Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-03-09
A NEW SCHEME.
A Report Concerning Mr.. Cleve-
lands Financial Policy.
PAPER MONEY TO Be RETIRED.
Coin Silver to lie Subsidiary to Gold and
Certificates Of Deposits Issued
Henry Clews Views
Also Cannon's.

New YoRK, March at was re-
ported in financial circles that Presi-
dent-elect Cleveland and his new secre-
tary of the treasury, Mr.. Carlisle, have
approved and will put in operation n
financial policy upon trg following
basis:
First-retire all paper money.
Second-Coin silver 20 take its place.
Issue coin certificates as receipts for de-
posits Of coin
Third-Establish an equivalent fund,
10 hold and maintain the difference, in
gold, between the bullion value and
the face value Of silver coin.
To do this, IL is claimed, the new adj
ministration will purchase the gold re-
CURED by an appropriation from the
revenues of the treasury from year to
year or sell United States bonds and
apply the proceeds to said purchase.
When the plan is carried out 1t is said,
the money Of the United States will be
gold coin and silver col N equivalent
with gold, the money of the constitu-
tiOn. Financial men on Wall street,
while they do not disapprove of the
scheme entirely, look upon II as a
change much too sweeping ever to be
carried out.
Mr.. Henry Clews says:
II reads very nicely aud might prove very
good plan n 10 could Doe carried out Mr.. Clevo-
land, In his inaugural on Saturday next will |
hope, take strong grounds In advocating the
suspension Of the sherman silver law, and also
be pronounced IN favor Of maintaining the
parity Of our gold and silver money. II will
certainly be wise beginning on his part
such position, II taken, will increase conf.
doncc In his administration, both OF home and
abroad Such an attitude, taken In connection
with bond sale Of .si,JJO0lO In Europe will
be magnetic in It's widespread influence every.
where and would place at o disadvantage tho
legion Of foreign pessmlsts who have been pro-
fuse for some time past In their predictions OF
evil consequences 10 this country growing out
OF the governments attitude In the utilization
OF silver rs money.
The advent Of Mr. Clcvoland's administration
will doubtless be slgullzed by some decisive
action relating to the governments present
| great need Of increasing the free gold balance
| IN the treasury, as 40 Is now entirely too low
and too near the sllO0O00 900 reserve line for
| safety either In tho United States treasury or
the 1nanciul or mercantile interests OF the
country.
It's present condition Is disturbing to conf.
! ooncc IN all financial affairs The question is
| what will Mr.. Cleveland and Mr. Carlisle, his
! secretary Of the treasury, do TO recoup the
treasury gold balancci 10 meet the emergency
the government viii doubtless be compelled to
sell bonds, In which event the sales should by
all means DO made lu Europe and the ayails
deposited with the Bank Of England, the
Bank Of France and the National Bank OF
Germany TO the credit OF the secretary
OF the treasury Of the United States, and be
drawn upon as fast only rs actually needed in
which case such transaction would not disturb
European finances, as 10 would be our purpose
to avoid doing Us much ~ possible In our efforts
for sClf-prcseryation, Notwithstanding their
disregard OF our comfort IN that respect by their
harsh measures OF drawing gold from us for u
| long time past
1t is q foregono conclusion that with the pres.
ent condition Of tho treasury, together with the
insufficient gold receipts, through customs, II Is
no time TO make radical changes In the tariff
| laws whatever Is done IN that line will re-
| Qulro more than ordinary caution and modora-
/ tion and only after great consideration The
recent large importations are an evidence that
| importers are not much disconnected about the
| tariff changes 40 The present time.
| Therefore, Notwithstanding the fact that the
| result Of the national election called for an On.
| tire upset Of the Mckinley tariff the most that
Is likely 10 be- accomplished In that respect for
/ some time Is 10 remove the nam0 OF Mckinley
| thorcirom and substitute tho word national In
| It's place. The gold balance ma the treasury
must materially Increase before the tariff can
/ possibly undergo any other pronounced change,
| Mr. Cleveland win have the backing OF sound
/ commercial conditions prevailing throughout
| the country because conservatism has been
| the guide IN business circles for the past SOW.
ornl years. there has been no expansion ia any
direction II Is true that there ia % slight dis.
turbancu In Wall street nc the moment, but IL
will soon pass over II the bond sale Is made
such rs l have suggested Earthquakes and
| panics only come when bubbles are plenty and
! nftpr kitlur times pf Initiation "A which nertoh
everyone becomes overburdened with debts;
the contrary is now the state OF affairs.
Mr. II. W. Cannon said;
While have no doubt that the new admins.
trution Intends to maintain all OF our money on
q gold basis I think Il very doubtful II the
! policy outlined In the three paragraphs, the
FIRST Of which states that II is proposed to no.
call paper money will be the policy OF the new
administration ct the present time