The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-29

has been Withdrawn from the treasury
are still outstanding and are available
for use in repeating the exhausting op-
Grafton with shorter intervals as our
perplexitles accumulate.
Conditions are certainly supervening
tending to make bonds which may be is
sued to replenish our gold less useful
for that purpose. An adequate gold re-
serve Is in all circumstances absolutely
essential to the upholding OF our public
credit and to the maintenance OF our
high national character our gold reserves
has again reached such stage OF dimi-
mutton as to require its speedy reinforce
ment. The aggravations that must inev-
itably follow the present conditions and
methods will certainly lead TO misfor-
tune and loss, not only to our national
credit and prosperity and to financial en-
terprise, but to those of our people who
seek employment as a means OF livli-
hood. and to those whose only capital Is
their daily labor. II will hardly do 10
say that simple increase OF our reve-
nue. Will cure our troubles.
The apprehension now existing and con-
stantly increasing as to our financial
ability does not rest upon calulation OF
our revenue. The time has passed when
the eyes Of investors abroad and our
people at home We're fixed upon the rev.
enues of the government The changed
N'AA'Attbfn nave nAAA0Att ANtiA aAAfAAiNn
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 comfortable surplus Of more than $685..
100000, but 1t is not in gold and, therefore,
does not meet our difficulty.
1 cannot see what differences of opin-
ion concerning the extent to which silver
ought TO be coined or used IN our cur
rency should interfere with the counses
OF those whose duty II Is TO rectfy the
evils now apparent I'm our financial situ-
alton. They have TO consider the ques-
tion of the national credit and the conse-
quences that Will follow from It's col
lapse. Whatever ideas may be insisted
upon as to silver or bimetallsm the proper
solution OF the question now pressing
upon US only requires recognition OF
gold as well as silver and the concession
of its Importance, rightfully or wrong
fully required, as the basis OF the national
credit, the necessity for the honorable
discharge Of our obligations payable in
gold and the badge OF solvency | do not
understand that the real friends OF sill
Yer desire the condition that might fol-
low inaction or neglect 20 appreciate
the meaning OF the present exigeney
II It should result I'm the entire banish-
ment of gold from our financial and cur
rency arrangements.
Besides the treasury notes, which GER
talnly should be paid In gold amounting
to nearly $500 900 600, there will fall due In
1904 the Sl00,000OO0 bonds issued during
last year, for which we have
received gold. and in 1907 nearly
S600OOO,0O per cent. bonds
issued in 1877 Shall payment of these
obligations I'm gold be repudiated? III
they are to be paid in such manner as
the preservation Of our national honor
and national solvency demand, we should
not destroy or even imperll our ability
TO supply ourselves with gold for that
purpose
While / am not unfrlendly to silver,
and while 1 desire to see IL recognized
TO such an extent as is consistent with
financial safety and the preservation OF
the natioral honor and credit, am not
willing to see gold entirely banlshed from
our currency and finance
To avoid such consequence I believe
thorough ana radical remedial legisla-
tion should be promptly passed. ! there
fore beg the congress TO give the sub
ject immediate attention.
In my opinion the Secretary Of the
Treasury should be authorized to issue
bonds of the government for the pur-
pose of procuring and maintaining sufi-
cient gold reserve and the redemption
and cancellation of United States legal
tender notes and treasury notes issued
for the purchase OF silver under the law
of July H. 1890.
We should be relieved from the humil-
rating process of issuing bonds to procure
gold to be Immediately and repeatedly
drawn out on these obligations for a
purpose not related to the benefit Of our
government or our people. The principal
and interest of these bonds should be
payable on their face I'm gold, because
they should be sold only for gold or It's
representative, and because there would
now probably be difficulty in favorably
disposing of bonds not containing this
stipulation. ] suggest that the bonds be
issued in denominations of $40 and $50
and their multiples, and that they bear
interest at a rate not exceeding per
cent. per annum. I do not see why they
should not be payable fifty years from
their date. We of the present generation
have large amounts to pay. If we meet
our obligations and long bonds are more
saleable the Secretary Of the Treasury
might well be permitted at his discretion
to receive on the sale of the bonds legal
tender and treasury notes to be retired.
and Of course when they are thus retired
or redeemed in gold they should be can
celled. These bonds under existing laws
could be deposited by national banks as
security for circulation, and such banks
should be allowed to issue circulation
1Ip to the face value of these or any other
bonds so deposited. except bonds out
standing bearing only per cent. inter-
est. and which sell in the market at
less than par National banks should not
be allowed to take out circulation notes
of less denomination than so, and when
such as are now outstanding reach the
treasury except for redemption and re-
tirement they should be cancelled and
notes Of the denomination of $40 and up
wards issued in their stead. Silver GER
tifcates of denomination of $40 and up
wards should be replaced by certificates
of denominations under $40. As con-
stant means for the maintainance of
reasonable supply OF gold in the treasury
our duties on imports should be paid
in gold. allowing all other dues to the
government to be paid in any other form
OF money
l believe all the provisions I have
suggested should be embodied in our
laws If we are to enjoy "a complete re-
instatement of sound financial condi-
tions. They need not interfere with any
currency scheme providing for an in
crease Of the circulating medium through
the agency of national or state banks,
since they can easily be adjusted to
such scheme
Objection has been made to the issu-
ance Of interest bearing obligations for