US Presidency
1895

In the agreement just concluded the annual saving in interest to the Government if 3 per cent gold bonds should be substituted for 4 per cent coin bonds under the privilege reserved would be $ 539,159, amounting in thirty years, or at the maturity of the coin bonds, to $ 16,174,770. Of course there never should be a doubt in any quarter as to the redemption in gold of the bonds of the Government which are made payable in coin. Therefore the discrimination, in the judgment of investors, between our bond obligations payable in coin and those specifically made payable in gold is very significant. It is hardly necessary to suggest that, whatever may be our views on the subject, the sentiments or preferences of those with whom we must negotiate in disposing of our bonds for gold are not subject to our dictation.