The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-04-28
THE PUBLIC FUNDS.
Official Statement from the Presi-
dent of the United States.
PUBLIC CREDIT on A GOLD BASIS.
The Administration has no Thought
Othcrwisc-Senato Chandler Thinks
the Country is Drifting
to silver.

WASHINGTON, April 24.-President
Cleveland says: The inclination on
the part of the public to accept news
paper reports concerning the intentions
of those charged with the management
of our national finances seems to justify
my emphatic contradiction of the
statement that the redemption of
any kind of treasury notes, ex-
cept in gold. has at any time been
determined upon or contemplated by
the secretary of the treasury or any
other member OF the present admins
trati"n. The president and his cabinet
are absolutely harmonious in the de-
termination to exercise every power
conferred upon them to maintain the
public credit. 70 keep the public faith
and TO preserve the parity between
gold and silver and between all finan-
cal obligations of the government.
while the law of 1890 for forcing
the purchase of Il fixed amount OF silver
every month provides that the secretary
in 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 govern
ment to maintain the parity between
the two metals seems so clearly TO reg
ulate this discretion as to dictate their
redemption in gold,
"Of course perplexity and difficulties
have grown out of the unfortunate finan-
cial policy which was found in vogue
and embarrassTnentS have arisen from
ill-adviset; financial legislation con-
fronting us at every turn; but with
cheerful confidence among the people
and patriotic disposition to cooper
ate. threatened dangers will be averted
pending d Legislative return to I better
and sounder financial plan.
The strong credit of the country is
still unimpaired, and the good sense OF
our people which has never failed in
time of need, is ut hand TO save US from
disaster.
Senator Chandler has some positive
views on financial and other questions
of the day. Il can state the position
/ take" said the senator. in single
proposition. and that is that the
secretary of the treasury ought
to use the siOO.OOo.oOJ of the re-
serve if It becomes necessary, and not
issue any bonds until he Is obliged to.
That large fund was made to be used;
that is what il is there for.and il should
be called upon before any other steps
are taken. The law requires national
banks to retain 10 per cent. of their
earnings for q surplus to be used in an
emergency. and why should not the
government resort to the same policy?
| am afraid that gold viii soon go to
premium and the country be forced to
4 silver basis"
When asked what effect the financial
situation would have upon the calling
of an extra session of congress, Mr..
Chandler replied that the question
could be best answered by the party
now in power. THE question OF an
extra session" he continued. depends
entirely upon the present adninistra-
ton: whether it is broad and large
in its contemplation Of public af-
fairs or small and inadeduats:
whether it shall prove strong and
courageous. If it is strong and has the
courage for which some people give 1t
cr9dit Mr.. Cleveland will call an extra
session and seek the repeal of the law
of 1890. Whether congress will or viii
not follow the advice of the president
in this matter. he can at least place the
responsibility upon congress. In my
opinion Mr.. Cleveland will surely go to
ruin If ne permits gold to go TO pre-
mium. rather than call an extra session
of congress.