Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1897-12-14

| out paying gold in exchange for ii. The
! reason for this is made all the more ap.
! parent when the government issues ar
| interest-bearing debt to provide gold fol
| the redemption Of United States notes
! a non-interest-bearing debt. Surely II
should not pay them out again except or
! demand and for gold. II they are put out
| IN any other way they may return again
to be followed by another bond issue to
redeem them-another interest-bearing
debt to redeem Notwithstanding
debt. In my view ii is of the utmost inn
portance that the government should be
relieved from the burden of providing all
the gold required for exchanges and ex-
port. This responsibility Is alone borne by
the government without any of the usual
and necessary banking powers to help
itself. The banks do not feel the strain
OF gold redemption. The whole strain
rests upon the government and the size
or the gold reserve In the treasury has
come to be- with or without reason, the
signal of danger or of security. This
ought to be stopped. If we are to have
an era of prosperity in the country, with
suffcient receipts for the expenses of the
government, we may feel no immediate
embarrassment from our present cur
rency; but the danger still exists and
Will be ever present, menacing us so long
as the existing system continues. And
besides, ii is In times of adequate rev.
enues and business tranquility that the
government should prepare for the worst.
We cannot avoid, without serious con-
sequences, the wise consideration and
prompt solution of this question. The
secretary of the treasury has outlined a
plan In great detail for the purpose of re-
moving the threatened recurrence of a
depleted gold reserve, and to save US from
future embarrassment on that account.
To this plan / invite your careful con-
sideration.
Endorses Secretary Gage.
concur with the secretary of the treas
ury in his recommendation that national
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. / also
join him in recommending that authority
be given for the establishment of national
banks with minimum capital of $25,-
coo. This will enable the smaller viii
lagos and agricultural regions OF the
country to be supplied with currency to
meet their needs.
recommend that the issue of national
bank notes be restricted to the denomina-
ton of SO ard upward. If the sugges-
tons l have herein made shall have the
approval of congress. then i would rec
ommend that national banks be required
to redeem their notes in gold The most
important problem with which this gov
eminent is now called upon to deal per-
tanning to its foreign relations concerns
its duty toward Spain and the Cuban in
surrection. Problems and conditions
more or less in common with those now
existing have confronted this government
at various times in the past. The story
of Cuba for many years has been one
of unrest, growing discomfort; an effort to-
ward a larger enjoyment of liberty and
self-control; OF organized resistance to the
mother country; of depression after dis
tress and of warfare and of Intellectual
settlement 10 be followed by renewed re-
volt. For no enduring period since the
acknowledgment of the continental pos
sessions of Spain in the western CONT
nent has the condition of Cuba or the
policy of Spain toward Cuba not caused
concern to the United States. The pros
pect from time to time that the weakness
of SPANS hold upon the island and the
political vicissitudes and embarrassments
Of the home government might lead to the
transfer of Cuba to continental power
called forth, between 1923 and 1860, va
rious emphatic declarations of the pol
icy of the United States to permit no
disturbance of Cuba's connection with
Spain unless IN the direction Of indie
pendence or acquisition by us through
purchase-nor has there been any change
of this declared policy since upon the
part of the government