The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-22

would adopt in the exercise Of his Off
cial discretion, would not result. either
permanently or temporarily, in an inju-
flOuS contraction of the currency No
Government, however desputic, can pre-
scribe the exact amount of currency its
people shall use in the transaction of
their business, and every attempt to
regulate this subject by arbitrary rules
IN form of legislation or otherwise Is a
departure from true economic principles.
me people. if left free 10 conduct their
business affairs in their own way, will
always decide for themselves how much
money they need, and, unless prevented
py artlncial obStructions, the neces-
sary amount will always be supplied
either from their own resources ut home
or through exchange abroad The vol
uine OF business transacted determines
the amount and credit required, and
whenever the volume of business de-
ininus an additional supply of money
or an extension Of credit, the demand
VIII certainly be complied with, pro-
nlueu me laws do not Interfere TO pre-
vent 1t. AS rapidly as our notes are
redeemed and cancelled, gold or cur
fency as good as gold. will take their
places in the circulation, il the inter-
ests of the country rcuuite it,
LIBERAL TARIFF LAWS.
| Win liberal commercial policy.
promoting the profitable introduction of
our large surplus products into the mar
kets OF other countries and a sound
currency system, promising safe invest
| mentS for foreign capital i'm our domes
NC industries. we may confidently rely
up'n tne operation of the natural In ws
OF trade ana finance for an abundant
supply OF good money to transact all
ihe business OF the people and fully de-
Vclop the great resources at our COM
mand."
The Secretary holds that without a
m
safely rely upon permanent accessions
% our stock Of gold from abroad in set :
| tlement of trade balances In our favor.
re refcrS To his recommendation of In 81
year that the Secretary OF the Trea-
sur! nc authorized To issue from time to
'ihe bonds payable In gold and to cX-
chahge them for United States notes
ana treasury notes. Concerning this
he says:
WANTS. TO HAVE BOND POWER.
p" Mic an act comforting express and
p'chary authority upon the Secretary 10
ISSUE bonds and use them or the pro
ceedS Of their sale for the purpose of
ictirlng certain amount of notes coch
year would, in my opinion, be the most
tHectuai and economical way TO ac-
conipilSh mat object. ii may be thai so
''tuieaI Il measure would not receive the
assent OF Congress in the present state
pt The public mind on the subirct aud
| IL,
ledSt. authority should DE given To re-
lire ana cancel maximum amount of
i'NtN9 cuch year when voluntarily pre-
scnied by the holders and redeemed
~ ~. soId' ana If the maximum amount
iiNed by Congress should he retired and
cancelled in any year by rednmntinna
out or the gold reserve the SECRETARY
Should be clothed with authority 10
"PpiS 10 mat purpose any surplus funds
the III me treasury and in addition, if nee
tSSarN' 10 issue the character of bonds
a""Nc referred to in sufficient amount
to comply with the law. The adontinn
ol such policy would give immediate
assurance OF IL purpose to return within
reasonably period TO safe and elestic
currency system. No sudden or LARGO
contraction of the currency could nc
cui III ,he adoption of such a plan be-
rduSe thc redemptions would be made
from time TO time with money alraadv
WithufaWn from circulation and held in
the treasury, except in cases where II
ihisnt become necessary To issue ana
Scll bonds in order TO make the redeDn,
tiohS correspond 10 the amount reuuir
eu or authorized. ana in all such cases
contraction could be easily prevented bv
SeiiihS the bonds abroad, ana thus
addlng their proceeds to our domestic
stock of money"
REDEMPTIoN OF NOTES.
Continuing he says: Whatever plan
''''' ~ i.Iea'iS duppltu lOf the retire.
ment of United States and TREASURY
notes. it will fail to afford complete pro.
lection to the Government against de-
mands for gold in the future unIess n
includes provision relieving the Urea
sury from the obligation to redeem ma
tional bank notes. except such as are
worn, mutllatcd or defaced and the
notes of failed banks, or requires these
institutions 10 keep their per cent
redemption fund i'll gold and TO deposit
gold coin for the withdrawal of honds
when circulation is TO be surrendered mr.
reduced" "
INCREASED BANK ISSUES.
Mr.. Carlisle renews his recommends
ton for such amendments to the ma
tional banking laws as would 1,ermit tbe
issue of circulating notes equal In
amount to the face value or the bonds
deposited and reduce the tax on nofes ia
onc-fourth of 1 per cent. per annrr,.
Continued on Fifth page. 4. .s