The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-12-07
Gle FINANCIAL EIECAItHE .
As we tutr f-lyt, { revieN u or i

+ne great masses CT our ccun:rvmeo, and
which, While Inefficient for tie purpose o.
revenue, curtaileG our trade relations and
impeGe1 our entrance 20 the markets OF sEe
! world, Gas been superseded hy tarl::
policy, which II principle is based lpon q
denial o. the right G. the government TO
otsS-uc! tie avenues 10 our peoples cheaE
nent, for The sake o. according especial ad-
vaGtaScs to fayori:es, ard which, While
encouraging our interior ard trade Will
other nations, recognizes the fact that Aner!-
can sei:-relance, thrisr, and ingenuity can
build up our country industries anu develop
its resources more surely than ap cnervatlnS
! paternaliscn Il February: 1925. therefore, the
situation was exceedingly critical.
The results CT prior bend Issues had been
exceedingly unsatisfactory, and the large
! Withdrawals Of gold Immediately succeeding
10 their public sale n open market gave Ijse C
a reasonable suspicion that a large part CT
the gold paid in:o the treasury upon sGch
sales was prom Pity drawn out again BY the
presentation OF United States notes or :r~2S-
Try notes and found is way 70 the hands 0!
those who had only temporarily parted VIII
it IN the purchase OF bonds.
The message then takes up the repeal Ct
the silver purchase clause. says 1t under
mined con:idcn:e and produced the ? nic.
The history Of tee Issue ana partial rcdcn:p-
ticn oi United States notes IS given at length.
GOLD RESERVE.
Stress is laid on the importance Of the gold
reserve. Loss Of gold IS attributed to the
existence Of Treasury notes. The rise and
iall OF the reserve is followed, and The h!sto-
" Of the bond issues, matters that are fa:ni-
liar to our readers. ;.re rehearsed in detail.
Then follows a history Of tie contract With
the bond syndicate.
II have never had the slightest misgiv!ng
concerning the wisdom o. prophet? Ot this
ARRANGEMENT
to further gold Withdrawals it says:
Quite large Withdrawals FOR shipment il the
Immediate future are predicted in vel! IL
formed quarters. About Sl6.G 900 has
been withdrawn during the month 81 NoTenI-
Ger. The foregoing statement o. coGrts anu
condition, develops the fact that after In
cre2sins cur interest bearing bonded !Ecept-
edness more than Si62 ,000, ,QG0 to save our
gold reserve. We are nearly where We started,
having now in such reserve SIS, ,355.S66. IS
against sos. 1858 in Eeo. ls"s, wren tae
frs: bonds were issued.
Tue government has paid n gold more
than nine-:erths Of It's United States notes
and still! owes them al. It has paid in god
s..ssc."! oac-ha!f CT It's notes given for silver
purchases. Without eXtlGGlShIDg by SUCH
ray1oent one dollar OF these notes. The
Government has incurred { !4nuded lrdebt-
eG.css Ct S95> >5Q0, ,030 IN establishing a gold
reserve. and Of 5l62, 2,3i5, ,=cH II efforts 10
na!LtalD t.
siroas eE7-aEMEN- OF esEENc!cKs.
Trouble is found in lha retirement ard can
collation. Of our United States notes, common-
" called greenhacks, ard the outstanding
treasury notes Issued by the government =
Is50.
believe this could he quite readily accom-
piished bv the exchange OF these notes for
Laitcd States bcnGa cf small as well as large
denominations, bearing low rate OF inter
est.
The currency withdrawn by tie retirement
OF Tie United States notes and treasury notes,
amounting to probably less ihal S4SG 600 ESQ,
r.i.;.t oe Supplied by such geld as would De
used oc their retirement or by az increase II
the circulation Of our national banks.
! tIink The: should be allowed TO issue cir
culation et;ua! 10 t!le par value Of the BONDS
they leDcS!. 70 secure i. and that the tax On
sh?;r circulation should be reduced % ne
fourth oi one per cent, which would u
dou3tedly meet a.! the expense the gover1-
c.e.t ipcurs OF their account.
ira general way the President proceeds to
Intimate that tho establishment OF State
banks may be necessity. As to silver co!o-
ace, ne says:
60 not overlook the fact that the caacella-
ton Of the treasury notes issued under the
silver purchasing act o. 1880 would leave the
treasury in the actua! ownership c: sufficient
silver including seignior2Se, to coin nearly
SITE. 600. 900 il standard dollars. It is worthy
d consideration whether tbs nigh. net,
from tine to time, - converted into G1lla,s
or fractional coin and slowly p@t into circu-
la:.ion as IN the judgment OF the Secretary
oi the Treasury the necessities o. the coun-
try should require.
sIMErALL1sI IMPOSSIBLE.
No government. no human contcivalce or
act OF legislation. has ever been able % hold
the two metals together in ieee coinage ct a
ratio aopreciabiy different from that which is
established in the markets of the world.
Those VINO believe that our independent free
coinage Of silver at an artificial ratio with
gold Of 16 10 would restore the parity be
tween the metals. and consequently between
the coins, oppose an unsupported a2d in
probable theory to the general belief and
practice OF other nations, a1d 20 the teach
iDS Of the wsest statesmen and economist OF
the world. 3oth IL the past and present.
The President theE went Oh to argue the
.;n2nractabiiity Of bimeta!ism, upheld the geld
standard as the oriy true means Of value,
holding tha! 1t does rot despise silver nor
seek its punishment" and that i'such Q
= standard also gives free scope for the use and
EXPANSION Of safe and conservative credit. >
lie urges the advocates cf free Coinage Of
silver to re-eNanine their views and Deiic-S
in the light Of patriotic reason and familiar
experience, and to weigh again aad again
the consequences @ such legislation as their
efforts have invited. Evel the continued
agitation CT the subject adds greatly to the
difficulties Of dangerous lnalclal situation
already forced upon Us.
In conclusion l especially entreat the PEG
pies reprcsertatiyesi1 the Congress. who are
charged with the responsibility Ct inaugural
ting measures for the safety and prosperity
OF ou- common country to promptly and ef-
fective,y consider the lis o. our critical fl
nancial plight: have suggested rcmeCy y
which mE judgment approves.
7 desire, however, to assure the Congress
that an prepared to Cooperate with Them
in pcrfecting any other measure promising
thorough and practical relief. and that will
gladly labor with them L every patriOti: ell
deuvor to further the interests and guard the
welfare Of our c0untrvmen whom in our re-
spective places Of duty We have undertaken
70 serve.
CarIislc's Estimates.
Secretary Carlisle has sent Congress estl-
mates submitted by ire several cabinet OIL
Gers OF money required for conducting the