Evening journal., 1895-01-29

Aho apprehension now existing and con-
stantly increasing as to our financial abil
ity does not rest upon calculation OF oui
revenue. The time has passed when the
eyes OF investors abroad and our people al
home were fixed upon the revenues of the
government Changed conditions have at
tracted their attention to tho 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
tho treasury comfortable surplus of more
than S63, 600, 000 but it is not in gold, and
therefore does not meet our difficulty.
Word TO silverites.
II cannot see that differences OF opinion
concerning the extent TO which silver
ought TO be coined or used in our cur.
rency should interfere with the counsels
OF those whose duty IL is to reotify evils
now apparent in our financial situation.
They have to consider the question of ma.
tional credit and the consequences that
will fall from its collapse Whatever ideas
may DO insisted upon as to silver or bi.
metallism, proper solution Of the ques-
tion now pressing upon us only requires
recognition Of gold as well as silver and
a concession Of its Importance, rightfully
or wrongfully acquired, as basis OF ma.
discharge Of our obligations, payable in
gold, and a badge Of solvency. do not un.
derstand that the real friends Of silver dc.
sire condition that might follow inac.
tion or neglect TO appreciate the meaning
Of the present exigency If Il should result
In the entire banishment Of gold from our
financial and currency arrangements
Besides the treasury notes which GER
tainly should be paid in gold, amounting
20 nearly $500, 600, 600. there win fall due
in 1904 500, 600. 600 in bonds issued dur
ing the last year for which we have re.
ceived gold. and In 1907 nearly 5000, 600,
600 Of 4 per cent bonds, issued in 1877.
Shall the payment OF these obligations in
gold be repudiatedY If they are TO be paid
in such a manner as the preservation of
our national honor and national solyenoy
demands, we should not destroy or even
imperil our ability to supply ourselves
with gold for that purpose
While l am not unfriendly to silver,
and while / desire to see it recognized to
such an extent as is consistent with finan.
cial safety and the preservation Of national
honor and credit I am not willing to sea
gold entirely banished from our currency
and finances. To avert such a consequence
believe thorough and radical remedial
legislation should be promptly passed. /
therefore beg the congress to give the sub
iect immediate attention.
Small Bonds Suggested.
I'm my opinion, the secretary Of thu
treasury should be authorized to issue
bonds Of the government for the purpose
Of procuring and maintaining a sufficient
gold reserve, and the redemption and can
collation. of the United States legal tender
notes. and the treasury notes issued for
the purchase Of silver under the law Of Ju-
ly IA, 1890 We should be relieved from
the humiliating process Of issuing bonds
to procure gold to be Immediately and re-.
peatedly drawn out on these obligations
for purposes not related to the benefit Of
our government or our people The prin-
oipal and interest of these bonds should ba
payable on their face in gold because they
should be sold only for gold or its repre-
sentative and because there would now
probably be difficulty in favorahly dispos-
ing Of bonds not containing this stipula-
tion. / suggest that the bonds be issued
in denominations Of $50 and $50 and their
multiples, and that they bear interest at
a rate not exceeding per cent per annum
1 do not see why they should not be pay
able 80 years from their date We of the
present generation have large amounts to
pay If we meet our obligations, and long
bonds are most salable. The secretary OF
the treasury might we'll be permitted at
his discretion TO receive on tho sale Of
bonds the legal tender and treasury notes
to bo retired, and of course, when they are
thus retired or redeemed in gold, they
should be Cancelled.
These bonds under existing laws could
hf. lrrr4 II
for circulation, and such banks should be
allowed to issue circulation up to the face
value of these or any other bonds so de-
posted, except bonds outstanding bearing
only per cent interest, and which sell in
the market at less than par National
banks should not be allowed to take out
circulating notes Of a less denomination
than $40, and when such as are now out
standing reach the treasury, except for re-
demption and retirement, they should be
cancelled and notes of the denomination
of $40 and upward issued in their stead
Silver certificates of the denomination Of
$40 and upward should be replaced by GER
tificates Of denominations under $40.
Only Duties to BE Paid In Gold.
AS a constant means for the mainte-
nance Of a reasonable supply Of gold in the
treasury our duties ON imports should bel
paid in gold, allowing all other dues to thel
government to be paid in any other forml
of money
" / believe all the provisions have sug-l
gested should be embodied in our laws III
we are to enjoy a complete reinstatement
of a sound financial condition They need
not interfere with any currency scheme
providing for the increase of the circulat-
ing medium through the agency Of ma
tional OF state banks, since they can easily
be adjusted to such q scheme Objection
has been made TO the issuance of interest
bearing obligations for the purpose of re-
tiring the noninterest bearing legal tender
notes. In point OF fact however, these
notes have burdened us with large load
of interest, and it is still accommodating.
The aggregate interest on the original issue
of bonds, the proceeds Of which In gold con-
stituted the reserve for the payment Of
these notes. amounted TO $40, 326, 250 on
Jan. I, 1895. and the annual charge for in
terest on these bonds and those issued for
the same purpose during the last year viii
be 50, 145 600, dating from Jan. ], 1895.
While the cancellation of these notes
would not relieve us from the obligations
already incurred on their account, these
figures are given by way of suggesting
that their existence has not been free from
interest charges, and that the longer they