Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-04-24
CLEVELAND TALKS.
His Comments on the Financial
Situation.
THECAB1NET IN PERFECT HARMONY

No DISCRIMINATION To Be Made Against
Any Kind of United States Notes Upder
Any Circurstances-His View of the Law
Stated-Good Sense of the People and
the Credit of the Nation His Main Stay.
WASHINGTON, April 23.-To a representa-
tive of the United Press the president
said: "The inclination on the part of the
public to accept newspaper reports con-
corning the intentions of those charged
with the management of our national
finances seems to justify my emphatic con-
tradiction of the statement that the re-
demption of any kind of treasury notes ex-
cept in gold has at any time been deter
mine upon or contemplated by the secre-
tary of the treasury or any other member
of the present administration. The presi-
dent and his cabinet are absolutely har-
monious in the determination to exercise
every power conferred upon them to main
tain the public credit, to keep the public
faith and preserve the parity between gold
and silver and between all financial obli-
cations of the government.
The Law Forbids Discrimination.
while the law of 1870 forcing the pur-
chase of fixed amount of silver every
month provides that the secretary of the
treasury, il his discretion, may redeem in
either gold or silver the treasury notes
given in payment of silver purchases, yet
the declaration of the policy of the gov
eminent to maintain the parity between
the two metals seems so clearly to regulate
this discretion as to dictate their redemp-
tion in gold.
Depends the Country's Credit.
"Of course perplexities and difficulties
have grown out of an unfortunate finan-
cial policy which we found in vogue. and
embarrassments have arisen from i'll adj
vised financial legislation confronting us at
every turn; hut with cheerful confidence
among the people and, a patriotic DISPOSE
ton to cooperate, threatened danger will
be averted pending legislative return to a
better and sounder financial plan. The
strong credit of the country. still unim-
paired, and the good sense of our people,
which has never failed in time of need, are
at hand to save us from disaster"
Hole in the Reserve Filled.
The receipt of gold from banks through
out the country at the close of business
last week had made the reserve good again
and left S70O 900 of free gold, and treasury
officials were looking hopefully toward the
opening of the Worlds fair to bring gold
to this country sufficient to avert the inva-
sion of the reserve. More gold from banks
is looked for this week. but large ship
ments of the yellow metal have already
been arranged for, it is reported from New
York, and doubtless the 500, 900 and what
more is received will be wiped out and an
other dip into the reserve be made. This is
not looked upon with much apprehen-
sion now, there having been no bad effects
from that of last week "
An Earlier Extra Session.
Ths financial situation is leading to
talk of an extra session of congress earlier
than the earliest date yet suggested,
which is September. In the treatment of
this question it is argued that the element
ofS time becomes one of superior import
ance And the fact that the tariff is to be
taken up adds to the necessity for congress
to get to work early. The authority of
the secretary to issue bonds is denied in
some quarters and congress should, it is
claimed, make this clear one way or an
other; also the question of interest on
the bonds is a pressing one. Even if the
secretary has the authority it is for 4, Al
and 5 per cent, while it is asserted that
per cent. is sufficient