Show Ll HOW SHALL WE USE IT lockky VV IN THE U TREASURY should it be used to liquidate llie national debt it is well to seriously ask what is the trouble when all stocks and bonds and oven government bonds anro steadily declining when nil products whon tho great staple iron when wages as well of alio hard working man are all declining capital cannot keep up its wages to the working man dundur these conditions and in consequence strikes strikes all over tho land and worse yet to come if the treasury is to be allowed to keep on in the locking up process we say it is well to ask with all seriousness what is the trouble with our population increasing with unexpected rapidity with peace in all our borders why should this bo if a well hearty and strong man should suddenly lose a quart 0 blood and each month blood dribble dribble from hia veins would any one aware of this fact ask what is the trouble T no I 1 why should they the trouble is the depletion of the life blood of the nation in the loss of its currency if somo strong combination should suddenly withdraw even ten millions of currency from active use it would almost create a panic what is tho fact I 1 there is now locked UD in the treasury of the united states nearly two hundred millions of currency once in active use let this out and at once the trouble will cease the president of the united states has seen fit to raise a point about a law authorizing the use of the surplus in buying bonds under which law already nearly two hundred millions of bonds have been bought much to the saving of the people he asks congress to reenact re enact the same law while waiting for this the country suffers the house promptly re enacted the law the senate will in time do the same during the terrible war of the rebellion the government was compelled to pay six per cent on its bonds in gold to obtain money then the national banks could afford to pay the one per cent tax on their currency issued now when bonds will pay at current prices only about 2 per cent the same tax is imposed and in consequence the currency issued by thorn has decreased over one hundred millions and the whole of this amount is locked up in the treasury congress should order the administration to at invest all tho surplus in government bonds should at once take the tax from national bank circulation should at once order a safe part of the hundred millions locked up for retired national bank circulation to also bo invested in government bonds and the trouble as far as caused by the loss of life blood of the nation would cease at once can alio government purchase two hundred and fifty mil lioTis of its own bonds vo say yes without trouble there are falling duo in 1891 two hundred and thirty millions of 4 per cents these could nearly all bo obtained to save tho government two per cent per annum for the time they have to run the fours could bo obtained in largo quantities to save 2 per cent per annuik and the currency sixes to save 24 to 2 per cent but as the as fall due so soon it would seem the part of prudence to retire them first wo insert hero for tho information of our customers and correspondents borne startling figure us to the extent of the withdrawal of currency from the business of the nation tho following figures are from the official statement of james W hintt treasurer U S issued march 31 1888 gross amount of cash in his hands as treasurer against which has been issued in gold and legal tender note certificates leaving not money in liis fiands as treasurer GO out of which the treasurer has lying in national banks by deposit with him of gov crom tnt bonds of this vast sum is retained as reserve against the legal tender notes is retained to cover various appropriations is the actual net amount retained to cover redemptions ons of national bank notes leaving in fractional silver the spirit of all laws of congress is that only shall be kepi idle but from this statement wo see is kept idle and with the nearly also idle awaiting tho slow process of redeeming national bank notes we have a grand total of idle money of upwards of three hundred and thirty millions or sufficient to redeem on a two per cent basis all the outstanding 4 per cent bonds due in 1891 and with the additional accumulation of surplus up to the end of the fiscal year june 30 1888 say would then leave the reserve against legal tenders intact and some 25 besides if the remedy for the trouble do on congress it should awake at once if the administration refuses tc i act under laws already on the statute books and trouble should come then bear tho blaino if under thia law in good plain english on the statute blobs boobs and under which already bv previous administrations bonds have been purchased the present administration refuses to act in case of need while awaiting the slow action of congress then let the blame rest where it belongs the law is as follows enacted act of march 3 1881 authorizing the secretary of the treasury to purchase U S bonds with his surplus money be it enacted by the senate and house of representatives of the united states of america in congress assembled SEC 2 that the secretary of the treasury may at any time apply the surplus money in the treasury not otherwise appropriated or so much as he may consider proper to tho purchase or redemption of the united states bonds provided that the bonds so purchased or redeemed shall constitute no part of the sinking fund but shall bo cancelled approved barcli while the government has so large a debt congress should be very cautious in reducing revenues the people do not complain of or even feel tho collection of the present rev denues of the government but the peo pie do complain that the rev inuos paid in so cheerfully should if too much to run the government be locked up from use when they could so easily be used in reducing the debt the people of tho united states want tho debt retired and settled as soon as possible all the evils befalling the workingmen of the old world como from the enormous public debts I 1 let us as soon as possible be free from debt capital and people from the whole world vy 11 ll beck our borders and we shall become tha clearing house of the world |