The Colfax chronicle., 1896-02-01

Immediately aware that we approach 1. subject
of domestic con ,ern more important than any
other that can engage otir attention. and one
at present in such perplexing and delicate
predicament as to require prompt and wise
treatment
THE REVENUE SYSTEM
BY command OF the people, a.customs rev.
enue sy ystem. designed for the protection aud
bcacit OF favored classes at the expense Of the
great mass of our countrynen, and which,
while inefficient for the purpose of revenue,
errtailcd our trade relations and impeded our
entrance to the markets of the world has been
superseded by a tariff policy which in princi-
| pie is based upon denial of the right
| Of the government to obStruct the avenues to
our peoples cheap living or lessen their COM
| fort and contentment, for the sake of accord
ing especial advantages TO fayoriteS, and
which. while encouraging our intercourse and
| trade with other nations recognizes the fact
that American self-reliauce, thrift and inge-
nuity, can build up our couniry's industries
and develop its resources more surely than
enervating paternalis1n.
THE GOLD RESERVE.
The president attributes the depletion of the
gold reserve to the greenbacks aud the silver
treasury notes. He cites the numerou. efforts
of the administration TO maintain the reserve
and the various pond issues temporarily re-
lieving the pressure. In this emergency. he
says, and in view OF its surrounding perplexi-
ties, 1t becomes entirely apparent 20 those
upon whom the struggle for safety was de-
VOWED. not only that our gold reserve must for
the third time in less than thirteen months be
restored by another Issue and sale OF tonds
bearing high rate of interest and badly suited
to the purpose, but that plan must be adopt
ed for their disposition, pr missing better re-
suits than those realized on previous sales.
THAT AGREEMENT WITH BANKERS.
An agreement was therefore made with a
number of financiers and bankers whereby it
was stipulated that bonds described in the re-
sumption act of 1875, payable in coin thirty
years after their date, bearing interest at the
to about sss00,0O5 should be exchanged for
gold. receivable by weight amounting to a little
more than s65 $1,000.
TERMS OF THE CONTRACT
This gold was TO be delivered in such INSTALL
| ments as would complete its delivery within
six months from the date OF the contract, and
| at least one half OF the amount to be fur
| nished from al road. 1t was also agreed to
those supplying this gold that during the con-
| tinuance of the contract they woulG by every
means in their power protect the government
against gold Withdrawals. The contract also
provided il congress would authorize the issue
of bonds, payable by their terms in gold and
bearing interest at the rate of per cent. per
annrm might within ten days be substituted
| at par for the 4-per-cent bonds described in
| the agreement.
| The performance Of this contract not only re-
stored the reserve. but checked for time the
Withdrawals OF gold and brought on u period OF
| restored confidence and such peace and Qnet
| IN business circles as were OF the greatest pos
sible valve TO every interest that effects our
| people.
CONGRESS DECLINED RELIEF
| On the day this contract was made its terms
were communicated to congress by, spe-
cial executive message, in which it
millions of dollars would be saved to
| to the government II gold bonds. bearing per
| cent, were authorized to be substituted for
those mentioned in the contract The con-
| gress having declined to grant the necessary
authority to Sc urc this saving, the contract,
unmodined, was carried out, resulting in
| gold reserve amounting to sl07, 7,57l 230 on the
| eth day Of July, 1893.
sHoULpERs MS SHARE.
! / have never had the slightest misgiving
concerning the wisdom or propriety of this
rangment, and quite willing TO answer for
my full share of responsibility for its promo
tion.
THE GOLD RAID.
From January l. 1879, to July IA, 1890, says the
| president, only a little more than SIS GO ,OcO
! gold was withdrawn from the treasury. but
| from July H. IS O. the date Of the passage OF
the law for the increased purchase Of silver,
| and December I, 1855, there was withdrawn
nearly s3s5, ,o0l 600. making the total OF more
than 5000 o00o. Nearly 1927 000, coo OF the gold
thus Withdrawn has been paid out on these
| s4ctUp.HO Is still uncancelled and ready to d.
! service in future gold eepietions. More thar
s7e,c9 600 in gold has since thei.
frem the treasury sur fs upon the ,o notes. es
! given on the purchase OF silver by the govern
meat: and yet the whole amounting 10 ss5.-
O0t.0uo, except q little more than 6000,000
which have been retired by exchanges for sill
yer at the request OF the bolders, remains
| outstanding ana prcp1ied TO Join their
older and moie experienced allies In
| future raids uron the treasury's gold reserve.
WILL CALL FOR MORE BONDS.
The president say that continuance In our
present course may result in further bond is
4 sues. an that we have suffered. or are threat
| cncd with ali this for the sake OF supplying
! gold for foreign shipms at or facilitating its
hoqrlirg az home situation is exhibited
\ which certainly ought to arrest attention and
| pro.olsc Immediate legislative relief
| CANCEL THE GRE=NBAcKs.
/ en- convinced the only thorough and pra,-
| ticable remedy for cur troubles is found in the
retirement OF our United States notes. CON-
monty called greenbacis and the outstanding
| treasury notes issued by the government IN
| payment OF silver purchases under the act OF
4 1890
| SUGGESTS A Ray .cy.
| Ibsieye lhis could be quits readily accom-
! plisbee bY The change a' the notes tqs United