The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-12-14

~ ~ AAA - ~ - = Nv - '"A A'A'A-h AI"HA
tionS to tn" contemplation OF our national
financial situation. >.yS the president. We are
Immediately aware that We approach =. subject
Of domestic con 'crn more important than any
| other that can engage our attention. and one
At present in such a perpleXinE and delicate
rredlcamcnt as TO require prompt and wise
treatment.
THE REVENUE SYSTEM.
By command OF the people. Il customs rev
euue system. designed for the protection and
benefit Of favored classes at the expense 81 the
great mass of our COuntrymru, and which.
while inefficient for the purpose Of revenue.
curtailed our trade relations and impeded our
entrance to the markets Of the world. has been
superseded by a tariff policy which in princ.-
| pie is based upon a denial Of the right
of the government to Ob>truct the avenues to
| our peoples cheap living or lessen their COM
fort and cn~ntentment. for the sake of accord
ing especial advantages to favOriteS, and
which. while encouraging our intercourse and
trade with other nations recognizes the fact
that American SeIf-reliance. thrift ana inCc-
nuity, can build up our cOuntrS> industries
and develop its resources more surely than
eucrvating paternaiiSm.
THE COLI RESERVE.
The president attributes the depletion Of the
gold reserve to the greenhackS and the silver
treasury notes. He cites the numerous efforts
of the administration to maintain the reserve
and the various pond issues temporarily re-
licying the pressure. In this emergency. he
says, and in view OF its surrounding perplexl-
ties, II becomes entirely apparent to thDS"
upon whom the struggle for safety was de
voIved. not only that our gold reserve must for
the third time in less than thirteen months be
restored by another issue and sale OF bonds
bearing a high rate OF interest and badly suited
10 the purpose. but that a plan must bc adopt
ed for their disposition. promising better re-
suits than those realized on previous sales.
TIA AGREEMENT WITH BANKERS.
An agreement was therefore made with n
number OF fiuanCicrS and bankers whereby ii
WIS stipulated that bonds described in the re-
sumption act Of 1873, payable in coin thirty
years after their date, bearing interest at the
rate OF 1 per cent. per annum. and amounting
to about Sf!01o,000, should be exchanged for
gold. receivable ny weight amounting to a little
more than Si5.'Ol,OOU.
TERMS OF II CONTRACT.
This gold WAS to be delivered in such install
mcltN a. would complete its delivery within
six months from tn" date of the contract, ana
at least une-haif Of the amount to be fur
niSacd from abroad. 1t wa~'al~o agreed TO
those supplying this gold that during the con
tiuuance of the contract they woU!G by every
means in their power protect the government
against gold Withdrawals. The contract also
provided If congress- would authorize the issue
Of bonds, payable by their terms in gold and
bearing interest AT the rate ri , per cent. per
aHuum. might within ten days bc substituted
at par for the i-per-ceHt. bonds described IN
the agreement.
The performance @: this contract not only re-
stored the reserve. hut checked for a time the
Withdrawals OF gold and brought on a period Of
restored confidence and Such peace and quiet
IL business circles aS were of the greatest pos
Siblc value to every interest that effects our
people.
DECLINED RELIEF.
on the day this contract was made its terms
were communicated to congress by spe-
rlal executive message, N which il
waS stated that more than sixteen
to the government il gold bonds. bearing \ per
cent, were authorized to be substituted FOR
those mentioned in the contract. The con-
greSS having declined 10 grant the necessary
authority TO sc ure this saving, the contract,
Unmodlicd. was carried out. resulting in a
gold reserve amounting to SI07 81, go on the
rth day Of July, 1885.
SHOU LpERS HIS SHARE.
l have never had the slightest misgiving
concerning the wisdom or propriety Of this ar
rangment, and am quite willing to answer for
my full share of responsibility FOR its promo
tiOn.
THE COLD RAID.
From January l. 1879. to July IA. 1890, says the
president, only d little more than rs. 10000
gold was Withdrawn from the treasury, but
from July II. 1873. the date Of the passage Of
the law for the increased purchase of silver.
and December I. 1875. there was Withdrawn
nearly S375poIeO. making the total of more
than 5000 O.p0O. Nearly 1927 100000 of the gold
thus Withdrawn has been paid out on these
United States notes. ami yet every one of the
Si6.c"1.oe0 * Stil uncancelied and ready TO ii
sl6n9 zoo IN gold has since thei.
from the treasury upon the notes
given on the purchase OF silver by the govern
ncnt: and vet the whole amounting to SlA5.-
Oo5Jo0o. except a little more than S~l6.GJ0.OJ.
which have been retired by exchanges for sill
yer at the request of the holders. remains
outstanding and prepared To Join their
older and more experienced allies in
future raids upon the trea>ury's gold reserve.
WILL CALL FOR MORE BONDS.
The president say that Il continuance in our
present course may result in further bond is
sues. ana that We have suffered. or are threat
ened with all This for the sake of supplying
gold FOR foreign shipment or facilitating its
boarding at home, a situation Is exhibited
which certainly ought to arrest attention and
proEcke immediate legislative relief.
ANGEL THE
am convinced the only thorough and prac-
ticable remedy for our troubles is found in the
retirement of our United States notes. COM
monty called greenbaCkS. and the outstanding
treasury notes issued by the government in
payment OF silver purchases under the act OF
1890.
SUGGEST A RE3 10Y.
] believe this could be quite readily accom-
pliShed by tie change of tho notes for United