Bennington semi-weekly banner. (Bennington, Vt.) 1894-1902, 1895-12-03
Responsibility For Its Promotion.

Responsibility For Its Promotion.
| believe it averted disaster, the immi-
| nence of Which was fortunately not at the
time generally understood by our peopH.
Though the contract mentioned stayed for
time the tide Of gold withdrawal, its good re-
| suits could not be permanent. Recent with
| drawals have reduced the sum from Sl07 51,-
| 23O on July 8, 1895, to $i9,333 yt6. How long it
| will remain large enough to render its in
crease unnecessary is only Il matter Of con-
| lecture.
The foregoing statement of events and con.
ditions develops that fact that after ncreas-
ing our Understanding bonded Indebtedness
| more than $lb2,UOJOJO to save our gold reserve,
| we are nearly where we started having now
in such reserve $40 1888 066, as against $j5 1887
| in February, 1894, when the first bonds were
| issued.
Though the amount of gold drawn from
the treasury appears to be very large, as
| gathered from the facts and figures herein
| presented, it actually was much larger, con
siderable sums having been acquired by thu
treasury within the several periods state
| without the issue of bonds.
On Jan. y, 1895 it was reported by the seer
tary of the treasury that more than l72OJJ,Uyj
Of gold had been withdrawn for boarding q
shipment during the year preceding. He nct
reports that from Jan. l, 1870, to July IA, le!t
| period Of more than IL years, only Il litlg
over S!S,OOO,OOO was withdrawn, and that BE-
tween July H. 1890 the date of the passage o.
the law for AN increased purchase of silver,
| and Dec /, 1875, or within less than 81 years,
! there was withdrawn nearly S3750O0,0 J0 max.
ing a total of more than SOB ,OJO drawn from
| the treasury in gold since Jan. l. 1879, the date
fixed in 1873 for the retirement Of the Unite 4
| States notes.
Nearly 327,OO)0)0 of the gold thus with
! drawn has been paid out of these UNFIT,
States notes; md yet every one Of the $4,000,
| 900 Is sim unca lcelled and ready to do servi
-, F1trr Il, ara
OJO in gold has, since their creation in 1890,
been paid out from the treasury upon the
notes given on the purchase of silver by the
| government.
And yet the whole, amounting to Slj5,OOO,-
| OJO except little more than 6JJJ,OJO, which
have been retired by exchanges for silver at
the request Of the holders, remains outstand-
ing and prepared to join their older and more
experienced allies in future raids upon the
treasury's gold reserve.
Plans For Relief.
A situation is exhibited which certainly
| ought to arrest attention and provoke immedi.
ate Legislative relief am convinced the only
thorough and practical remedy for our
| troubles Is found III the retirement and cam
collation. Of our United States notes, com
monty called grecnbaclis, and the outstanding
treasury notes issued by the government in
| payment of silver purchased under the act of
1879.
l pelleNe inlS cOulu Dc QuluG reaully accom-
pliShed by the exchange of these notes for
United States bonds Of small as well US large
denominations, bearing a low rate Of interest
They should be long term bonds thus increas-
ing their desirability as investments, and be-
cause their payment could be well postponed
to a period far removed from present financial
burdens and perpleXities, when withincrease
prosperity and resources, they would be morS
easily met
To further insure the cancellation Of these
notes and also provide way by which goll
may be added to our currency in lieu of them
n feature in the plan should be an author
ity given to the secretary of the treaSur
to dispose of the bonds abroad for gold, il
necessary, to complete the contemplated IT.
dempton and cancellation, permitting him Il
use the proceeds of such bonds to take up and
cancel any of the notes that may be in the
treasury, or that may be received by the gov
eminent ON any account.
The increase of our bonded debt involved in
this plan would be amply compensated by re-
newed activity and enterprise in all business
circles, the restored confidence o. home and
the reinstated faith in our mOuet...y strength
abroad
In any event, the bonus proposed would
stand for the cXtinguishment of troublesome
Indebtedness, while in the path we now follow
there Turks the menace of unending bonds,
with our present Indebtedness still undis-
charged and aggravated in every feature.
issue c!rulation equal to the par value of the
bonds they deposit to secIrs it, and that the
tax on their circulation should be reduced to
"A of l per cent, which would undoubtedly
meet all the expense the government incurs on
their count. In addition they should be al.
lowed to substitute or deposit in lieu of the
bonds now required as security for their cir
culation those which would be issued for the
purpose Of retiring the United States notes
and treasury notes.
1t has always seemed to me that the provi.
sions of law regarding the capital of national
banks which operate aS limitation to their
location fails to make proper compensation
for the suppression Of state banks, which
came near to the people in all sections of the
country and readily furnished them with
banking accommodations and facilities.
Any Inconvenience or embarrassment arts
ing from these restrictions on the location of
national banks might well be remeded by
better adapting the present system to the
creation of banks in smaller communities or
by permitting banks of large capital to estab-
liSh branches in such localities as would serve
the people-so regulated and restrained as to
secure their safe and conservative control and
management.
1t is neither unfair nor unjust to charge a
large share Of our present financial perplexi-
ties and dangers to the operation of the laws
of 1873 and 1850 compelling the purchase of sill
yer by the government.
act of legislation has ever been able To hold
the two metals together in FREQ coinage, at a
ratio appreciably different from that which is
established in the markets of the world.
Twice in our recent history we have sig
nally failed to raise by legislation the value
of silver Under an act of congress passed in
1873 the government was required for more
than II years to cXpend annually at least S24,-
100000 in the purchase of silver bullion for
coinage.
The act of July IA, $780, IN still holder effort
increased the amount of silver the government
was compelled to purchase and forced it to be-
come the buyer annually of $4,000 600 ounces
or practically the entire product of our mines.
Under both laws silver rapidly and steadily
declined in value.
have suggested a remedy which my judg-
mont approves. desire, however, to assure
the congress that am prepared to cooperate
with them in perfecting any other measure
promising thorough and practical relief, and
that will gladly labor with them in every
patriotic endeavor to further the interest and
guard the welfare of our countrymen whom
in our res pectiye places of duty we have un-
| dertaken to serve.
GROVER CLEVELAND,
Continues TO Improves