
| promising thorough and practical relief, and
| that will gladly labor with them in every
| patriotic endeavor 60 further the interest and
| guard the welfare Of our countrymen whom
| in our res pectlve places of duty we have un-
dertaken to serve.
GROVER CLEVELAND.