Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1895-02-09

TluAilCldl events Vi the pdSb y ear SuS
gest facts and conditions which should
certainly attract attention. More than
| $4,000, 900 IN gold has been drawn out
OF the treasury during the year for the
purpose OF shipping abroad or boarding
at home. While nearly SOB, 600 900 OF
the same was drawn out during the first
ten months OF the year, a sum aggregat-
ing more that two.thirds that amount,
being about $69, 900, 900, was drawn ont
during the following two months, thus
indicating a marked acceleration OF the
depicting process during that length OF
time. The obligations upon which this
gold has been drawn from the treasury
are still outstanding, available for use,
repeating the exhausting operations
with shorter intervals as our perpleXities
accumulate. Conditions are certainly
supervening. tending to make the bonds
which may be issued TO replenish orr
gold less useful ior that purpose. An
adequate gold reserve is in all clrcum-
stances absolutely essential to uphold
ing our public credit and to the main
tenance of our high national character
and our gold has again reached such a
stage of diminution as to require its
speedy reinforcement.
The aggravatiOns that must inevitably
follow the present conditions and meth
DDS will certainly lead to misfortune and
loss, not only to our national credit ana
prosperity and to our financial enter
prise, but to those of our people who
seek employment and means OF llVen-
hood and to those whose only capital is
their daily labor. 1t will hardly do to
say that simple increase OF revenue
Will cure our troubles. The apprehen-
sion now existing and constantly IN
creasing as to our financial ability does
not rest upon calculations OF revenues.
The time has passed when the eyes OF
investors abroad and our people at home
were fixed upon the Revenues OF tins
government. Changed conditions have
attracted 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 in the treasury comfort
able surplus of more than $63, 900, 900,
but it is not in gold and therefore does
not meet our difficulty. | cannot see
that differences of opinion concerning
the extent to which silver ought to be
coined or used in our currency should
interfere with the cOunsels OF those
whose duty it now Is to recuty the evils
apparent in our financial situation.
lhev have to consider the question OF
national credit, and the consequences
that will follow its collapse, whatever
their ideas may be and however insisted
OH as TO Silver and bimetallsm. The
proper solution of the question now
pressing upon us only requires the rec
IGNITION Ui gold as well as silver, and
the concession OF its importance rlght-
fully or wrongtIliy acquired as basis
OF m2terial credit, and its necessity IN
the honorable dlscha ge OF our obllga-
tions payable In gold.
| do not understand that the real
friends OF silver desire the condition
that might follow the inaction or neglect
to appreciate the meaning OF the present
exigency, ii it should result in the en-
tire Punishment OF gold from our tinan-
cial and currency arrangements. Be
sides treasury notes, winch should
nearly $500, 900, 900, there will fall due
in 1904 800, 900, 900 bonds issued during
| last year, for which we have received
gold, and in 1907 nearly 5000, 100000 4
per cent bonds issued in 1877.
Shall the payment of these obligations
| in gold be repudiated? Ii they are to be
paid IN such manner as the preserva-
ton of our national honor and national
| solvenCy demands we should not destroy
or even imperil our ability to supply
ourselves with gold for that purpose.
While | am not unfriendly TO silver
and while desire to see it recognized to
such an extent as is consistent with fin
ancial safety and the preservation OF the
ma ional honor and credit, | am not
willing to see gold entirely banished
| from our currency and finances. 10
avert such a consequence | believe thor
ough and radical remedial legislation
should be promptly passed. l therefore
beg Congress to give the subject lmme-
diate attention.
In my opinion the Secretary of the
treasury should be authorized to issue
bonds of the government for the pur-
pose of procuring and maintaining a
sufficient gold reserve, and the redemp-
ton and cancellation of United States
| legal tender notes and treasury notes
issued for the purchase of silver under
the law of July IA, 1890.
We should be relieved from the hui
initiating process of issuing bonds to
procure gold to be Immediately and
completely drawn out on these obliga-
tons for purposes not related to the
benefit of our government or our peo-
pie. The principal and interest of these
bonds should be payable on their face
in gold, because there would not prob
ably be any difficulty in favorably dis
posing of bonds not containing this
stipulation. | suggest that the bonds
be issued in denominations of 500 and
$50 and their multiples and that they
bear interest at a rate not exceeding B
per cent per annum. | do not see why
they could not be made payable fifty