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

ing Act seemed to prove reasonable ave-
nue. through which needful additions to the
circulation could from time to time be
made. Changing conditions have apparent
ly rendered 1t now imperative to that end.
The high margin in bond securities requir-
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.
The attention of Congress is respectfully
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 particulars here referred to
more responsive to the people needs. L
again urge that national banks be author
lied to organize with capital of $4,000
l urge. tIy recommend that to support the
existing gold standard, and to maintain
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 addi-
tonal power and charged with the duty to
sell United States bonds and to employ
such other effective means may be nee
essary to these ends. The authority should
include the power to sell bonds on long
and short time, as conditions may require,
and should provide for rate of interest
lower than that fixed by the act of Janu-
airy IA. 1875. While there is no COM
mercial fright which withdraws gold from
the government. but, on the contrary, such
widespread confidence that gold seeks the
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 in
the money which the civilized world recog
nizes as the best The financial transac-
tions of the government are conducted upon
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 by author
ity 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 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
llledIlS 10 meet the emergency Wnen II
arises, and the best means are those which
are the most certain and economical. Those
now authorized have the virtue neither OF
directness nor economy We have already
eliminated one of the causes of our financial
plight and embarrassment during the years
1898, 1894, 1898 and 1896 Our receipts now
equal our expenditures; deficient revenues
no longer create alarm. Let us remove the
only remaining cause by comforting 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
parity with each other, which is the re-
peatedly declared policy of the United
States
In this connection 1 repeat my former
recommendations that portion of the gold
holdings shall be placed in a trust fund
from which greenbacks shall be redeemed
upon presentation, but when once redeemed
shall not thereafter be paid out except for
gold