The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-06

der cultivation, the increasing, volume
OF agricultural products, cotton, corn
and wheat, calls for a larger volume
of money supply. This is especially
noticeable at the crop harvesting and
crop moving period.
IN its earliest history the national
banking act seemed to prove a rea-
sonable avenue through which need
ful additions to the circulation could
from time to time be made. Changing
conditions have apparently rendered ii
now imperative to that end. The high
margin in bond securities required re-
sulting from large premiums which
government bonds command in the
market. or the tax on note issues, or
both operating together appear to be
the influences which impair its public
utility.
The attention of congress is respect
fully invited to this important matter
with the view of ascertaining whether
or not such reasonable notifications
can be made in the national banking
act as will render its service in the par
ticulars here referred to more respon-
sive to the peoples needs. l again
urge that national banks be authorized
to organize with capital of $4,000.
To Support Gold Standard.
/ urgently recommend that to support
the existing gold standard and TO main
tain the parity in value of the COINS of
the two metals gold and silver and
the equal power of every dollar at all
times in the market and in the payment
OF debts, the secretary of the treasury
be given additional power and charged
with the duty to sell United States
bonds and 10 employ such other effect
i've means as NAV be necessary to
these ends. The authority should in
clude the power TO sell bonds on long
and short time. as conditions NAV re-
quire, and should provide for d rate of
interest lower than that fixed by the act
of Jan. A. 1875.
While there is now no commercial
fright which withdraws gold from the
government, but on the contrary, such
widespread confidence that gold seeks
the treasury demanding paper money in
exchange, yet the very situation points
to the present as the most fitting time
to make adequate provision to insure
the continuance of the gold standard
and of public confidence in the ability
and purpose of the government to meet
all its obligations in the money which
the civilized world recognizes as the
best.
On Gold Basis.
The financial transactions of the gov
g llli4tiil are cOlluuClCQ upon d SOlu ID
sis. We receive gold where we sell
United States bonds and use gold for
their payment. We are maintaining
the parity of all the money issued or
coined by authority of the government.
We are doing these things with the
means at hand. Happily. at the pres
ent time we are not compelled co re-
sort to loans to supply gold 1t has
been done in the past, however. and
may have to be done in the future 1t
behooveS Us, therefore, to provide at
once the best means to meet the emer-
gency when it arises, and the best
means are those which are the most
certain and economical Those now au-
thorized have the virtue neither of di-
RICHNESS or economy.
We have already eliminated -one of
the causes of our financial plight and
embarrassment during the years 1893,
1894, 1895 and 1896. Our receipts now
equal our expenditures; deficient rev.
enues no longer create alarm. Let us
remove the only remaining cause by
the full and necessary power
on the secretary OF the treasury and
impose upon him the duty to uphold
the present gold standard and preserve
the coins of the two metals on a parity
with each ether, which is the repeatedly
declared policy OF the United States.
In this connection, l repeat my for
mer recommendations that a portion of
the gold holdings shall be placed in a
trust fund from which greenbacks shall
be redeemed upon presentS ton. but,
when once redeemed. shall not there
after be paid out except for gold