Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1895-02-08

treasury
for use,
Operations
berplexities |
fe certainly /
lz-sss Ike the bonds !
IN e replenish cur
n y ny bsol1 essential to uphold
"A y sHr nublic credit and to the main
|fj ES11ea 81 our high national character
ma ofIr cold has again reached such a
sthTe Of diminution as to require ITS
speedy reinforcement
The aggravations that must inevitably
f6Ilow the present conditions and meth
DDS will certainly lead to misfortune and
I}oss, not only to our national credit and
prosperity and to our financial enter
prise, but to those of our people who
seek employment and means OF lvell-
hood and to those whose only capital Is
their daily labor. 1t will hardly do to
saw that a 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 this
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 S63,00000O,
but it is not in gold and therefore does
not meet our difficulty. l 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 rectify the evils
apparent in our financial situation.
They have to consider the question OF
national credit, and the consequences
that will follow its collapse, whatever
their ideas may be and however insisted
on as to silver and bimetalism. The
proper solution of the question now
pressing upon us only requires the rec
IGNITION OF gold as we'll as silver, and
the concession of its impol lance right
fully or wrongfully acquired as a basis
of material credit, and it's necessity in
the honorable discharge of our obliga-
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, if it should result in the en-
tire Punishment OF gold from our tinan-
cial and currency arrangements. be.
: sides treasury notes, which should
certainly be paid in gold, amounting to
J nearly $500, 600, 900, there will fall due
in 1904 500, 900 bonds issued during
last year, for which we have received
gold, and in 1907 nearly 5000, 900 4
: per cent bonds issued in 1877.
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 6
, sufficient gold reserve, and the redemp
| ton and cancellation of United States
legal tender notes and treasury notes
| issued for the purchase of silver undel
: the law of July IA, 1890.
We should be relieved from the hui
: initiating process of issuing bonds tt
procure gold to be Immediately anC
= completely drawn out on these obliga
I tions for purposes not related to thu
9 benefit of our government or our PEG
3 pie. The principal and interest Of thes
bonds should be payable on their fac
in gold, because there would not PROB
ably be any difficulty in favorably dis
8 posing of bonds not containing thi
= stipulation. | suggest that the bond
9 be issued in denominations OF $50 ant
e $50 and their multiples and that the
n bear interest at a rate not exceeding
o per cent per annum. / do not see VIII,
: they could not be made payable fit
= years from their date, we of the presen
}. generation having large amounts to pa.
II if we meet our obligations, and as loni
n bonds are the most salable the secretar
y of the treasury might we'll be permitte'
|. at his discretion to receive on the sale Q
l. bonds legal tender and treasury note
d to be retired, and of course when the
n are thus retired or redeemed in gol,
= they should be cancelled.
l. These bonds under the existing law
g could be deposited by the national bank
2 as security for circulation, and sue
n banks should be allowed to issue circuls
e. ton up to the face value of these or an
0, other bonds SO deposited, except bond
8. outstanding bearing only 2 per cent in
Of terest and which sell in the market q
s. less than par. National banks shout
he not be allowed to take out circulatin
t. notes OF less denomination than $40, an
lg when such as are now outstanding reac
e. the treasury, except for redemption an
in retirement, they should be Cancelled an
e. notes of $40 and upward issued in thei
1T stead. Silver certificates of the demon
a. nation of $40 and upward should be re
Sc placed by certificates of denomination
Or under $40 as constant means for til
at maintenance of a reasonable supply {
ut gold in the treasury. Our duties on i'm
" ports should be paid in gold, allowin
g. all other dues of the government to b
W paid in any other form of money. l bt
in lieve all the provisions l have suggeste
~ should be embodied in cur laws if "
es are to enjoy complete reinstatement {
Id sound financial condition. They nee
be not interfere with any currency echem
10 for providing for an increase of the Gil
In culating medium through the agency
IN National or State banks since they ca
iy easily be adjusted to such scheme.
h. Objection has been made to the il