Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-12-09
Prompt Legislation to Correct Financial
Complications Urged - GFesnbaokS
and GOld-Gage's Plans Com
monded - Grants Cuban
Declaration Quoted
Annexation -EndiAnA

fcation of all sections of our country the
incompletencss of which has too long de-
Iayed realization of the highest blessings
of the Union The spirit of patriotism is
universal and is ever increasing in fervor.
The public questions which now most en-
gross us are lifted far above either PARTISAN
ship, prejudice or former sectional defferen-
ces. They affect every part of our common
country alike and permit of no division on
ancient lines Questions of foreign policy,
of revenue, the soundness of the currency,
the inviolabillty of national obligations,
the improvement of the public service, APP
peal to the individual conscience of every
earnest citizen, to whatever party he be.
longs or in whatever section of ths country
he may reside.
The extra session of this Congress which
closed during July, last enacted important
legislation, and, while its full effect has not
yet been realized, what 1t has already ac-
complished assures US of Its timeliness and
wisdom. To test its permanent value fur
Their time will be required and the people,
satisfied with its operations and results
thus far, are in no mind to withhold from
1t fair trial.
Currency Reform Urged.
Tariff legislation having been settled by
the extra session of Congress- the question
next pressing for consideration is that of
the currency
The evil of the present system is found in
the great cost to the government of MAIN
tanning the parity of our different forms of
money that is keeping all of them at par
with gold We surely cannot be longer
needless of the burden this imposes upon
the people, even under fairly prosperous
conditions, while the past four years have
demons trated that It is not only an expen-
sive charge upon the government, but a
dangerous menace to the national credit
1t is manifest that we must devise some
plan to protect the government against
bond issues for repeated redemption. We
must either curtail the opportunity for
speculation, made easy by the multiplied
redemption of our demand obligations, or
increase the gold reserve for their redemp-
ton We have $780, 100000 of currency
which the government by solemn enact
ment has undertaken to keep at par with
gold. Nobody Is obliged to redeem in gold
but the government The banks are not re-
qulred TO redeem in gold. The govern
ment is obliged to keep equal with gold
all its outstanding currency and coin
obligations, while its receipts are
not required to be paid in gold.
They are paid in every kind of money but
gold and the only means by which the gov
eminent can with certainty get gold is by
borrowing It can get IL In no other way
when 1t most needs it
If no further legislation Is had and the
policy of selling bonds is to be continued,
then Congress should give the Secretary of
the Treasury authority to sell bonds at long
or short periods, bearing less rate of in
terest than is now authorized by law
Iearnestly recommend as soon as the re-
ceipts of the government are quite sufficient
to pay all the expenses of the government
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 ex-
change for gold.
This is an obvious duty. If the holder of
the United States note pre- fers the gold and
gets 1t from the government he should not
receive back from the goyegnment a United
States note without paving gold in exchange
for It. The reason for this Is made all the more
apparent when the government issues an
interest bearing debt to provide gold for
the redemption of United States notes-a
nom interest bearing debt Surely 1t should
not pay them out again except on demand
and for gold. If they are put out in any
other way they may return again to be fol-
lowed by another bond issue to redeem
them-another interest bearing debt to re-
In my view 1t is of the utmost importance
that the government should be relieved
from the business of providing all the gold
for exchanges and export This RESPONSE
bility 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 the gold redemp-
ton. The whole strain rests upon the gov
eminent, and the size of the go d reserve
in the treasury has come to be- with Of
without reason, the signal OF danger or of
security. This ought to be stopped.
The secretary of the treasury has ont.
lined plan in great detail for the purpose
of removing the threatened recurrence of {
depleted gold reserve and save us from fu.
ture embarrassment on that account II
this plan 1 invite your careful consldera
ton
concur with the secretary of the treas
ury in his recommendation that nationa
banks be allowed to issue notes to the fac,
value of the bonds which they have depos
tied for circulation, and that the tax OI
circulating notes secured by deposit Of sucl
bonds be reduced to one-half of per cen
per annum.
also Join him In recommending that au
lhority Oe given for the establishment o
national banks with minimum capital o
l25, 900. This will enable the smaller village
and agricultural regions of the country L
be supplied with currency to meet thei
needs.
recommend that the issue of nauona
bank notes be restricted to the denomina
ion of ten dollars and upwards.
II the suggestions 1 have herein mad
shall have the approval of Congress then
] would recommend that national banks b
Required to redeem their notes In gold
The Conflict In Cuba
; The most important problem with whic
I this government is now called upon TO deal
!, pertaining to its foreign relations concern