Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-05

nue. through which needful additions To Tho
circulation could from time to time ha
Hidue. changing conditions have apparent
~ rendered II now imperative to that end
Inc hlsh margin In bond securities relllir-
. ed' resulting 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.
Inc attention Of Congress is respectfIlly-
invited to this important matter with fb.,
view or ascertaining whether or not su,b
reasonable notifications can be made in tho
National Banking Act as will render its
service IN the particulars here referred To
more responsive to the peoples needs |
AGAIN urge that national banks be author
l-eu 10 organize with capital of So O0O
/ urgently recommend that to supp.rr Tho
existing gold standard, and TO maintain
the parity in value of the coins Of the
two metals gold and silver and the eouaI
power of every dollar at all times in tho
market and in the payment of debts 90 tho
secretary Of the Treasury be given addi-
t1onal power and charged with the duty Ia
sell United States bonds and to emploN,
such other effective means as NAV be nee
essary to these ends. The authority should
include the power to sell bonds on long
ana snort time, as conditions may require
ana should provide for rate of interest
lower than that fixed by the act of Janu-
airy II, 1875. While there is now no COM
mercial fright which withdraws gold from,
the government. but on the contrary. such
widespread confidence that gold seeks tba
treasury demanding paper money in ex-
change, yet the very situation points to the
present as the most fitting time to make
adequate provision to insure the continu-
ance OF the gold standard and Of public
confidence In the ability and purpose Of the
government to meet all its obligations I'm
lhe money which the civilized world recog-
nizes as the best. The financial transac-
'lohs OF the government are conducted upon
a gold basis. We receive gold when we sell
United States bonds and use gold for their
payment. We are maintaining the parity Of
all the money issued or coined bv surbor-
hy OF the government. We are doing these
things with the means at hand Hann,I,y
at the present time we are not cornnaI1eI
TO resort to loans to supply gold II has
been done in the past, however. and NAV
nave to be done in the future 1t behoovas
us, therefore, to provide at once the best
means 10 meet the emergency when in
arises, and the best means are those which
are the most certain and economical Those
now authorized have the virtue neither OF
ulrectness nor economy. We have already
eliminated one Of the causes of our financial
plight and embarrassment during the wears
1888 1884, 1875 and 1896. Our receipts now
equal our expenditures; deficient revenues
no longer create alarm. Let US remove the
only remaining cause by comforting the fuII
ana 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 other which is the re-
peatedly declared policy Of the United
States.
IN this connection 1 repeat my former
recommendations that a portion of the gold
holdings shall be placed in a trust fund
from winch grecnbacks shall be redeemed
upon presentation, but when once redeemed
shall not thereafter be paid out except for
gold.