The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1897-12-10

gold resrrve7 II no further legislation
- had and the policy OF selling bonds -
70 BE- continued. then congress should give
the secretary Of me treasury authority to
sen bonds az long or short periods. bearing
a less rate 0f Interest than - now author
lied b. law ] earnestly recommend. a.
soon a. the receipts OF the government
are quite srliiclcnt 10 pay all the expenses
OF the government. that when any Of the
United states notes are presented for re-
ctmption ir gold and redeemed IN gold,
such notes shall be kept ard only pad out
in exchange for gold. This IL an obvious
duty. II the holder o. the United Statesnote
prefers gold from the government. he should
not rec I've back from the government
n United States note without paying gold
In exchange FOR IT, The reason for this j.
made all the more apparent when the gov
eminent Issues an intcrest-bcarlne debt
10 provide gold for the redemption OF
United States notts-a noninterest- bearing
debt Surely Il should not pay them oul
again except on demand and Tor gold II
they are put out Ia any other way they
may return again TO be followed BY an
other bond issue 10 redeem them-anofher
Understanding debt 70 redeem nom
iutcrcEt-hfariug debt.
ia my view IL Is Of the utmost import
ancc that the government should be re-
lievcd from the business OF providing for
all the gold required for exchange or ex-
by the government without any OF the
usual and necessary banking powers 20
help itself The banks do not feel the
strain Of the gold redemption. The
whole strain rests upon the government
and the size OF the gold reserve In the
treasury has come 20 be. with or with
out reason. the signal OF danger or o. Sc
curity This ought 10 be stopped.
II we are 10 have an era Of prosperity
IN the country with sufficient receipts foi
the expenses Of the government. We may
feel no Immediate embarrassment IRON
our present currency; but the danger still
exists. and viii be ever present menacina
as long as the existing system con
tinues. And. besides. Il Is In times Of
adequate revenues and business tran
pare Tor the worst We cannot avoid
without serious consequences. the wis.,
consideration and prompt solution Of Thu
question
Plan of Secretary GnGe-
The secretary OF che treasury has out
lined a plan In great le,ail Tor the pur
pose OF removing threatened recurrence
OF depleted gold reserve and saving %
from future embarrassment on that &C
count. To this plan ] invite your care
ful consideration. I concur with the sec
rotary Of the treasury in his recommend
ton that national banks be allowed q
issue notes to the face value OF tn
bonds which they deposited for circula
ton. and that the tax on circulatin
notes. secured by the deposit OF sue
bonds. be reduced TO one-naif OF one Pc
cent per annum I also join him d
recommending that authority be given 10
the establishment OF national banks wit
a minimum capital Of $500. This wi
enable the smaller villages and agricul
fural regions OF the country TO be sur
piled with currency TO meet their dc
mands I recommend that the issue q
national bank notes be restricted 10 n
denomination OF SO and upwards II N
suggestions ! have herein made sha
have the approval OF congress. then
would recommend that national banks
required 10 redeem their notes IL gold