Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-05

was SIS, 4OS, 600. The premium
PAID by the government on such mr.
chases was 81. 263, 521 and saving in nnt
interest about $2,SS5, 900. The success Of
ms operation was sufficient to induce the
government to continue the offer to mr.
.nase ponds 70 and including he 23d
gay or December if the remainder az the
$2?'ooo,oOO called for should be presented
~ the meantime for redemption.
NEED OF MORE GOLD.
increased activity in industry with its
welcome attendant-larger employment
Tor LABOR at higher W~ages-giyes to the
oody OF people a larger circulating med
lum MADE farther true that year by wear
Win larger areas of and under cultiva-
tloh' the increasing volume of agricul-
tural products cotton, corn and what
calls for a larger volume OF money SIM
ply. rms is especially noticeable ar the
crop harvesting and crop moving time
IN its earlier history the national bank
ing act seemed to prove a reasona HE
avenue through which needful additions
10 the circulation could from time to
time be made. Changing conditions ha ,,e
apparently rendered it now inoperative
to that end. The high margin in bond
securities required, resulting from large
premlums,W which give the bonds
III me market or the tax on note issues
or both operating together appear to no
the influences which impair it's public
utility. Inc attention of congress is re-
spectiully invited to this important mat
ter with the view of ascertaining whath.
ef or not such reasonable notifications
can pc made in the national banking act
as VIII render Its service in the narticn-
lars here inferred to more resnonsiva ~
the peoples needs. | again urge that ma.
tlonal banks be authorized to organize
with a capital of $25,OOO. I urgently rec
ommend that the support of the existinp
gold standard and to maintain the parity
in value of the coins of the two metals
gold and silver, and the equal now,e, ~
every dollar at all times in the marker
ana IN the payment Of debts, the secre-
tary of the treasury be given additional
power and charged with the duty to sell
united states bonds and to employ such
other effective means as may be neces-
sary to these ends. The authority should
include the power to sell bonds on long
ana snort time. as conditions NAV re-
quire and should provide for a rate of in
terest lower than that liked by the act of
January 4, 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
IN 6olo StuIludIu LII q
public confidence in the ability and pur-
pose OF the government to meet ali it's
obligations in the money which the civi-
lied world recognizes as the best, The
financial transactions of the government
are conducted pom a gold basis. We re-
celve 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 present time we are not compelled
to resort to oan to supply gold. It has
been done in the past, however, and may
have to be done in the future. 1t be-
hooVes us, therefore, to provide at once
the best means to meet the
when it arises and the best means are
those which are the most certain and
economical. Those now authorized have
the virtue neither of d~irectness or econo-
my; We have already eliminated one of
the causes of our financial plight and en-
barrassment during the years 1893, 1894.
1895 and 1896.
Our receipts now equal our expendi-
lures. deficient revenues no longer create
alarm. Let us remove the only remain
ing cause by comforting the full and
necessary power on the secretary of the
treasury n impose upon him the duty
to uphold the present gold standard and
preserve the coinage of the two metals
on a parity with each other. which is the
repeatedly declared policy Of the United
States.