Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-12-06

| further legislation is had, and the poll
Icy of selling bonds Is tolbe continued
then Congress should give the score
tary of the treasury authority to sell
bonds at long or short periods, bear
ing Il less rate of interest," than Is now
authorized by law. l earnestly rec
ommend as soon as the receipts 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 exchange for gold
This is an obvious duty. If the holder
of the United States note prefers the
gold and gets it from the government
he should receive back from the gov
eminent a United States note without
paying 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 notcs-a non-lnterest bearing
debt Surely, 1t should not pay them
out pEaln except on demand and for
gold. II 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 redeem a non-intercst bearing debt
STRAIN ON THE GOVERNMENT,
In my view, N is of the utmost inn
portance that the government should
he relieved from the business of pro-
viding for all the gold required for
exchanges and export. This RESPONSE
blity is alone borne by the government
without any of the usual and neces-
snry banking powers to help Itself. fhe
bank do not feel the strain of the gold
redemption. The whole strain rests up
on the government and the size of the
gold In "a ttrpp crIts,F htg ~,
to be, with or without reason, the signal
OF danger or of security. This ought
to he stopned.
If we are to have an era of pros-
perity in the country. with sufficient
receipts for the expenses of the gov
eminent. we may feel no immediate
embarrassment from our present cur
rency; but the danger still exists and
VIII be ever present, menacing us MS
long as the existing system continues.
And, besides, II is in times of adequate
revenues and business tranquility that
the government should prepare for the
worst We cannot avoid, without seri-
Gus consequences, the wise consideTa-
ton and prompt solution of this ques-
ton.
SECRETARY CAGES PLAN.
The secretary of the treasury has
outlined plan in great detail for the
purpose Of removing threatened recur-
renee of depleted gold reserve, and
save us from future embarrassment on
that account. To this plan / invite
your careful consideration.
| concur with the secretary of the
treasury in his recommendation that
national banks be allowed to issue
notes to the face value of the bonds
which they have deposited for circula-
ton and that the tax on circulating
notes secured by the deposit of such
bonds be reduced to one half of one
per cent per annum. also join him in
recommending that authority he given
for the establishment of national banks
with a minimum capital of $4,000
This will enable the smaller villages
and agricultural regions of the country
to be supplied with currency TO meet
their demands | recommend that the
issue of national bank notes he restrict
ed to the denomination of ten dollars
and upwards If the suggestions l
have herein made shall have the APP
prevail of Congress-, then would
recommend that national banks be re-
quired to redeem their notes in gold.