j '
I )
: K
A
1
THEiMfiSKSGE
JVCi. Clvlii4i rI"silI!-
1 AJtotit
K( OfCS-S AT Ml.l. y'.M K JAN 17!
Thf.r.-h the hni u... u
eTrVa-n fr h. 1 r,.,-u.V :,.:.;, v
to he vrv l-iiue a iu- red 'r-iu
;bf ifSiris jnMi fii-.y ., r.reiM or
e.btc l. it .M iMullv.nMh-!; I;.!-
v T: '' tiMd-'f ible mini' ha i r h-.-n
Acquired hv I he
r i ;i -u r v within
ral periods -t ,ted wU houl !
t if iu- of Hinds. On t he -28th ot j "".veyejii, ivv onqs pioposwi vu;.m
Jahnarv, l'-95, it was n ;v rie j l,vUa"d for the extinsuislimeiit of a
the S t retarv of ti e Treasury that j u!..me inoVhledn, while it.
mdr.? than. $17,000,000 had ,l e Pll,h ve ,,ow M,mv ,h,re ,urkd
- -
heejh vTiihihawn from har lint: or
shipment duri; g I ho year preeed
inu. lie now reports that from
Jau.ua rv 1, 187'J. t July 14, 1S90,a
period of more than eleven y3r 3,
only a little over : $28.J00.OOO wes
withdrawu and tKat-hetweon July
14, 1800, the date 'of.. the passage. of
the law for an increased purchase
of silver, and the 1st day of De
cember, 1895, or. within less than
five and a half years, there was
withdrawn nearly $375,000,000
maUi.a total of moro than 403,
000,000 drawn from; the Treasury
in gold ei nee January 1, 1870, the
the date fixed in 1875 or. the re
tirement of the United States
notes.
M5K-TSNTU3 OF THE .NOTES PAID ,NTD
YET AUK OWED.
Nearly 3327,000,000 of the gold
thus withdrawn has noon paid out!
on theae United States n..tes, and
yet every one of the $34 i,000,000 is
still unchanged and ready to do
service in future gold depletion.
More thai $70,000,000 in "old
has since their creation in 1810 1
beenpaid out from. the Treasury
i
Upon the;-., necessity given on the
purchase of silver by the govern
''jihent and yet the whole amotip.ting
W"$loo,0lhJ.U0Uexc"r't -a lit tie more!
than $10,000,000, which have been j should be allowed to issue ciroula
retired by exchange for silver at tion equal to the par value of the
the request of the holders, remains j bands they deposit, to secure it,and
outstanding and prepared to' join that tho tax on their circulation
their older and more experienced siouhl be reduced to ne-fo'urth of
allies in future raid? upon the j 1 nor '-cit., which would nndoubt
"Trear.ury's gold reserv. hv -ih.'r J -diy meet all the expense the gov
W m'.S. the goyernnSent. 1;p.'h pa.id in ! 'rrr'eri? i;ienrs on their account,
gold. m -re tlian uine-t ii'iis .!' i!sj In ado'ition theyshould be allowed
U
ni'ed rUatei notes
till os!to
1 1 I . 1 .
them a-!. It ha? p ri '.
u;,!u j
abolK one-nat O-f !? n. fe- -m -m .
ior Kii vor purciiayeri v. it'hont ex-
tinguihuig by such payaient one
dollar "f these note. WSien.dd( 1 ;
lo an ve aiv remiMi(-r1 !;r.t
$anv o:i this - astounding tinnnoinl
ficheiri.-'l the government has ineu
- i
ed a landed indelledn- o? '.-nMl. eoi;d-juo circulation in ad
50G0n oi estajdishintj o gold n-jdition to that already outstanding
serv. -.i -11 11.315,4' in effort !vTiiol3n. :ni; o 478,000,000, which
:to rna-'uram it ; that ! he anioi M,.
terestx-urged' tv such homled :n-4ebte'jtie--s
i;; more :than $11.
000 ; ,.; t i a continuance in our
present i-oliey may i.vuit. in. fur
ther
issues, and
,t we leiV'
sntferc 1 !;v are'thraoMa'd wit:l t.W
this l'"r t he sake of mmsvinr ..-,,,)
iot rere.gn stiipmont or laciliarmg -
ii hording at home, a situation !
4c , ? ... . '""-''
IstexhiMtv(l which certainly ought'
toavfesl atteqiiou-aud iruvokeim-j
.mediate legislative relief. I am!
- eonvinced. the only thorough and !
. . .
-Biacticabie remedy for our tmnhh
is found in the retirement and
ancclhitioii of our United States
notes, commonly called greenbacks
.and the outs't and in g Treasury notes
issued by Ihe srovemmnt. in mv.
me-nt of silver purchases under the
. , I-
act of 3 90.
THE REMEDY PROPOSED.
I believe this could be quite
readi.y accomplished by the ex
change of theso notes for X'niU-d
i .Stat-:-3 'b-nds of small as well as
large denominations, bearing a low
rate of intere9t;Thcy should be
long-term bond, thus increasing
.their desirability as investments,
and because their payment could
be well postponed to a period far
remov.d from present, financial
burdens and j erplexities, when
With increased' prosperity and re
sources t hey would, be mora easily
; met. To further insure the can-
ellation of these ; notes and also
. provide o way by which gold may
fee adcle,l to our currency in lieu of
them, a feature inahe plans should
"tie au authorityiven to the Secre
tary jof the Treasury to dispose of
the
oiids abroad for gold, if neces-
faryj, tc complete tb.3 contemplated
?ede
jmption and cancellation, per-
, initting him to rise the proceeds of
t ' pcli bonds to -take upland Aricel
. any of the notes that may bo irt thci
treasury or that may be redefved
y thegoveruraentonany account,
1rsjw BBcoHre-riusufo
I t x "
The increase nf our bondd !! !
i,,v:ilvet! in thi plan would he
atlly CMIlpMiMatNi lV renewed
a. .v.ty nrJiJ .-niMiprir .n nil l.u-i
lrel-S, t !. 11 T Co,tde,,CH
at le me, the re inhaled I i. i in
ir nio.M tarv s!ie,,c;t!, r,roai,ai,a
th - eumtilHiii.il of ev-rv intereai
and industry that would follow the
l'!anc,'ll4lfclu . i" . - . "rinB""
1 1 : . . r . I .1.1 -I .
ob! i tjefni Lntw 1 inT ;l
'in
.i :k . ' ji . i i i
the menace of unending bond?.
with our mdehtediiofrs fetill undis
charged ana aircravated in evjry
feature. The obligations necessa
ry to fund this indebtedness would
not equal in amount those from
wjiich we have beeu relieretl since
184 by anticipation and payment,
beyond the requirements of tho
sinking fund, out of our surplus
revenues.
1I0WTHE CUKRENCYWITADKAWN COULD
BE SUPPLIED.
The currency withdrawn by the
retirement ot the United States
notes and Treasury notes, amount- j
mg to probably less than Sf4ob.- j
000,000, might be supplied by such
gold as would be used on their rei
tirement by aninciease in the cir
culation of our national bankn.
Though the aggregate capital of
those now in existence amounts to
more than (G4,00(),000 their out74
standing circulation based on bond
security amounts to only about
$100,000,000. They are authorized
to issue neles amounting to 00 pe
cent, of the bonds depoisted to se
cure their circulation but in no
event beyond tho amount of their
capital stock and they afe obliged
to pay 1-per cent tax on tho circu-
latum they issue. I think thev
siibstiluto or deposit in lieu of
I ....!. . -
iiv ( iui now rqvirea as gecunry
tor 1.:"!r . cireni.-ition tlinsn whnli
"v,nM he issued for the purpose of
r.-tirimr the United St-ttes notes
:el Treasurv notes.
The hanks already existinn, if
t !k v iesire to avail themselves of
the provision? of law thus modi-
would nearlv (r quite eouat the
eurr-ncy prf poed to be cancelled.
At any ratf.,1 should confidently
expect to see the existing national
hanks or others to be organized,
avail themselves of the proposed !
encouragement to igs.ue circula-
tion. Mid nromntlv fill anv vAPiinm-
l
and supply every currency needed:
. . . "
AMKE SYSTEM OF STATE liANKS FA-
ored.
h 1ms always seemed to mo that
the Pviions of law regarding the
capuai. or national banks wlueti
operate as a limitation to their h
cation fails to make proper .com
pensation tor the suppression t f
State banks, which came near to
the eople in all sections of the
coutry, and readily furnished !
t them with lianking accommoda- I
lions, aud far less any inconven
ience or embarrassments nri.onir
j from 'these restrictions ; or the lo
cation of national banks might
well be remedied by belter adapt
ing the preseut system to the crea
tion of banks iu e Dialler; com rnu
nities or by permitting bnnfcV'of
large capital to establish branches
iu such localities as would serve
the people so regulated and re
strained as to secure their eafo and
6bnscrvativi control and manage
ment. " Bdt there might not be Ihe
necessity for such an addition to
thecurrency by new jssiies of bank
circulation as at first glance is in
dicated. If wo should be relieved
from maintaining. a gold reserve
under conditions that constitute it
the barometer of our solvency, and
if our Treasury should no longer
be ihe foolish purveyor of gold for
nations abroad or for speculation
and hoarding by our citizens at
homo; I shonld expect to see cold
resume its natural , apd uormaj
:hiiictfonin the bnsinlVs alfairs of
o thcountrj and cpase to be an
object-fittrac.ling the timid watch
of our people and exciting their
iiinv.- mt.-iobti .n?.
1 do iit ov. rh..k the fart thai
tht' cancellation ,.f in Treasury
notes iDed under the ii-r pur-
chaningact ot 1.H.K) uiitd ieuv ho
Tfi-iiiiii tit I h.i ii-ti-il aw ikrti : It
oi fil!i;ieiii rtdver, including it' igif
iontgf, o coin nearly $1 7h,0iM),00
in BtHodttro dollarn. It in worthy
of rotlHlderalloil nether tlll
niiirht imtf from I ini to tinv, l
cnverti'd int'i dollar.- or fraction
al coin and idoCvly into circnl it ion
a- in the judgm-i;t f tin S-'crntury
of the Tie:i ury lh iitireirfitieM jf
the country tdiould nspire.
FINANCIAL CNVAI.tCE.NCK LIKELY
TO HE I-ROTKACTED.
Whatever u attempted should
be. entered upon fully appreciating
the fact that by careless, easy de
scent we have reached a dangerous
depth aud that our ascent will not
be accomplished without laborious
toii and straggle. Wo shall be wise
if we reolizo that we are Huaucially
ill and that our restoration to
health may require heroic treat
ment, ai.d unpleasant remedies.
OUR CURRENCY NOT THE KIND TO OIVE
THE BEST STANDING.
In the present state of our difli-
culty, it is not easy to understand
how the amount of our revenue
receipts directly affects it. The
Important question is not the quan
tity of money received in revenuo
payments, but the kind ot money
wo maintain and our ability to
continue in sound financial condi
tion. Wo are considering tho gov
ernment's holdings of gold as re
lated to the soundness of our mon
ey, and as affecting our national
credit and monetary strength. If
our gold reserve had never been
impaired, so that no bonds would
have been issued to replenish it; if
there could have been no fear and
timidity concerning our ability to
continue poM payments; if any
part of our revenues w re now paid
in gold, nnd'if we could look to
our gold reserves ns a means of
maintaining a safe reserve, the
amount of our revenue would be
an inMuential factor ir. the problem
but unfortunately all tho circum
stances that might lend weight to
this considerat ion areentirely lack
ing in our pre.-.-r.t predicament.
No gold is received by the govern
ment in payment of revuuue
charges nor wouhl Umro bo it the
revenues were increased.
The receipts of the Treasury, when
not. in silver cert i lien tec, consist of
United States note? ninl Treasury
notes issued for silver purchases.
These forms of monev are inly n;e
tul to the government in naymcnt
of eui rencv ordinary o.pona, and
its quantity in covpri.tnent Tnsg
sion does not m the least contrib
ute toward giving us that kind of
safe financial standing or condi
tion which is built on gold alone.
can't iet the dead wm.d u it
It it i eaid that tle4 notet. if
IielvT by the government, can be
ued to obtain gold tor our reserve,
the answer i easy. The jnopte
draw gold from the Treasury on
demand upon United States note
and Treasury notes, but tho prop
osition llitii the. Treasury can on
demand, draw guld from tho pe-pl-
upon them u.add ta regarded
in th.!e days with wonder ami
urn iz.-nn'iit. And ven if this
could be done, there is nothing to
prevent those tint tm ting with
their gold trom r. guning it tl-o
next day or the next h ur bv the
presentation of ihe lo tt-a tl.ey ie
ceivtd in exchange 1r it. TIjh
Secretary of tho Tieasury might
use such notes taken from a sur
plus of revenue to buy gold iu the
mark el. Of course ho could not
do this without paying a premium.
Private holder of Hold, unlike the
government, having no parity to
J maintain, would not be re
strained from making the bst
bargain possible when they furn
ish gold to the Treasury; but the
moment the Secretary of tho
Treasury bought gold on any terms
abovo par ho would establish a
general and universal premium
upon it, thus breaking down fhe
parity between gold aiid silver
which the government is pledged
to maintain, aud opening the way
to new and serious complications,
lu tho meantime tho premium
would not remain stationary, and
Ihe absurd spoctaclo might be pro
senledof a dealer selling gold to
tho government, and wth United
States notes or Treasury notes in
his hand immediately clamoring I
for itc Tpf tim unit n t-a.o1a n '
mw m m v,-gmu
higicr pr-nituui. Jt limy l
iciuitied Out a lar r-v-iiu and
r-lu.Uiit receipts might taY-ra
liy tlT-:t th- si Uition under !
ciiiii hv jlT'.rding nil opportu-
n.lv of retaining llnti imJ in
tb Treumiry when ri-odieil aod that fritfhl tiut-i and our curi
II.U4 pr-v-niitj; their pr .-nuiion tie tild brd wrr. flitriivl for
fir cdd. m:h rvliitioii, to b
useful, ouzht l.. I i.t IHBt llieaA
urjiJ.ly DTinniieii!.: xod thit is
prr-ci-lr wlut i inHil.I-f
f.if ni Unite 1 Sti V n Hre:
cern-.', by n law nf 11 for id
in their furth.ir rtirrui ut. Tho
M!atu; in M ninny wrdi provides
that t!;r led, nheii rrc-ivl
into tin? Trnnry and U longing
to the United Stxle, hNll Us
pii.l out again and kept in circu-
bit ion." It itllf moreover. Im
readily ectjn that the government
could not refine to pay out Unit
ed States nots and Treasury notes
in current tranactions whrti de
manded and iniist on paying out
silver alone and still maintain the
character bt tween that metal and
silver and tho currency represent
ing gold, llosides, tho accumla.
tion in tho Treasury of currency
of any kind exacted from the peo
ple through taxation is justly re
garded as an evil, and it cannot
proceed far without vigoroun pro
test agaiiut an unjustifiablo reten
tion of money front tho business of
tho country and n denunciation ol
a Fchetno of taxation which proves
itself to le unjust when it takes
from tliM earnings and income of
tho circulation money so much in
excess of the need of government
support that large sums can bo
gatheretl and kept in the Treasury.
Such a condition has heretofore
in tunes of surplus revenue led
the government to restore curren
cy lo the coplo by the purchase
of its unmatured bonds at a large
premium ami by a largo increase
of iU deMsits in national banks
and vc easily remember that the
abtiso of Treasury accumulation
ha furnished a most jmwnrlul ar
gument in favor of legnlation rad
ically reducing our tariff taxation.
Porhatvj it in Fitppntftl that suf-hVh-nt
revenue receipt would in
a sentimental v. ny improve the
situation by Inspiring confidence
ri our fiolvency and allnving the
far of pecuniary exhaustion, ar.d
yet through all our Mrinjeles to
maintain our gold reserve th-re
never him been any upprehendmi
as t our r?adv ability to pay our
way with meli nl mmv j. we had :
and the quest icn whether or not
our current receipts mt our cur
rent expend s h-m not i.ter. d into
til est:m.it f our iolvi?ev. Of
" V . I 1 . .
i 'ii.vi i.- K,,,oerai !i,iie oi ,,nr
lund, exclusive of gfdd was c n
tireiy immaterial to tho foryisn
creditor : ml investor. His ubt
cotild only be paid in Kold. and
his only cincern v,h our ability
to keep on hand that kind of
money.
't !l YTi:)I Ti:Mr Too MI CH TO
i-oi'Ul . s; iKtiNt) i.K U:LI
On hilr I. lvi, mor' thin a
year and a half before tho fir.t
bond.i wt re in.4ii.-nl to riplenish tho
pold reserve, thero was u njt bal
unc in the Treasury, exclusive, of
ervous
Peorte Aboold rltxe ttut tbs obIt
tru and twrrooeot cur for tbtx
condition ti to U found la bATlof
Pure Blood ,
Bcaq tho bestlb ot eery orgsn sod
tisioo of ths bodj depends a poo th
paritj of tbo blood. Tb wboU world
knows the sUodsrd blood part& Is
9
arilla
And therefor U Is tho oalr trot sad
rellsblo medic lo for nervous ptopU.
Ii niAkca th blood par snd boaiUj,
and thus cures nrTouaeo, mskas
tbs nerres firm snd strocf ,grm swssft ,
slp, ntoUl Tlfor, a rood sppHUs,
perfect dtastloji. It doe mil thle, sad
enrceScTofolA, Eczema, orSeU JTKm
snd sU other blood dieeees, becauMtt
lVlakoo .
f?ltZ-PWi every word we Ur
Id. TbousAade of TolanUrr testl
tnonUls full csUbllea toe tact that
Mood's 8ar'a-
paruu
Be Sure if 11 ViGZ
to Get Hood's WiSJ
h "1 hajre itXn Uoods BanaparQ
f torecrofaUaadtaereeoit taiiAXam
IQToy, Rleale C. IL, West Vlrftal.
MOOd'a POl CUT All Ktat IHa
n n - n
iru(S)(S)j.s
Sarsap
Pure Blood
n. ... 9 - I
uch rrrxt ltM lbau 1 13,00lV
0(X), lui Ihu p1u rvsHtw aruouut
ed to -mora thu $l!4,rO0,000
which the qnirtinjc fturf
tht itunUon. It vh'rii th
utock ot pdU U-xn mpkUy la. fall
KAle a ud debt iwtl abrcui fr
preu d . . r payiutut In tha
meatiiitn't rxtiiif shipmuts (
gtdd mi. oth-r uufavurbl indi
cation canni retl"ttic an4
fright among our (xroot at home.
Theruxm the nrrtat t our
fumJ, eX lutiv of puld, l-ocaroa
alto iminste risl to thm, md they
tuo.drew o!d frim b Treiiorr
lor hoarding again&t all contingtn
cirs. Thi is plainly shown by
I
tho largo increase in tba propor
tion of boU withdrawn which was
retained by our own people at
time and threatening incidents
proxresed. During the - fiscal
year ending Judo 30. 1S91, nearly
$&(000,000 in gold was withdrawn
trom tho Treaiury and about $77,-
000,000 was ssot abroad wbtladar
iug tho fiscal year ending Juna S0t
1305, over $117,000,000 was drawo
out, of which oly about ICfi.OiW,
000 was shipped, leaving a largo
balanco of such with dravals to
bo accounted for by domestic
boarding.
Two IlTe fltvod.
Mrs PhoeUi Thorns, of Junction
City, 1)1., ws uUi bjr trr doctors tb
haa Cotiftumpllon sad thti lhr wss
no bop for b-r. tnji two bottirs Dr.
King's New blK-oterj tvnplrtlj
currd her sad vliv It &rl txr life.
Mr The. Kgjcers, 1 Florida 81 Uu
Frmncico, uffcrrd from s dradfol
cold, spproarhing Cooiumpllon, li0
without mutt rtrrTthlfjr els lha
buujcbt ouo buttle uf Ur. Kioic New
I)cotrry sad in two wrek ws cured.
He It nsturslly thsnkfulty. It it such
rrulU, of tthirh tbx- sr tmpl,
that prove the wonderful iScscjr of
this tnrdirlnr in rciafht snd roldt.
Krre trial bottle st any druf lor.
Itegtilsr lie m0 snd l.oo
if mvt: ti4CK ur,
or tx t u wtb rx, ruy ri L oc
It win msn jrcta. rWM or ttvr.
LOSS OF VOICE
After Actito Bronchitis
IT7RLD it rtrsio
PcctorAi
r rr.rn:no;s cxrrxicixr.
lent ci i v.:. : . . i, i.itM i
ef am,. .I.. ,- ut Ii.imI.
Iinlt-i .;.. . .. t... llit t l.t
rnd I t
I f'H.K'l
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I 1.
'1 i I ! x
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iititi ' .il. i.
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7: '!ri r-.- me
; . - r-r v.l.i !, nin
C::'irr It m uil lo jtl.ncint rp..
aivl I . r I ..lr.. f,al riU? M
tlrt r.i'n n .lj rffvf a irrmat rr.t
rare. Tor: nit btCr nrth.ff f.-rtn
thrnt trrui l I rerr.nmtrrtd a jrrrs
Ch'rr.T P. -Mi! "-.r.. lUtAn i i.t,
rabUcatiou fcrUtr. ltmtm:r. Vx
Ayer's Cherry Peroral
cold 'dttxi at tux -osxis rxo.
Ann UAisAacTHiTtlArii
TWO FOR ONE
ur arccuL AKJUXOCMCXT
we orrcn
Home and Farm
la mbioettoQ with oar ferer, L,r
S 1 .25
Being the price of our pspar
alone. That is for-ail new
subscribon, or old sub
scriber renewing and pay.
lug to adrauce, w sood
HOFilE AND FARn
ONE YEAR FREE,
HOME AND FA UU is 1C
PKJ gricolturaJ Journal
made by larmers for fano-f-.
IUHomeDoptrtmeot
conducted by AuutJao,i
unequalled. Iu ChUdwa-g
Department, cooductd by
faith UUraer, is entertain
ing and instructive.
Benea. now and jrt Lhla
- peat agricultural and homa
Journal
KEE 1
ftED'jCED HATES.
tcraaJt- d L:;rail hJ:a
HetiC IH-Dre. HI,
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wkJrti.r. . tm as
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txr?iATio?s
UlUM A nltl fifJUmt t
Wf tl, IW. lUUrtr. 11 ?-! tmlt JuufJ
'cjtfia s-rtotu t:t tl A:;f fxa
lrf0lmt U twwtsUif U. tS.
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ry I, mi
sjiiii R.n iui ty riMote)i
4 txru i c s r.uu itwti:
AUl LUf M. tMt. Iwltiil. silk tMl
VILA C44 llll lit U;i rtwo 4il
Southern Railway
fitar rllr fn4 IU tif 4 A tti;
a s.ciur.
A TvmK.
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