The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-12-11

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 ponds ana supply the needed gold, or
shall we provide other means 10 prevent
these recurring drains upon the gold re-
serve? III no further legislation Is had and
the policy OF selling bonds Is 10 be con;in-
ued, then congress should give the, secre-
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
receipts OF the government are quite suf-
ficient TO pay all the expenses of the gov
eminent that when any of the United
States notes are presented for redemption
In gold and are redeemed in gold such notes
shall be kept and set apart and only paid
out in exchange for gold. This is an OBJ
yious duty. IL the holder OF the United
States note prefers the gold and gets 1t
from the government he should not receive
back from the government United States
note without paying gold in exchange for
IL. The reason for this is made all the
more apparent when the government issues
an Understanding debt TO provide gold
for the redemption of United States notes
a Notwithstanding debt. Surely 1t
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 re-
deem them-another interest bearing debt
Prompt solution Necessary.
In my view it is Of the utmost impor-
lance that the government should be re-
leved 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 10
help itself. The banks DO not feel the
strain of gold redemption. The whole
strain rests upon the government. and the
size of the gold reserve in the treasury has
come to be- with or without reason, the
ought to be stopped. If we are to have
an era of prosperity in the country, with
sufficient receipts for the expenses OF the
government, we may feel no immediate en-
barrassment from our present currency;
but the danger still exists and will be ever
present menacinS US so long as the eX-
listing system continues Ana, Dcs!qSs, II
is IN times of adequate revenues ana busi-
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 plan in great detail for the purpose
of removing the threatened recurrence OF
depleted, gold reserve ana saving Us from
future embarrassment on that account: 10.
this plan ! invite your careful conslQtra-
ton. | concur with the secretary or the
treasury in his recomme ndation mat 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 10 one-nalt 81 one
per cent. per annum. | also join him IN
recommending that authority be given Tor
the establishment of national banks Win
a minimum capital of $1,000 TINS VIII
enable the smaller villages and agricultural
regions of the country to be supplied with
currency TO meet their needs. recommend
that the issue of national bank notes be re-
stricted to the denomination of ten dollars
and upwards If the suggestions | have
herein made shall have the approval OF
congress, then would recommend ltat ma
tional banks be required TO redeem their
notes in gold.