Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1895-01-31

| under the law Of July Il 1870 We should be
relieved from the humiliating process Of issu-
1 ing bonds TO procure gold to be immediately
anu repeatedly drawn out on these obligations
/ for purposes not related to the benefit OF our
| government or our people
The principal and interest Of these bonds
/ should be payable on the fses in gold be-
I cause taeF should be sold only for gold or its
/ representative and becsuse there would
J uo~ PROBABLY he ainic0lsg III favoFtf,lv dis
posln- OF bonds not containing III i stipulation
l suggest taai the bonds 81 issued III aefgoal-
nations Of - and so and their l.uftfpfes and
tnat theE bear interest," at n rate not exceeding
: per cent. p3r anauas.
Fsyabi- 10 Eiftg Years
I Do not see why they should not be nav
able hisy years from their dates we Of
the present generation have large amounts to
pay it We It eur obligations and ionr
bonds are mest sslabie Tie secretary OF
the treasury might we'd be permitted I'd his
discretion 70 recei on the sale OF bends the
legal tender and treasury notes To he retired
ana Of course when they sre sho> retired or re-
deemed IN gold they should be c4ncelod
These bonds, under existing laws could
be deposited BY national banks as security
Tor circulation. and such banks shouIs be
allowed to issue cireuiatiou up to the face
value OF these or any other bonds so deposited
except bonds outstanding bearing only >
per cent, interest, and which sell in the market
at less than par National banks should not
De allowed to take out circulating notes OF
less denominations than si0 and when such AS
are now outstanding reach the treasury, except
Tor redemption AMI retirement they should be
Cancelled and notes OF the denomination OF $40
and upward issued in 4heir stead Silver Ger
tlhcates Of the denomination OF $40 and up
ward should be replaced by certificates of de-
nominations under $40
As constant means for the maintenance NJ
q reasonable 81 pply OF gold In the treasury
our duties on imports should be paid in gold
allowing all other dues TO the government TO
be paid in any other form OF money
Urges Adoption Of the Plan
believe all the provisions have suggested
should be embodied in our laws IL we are to
enjoy complete reinstatement OF a sound
financial condition They need not interfere
with any currency scheme providing for
the increase OF the circulating medium
through the agency OF national or state banks
since they can easily be adjusted to such
scheme Objection has been tuade to the issu-
ance OF interest-besrng obligations for the
purpose Of retiring the non-lnterest- bearing
legal-tender notes
ln'point Of fact, however. these notes have
burdened US with large load or interest and
1t Is stu accumulating The aggregate in
terest on the original issue Of bonds. the
proceeds Of which in gold constituted the
reserve for the payment OF these notes.
amounted 20 ST0.326.a51 ON jsnuary I 1895 and
the annual charge for interest on these bonds
anG those issued for tic same purpose during
the last yes- will be 50 ifo0lU dating from jan
uary l-i945
While the cancellation Of these notes would
rot relieve us from the obiisltious alreat1g /
laeurre en- their account, these figures |
are gts On way o. suggesting That their ex- /
i<tensc hiss mol been free from interest charges
ana tAa5 t9e longer they are outstanding |
Judging sfom the experience OK the last year /.
the NOR eNpea lq tl.ey VIII beeome.
In conclusion / desire TO franAiy confess {