The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-16

been interrupted by the disturbances
growing out Of the unsatisfactory cons
might nave been more Or less eHectlve
under other circumstances cannot pc II
the least degree effective now, and II
would be futile n dangerous az tnls
time to attempt a correction of our
financial disorders otherwise than py a
total removal of their causes.
mo surplus revenue, however large,
could extricate us from our present diff
culties, or give assurance OF saIely, u
the future unless 1t should be requareS 10
would exempt the Government from tne
obligation to furnish. the gold when De
m aant to be e used Is sc IN I making nsce sae pa 70
suggest that such a system is impossible
as long as the United States notes and
are redeemable in gold by the Government
itself on presentation. Owing to the
peculiar character of our currency the
ability of the Treasury to hoard United
States and Treasury notes is limited to a
certain amount-which cannot be deh-
nitely. determined in advance-and II 1t
reached, refuse to pay out these notes
in making disbursements at the places
where our customs are collected, the i'm,
mediate result would be tina nearly all
payments to the Government would be
made in silver certificates. which it is
bound to take, but can compel no one
of these non-legal tender certificates con-
stantly flowing into the Treasury and 1t
would receive scarcely any more United
States notes or Treasury notes as parts
of the surplus evenu but would soon
be compelled to a out those already
aee nun or pay gold, or break e, down
This result has been avoided hereto
fore only by paying out these notes from
ever the character of the currency COM
ing in indicated that the point of IAN
ger. was about to be reached, and it
will be necessary to pursue the same
policy hereafter as long as the legal
tender notes are in existence. Notwith-
standing all the efforts of the department.
sive receipts of these certificates it has
frequently happend that they. consti-
tuted more than so pcr cent. of all the
where more than two-thirds of the total
collections are made; but if the United
States legal tender paper should pc re-
ed, gold and gold certificates, and bank
notes redeemable in gold will take their
ernment will nave. no further trouble
in regard to the kind of money used
in either is receipts or payments:
waited, an attempt to impose taxation
upon our people sufficient in amount to
enable m sndet1 the b Treasury ! r. to to take 5aSs, up Paa aad per per
per, now amounting to about $4S5, 900, 900,
would be the most remarkable financial
experiment of modern times, While an
reasonable period a sum sufficient for
their redemption and cancellation, as
they may be received into the Treasury,
to accomplish the object Intended
proposes for the financial ills of which
he speaks is thus set FORTH
''There is but one safe and effectual
way to protect lour, Treasury against
these demands, and that is to retire and
cancel the notes which. constitute the
only means through which the with,
and temporary remedies may be sug-
gested and urged with more or less
plausibility. but this is the only one that
our troubles and give assurance of per-
manent protection against their recur-
renee in the future.
economically accomplished. by authoriz-
ing the Secretary Of the Treasury 10 is
gold, bearing interest at a rate not ex-
ceeding three per centum per annum ana
having a dong time to run, and to ex-
notlsss and de treasury easar me notes an' upon SUCH suca
tsgs, snI g the e. G=o ogf5 n1sa1sv or e !, S sis
use the gold thus obtained in redeenii1g
the outstanding notes: In order to fur
currency for the retirement of legal
tender notes. the National banks should
be authorized to issue notes equal in
posted to secure them and the tax on
their circulation should be reduced to
o~ne-fourth of one per centum per annum.
When the National Banking system was
established the bonds of the United
States were selling below par in the mar
ket and there was consequently a sufi-
cient reason for limiting the amount of
the circulating notes authorized to be
issued to ninety per centum of the face
value of the securities deposited, but this
reason has long since ceased to exist
and the limitation should be removed.
Gas a part of the plan for the retire
ment and cancellation of the legal ten
der notes, the Treasury should be re-
demption of National Bank notes, ex-
cept worn, mutilated and defaced notes
and the notes of failed banks, and each
its circulation at its own office and at
agencies to be designated by the Comp
prior to the passage Of the act of June