Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-12-17

OplHiOu, II adopted, would not Oxford
the relief demanded by the existing
situation, necessarily involves such
large Increases Of the interest bearing
public debt from time to time and would
impose permanently upon the govern
ment such onerOuS and inappropriate
duties IN relation TO the paper currency
OF the country, that ought not TO be
IaVOrably entertained. except as a last
resort In the struggle for the mainten-
ance of the public faith and the preser-
walton OF the inviOlability of private
contracts.
The issue of bonds" he saws. "to
procure coin for the reserve. which is
the only enectual method available now
under the law. will, unless conditions
which have already been developed by
the present policy are radically chang
ed, ultimately result IN the creation Of
a public debt much larger than would
/ De required 10 retire and cancel all the
notes; and the annual interest charge
l would be much greater than il would be
necessary 10 incur on the new issue of
bonds adapted 20 the present circum-
/ stances or the government and the we'll
; known preference of investors. ii,
/ however, an attempt is to be made 10
/ Keep the United States notes and treas
| ury notes permanently in circulation by
reissue after redemption, and the gov
eminent is to be permanently charged
/ with the duty OF sustaining the value Of
all our currency, paper and coin alike,
/ the conclusion cannot be avoided that
the policy of issuing bonds for the ac-
/ compliShment of these purposes must
also become permanent and such addi-
/ tiOnal powers must be conferred upon
/ the secretary as viii enable him TO exc
| cute the laws relating to the subjects
/ with the least possible disturbance of
/ the business affairs of the people and
the
LEAST POSSIBLE CHARGE
upon the treasury. l am thoroughly
convinced tina, this policy ought not 10
be continued. but that the United States
notes and the treasury notes should be
retired from circulation at the earliest
practical day and tnat the government
should be wholly relieved from the re-
} sponsibility of providing a credit cur
rency for the people
1T would be difficult. if not impOs-
| sible, 10 devise 4 more incOnvenient.
~ LNAAoANf anu AtlAlEEA Jus ~ ClNlu L44AAA
the one now in operation under the laws
providing for the issue redemption and
I reissue Of legal tender notes by the gov
eminent"
The secretary discusses the continual
drain Of gold and says: There is but
one safe and effectual way 10 protect
our treasury against these demands,
and that is TO retire and cancel the notes
which constitute the only means
through which the Withdrawals can be
made Many partial and temporary
remedies may be suggested and urged
with more or less FEASIBILITY. but this
is the only one that will certainly re-
move the real cause of our troubles and
give assurance of permanent protection
against their recurrence in the future.
This can be most successfully and
economically accomplished by author-z-
ing the secretary Of the treasury TO is
she from time 90 time bonds payable in
gold. bearing interest at a rate not eX-
ceeding three per cent per annUm and
| having a long time 20 run and 70 eX-
/ change the bonds for United States
notes and treasury notes upon such
I terms as may De most advantageous to
| the government or 10 sell them abroad
for gold whenever, in his judgment IL
/ is advisable 90 DO so. and use the gold
thus Obtained i'm releeming the out
! Standing notes. Under the operation Of
I such q plan. If judiciously executed.
there could DE no improper contraction
OF the circulation. because II IL should
/ at any time be found that other forms
Of currency were not being supplied 10
the extent required. exchanges of bonds
! for notes would be suspended, and gold
would Dee procured by
SELLING THE SECURITIES
abroad In order 20 further facilitate
| the substitution of other currency for
the retirement Of the legal tender Noes,
| the national banks should be auth0riz-
ed TO issue notes equal IN amount TO the
face value of bonds deposited 20 secure
| them. and the tax on their circulation
should be reduced to One-f0Ur-h of one
/ per cent per annum.
As q part Of the plan for the retire
I mer- and cancellation Of the legal ten
+ der notes. the treasury should be reliev-
/ cd from responsibility for the redemp-
/ ton Of national bank notes except worn
/ muIlated and defaced notes and the
I notes of failed banks. and each assOcia-
| ti0n should be required 10 redeem its
ofrouis-ion ar its own office and at
agencies IN he designated by the comp
trolIer oY the currency. as was the cause
nr.i9r 20 the massage Of the act of June
20. 1854: or. If this is not considered eX-
/ Dadient and the present system OF cur
I rency redemption by the treasury is
continued. the secretary should have the
! newer after q future date. 10 De fixed IN
+b, low ~ r5c,,ira Pho hanks 10 keen