Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-12-09

Is there any other way practicable under
existing law? The serious question then is
Shall we continue the policy that has been
pursued in the past-that is, when the gold
reserve reaches the point of danger issue
more bonds and supply the needed gold, or
shall we provide other means to prevent
these recurring drains upon the gold re-
serve? If no further legislation is had and
the policy of selling bonds is to be contin-
tary of the treasury authority to sell bonds
at long or short periods, bearing less rate
of interest than is now authorized by law.
An Obvious Duty.
/ earnestly recommend as soon as the
ficient to pay ali the expenses of the gov
eminent that when any of the United
States notes are presented for redemption
shall be kept and set apart and only paid
vious duty. II the Folder Of the United
from the government he should not receive
back from the government United States
note without paying gold in exchange for
more apparent when the government issues
an Understanding debt to provide gold
for the redemption of United States notes
sboa ndf deb n Surely Surely
demand and for gold. If they are put out
in any other way they may return again, to
be followed by another bond issue to, re-
deem them-another Understanding debt
to redeem misunderstanding debt
Prompt Solution Necessary.
In my view it is of the utmost impor-
lance that the government should be re-
lieved from the burden of providing all
the gold required for exchange and ex-
port. This responsibility is alone borne
by the government without any of the
usual and necessary banking powers to
strain Of gold redemption. The whole
strain rests upon the government, and the
size of the gold reserve in the treasury has
signal of danger or Of. security. This
ought to be stopped. If we are to have
an era of prosperity in the country, with
sufficient receipts for the expenses of the
barraSsment from our present currency;
but the danger still exists and will be ever
present menacing us so long as the eX-
listing system continues. And, besides, 1t
is in times of adequate revenues and bust
ness tranquility that the government
should prepare for the worst We cannot
avoid without serious consequences the
wise consideration and prompt solution of
this question.
Endorses Secretary Cages Plan.
The secretary of the treasury has out
lined a plan in great detail for the purpose
of removing the threatened recurrence of
a depleted gold reserve and saving us from
future embarrassment on that account. To
this plan l invite your careful considera-
ton. l concur with the secretary OF the
treasury in his recommendation that ma
tional banks be allowed to issue notes to
the face value of the bonds which they
have deposited for circulation, and that the
tax on circulating notes secured by deposit
of such bonds be reduced to one half of one
per cent. per annum. l also join him in
recommending that authority be given for
the establishment of national banks with
q minimum capital of $4,000. This will
enable the smaller villages and agricultural
regions of the country to be supplied with
currency to meet their needs. i recommend
that the issue of national bank notes be re-
stricted to the denomination of ten dollars
and upwards If the suggestions l have
congress, then would recommend that ma
tional banks be required to redeem their
notes in gold.