The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-12-08

,siation e had and the policy OF selling
ponus s 10 DE continued, then congress
onouiu give the secretary of the treas
NY authority to sell bonds at long or
short periods bearing a less rate of in
'e,est 'han Is now authorized by law
earnestly recommend as soon as
sne Ieceipts or the government are quite
S o,n 10 pay all the expenses of the
eoNSIhhent, that when any OF the Unit
ca states notes are presented for re-
ue,sp'lon In gold and are redeemed in
SUI such notes shall be kept and set
sspart' ana only paid out In exchange
TOT gold. This is an obvious duty. III
eile hoiuer OF the United States note
PREFERS the gold and gets it from thS'
ssoNerhnnent he should not receive back
from a United States note without nav
ing gold in exchange for II. The reason
LOT TINS is made all the more apparent
Mneh the government issues an inter-
est-pearlng debt to provide gold for the
redemption OF United States notes-a
non-lnterest bearing debt Surely IL
snoulu not pay them out again except
on demand and for gold. If they are
put OUT In any other way they may re-
.uIh again TO be followed by another
pono issue to redeem them-another in
,erest- bearing debt to redeem a non
interest bearing debt
In my view II Is Of the utmost i'm
portance that the government should
De relieved from the burden OF
providing al the gold required
TOT exchanges and export This
RESPONSIBILITY Is alone borne by the
government without any OF the usual
and necessary banking powers TO help
ltselr. The banks do not feel the strain
Oh goid redemption. The whole strain
rests upon the government, and the
size OF the gold reserve In the treas
ury has come to be. with or without
reason, the signal OF danger or of Sc
curity This ought to be stopped. II
we are to have an era OF prosperity in
the country with sufficient receipts for
the expenses Of the government we may
feel no Immediate embarrassment from
our present currency; but the danger
still exists, and will be ever present
menacing us so long as the existing
| system continues. And, besides, il IL
in times of adequate revenues and bus
mess tranquility that the government
should prepare for the worst. We can
not avoid without serious consequence
the wise consideration and prompt solu-
ton OF this question.
| The secretary Of the treasury has
outlined plan in great detail for the
purpose of removing the threatened
recurrence Of a depleted gold reserve
and save us from future embarrassment,
Il OH tiidt Recount. 10 tniS pan L lnVltt
your careful consideration. ] concur
with the secretary Of the treasury In
his recommendation that nationa
banks be allowed to issue notes to the
| fact value Of the bonds which they have
deposited for circulation, and that tn,
tax on circulating notes secured by de
post of such bonds be reduced to one
half Of / per cent. per annum. I als'
| join him in recommending that authorit,
Il AA e., ArNa f-Av M Af
tional banks with a minimum capital o
$25 900. This will enable the smaller vii
lagos and agricultural regions Of tn
country to be supplied with currenc.
to meet their needs.
| recommend that the issue Of nation
al bank notes be restricted to the de
nomination of $40 and upwards. II tn
suggestions l have herein made shal
have the approval of congress, then
would recommend that national bank
be required to redeem their notes 4
gold