The Birmingham age-herald., 1907-11-25
BOND ISSUE IS
 u WARRANTED
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  cident to my mind is the fact that they are to be printed in the size of our present bank bills and coin certificates evidently with the intent and purpose that they would circulate as currency. of course it is clear that inasmuch as they were to draw interest and be sold to the people in the form of a popular loan 1t was never contemplated to de- liver to the buyer a little certifica te the size of $5 bill. It was to be an investment drawing interst in the na- ture of bond and not a piece of cur reney. If it were not for the inter- est which may and probably will bring about their return in order that the holders may collect tie interest, we should have forced into our circula- tion $100.000,0 900 of pure fiat, or green back currency. As 1t is, having been printed in the form of bank bills and not in the form of a bond, will not this be the actual effect upon the country, until they are retired?
 Danger in Use.
 Tt is stated that the government will not tolerate them as reserve in national banks; but the fact that the question has arisen shows the danger of it's issuance in this form. Although a national bank may not be permitted to hold them, will not a state bank or trust company seek them, anXiously and earnestly, hold them as a part of their reserves in order that they may be earning 3 per cent interest on their l reserves instead of noth ing, as would be the case if they should hold gold, ! which is the only true and proper reserve for the bank to hold?
 "The present experience Is only an 1 other startling instance that ought to warn us to convert our present green backs into gold certificates and teach the present generation and all who come after us, that there can be but one honest reserve and that in our country is gold coin because gold is our standard value and therefore gold is it's own redeemer
 "LttIe Fathers" Ways.
 We must anticipate the possibility in the future of having a President, who wanting the people to think that he IS a. Little Father will some time say, the government will see that the people will not suffer if only the peo- pie themselves will act in normal way But how can any one act nor malIy in these abnormal times? our national finances must be put In such condition that there can be no mis- understanding such as the President must have of the situation. For in his letter to the Secretary of the Treasury he said:
 November 19 there was in the treas ury s9o4, GOO, GOO of gold Any of the peo- ple may ask him Why don't you put It into the banks instead Of increasing tlie national interest bearing debt by Sl5o, ,oOo'- 000?' Of course, his answer must pe' 1. well. $50, 900 of that is up against the soae O00 OoO of greenbacks a reserve. The remaining s75O.000,00 of gold is practi- cally all in the government warehouse, and some of the warehouse receipts or gold certificates are in the Philippines. some in Hawaii, Alaska, Porto Rico, and some in Europe, and many of them are m the wheat fields of the northwest, the corn fields of the middle west, and the cotton fields of the south. Therefore, every great part of what l said was m the treasury, possibly all of 1t, might just as well be in the mines Of coioraoo' California, Alaska, and South Africa as where 1t is.'
 Credit Depleted.