The Bryan daily eagle. (Bryan, Tex.) 1895-1898, 1896-12-22

NAHAAtrr l4Am HAi ttleiA.
"rho use OF these notes IS q cireuiai.
ing medium compel tho government 20
provide large gold reserve Tor their
current redemption. and a. they are re-
issued when redeemed. such reserve
must be rerloni.hed from timo 20 time.
IN order to afford tha public q double
assurance that no deiault win be made
IN the discharge Of our public obHga-
tons
The maintenance Of a policy which
necessarily imposes upon the govern
ment the burden Of furnishing gold az
the public expense to al who may de-
an mdit itr use or boarding at home, or
for export TO other countries. cannot be
justified upon grounds of oxpeiiency OF
sound financial principle. aud even II
tho periodical and frequently recurring
demands Tor gold did not weaken tho
foundations Of our entire currency sys-
TEN. thus impairng confidence and d :
pressing business. it would nevertheless
he tho duty of al who are charged with
any degree o. responsibility Tor the
adoption Of proper financial methods to
insist upon the reformation of our laws
on this subject az tho earliest possible
day. The issue and redemption o. cir
cuiaiing notes is not proper function
Of the treasury department, or oi any
other department OF the government.
While the government has power 70
borrow, it isnot rs duty % issue public
obligations merely for the purpose Of
providing paper currency foF use in
the iranfc SON % business. nor has it the
constitutional power. ia my opinion. to
make iis prom legal tcndor in the
/ payment o. private debts
eve must not he deluded into o feel-
ing of security By the iaot that there
has been a suspension Of gold withdraw
as during the last few monihs. and a
large accession 20 our Hock of gold from
abroad during the same time. because
there is no efficient reason 10 believe
that this condition 81 affairs win be per.
manmt. n cur existing system Is main.
tanned
"No system of coinage that can BE- de-.
vis6d viii furnish she government with
either gold or .i.vor. unless it pays for
it with means already collected by tax.
alton or D. contracting aud indebted.
ness TO b. paid ~ the people IN the ia.
ture.
"Whiio an aci cmiemng express and
plmary authority upon the secretary 70
issue bonds and uso them or the pro-
oceds Of "a T. sale Tor tho purpose Of re-
tirlng a certain amount o. the notes
each gear would in my opinion. Be the
most cfociua ana economical way 60
accomplish that object, it may be that
so radical a measure would not receive
the assent q congress Ia the present
state of the public mind on the subject,
aud IL 50. It Is submitted that the very
least authority shoald Be given % rouro
and cancel a maz mum amount fixed Is
congress shoi iid 20. be- retired and cau-
collod In any year by raiempaoas ont of
the gold reserve. the secretary of the
treasury should be- clothed with au-
thoniy 60 apply 90 that purpose any SIT.
plus funds in the treasury. and in nd.
dition lf necessary 20 issue 3 per cent
gold bonds TO sunio.cat amoaut 70
comply with the provisions Of tho law.
No sudden or large contraction ol the
active currency could result from the ex.
ecuiion o. such plan. because the re-
dempiious would be made from time 70
time with money already withdrawn
/ from circulation and held In the treas.
ury, except in eases whore it might De.
! come necessary 90 issue and sell bonds
IN order 70 make the relempiious cor.
respond 20 the amount required or an.
thorzad and IN an such cases contrac.
tion could "a easily prevented BY selling
the bonds abroad and taus adding theiI
Z proceeds 90 our dom sites aockof money.
"Whatoyg plan may bc finally adopt.
cd without retirement oi United State.
notes aud treasury notes Il win work
toward a complete protection against
demand for gold 30 the future unless Il
includes a provision relieving the treas,
ury from tho obligation 20 redeem ma,
tional bank notes, except such as ar,
worthless, musilas7d aad sho notes cl
failed banks or requires these msatu
iions 90 keon their D per cent relemp
tion fund ia gold and to deposit gold
coin Tor tine withdrawal Of bond. wher
circulation Is to be surrendered or re
ducol"
The secretary repeats iho rccnmmcn'
dations oi hs last annual message i0
amendments 90 tho national banking
+ laws 60 permit the issue oi crculatinl
notos equal 20 tho faco value Of th
bonds dcno .ted and roiaco tho tax oi
cash 90 one.quarter Of ] per cent pc
annnm.
wan nscan' sn Indian
GummE. o. T.. Dcc. ai.-Miss Jen
.f. II. ....4 d. ......... IA. n. d.