Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-12-03

I y AAAAAFs \ NAN nAAAN MINumul
: ehlsllngi u they desired 20 avail then
, selves OF tao pfovislons Of law Inn,
= MOULDED, could lslue circulation In
: audltton 10 that already ontstandiug
amounting 10 SAYS, 900. 900, who
b would nearly or quite equal tho cur
fenoy proposed TO be Cancelled. A
any event l should confidently oxpec
70 see the existing ustiOnal hanks, Of
; o.hets 70 DO ganizud, avail themselve
Oh the proposed encouragement 4
issue circulation, aud promDtly nil AM
need.
IL has always seemed to me that th,
ptoVlsl0nBot law regarding the capita
on national banks which operate az .
limitation To their location, fail 10
make proper compensation for the SUP.
PRESTON OF the state banks, which
came near TO tue people In all sections
OF the country aud readily furnished
lhem with banking Rooommoia.
lions and facilities. Apv ip.
convenience or smbaffassnltu t
arising from these restrictions OF inc
location Of national banks might well
be romodied by better adapting the
present system 10 the creation OF banks
IN emallor communities or by permit
ung banks OF large capital o. oatabliah
branches in euoh localities ne would
serve the people, 40 regulated and rrs.
Trained as to secure their safe aud CON.
tefvhtive control hnd management.
but thofe might not be- the necessity
700 such an addition 10 the currency
Dy new Issues Of bank circulation az at
hras Glance " Indicated. IL We should
De relieved from maintaining n gold
reserve under the conditions that CON
stltute IL tbs baromster OF our solyency,
anu " our treasury should no longer b.
the foolish putvoyor Of gold for nations
hofOad or Tor speculation and boarding
~ our CT ons az home, 1 should *.
Ptot 70 see Euld resume IT. natutni aud
hvrmal functions Ia the business afiaIts
o. tue country anu cease TO DO au OBJ
ltot attracting the timid watch of our
e1ple ana exciting their sensitive
lmaginaliOns.
WHAT 10 DO WITH the SILVER.
j DO not overlook the fac. that tho
cancellation of the treasury notes ia
sued under the silver purchasing act OF
ioSO would leave the treasury ia the
.ctual oWnefship oi sufficient silver,
inclullng hoigpi0rage, TO colin nearly
sl'oiO0OuOO In standard dollars. IL IA
Wofthy OF consideration whether this |
might not, from time 10 time
DC converted Into dollars or fractional |
coin aud slowly put into circulation a, |
In the judgment OF the secretary on |
the treasury the necossltios OF the |
country should require. Whatever IA |
attempted should be entered upon fulIv |
approaching the fact that by a careless
easy descent wo have reached a danger.
Gus depth anu that our ascent will moi
be accomplished without laborloua toil
anu struggle. We shall DO wise N We
realize that ws arc finano a-ly mn and
that our restoration 10 health NAV re-.
qulre heroic treatment and unpleasant
remedies.
In the present stage Of our difficulty
" N not easy 10 understnnd hny ibc
amount OF our revenue Teoeipts dirert.
" hheols II. The important questlon
is not the quantity OF money Received
Ia revenue payments, but the kIud on
money VIZ maintain and our ability 10
continuo n sound financial conJition.
We are oonsldorlng tue governmenps
holdings OF gold as related 10 the \ und.
ness OF our money and M affecting our
nalonAl credit aud monetary B.rength.
II our gold reserve had never breu i'm.
paired, or II no bonds bad ever been
issued TO roplonish II; n there had been !
no lear and timility concerning our
ability TO continue gold payment; N
iny paFt OF our revenues were not paid /
IN golli nnd " We could look TO our !
ioli receipts ash means OF maiutafn.
ny aaRto reserve, tho amount Of our .
'evennea would DO an Influential fac. :
or in the problem, but unflrtnnsteIy
Ill the nlFnfIRaaNa haV I d
Weight 10 this confederation are an. =
itely lacking. In our present prsdica. !
nent no gold Il received by the gov.
'rnmenI Ia payment OF Teysnue =
.hafges, nor would there DO n ths 4
avenues were Increased. The rsoeipts h
4 the treasury, when DOT In silver Ger. q
lhcAtes, sOonaiat OF United State, o
totes and treasury notes Issued for II
liver purchases. These forms OF money a
10 only useful 10 tho goysrpment n
y paying It's current ordinary y
xpennee, and IL quantity In q
ovorument poSsossiOn does NOT in y
no least contribute toward giving Us
lo Kind OF safe financial standing or n
0nulllon which " built on gold alone. Ol
" u said that these notes n hold by Il
he government can be- used 10 Obtain | p
old for our reserve, the Apswer h II
asy. The people draw gold from ths a
'natury on demand upon United n
iates notes and treasury notes. but ~
10 proposition that the treasury can VI
q demand draw gold from the psople .,
pom them would be regarded Ina these al
avs with wonder and nmusoment, m
nd oven II this could DO done. thers ia
nothing 10 prevent those thus part NJ
- with their gold from TegAlnlng IL s.
10 next day or the next hour by the In
'esentati0n OF the notes they received W
exchange for It. The secretary OF or
10 treasury might usO such notes w
ken from surplus revenue TO buy ~
Id In the market, or course ho could w
u do this without paying Premium. M
rivate holders Of gold, unlike the pu
having no parity 10 main. Isl
M, would not DO restrained from tn
aking the best bargain possible when an
oy furnished gold 10 the treasury: lhi
4 the moment the secretary Of ~ eA
'asury bought gold on any terma Ih'
owe par he would establish a general W
4 universal Premium upon N. thus ~.
saklng down the parity beiween ~,
Id anu silver which The GOVERNMENT
pledged TO maintain, aud opening Inc
aY 10 now aud serious complications.
the meantime tue premium womb
{ remain stationary ana toe absurI
iclaolo might be presented Of deal.
selling gold 10 tue government and
Va United States notes or treasury by
les In his hand Immediately clam.
ng for Its return and n resale at a