The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-12-11

and against Free Silver.
President Cleveland, in his annual
message to Congress, read on Tuesday
the 3rd inst, devoted unusual atten-
ton to the financial questions which
now agitate the people of the country.
After careful review of the treasury
conditions which necessitated the sale
of bonds to replenish the gold reserve,
Mr.. Cleveland says:
Though the amount Of gold drawn
from the treasury appears to be very
large, as gathered from the facts and
figures herein presented. it was actual
ly much larger, considerable sums
having been acquired by the treasury
within the several periods stated with
out the issue OF bonds. On the 2Sth
of January, 1895, it was reported by
the secretary of the treasury that more
than S172, 100000 of gold had been
withdrawn for boarding or shipment
during the year preceding. He now
reports that from Jan. l, 1879, to July
Il, 1890, a period of more than IL
wears, only a little over S2S, ,000,00O
was withdrawn, and that between
July IA, 1890, the date of the passage
of the law for an increased purchase
of silver, and the 1st day of Decem-
Der. 1895, or within less than five and
half years, there was withdrawn
nearly S375, 100000. making total Of
more than S403, 100000 drawn from
the treasury in gold since Jan. l, 1879,
the date fixed in 1875 for the retire
ment of the United States notes.
PAYING DEBTS AND LEAVING THEM DUE.
Nearly 1927, 900, 900 of the gold thus
withdrawn has been paid out on these
United States notes, and yet every one
of the S346, 900, 0O0is still uncalled and
reacv to do service in future gold de-
pletions. More than S76, ,000,OO0 IN
cold has since their creation in 1890,
been paid out from the treasury upon
the notes given on the purchase Of sill
yer by the government; and yet the
whole, amounting to S155, 900, 900, eN-
cept little more than $4,000, 600,
which have been retired by exchange
for silver at the request OF the holders,
remains outstanding and prepared to
Join their older and more experienced
allies in future raids upon the treasu-
rvs gold reserve. In other words, the
government has paid in gold more
than nine-tenths Of its United States
and still owes them all. It has paid in
gold about one-half of its notes given
for silver purchases without extin-
gushing by such payment one dollar
of those notes. when, added to all this
we are reminded to carry on this as
founding financial scheme the govern
ment has incurred bonded indebted
ness of S95, 100000 in establishing a
gold reserve, and of s162, SIS, 400 in
efforts to maintain it that the annual
interest charge on such bonded lndebt-
edness is more than S11, 600, 600; that a
continuance in our present course may
result in further bond issues, and that
we have suffered or are threatened
with all this for the sake Of supplying
gold for foreign shipment or facilitat-
ing It's boarding at home, situation
is exhibited which certainly ought to
arrest attention and provoke immedi-
ate legislative relief. I am convinced
the only thoroughly and practicable
remedy for our troubles IS found IN
the retirement and cancellation Of our
United States notes commonly called
greenbacks and the outstanding notes
issued by the government IN payment
of silver purchases under the act OF
1890. believe this could be quite
readily accomplished by the exchange
of these notes for United States bonds
of small as well as large denomlna-
tons bearing low rate OF interest.
They should be long termed bonds,
thus increasing their desirabihty as
investments, and because their pay
nent could be well postponed to a
period far removed from present f.
nancial burdens and perpleSities, when
with increased prosperity and resour-
ces they would be more easily met.
a PLAN TO CANCEL NOTES.
To further insure the cancellation
of these notes and also provide way
by which gold may be added to our
currency in lieu Of them, a feature IN
the plan should be an authority given
to the secretary of the treasury to ols-
pose of the bonds abroad for gold If
Necessary to complete the contemplat-
ed redemption and cancellation, per.
oitting him to use the proceeds OF
such bonds to take up and cancel any
of the notes that may be in the treas
ury or that may be received by the
government on any account. The IN
crease of our bonded debt involved IN
this plan would be amply compenSat-
ed BY renewed activity and enterprise
in all business circles, the restored
confidence at home, the relnstated
faith in our monetary strength abroad,
and the stimulation of every interest
and industry that would follow the
cancellation of the gold demand:obll-
cations now affecting US. In any
event, the bonds proposed would stand
for the extinguishment of trouble
some Indebtedness, while in the path
we now follow there turks the menace
of unending bonds, with our indebt-
edness still undischarged and aggra-
waited in every feature. The obliga-
tons necessary to fund this indebted
ness would not equal in amount those
from which we have been relieved
since 1884 by anticipation and pay
ment beyond the requirements OF the
sinking fund out of our surplus reve,
nues-
LATITUDE FOR NATIONAL BANKS.
The currency withdrawn by the re
tirement OF the United States notes
and treasury notes amounting to prob
ably less than $4S6,000, 900, might be
supplied by such gold. as would be
used on their retirement or by an IN
crease in the circulation of our nation
al banks. Though the aggregate cap
ital of those now in existence amounts
to more than 1864, ,00G, GOO, their out
standing circulation, based on bond
security, amounts to only about S19,-