The bee. (Earlington, Ky.) 1889-19??, 1897-12-09
rnE NATIONAL FINANCES.
Not So DImcuIt a. IL May Appear.


The work OF putting our finances upon a
sound basis dlficult rs II may seem. will APP
pear easier when we recall the financial OPP
tratlons OF the government since 1893 On the
Dth day Of January OF that year we had out
standing demand liabilities In the sum OF
e5ss,sss, sf5.iL On the FIRST OF Janury,
Is'V .ness lI.ell'ie: had been reduced nss
Ing obligations the figures arc even
more striking. ON July I. 1853. the principal OF
ne p w eray ae sSe q the aav 81 s
1898, this sum had been reduced to ass 037, 100,
or an aggregate reduction Of ~ "a, a9f, l0s The
intereSt-bearing debt OF the United States on
the iirst day OF December. 1897. WAS asa soS es0
esm6er d consists Of $50, 81. Oio Of United
issued By authority OF the law OF 1870. ks4. pos
soi OF silver certificates and s0i $50 s6i OF stand
ard silver dollars
Currency Revision.
With the great resources OF the government
aud with the honorable example OF the past be-
fore US We ought not 10 hesitate 10 enter upon
currency revision which viii make our de-
mand obligations less oncrous 10 the govern
men: and relieve our financial laws from am
DiTuify and doubt
ihe brief review. Of what was accomplished
from the close OF The war TO 1873. makes unrea-
sonabls and grolndless any distruSt either OF
cur financial ability OF Soundncss; while the
situation from lses 20 iss' must almonlsh con
ins ns 70 make the return OF the conditions ther
prevailing Impossible.
Many Plans Proposed.
There are many plans proposed as n remedy
for the evil Before we can find the true rem.
edy Ne must appreciate the evil IL Is not thai
our currency OF every kind II not good, fol
every dollar of II Is good; good because the
That pledge will not be broken. However III,
guarantee OF our purpose TO keep the pledge
vii be best shown by advancing toward IL
fuinllment.
Evl of the Present system.
The evil OF the present system Is found In the
great cost 20 the government OF maintaining thu
parity OF our different forms OF money, that II
keeping all OF them at par with gold. Wesure
Is can not be longer needless OF the burden Thu
imposes upon the people, even under fairly
prosperous eonaiti2ns'wnh O. me pas, Tour year
pcnsive charge upon the government but
DANGEROUS menace 10 the national credit
THO Government Must Be Protected.
II Is manifest that we must devise some plaI
toprotect the government against bond issue
Tor repeated redemptions We must cithel
asuftail the opportunity for speculation, mad,
mssa oblIgations or Increase The soId seserv,
for-tAeir redemption We have sJJJOOO.UOO o
currency VIII CHI the government. BY solemn
enactment, has undertaken 10 keep ut par with
gold: Nobody is obliged TO redeem In gold bu
the government; The banks are not requires
An Anomalous Condition.
The government Is Obliged TO keep equal Will
gold all Us outstanding currency aud coin obi
cations. while It's receipts are not required 4
be paid In gold. They are paid In every kind o
money but gold, and the only means by whicl
the government can with certainty get gold 1
by borrowing ~ can get IL In no other wa
when II most needs IL, The government with
out any liked gold revenue Is pledged 10 main
taia gold redemption, which II has steadily AM
faithfully done, and which, under authority nov
The Endless Chain.
The law which requires the government afte
having redeemed It's United States notes 10 pa
sthem out again as current funds, demands con
ksanf rcplsnishment Of the gold reserve. TAI
when the revenues are insufficient To meet tn
expenses OF tho governments At such time
re ans mas IN inner %sy sq suppl
through the increase of the bonde
dcbt, as during tue administration OF my pre-
deceSsor, when te6dSl 400 OF ~ per cent bond
were issued and sold, and the proceeds used I
pay the expenses Of the government In exces
bt the revenues and sustain the gold reserve
I Of fSe saS Sona es ar 81 %
dencient revenues, considerable portion wa
required to maintain the gold reserve.
shalt We Continpe the Present PolicyY
there would be no dedcit requiring the ssuanc
81 bonds. But II .the gold reserve falls belo
sluv,uoo,voo how will i be replesshed except B
s prnrtleabie under existing law The sericr
Question then, Is, shall we continue the polio
that has been pursued In the past that is,whe
the gold reserve reaches the point OF danger. L
sue more bonds and supply the needed gold. {
shall we provide other means to prevent the,
recurring drains upon the gold reseryes
Congress should Provide Remedy.
II no further legislation is had, and the polis
OF sailing bonds Is TO be continued. then col
gress should give the secretary OF the treasul
authority 10 sell bonds at long or short period
bearing less rate OF interest than Is now al
earnestly recommend as soon as the r,
ceiptS OF the government arc quite sufficient
pay all the expenses OF the government, th
when any OF the United States notes are pr
scented for redemption In gold and redeemed
gold such notes shall bs kept and set apart al
only paid In exchange for gold
An Obvious Duty.
This Is an obvious duty. IL the holder OF u
United States note prefers the gold and ge
II from the government. he should not iecei
back from the government United states no
withot paylr gold In exchange for IL The re
son for this is made oil the more apparent witt
the government issues IN interest-bearing de
TO provide gold for the redemption OF Unit
Stntos notes.-a non-interest bearing del
Surely II should not pay them out again exec
on demand snd for gold II they are put out
any other way, they may return again 10 be Il
low by apother bond Issue S 70 redeem e then
invest bearing debt.
A Condition That Ought to BE Remedie
In my view II is OF the utmost importan
that the government should be relieved frc
the burden OF providing oil the gold reqsir
III exchnngcs And export. This responsible
Il alone borne BY the governments Without q
of the usual ana necessary banking powers
help Itself Tho banks do not feel the strain
the gold redemption. The whole strain res
upon the government, and the size Of the *
j reserve IN the treasury has come 10 he, with
without reason, tho signal OF danger or OF !
ourty. This ought 10 BIO stopped
A Constant Menace.
II we are TO have an era OF prosperity In
country with suaicient receipts for tine {
penscs OF tho government, we may feel no 4
mediate embarrassment from our present q
rency; but the danger still exists, and VIII
ever prs -cnt 1nensoing Us 80 long as the {
istiu1 aystcm continues. And. besides, IL Is
times Of adequate revenues and business ira
ouiI1itg TINT the government should prepare
the worst We can not avoid, without serio