The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1895-02-01

of bonds issued fur nrtho lattvcgr for which
Nc have received gold aud in 1870 nearly i0OO.-
OOO0n on ncr cent bonds. issued IN ls.T shalt
the payment OF these obligations IN gold bo
rcpudlntcdi II they are 70 be paid IN such a
manner Us the preservation Of our national
honor and national solyonry demands wo
should not destroy or even imporil our ability
70 SUPPLY ourselves with gold for that purpose.
While am not untritndly To silver whilcI
desire 10 see IL recognized 10 such an extent as
il consistent with financial safety aud the
preservation Of national honor and credit am
not willing 10 see gold entirely hahishcd from
our currency and nnanccs So avert such
consequence / believe thorough aud radical
remedial legislation should he proBaptly
passed
In my opinion the SECRETARY u the treasury
should be authorized 10 issue bonds gf the gov
ornmont FOR the purpose OF procuring and main
inining sumcieHt gold reserve aud the re-
,dcmption aud cancellation 0f the United states
legal tender notes and the treasury notes
used for the purchase 0f silver under the nw
~ July ~ is1 We should he relieved from
the lumiliating process uf issuing bonds 20
procure gold 10 be Immediately and repeat
cdly drawf out on these obligations for pur-
poses not related 70 the benefit 0i our gov
Crnmcnt o. people The principal and Interest
Of these bends should be payable on their face
In gold because they should be sold only Tor
rold Or ~ representative and because there
would nov probably be- diniculty in fayoruhy
dsposinr Of bonds not containing this stipu A.
laiion surfest that the bonds be- issued ia
denominations 81 go and 40 and their null
tiples and that they bear interest at a rate not
exceeding three per cent Per anuum
DO not see Why they should not ho payable
~ year frum their date We of the present
generation have large amounts tn pay u We
meet our obligations. and long bonds are most
salcahlr The secretary nf the treasury might
wcn be- permitted at his discretion 90 receive
on the sale VI bonds the legal tender aud treas
ury notes 70 be retired aud Of course when
they are thus retired or redeemed IN roli they
should be- cancrlcd
National banks should not he allowed 20 tako
out circulating notes u less denomination
than 80 and when such AZ are nov out tand-
lug rtach IRE treasury except TOT redemption
aud retirement they should be cancelled nnd
notes ~ the denomination Of q md upwards
issued Ia thcir rstcnd ~iiycfCCrtincatos OF the
denomination of tl0and upwards should be re-
placed by rcrtlnCatcs uf denominations under
10
/. Asa constant means inf the maintenance Of
a reasonable supply o. .uid iu lht treasury our
duties on Imports shoult bc paid In gold al
lowing an Ot' ~ daca 10 ltr government 90 bt
NAIiA IIl AlAN Nhitfl ANfilA Nli mont
iholioYc an the provision, have suggested
should BE- embodied IN our laws n We are q
| enjoy complete rcins,al lmcht o. sound
financial condition 1hey uccd not intcTl0rc
] with any currency schcmr providing fur the
Increase 81 the circulating medium through
the agency q HatiCsAi or tnte banks
since they can eh-ily be adjust
! ed 10 such sghNnc Objection has bccr
made q the issuance of intcrust-hcar.
ing obligations fur the purpose of retiring
/ The uoU-iuterest bearing cgal tender notes
Z IN point of fact huWrtCf, these notes have
4 bufdrnvd us With a large iaad u Interest and
| iIis siiii arrumulatiar Tie agrrefate inter
Get on the orig nal issue ui bonds, the proceeds
/ OF Which iu gold constituted a reserve Tor tho
| payment Of these notes amounted TO 40 10 .
3 80 on january 1876 and the annual charge
Z for interest uH thgss b18js and those issued
tot the s4me purpose curing tho Hst year vill
] be islbtHl aatiBF fr1H 1aaBafg O. lhH
I while the cancellation ai uc55 notes would
. not relieve us from tho Ob, cations ait0sdy lu.
I CURED on their account These nGuprs arr civ.
I by uny Of -nR ta" That their rNistruCt
I has not been ircc irum mtrrc.t craWcs and
I that the longer iAEy rFr outstanding julgins
I from the experience ~ lhp last year tho moro
/ expensive thgy VIII lC niHc
| IL conelusioa ipsir, 20 frankly ronfIss my
I reluctance % issulHg more bonds IN present
1 circumstances and with 40 bcilCr results lhar
| hayr lately followed That cuursb can not
/ toNCycr refrain from alNiug 20 on assurance
I OF mN anFlHly "a ca-tp rate with the present
I congress IN Anf reason b. r.oasure ~ relief
/ an oppression " uS dissemination to leave
nothing undBnu which furli hCs hlpc fof i'm.
1 pruylnF thc stlualiaau chrthiuE susp.ciua
. of our di.iurlnatiun % disability tomrct via
I the strictcst honor ever, national obligation
bHuyrH CtLyTtANb.