Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-01-29

EeCunlary SltuattOu.
TIE GOLD DEPLETION.
The financial events OF the past year
suggest facts and conditions WHICH
should certainly arrest attention
More than Oae hundred ana seVeu'y-
two millions of dollars 10 gold have oeen
drawn out OF the treasury during the
year for the purpose Of shipment aoroau
or boarding at home.
While nearly one hundred and three
millions Of this amoust were drawn OUT
] during the first 10 months OF the year, z
| sum aggregatlng more than two-thirds
of that amount being about sixty-nlne
I millions, was drawn out during the iol-
I lowing two months, thus indicating
marked acceleratiOn Of the depicting
process within the lapse OF time.
The obligations upon which the gold
/ has been drawn from the treasury are
stlll outstanding and are aValiaO'e TOT
use Ia repeating the exhausting opera
| ton with shorter intervals as our per-
plexit!eS accumulate.
Conditions are certainly supervenlhg
tending 20 make the bonds which may
/ be issued TO replenlsh our gold less
I useful for that purpose.
An adequate gold reserve Is In all
circumstances absolutely essenual 10
| the UNFOLDING of our public credit and
I 10 the maintenance Of our high national
| character. g,
/ Our gold reserve has again reached
such q stage OF diminution as 10 require
| It's sueedy reinforcement.
The aggravatiOns that must inevitably
( follow present conditions and methods
certainly lead 20 misfortune and loss,
not only 70 our national credit aud pros
/ psrity and 10 financial enterprise. but TO
those OF our people who seek employ
ment as means OF livelihood and to
those whose only capital is their daily
labor
THE REVENUE DEFICIENCY.
IL will hardly do to say that simple
/ increase Of revenue will cure our
/ troubles. The apprehension now ex-
/ ist!nE and constantly increasing as 10
our financial ability does not rest upon
I a 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 ex-
penses with such money as we have.
There is now 10 the treasury a comfor-
table surplus OF more than SOB, 600, 600,
but il is not in gold, aud, therefore,
does not meet our difficulty.
THE SILVER QUESTION.
I cannot see that differences Of opin-
ion concerning the extent to which sill
yer ought 10 6e coined or used 10 our
currency should interfere with the
couBSslS of those whose duty 10 is TO
rec:ify evils now apparent 10 our imam
cial situation. They have 10 consider
the question OF national credit and the
consequences that will follow from
its collapse. Whatever ideas may
be Insisted upon as 10 silver or
bimetaliisIn, a proper solution OF the
question row pressing upon us only re
0uires recognition OF gold as well as
silver aud a concession Of its import
ance, rightfully or wrongfully acquired,
as a basis Of national credit. q necessity
in the honorable discharge OF our o0li-
cations PAYABLE 10 GO.d and badge OF
solveucy. do not understand that the
real friends OF silver desire condition
that might follow inaction or neglect TO
appreciate the meaning OF the present
exigency II it should result in the entire
Punishment Of gold from our financial
and currency arrangements.
Besides the treasury notes, which GER
tainly should be paid 10 gold, amount
ing 20 nearly $500 600, 600, there will
fall due in 1904 500, O0O 600 Of bonds
issued during the last year for which we
have received gold, and in 1907 nearly
$500. 900, 600 Of 4 per cent. bonds issued
ia 1877. Shall the payment OF these
obligations In gold be repudiated? II
they are 10 be paid IN such a manner as
the preservation OF our natiOral honor
and national sOlYencY demands, we
should not destroy or even imperll our
ability 70 supply ourselves with gold for
that purpose.
While l am not unfriendly 10 silver,
and while I desire 10 see IL recognized
% such an extent as is consistent with
financial safety and the preservation OF
national honor and credit, l am not
willing 70 see gold entirely bauished
from our currency and finances. To
avert such a consequence, l believe
thorough and radical remedial leelsla-
tlon should be promptly passed. ]
therefore beg the Congress TO give sub
ject immediate attention.
POWER TO ISSUE BONDS.
IN my opinion, the Secretary OF the
Treasury should be authorized TO issue
bonds Of the government for the pur-
pose OF procuring aud maintaining a
Sufficient gold reserve aud the redemp-
ton aud cancellation OF the United
States legal tender notes and the Treas
ury notes Issued for the purchase OF
silver under the law Of July IA, 1890.
We should be relieved from the humil-
iating process OF issuing bonds 10 pro-
cure gold TO De Immediately and
obligations for purposes not
related 70 the benefit OF our
government OF our people. The princl-
pal and interest of these bonds should
be payable on their face in gold, be-
cause they should be sold only for gold
or its representative, aud because there
would nov probably be difficulty in
fayOrably dispOsing OF bonds not con-
tanning this stipulation. suggest that
the bonds be issued in denominations
OF 20 and 5OdOllars and their multipes,
aud that they bear interest at a rate
not exceeding 3 per cent. per aunum.
/ do rot see why they should not be pay
able 30 years from their date. We OF
the present generation have large
amounts 10 pay II we meet our obliga-
tiouS, aad long bonds are most sslable.
The Secretary Of the Treasury might
we'll be permitted az his discretion 10 re-
ceive on the sale of bonds the
the legal tender aud treasury notes TO
be retired, and. OF course, when they