The Caucasian. (Clinton, N.C.) 188?-1913, 1895-01-31
Bonds! Bonds!
More BOndS!!!


Continued from End page
may BE- issued 10 repienish our gold less
useful for that purpose.
An adequate gold reserve is In all
circumstances absolutely essential to
the holding Of our public credit. and
to the maintenance of our high nation
al character.
Our gold has again reached such =
state Of diminution as to require its
speedy reinforcement. The aggrava-
tion THAI must inevitably follow pres
ent conditions and methods. sill err-
tainIy
LEAD 10 MISFORTUNE AND Loss.
not only To our national credit and pros
perity and to financial enterprise, but
To those of our people who seek employ
ment as means of livelihood, and TO
those whose only capital IL their daily
labor.
Ii will hardly do TO say that simple
increase of revenue will cure our trou-
bles. The apprehension now existing
and constantly increasing as To our fl
nancial ability does not rest upon .
calculation Of our revenue. The time
has passed when the eyes of investors
abroad. and our people at home, were
fixed upon the revenues of the govern
ment. Changed conditions have at
tracted their attention to the gold Of
the government. There need be no
fear that we cannot pay our current
expenses with such money as We have.
There is now in the treasury a com
fort able surplus of more than sixty
three millions OF dollars, but
it is in gold and therefore
DOES NOT MEET OUR DIFFICULTY.
cannot see that differences of opin-
ion, concerning the extent to which
silver ought to be coined or used in
our currency, should interfere with the
counsels of those whose duty it is to
rectify evils now apparent in our
financial situation. They have to con-
slider the question OF national credit
and the consequences that will follow
from its collapse. Whatever it is, may
be insisted upon as to silver or BIZ
metallism, the proper solution of the
question now pressing upon us only
requires a recognition of
GOLD AS WELL AS SILVER
and concession of its Importance,
rightfully or wrongfully acquired, as
| basis of national credit; a necessity
in the honorable discharge of our
obligation payable in gold and a badge
Of sOlvency. l do not understand that
| the real friends of silver desire a con-
dition that might follow inaction, or
neglect to appreciate the meaning of
the present exigency, if it should re-
suit in the entire
| PUNISHMENT OF GOLD
from our financial and currency ar
engagements.
Besides the treasury notes, which
certainly should be paid in gold,
amounting to nearly $50O,OO0, 900, there
will fall due in 1904 500, 900 900 of bonds
issued during the last year, for which
we have received gold, and in 1907
nearly s6OO,O00,OO0 of 4 per cent bonds
issued in 1877. Shall the payment of
these obligations in gold be repudiated:
Ifthey are to be paid in such 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 that purpose.
3 While | am
NOT UNFRIENDLY TO SILVER,
and while desire to see it recognized
to such an extent as is consistent with
financial safety and the preservation
of national honor and credit, / am not
willing to see gold entirely banishe(
from our currency and finances. IL
avert such a consequence | believe
thorough and remedial Legislation
should be promptly passed. therefore
beg the Congress to give the subjec
immediate attention.
In my opinion the Secretary of thu
} Treasury should be
AUTHORIZED TO ISSUE BONDS
of the government for the purpose o
> procuring and maintaining sufficien
gold reserve, and the redemption ant
cancellation of the United States lega
tender notes and the treasury note
issued for the purchase of silver undo
the law of July IA, 1890. We shout,
be relieved from the humiliating pro
cess of issuing bonds to procure gold
to be Immediately and repeated,
drawn out on these obligations TO
purposes not related to the bene
:. fit of our government or our people
The principal and interest of thes
bonds should be
PAYABLE ON THEIR FACE IN GOLD,
| because they should be sold only fO
gold or its representative, and becaus
there would now probably be difficult,
5 in favorably disposing of bonds no
cont aiming this stipulation. | sugges
that the bonds be issued in denomina
tions Of twenty and fifty dollars an
their multiples, aid that they bear in
terest at rate not exceeding three pc
, cent. per annum. l do not see why the
should not be payable fifty years fror
their date. We, of the present genera
ton, have large amounts to pay if W
meet our obligations, and long bond
are most saleable. The Secretary {
the Treasury might we'll be permitted
at his discretion, to receive on the sal
of bonds the legal tender and treasur
notes to be retired, and, of course whe
they are thus retired or redeemed i
d gold, they should be cancelled.
Those bonds under existing Law
!. could be
DEPOSITED BY NATIONAL BANKS
- as security for calculations; and sue
banks should be allowed to issue circl
lation up to the face value of these {
any other bonds so deposited, exceI
IS bonds outstanding, bearing only p'
g cent interest, and which sell on tt
IS market at less than par. Nation
v banks should not be allowed to tai
"a out circulating notes of less demon
4 nation than $40, and when such as a
r. now outstanding reach the treasur
except for redemption and retiremeI
IS they should be cancelled, and notes
IS the denomination of $40 and upwa
at issued in their stead. Silver certi
N Gates of the denomination of $40 al
is upward should be replaced by certi
a Gates of denominations under $40.
A. As a constant means for the mainte
- ance of a reasonable supply of gold
y the treasury, our duties on imports
70 SHOULD BE PAID IN GOLD.
20 allowing all other dues to
ut the government to be paid in a
q, other form of money.