The Owosso times. (Owosso, Mich.) 1897-1926, 1897-12-10

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 or 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-
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 UDvIOus Dury.
earnestly recommend as soon as the
receipts of the government are quite suf-
fcient to pay all 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
yious duty. II tho holder OF the United
from the government he should not receive
back from the government a United States
note without paying gold in exchange for
It. the reason ease III Ior inis Is MADE al the
an Understanding debt to provide gold
for the redemption of United States notes
nOninterestb .SHdI debt Surely i
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 interest bearing debt
to redeem misunderstanding debt.
Prompt Solution Necessary.
In my view 1t 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
TO Of Mn or or s
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
wise consideration and prompt solution of
this question.
nnaorses 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 1 invite your careful considera-
ton. 1 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 winch 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
q minimum capital of $4,000. This will
ansl,e The altar VILLAGES and asrienIt;:t;1,,
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 l have
congress, then would recommend that ma
tional banks be required to redeem their
notes in gold.