Show HIS FINANCIAL PLAN greenbacks Green backs should be replaced by national bank notes As we turn biorn a leview of our foreign ielati onn to the contemplation of A our national finan financial elal situation wil we aro are f V fin immediately ined lately abate that we wc appi approach a ou eullet eul tilLet Lct of 0 dom domeville emille conceio it more lin ill than iny any othu that can call engage our attention and one at ili sent in such nuch a perplexing and delicate piti diani ent its as tu to requite prompt anaw and wise sp t breatt treatment bent V V we may be well encouraged to car inest effort in ili tills dire tion when we tit otepa already liken toward improving our economic all and financial situation at and when wo we appreciate how wll w ll the ho way has hao boon been tor fur further pi ogi estt by an tit aured anil and intelligent tell igent lo interest intel Inte est iest tit in these aub eject by command of tho the people a cus it venue s bateni stern designed deHl ened for the protection and of famond faford classen at tit alio expense of the great mass of our countrymen and which while inefficient for tile the purpose of revenue cm to lit d out oui trade roli relations tiong anti and impelled our entrance to the markets of the tha has leen superseded ly loy a katiff policy which in 1 la Is based upon a denial of ahn rights of the government to tn obstruct tile the avenues ti our people lem B client living or thelt theli comfort and contentment tor for the sake naho of according advantages to 4 and chich while our and tile 1 with other nations tho fact that american self bol reliance rellan cp tin aft and can build up our count country rya s industries and develop its resources 1 more bately than enervating paternalism ailynn INSun rici the compulsory purchase and coinage of silver by the government un atilt anil unregulated by 5 0 business I 1 11 14 and heedless of our cur ncy needs which for moro more than fit lel teea I 1 lears ears diluted our circulating v undermined abroad in our ur financial ability and at last culminated in distress and panic at home has been n recently bently 1 by the repeal of tho the laws which forced this reckless scheme uron fhi country 1 ahe I he things thus thun standing their extreme importance and beneficent benen cent effect fall far short of curing the monetary evils from which we surfer buffer as a result of long lone indulgence in ill advised financial expedients ahn GOLD COLD RESERVE there had been issued and sold old 95 COO of the bonds bonda authorlee author led by tha resumption act of 1875 the proceeds ot of which together with othor other gold fold in tit ahn 0 liin tia sory sury a 0 got goll I 1 fund deemed di sul licit nt to I 1 int 14 lt the tennin ds which hach might inight lo 10 mado in ld 0 upon it tor for tho the red till mi ion aion of oc tile the outstanding states notes this fund together with such gold RB am might ile bo flora time to time in ili the treasury tren sury available foi fog the hartle hamo purpose qc ha has non in in since called our got roll I 1 rest resume I 1 ve and has haa been as ats an all adequate a amount to accomplish its object this fund amounted on tho alist lay day of Janu january aty I 1 to toil ino and though tilt titio I 1 I 1 afar it did not fall baw that sum fulli until july in abill IMS tor for tho the hist time it its ta this 14 restive amo amounted 0 to less than miff containing ning at thit that 1 d I tie ito only ja 7 oil I 1 ilvie tt 3 NO non S in tit th meantime meant inic and in july ISDO 1890 an net act had boon been passed dirc directing eting baiger monthly ascH of 0 silver tarin had been under plo lous laws and piti vIdIng that in pavin ont for such sli vili notes 0 ot f the 1110 united baates should too lo issued payable on donland demand in gold or silver coin at tile tho bisci atlon ot of the tha Secie tary of tile ili lioa masury sury it was wag however de cit c fitted in ili the act to bo tho the established To POI policy icy of the united t a tes to ma maintain I 1 etain ilie two metals metal s on a parity with each other upon th the present legal batio or such fatio as e may he provided by law in view of this declaration it wan wag not deemi d rot foi the secie daiy of the Tion sury to exercise the discretion in fit toini confer conferred rd on him I 1 hi le fusing to pay gold on these notes when demanded because by such discrimination in fit faor of the sold gold dollar tile the so called parity of the two mutala would bo be and prove prave and dangerous consequences would be precipitated ly affirming or accentuating tile the constantly w widening iden ing be tween their actual values under the existing ratio it thus insulted lesul ted that tie tic abury notes issued in payment of silver purchases pur c holies the law of 1890 1990 were ni necos sailly treated as gold obliga obligations tiong at tho the option of tho the holder cheso notes on tile the let of 1 november NoN ember wf whon the law cOm compelling polling the monthly pu ichaso of silver wai wag ie paled amounted to more glnn tho the notes of this description now outstanding added to the united states noto notes still un dimin ashod by redemption or c cancellation cons constitute kituto a alume of gold obligations amounting to neatly these obligations are arc tho the instruments which ever since elnko we have had a gold e have boon been used to deplete it this deserve its as has been stated had fallen in apt abill it to 97 it has aiom fi om that time to tho the tit nt with ny few and unimportant upward movements steadily decreased except tt it hag been tempo temporal lly by the lie sale of bonds among the causes of this and uniform shrinkage in fund may inay be mentioned the groat great falling failing oft on 0 of f exports ports under tile the OI elation of tho the latex tarell ft law recently in force which 1 aich crippled our exchange ec hange of commodities with foreign nations and necessitated to some exit tint nt tile tho payment of our balances in gold got the unnatural infusion or of into our curi currency ency anti the inci inc increasing easing teasing api capitation tation for its free and unlimited coinage which have created apt api behen r ion as to our disposition ol 01 ability to t 0 continue go gol I 1 payments tile the consequent of guld gold nt at home and ill the stoP stoppage Pago of of foreign capital capit it as well as the return of our already sold ablhad and th ohp high lato late of n ex exchange hange whlor induced the shipment of oui rold gold to ix dhawn against agai nut its 03 a mutter matter ot of bpi c 9 or nond bondi rn fit of tario conditions the gild on oil tit tin d ily ly of aliu ISO I 1 was all to Cr 4 is laang anto that 31 0 til ill bleeding I 1 rLee ding nine ol ni tit hance tice april 1813 its raph ail being and no other manner of nc cot 1 it being lopont 1 was 19 9 had bad to to the alio esuo and salo or oc I 1 on oil ig ia ili 0 I 1 it 1 I for I 1 I 1 tilli act ot of 1 I itty millions of nf theme londi were hold ris 1 0 21 71 which ol itch was a aided 1 led to to ill HIP I 1 cl 1 I 0 fund if gol I 1 then on oil hall imad AS an a of this operation the l ve half had ou nutTer rford cd constant and largo large in tile stood on the ath day of match isil at the sum rum of 8 80 lag acl altion anns cowcer howoo or ly IY after HI ac abitt acca id Itt ata I 1 that on oil tho the jtb day of june wt it dmd fallen to thus thug aing ly mole lhnn 1 in five and th FlIght slightly ly briw 01 ol iw its ploua tion when tin the site rile of ron in ill bonds wag tor for its replenishment J tills condI condition tim grew warm and on the day of nf november 1894 our sol got I 1 I 1 serve ili I 1 incel to 57 7 afi it bamo inc wees essary wiry to again it illis was ung ame toy another sale of bonds amounting to 0 tw O flom fit theio was K alle albel 80 IS GOD with which the fund was to 11 1101 on oil the eth day of do de ember again disappointment appointment awaited ill P anxious allx hope hot for i pilot was not n 0 t eln a lull in the exasperating withdrawals alq of gold on tile contrary they diew laipert and moro more persistent than ever between tho the rth lay day of wi and oil emly ly in amary r wi a 0 period of nf scarcely mole moio than two months affet tho the second reinforcement cement of our gold reserve by the sale of bonds it hit had lost by such witha withdrawals more titan than OHO and had fallen to to 11 41 nearly had been withdrawn Ith drawn within the month immediately preceding this situation in anticipation of impending trouble lp I 1 hall had on the day of january 1895 addressed a communication to the congress fully setting betting forth our difficulties arld and danger dangerous position and earnestly recommending commending je that authority be given to tile the secretary of tho the treasury to issue bonds bearing a low rato rate of interest payable by their terms terig in got rold for it in purpose of maintaining a sufficient gold ro re seive geive and also for tho the redemption and cancellation of outstanding united states notes issued for the purchase of silver under tho the law of this recommendation ill all I 1 not however meet with legislative approval jf in february 1895 the e critical with FL a reserve r perilously low and a refusal ae c C congressional I 1 gress lonal aid everything indicated that tho th end of gold fold payment by tho the government war waa imminent the results of 0 prior bond had been exceedingly unsatisfactory anil and tile the tat gaitre go N ith 11 it w al tit of gold itle L ding thell theli pul pill llo lie s sale tie in olin oin rao gme alio llio to a reasonable 1 list III that la a till laio AO pait of tin till gold ald aid into the he it linabury lie aBury ill mon on such still enla A sas ag ili aull aly diton out mt again li bi the lie town tation or of united miltis noam or notes and found its ita way to I 1 lie 1 0 hands ballot g of those who nho had to tem ili timily fi nilly palled flasted with it in ili tho the ao of f bonds jiin noni BONI SYNDi CAin DUAL dral in 1 n this slid tn in view ot of its sul 1 11 II 1 II 11 g I 1 i t i e 1 it t 1 became n til int alex se pe ti r 1 y ta 1 I n i to t those 1 v 0 upon u 1 n eliom the hie for nafi ty not only that our roll neone rooe must muhl foi ili lie lilno time in ili IBS titan llian months be re lv by another issue and m nilo ile ot of bonds bearing a high rate of u In interest land and badly suited butted to the pui hut but thit a plan must lit bo be adolte adai puli led for their disposition tiomi ieng boltoc than those ro realized on iia sales an all was wac mado w ith it a el ci ot of and I 1 ankers white y it was wag stipulate td il that bonds tn ili the ie tut nit tit of lo 10 go Iny payable in loin coin thit ty 3 kais tat s at tir theli late date beaming at the rate of 4 ar pr ri rent nt af p r annum abid n nd to about G 62 1 should ile 10 i It changed tor for rold gold hlo ble I 1 ly y amounting to a little more than cr 65 WO this kold gold was to ile he delivered in huch installments as would complete its ita dell delivery dellary cry kichin ki thin about bix bit months aiom the date of tile the contract cOntla conti act ct and at least orle ono hall ol 01 the amount was to I 1 ie e furnis furnished hid floell it afta as also rig icid by those supplying rold 1 that during the continuant L ot or the contract they woul I 1 I 1 I 1 y every moans means in their powel protect tho the lit against auld gold withdrawals I 1 alio llio lie con colt also provided ded that it if would auchoi io their issue bonda pai able by their toi let ins inh in ili go pol band 1 and beat ing interest at the ne of 3 poi pet cent pei annum night within ten dass le ile sub titu ted tit at par for tile the 4 1 iti 1 I cent bonds tit in the agreement on the day clay contract vas aa nind its bolms wo wiio io communicated to cc con ress by a special exec uthe 11 90 in illch it as aa stated that more tl than 11 1 1 1 sixteen millions of dolenia would 1 lie e saved to the it 11 gold bonds bearing 3 per cent inter interest cst were nero nu all thoi lied sed to be substituted for or those mentioned in fit tile contract the Con gieRs declined to grant the neL essaiy authority to beccie this ing the contract unmodified was called out resulting in a sold gold dserve ri serve to to on the ath day of 0 july thi th performance of oc this onti on act not only restored tit the reserve but checked ing foi a n time tho the withdrawal or of gold and brought on a period of oest lep torel and such teto and julet inlet in business circles as were of 0 I 1 the 11 0 latent possible benefit in evely interest that affects our people I 1 have never hall had tho the slightest ints ahing conc concerning eining tho the wisdom Ais doni or propriety of this anan and an am quite to answer fol foi my full share of for or its promotion I 1 believe it avoided a aster tho the imminence of which was waa fog fortunate dunate ly not at tit the time dundei blood by our people SHOULD jiin arnen BACKS I 1 am eon convinced incel ahr only thorough and practical insely for our Is found in tile the retirement and I 1 lation of our united mateo notes c ci ili lionly called gron backs and the outstanding 8 treasury notes issue ly the government in payment of silver put pui chases dundei the act of 1800 1890 I 1 believe this could be quite readily accomplished by tilt the exchange of oe these notes for united states bondi of small email as we well it as aa laige denominations bearing a low rate of interest Inter cut they should be long tenn bondi thui thill Inci ensIng aln lr as and because their payment could be well postponed to a aci led far removed fi aiom oni present financial burdeno and perplexities H when bell with increased pios clity and leg rules they could bo be mole moie met to insure the lie vin cancellation cel lation or of tago tb so not and also pro ide a way by which old may be added to oil oin clil leney in ili lieu licit of thorn tin ni a 0 in ili the plan I 1 he be an nu nil cholity blell to tile tho evic taly of the til asuit to of th alie lionila abiona foi gold if decoi taly to coin ph to te tile coil I 1 ill I and p him to ump the III of such nirh bc bends tida to take tit up and cancel any of the notes that may I 1 lo 10 0 in tile the tien siny oi 01 tint thit may ln 10 nit ici lcd iad by the on iny any account the Inci eise viqi of our nur bonded debt ln ili in III this plan would bo be amply comp by renewed activity mill I 1 in all business pit fliehs cit g tile the leti toled confidence at homo home tile the rein pt cited filth in ili our mononia strength stron Rth abinad and the stimulation of e every cry ln ili cotest and industry would follow the of tho the rold gold demand obil lations ballons now afflicting us in any vent event the bonig proposed would stand for tile the of a troublesome ss while in tile tho path WP we now follow there luaiki till menar 0 of un ming I 1 with our indebtedness debt edness still and ag grava gravatt td td tit in every fatura the to fund this would not equal in ill agiou amount nt th wo from which w we 0 have I 1 pen een since isil 1334 ly by ion a and I 1 I 1 pigment bi tho the of the sinking fund out of our surplus revenues MIGHT COIN I 1 do not net overlook tile fica that t alie lie cantel compilation cancellation lation of the treasury notes 1 in sued under tho silver net a e t ot of ISM ihlo would leave lonac the tre astuy in ili the actual owner ownership till of sufficient sud klont alvor t S HI gnor tage to coin neally 00 in s tan dollor it Is worthy of con consoli s il catl ration on w whether this InIfI lit not flo aiom n 1 t alnio m to t time 1 n 1 e 1 be i vol te I 1 into d dollers i lara or or fi a e t i n n a e I 1 coin n and slimly au put t into circulation aso as in the judgment of the of the erasmy the act of tile tho countley I 1 require What whatever eyer Is attempted |