Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-01-04

fees pointed cut by me as Secretary OF
the treasury n 1880, but l nope will
correct them now a, the request of the
President. /. vas not then anticipated
that a deficiency Of revenue would occur
or that if * did occur. the government
would use q fund specifically pledged
for another purpose to meet current la
blities
Notes once redeemed should only be
re.ssued fer gold coin and such reissues
should be mandatory when coin 5 de-
pcsited IN. the treasury. With this pro-
vision Of law the scarcity of currency
would create such 2 demand for u that
gold VIII
BE FREELY DEPOSITED
in exchange for yha more portable and
convenient notes cf the United States
Tle resumption fund should be segre-
gated from all ether monies Of the
United States and paid out only n re-
dsmprion of United States notes. With
such provisions in the law the resump-
ton fund could not be invaded to meet
Deficiencies N the revenue. Tney
should be provided for by bends or Ger
Gfca-es Of Indebtedness Of small de-
nominations at a low rate of Interest
which would be readily taken by the
people through National banks, sub
. treasures and pCstofiices.
AS the term "l2wful money includes
geld coins there IS a disposition by
rmid banks to convert Their United
States notes into coin, thus aiding in
depicting the redemption reserve. This
ought to be prevented by a provision OF
lev shat the bank reserve Of lawful
money shall be United States notes or
4 treasury no-es only. The resumption
/ fund is the safeguard Of the money c.
/ the people and It's use for any other
purpose is practical reputation Oh
TIL public faith.
The President complains that the
notes are presented and paid, rescued
and paid again and again, making 2
continuous circuit. When dld tals
circuit commence? The only answer is
when ,his administration supported by
the last Corgress created deficiency.
Why does the circuit continue? IL IS
because the deficiency continues. The
government resorts to the financial
policy Of N.cawbar. i gives It's bonds
ana thinks the debt paid. But tle cir
euit continues. The money received Tor
F current revenue is paid TO cover dehc-
/ fercies and IS returned for gold and
4 then more bonds The Secretary hopes
/ that i'm TWO or three years there WI be
no deficiency. What IS the gfOund for
f his hope? Is e that new admlnls-
trat;on VIII provide more revenue ana
then the circuit viii be broken? Why
/ not Apply the remedy now.
If DEFICIENCIES OCCUR
/ Congress should Immediately supply
+ The means to meet them, and Congress,
/ and not The admin .srracicn, must ba the
/ Judge cf the mode and manner OF re-
/ lief The President is OF The opln-oh
that the United States notes and treas
/ urv notes should be retired and g-ve
/ place 20 bank notes, This is question
/ fer Congress- to decide. il is certainly
not CT that opinion now, nor was me
/ last CONGRESS- Of that opinion.
1 believe that under existing law the
I aggregate sum of United States notes
/ and treasury notes issued under the ac;
/ of 1890. amounting 70 about @45OOOO,-
/ coo can be easily maintained at par
with coin. # the Two amendments 1
/ have mentioned are adopted by Con-
/ gress.
Inconclus,on Senator Sherman said:
A careful study CT the systems Of
banking, currency and coinage adopted
+ by the principal nations Of Europe con-
/ v.ncas me that or system when cured
/ Of a few defects developed by tine,
founded upon the bimet3ll.c coinage OF
god and silver. maintained at par with
each other. OF the free National banks
| established in every ely and town of
fm9o~tanca IN the United States .ssu-
| ,nr their notes secured beyond doubt
/ by United States bonds or some equiv
/ 9lent security rcdeemable on demand
| I'm United States notes, and the issue or
/ an amount Of United States notes and
/ treasury notes. equal TO the amount
, now outstanding with provision for a
+ ratlbla increase with the increase OF
I n9NulqttOn. always redeemEble IN coin,
! supported by an ample reserve of coin
/ I'm the treasury not TO be invaded by
/ Deficiencies OF revenue and separated
/ bv the sub-re3sury system from all
| connection with the receipts and eX-
! Denlures Of the governmant-such Q
system would make our money current
/ I'm commercial circles IN every land and
cline better than the best that now eX-
: SITS in Europe. better Than that Of Great
Britain. which now holds the purse
/ strings of the world. / may
on SOME PROPER OCCASION
hereafter give the reasons for my faith
/ in our present financial system. All I
ask now IS that YOU will not disturb it
with your Deficiencies You will not rob
| it Of its safeguards. you viii not return
to the days Of wildcat money, YOU VIII
NO. lessen the savings Of prudent labor
or the accuwulatons Of the rich. Time
makes all things even. Let US give to
! the executive authorities ample means
to meet the appropriations you have
made. but let us strengthen, rather
/ than weaken. our monetary system
which les at the foundation of our pros
psrity and progress.
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