Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-16


| is to retire and cancel the notes which
| constitute the only means through which
the Withdrawals can be made. Many par
tial and temporary remedies may be sug-
gested and urged with more or less plaus-
Utility but this is the only one that will
certainly remove the real cause OF our
troubles and give assurance of permanent
protection against their recurrence in the
future.
This can be most successfully and econ
omicaily accomplished by authorizing the
Secretary of the Treasury to issue from
time to time bonds payable in gold, bear
ing interest at rate not exceeding } per
centum per annum, and having a long time
to run, and to exchange the bonds for
United States notes and treasury notes
upon such terms as may be most advan-
tageous to the government, or to sell them
abroad for gold whenever, in his Judgment
1t is advisable to do so, and use the gold
thus obtained in redeeming the outstand-
ing notes Under the operation of such
plan, If judiciously executed there could
De no improper contraction of the circula-
ton, because if it should at any time be
found that other forms of currency were
not being supplied to the extent required
exchanges of bonds for notes would be Sus-
pended, and gold would be procured by
selling the securities abroad. In order to
further facilitate the substitution of other
currency for the retirement of legal tender
notes, the national banks should he author
lied to issue notes equal in amount to the
face value of the bonds deposited to Sc
cure tneIn, ana the TAX on tEetr circulation
should be reduced to one-fourth of one per
Centum per annum.
LAS a part of the plan for the retire.
ment and cancellation of the legal tender
notes, the treasury should be relieved from
the responsibility for the redemption of
national bank notes, except worn. mutt
lated and defaced notes and the notes of
failed banks, and each aSSociat ton should
be required to redeem its circ ula ton at its
own Office and at agencies to be designated
by the controller of the currency, as was
the case prior to the passage Of the act of
June 20, 1874; or, If this is not considered
expedient, and the present system of cur
rent redemption by the treasury is con-
tinued, the Secretary should have the power
require the banks to keep their per cent
redemption fund In gold coin and to de-
post gold coin for the withdrawal of
bonds whenever circulation is to lie perma-
nently surrendered or reduced"
Branches of National Banks.
The Secretary also favors the passage of
law allowing national banks to establish
branches in small towns with view to
bringing them closer to the people in parts
of the country remote from large towns
and cities, by which their usefulness would
be greatly enhanced.
The Secretary in closing his report says
that 1t Is not probable that any plan for
the permanent retirement of United States
notes and treasury notes will be adopted
that Will not require considerable time for
its complete execution, and he therefore
urges upon Congress the propriety of pro-
bibitirg any future issues of such notes,
or of national bank notes Of less denomina-
lions than $40, thus making room in the
circulation for silver coins and silver GER
tlficates of small denominations. This. he
says, would increase their among the
people and prevent their frequent return
to and accumulation In the treasury.
District of Columbia.
In special chapter in regard to the Dis
trict of Columbia Secretary Carlisle says:
THE net expenditures on account of the
District of Columbia for the fiscal year
1895 were s6,176,S9 10. The net revenues
| deposited in the treasury this account
for the same period were 1861, 6i1.16.
There have been issued and sold during
the fiscal year Sl10,0UU of the 3.65 per cent
bonds to provide funds to pay additional
interest on board of audit certificates re-
deemed under the act of Congress APPROX
ed June 16. 1850, and to pay outstanding
bonds known as 'greenback per centum
honds, provided in the act approved
August IL. 1894 C2S Stat. 27D. There have
also been issued and sold $4,000 565 per
cent bonds to satisfy the award of the
arbitrator in the cause of Samuel Strong
agt. the District of Columbia
The issue of 3.65 per cent bonds is linn
tied by law to Sl5.O00G0 The total
amount issued to the close of the fiscal
year was s14,932.30O. leaving but S67, 100 to
be issued in satisfaction of judgments of
the Court Of Claims, as provided in the act
approved February Ii, 1895.
The District OF Columbia has paid to
the United States for account of increasing
the water supply, under the provisions of
the acts of July Is, 1892 and June ;, 1854
81. O16, 24l92 of the principal Of the sums
advanced. and S247, GAO. As for interest there
on, and has paid for account of the As
inch and 14th street water mains $4I, 3i6.0
of the principal of the amount due the
United States, and $33,3TS95 for interest
thereon"
Engraving and Printing.
In another chapter in regard to the work