Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-01-03

to $500, OOO, 900 on the nrst OF Aptu,
1881. This gold came into the treasury
without cost In exchange for United
States notes or gold certificates.
"What other remedy" he asked, "Is
there Tor our financial difficulties eH.
oept TO borrow money on the best terms
possible TO pay current d. cisncics and
TO provide additional revenue fot future
wants? 10 this extent aud for these
purposes am willing TO support the
administration hovevef much | may
diner with Its general policy
lie di1 not wish 20 oriticiso the sales
Of bends authorized by the resumption
act TO meet the deficiency caused Uy
tue passage u the Wilson law, Ua.
der the circumstances the Adminlstra-
tlon wac Justified In doing this. The
senator held that n0les once redeemed
unouid only be relssutd for gold coin
anu such reissues should be mandatory
wheu cOiu II deposited In the treasury.
WIN this provision Of law tue scarcity
OF currency would create such u de.
mAnd for IL that gold would be freely
depot'tod In eXcnango for toe more
portable aud convenient notes Of tue
United States. Tao resumption fund
ohouid BIO segregated foom all other
monies OF the United States Ani paid
out only In redemption OF United
States notes. deficiencies In ths
revenue, shsuld be provided for by
bonds " certificates Of indeblednoss OF
small .denOmihatiOlea at low rate uf In.
tetest which woulJlbe readily taken by
the people through national banks,sub-
treasures aod postoficss The senator
continuing said In part:
"As the term lawfully includes gold
coins there IL n disposition by the adj
intimidation banks to convert their
United SlAiss no,es into coin, thus
aiding In deplstins the redemption re-
serve. This ought TO TO prevented by
provision OF law that the bank reserve
VI lawful money shall DO United
States or troaluTy notes only. The
resumption fund Ia the safeguard OF the
money Of the people and lite uss for Any
other purpose Il practical Reputation
OF the public faith.
"a careful study OF tho systems Of
the banking currency and coinage
adopted by tho principal nations VI
Europe oonvineos me that our system
when cured OF few defects developed
by time, founded upon the bimetallic
esinGgo Of gold and silver maintained
~ par with each other wlIn Tree ma.
tiOnnl banks established Ia every city
aud town OF Importance Of the United
States, issuing their notes secured be.
yond doubt by United Ststes bonds or
some tq aiyslsnt security, redsemabls
on demand In United States notes, and
the issue Of an amount OF United
States notes ana treasury notes equal
TO the amount now outstanding vita
provision for n ratablo Increase with
tue Increase OF population, always re-
deemRble Ia cola supported by an
ample reserve Of coin ia the treasury
not to DO invaded by deficiencies OF
revenue and separated by the sub
treasury system from all connection
with Iho receipts ana expenditures OF
tho gOvernmbnt-such n system would
make our money current In CONNER.
ciAl circles In every and all climes,
better than the beet that now exists In
Europu-better than that OF Great
Britain which now holds the pulse
strings OF the world. All ask now Is
that you will not disturb II with your
deficiencies; you Will not rob IL o. its
safeguard; you will not Ielurn 10 tn G
days OF wildcat money; you will not
lessen the savings OF prudent labor or
the accumulations Of the rich. Time
mskes all things even. Let Us give to
the executive authorities ample means
TO meet the appropriations you have,
but let US strengthen rather than
weaken cur monstary system which
lies ut the foundation OF our prosperity
and OF our progrets."
At tho conclusion Of Bhsrman's re-
marks, Butler Pop, N. o, renewed
the request for immediate considsra.
ton OF his bill To prohibit tho future
sale OF bonds except with the consent
Of Congress. Ths newspapers, he said,
had told a story Of an imp ending boni
Issue. Action should be nAd At ones.
Butler asked unanimous consent to
put his bill upon PnsShgo. Hill, who
happened 10 DO In the chair. rather
startled the SenHts by himself inter.
posing an objection.