The evening times. [volume] (Washington, D.C.) 1895-1902, 1896-01-03
BlAh[S WILSON'S BILL


| cember. 1850, but hope will correct them
now a the request of The President. Notes
once redeemed should only BE- rcissued for
gold coin. and such reissues should be
mandatory when coin IS deposited in the
Treasury.
The resumption fund shonid be segre-
gated from all other moneys OF tile United
States. and paid out only in redemption
of United States notes. With such pro-
visions in the law the resumption fund could
not be invaded to meet deficiencies in the
revenue. They should be provided for by
bonds or certificates of Indebtedness, OF
sush denominations, st a low rate OF in
| terest, which would be readily taken by
the people through national banks, sub
treasures and post-Offices.
Farther on i'll his speech Mr. Sherman
spoke OF the Presidents complaint that
notes were presented and paid. rcissued
and paid again and again, making con-
circuit commenced? 1t had commenced
when this administration, supported by
the last Congress, had created a deficiency,
and ii continued because the deficiency con-
tinued. What was Secretary CarlisIe's
ground for the hope expressed By him that
IN TWO or three years there would be no
deficit? The only ground for such hope
was that Il new ADMIN istration would
provide more revenue, and then the cir
cult would be broken.
Why not apply the remedy now? He
believed that under existing law the aggre-
gate SUN OF United States notes and Treas
ury notes ISSUED under the act of 1880, about
$3.50. 600. 600. coGid easily be maintained
a I par W ii coin il the two observation-disclosures
toned By him We're adopted by Congress.
These notes hld al! the sanction, protection,
and sec Irity that had 3een or could be given
to national bank notes, with the added
benefit taat the large saving derived from
them Injured to the people OF the United
States instead OF TO the bankers.
FREE COINAGE OF SILVER.
Another reason, founded upon belief.
was that the national banking S. stem could
not long endure il the United States notes
were Withdrawn. The disposition OF sill
YER certificates was a much more serious
problem. They were, in express terms.
redeemable in silver dollars. Ought they
not, he asked, he redeemed by SILVER dbl
lars? While silver dollars were main aimed
at par with gold 1t would seem that there
was no in1Us, ice in paying them for silver
certificates.
Then came up the question OF free coinage
dangerous policy. An these were vital Ques-
of silver, which he regarded as the most
tons. The President recommended The re-
dcnlption and cancellation or outstanding
United States notes and OF the Treasury
notes issued for tile pu rchaSe of silver under
the la OF 1880. and the substitution OF ma
tionai bank notes as the only currency. In
tins the President was supported by large
and influential classes of citizens most OF
them engaged in banking, or classed a cap
italtsts. They forgot that during a period
OF fourteen years there had been no difficulty
in maintaining government notcsat par with
coin. There was scarcely a doubt but that
in all proba BILE conditions of trade or finance
Except the contingency OF war; the whole
mass OF United States notes and Treas iiry
at par with coin IL it were supported by re-
serve OF gold coin or bullion. or silver bull
ion, In due proportions, equal TO One-third
or one-rourth OF the amount of such notes.