The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-04-25
BIG
BOSTON

act. That act Will be repealed, and the
question is what shall take its place.
One thing is certain--the government
will stop buying silver bullion and pay
ing for it in gold"
Senator Jones' Opinion.
Senator Jones said The present
situation shows that the country needs
money with which to transact its busi-
ness"
Mr.. Clark said that during his recent
visit to Washington ne gained the i'm
preston that no bonds would be issued.
do you think the situation is se-
rious% he was asked.
mo. don't The 500, ,O00, 600 of
gold reserve for the redemption OF the
governments paper is largely theory
AN idea which in practice is not an
important one. There is in round num-
bers $340. 0OO. 900 of this paper, and for
its redemption there is set apart hardly
3O per cent of that amount in gold. Now
that fact seems to indicate
the whcle basis of redemption
Is simply the credit of the
government. The government has
guaranteed to redeem certain of it's
paper. but has reserved hardly one
third enough gold to do ii. What differ.
ence does it make if the government
takes $4,000, 600 from this gold reserve,
or five times ten millions and spends it
for nothing else? Does anyone believe
that il the occasion came when this
paper was presented and gold de-
manded. the demand would not be metz
That would be the time to issue bonds.
CLEVELAND ON FINANCES.
All Kinds of Treasury Notes. He Says,
Will BE Redeemed in Gold.
WAsHina1oa, April 25.-To a repre-
sentative OF the United Press the presi-
lent 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
contradiction OK the statement that the
redemption of any kind of treasury
notes except in gold has at any time
been determined upon or con ntemplatel
by the secretary of the treasury or any
other member of the present admiais-
tration. The president and his cabinet
are absolutely harmonious in the deter
mination to exercise every power con-
ferred upon them to
Maintain the Public Credit,
to keep the public faith and to preserve
the parity between gold and silver be-
tween all financial obligations OF the
government. While the law OF 1890
forcing the purchase of fixed amount
OF silver per month provides that the
secretary of the treasury in his discre-
tion may redeem in either gold or silver
the treasury notes given in payment of
silver purchases, yet the declaration of
the policy OF the government to main
tain the parity between the two metals
seems SO clearly to regulate this discre-
tion as to dictate their redemption in
gold. OF course perplexities and diff
culties have grown out of an
Unfortunate Financial Policy
which we found in vogue and embar-
rassments have arisen from illadvised
silver purchases, but with confidence
among the people and patriotic dispo-
sition to cooperate, threatened danger
will be averted pending a legislative re-
turn to better and sounder financial
plan. The strong credit of the country.
still unimpaired, and the good sense Of
our people, which has never failed in
time Of need, are at hand to save us
from disaster"