The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-03-30

DANGEROUS SCHEME.
Whatever else may be said OF tho I'M
certainties Of expression IN this bill,
they certainly ought not to DO found in
legislation affecting subjects so impor.
iant aud far reaching US our finances
and currency.
In stating other and moro important
reasons for my diBapproval OF this sec
ton shall however assume that under
its provisions the treasury notes Issued
in payment for the silver bullion will
continue to BIO redeemed, rs heretofore,
in silver or gold at the option OF the
holders, and that il. when they are pre-
sented for redemption, or reach the
treasury in any other manner there arc
in the treasury coined silver dollars
equal in nominal value to such treasury
notes, then in thai case the notes will be
destroyed and silver certificates OF an
equal amount substituted.
am convinced that this scheme is
ill-adrised and dangerous. As m ulti
mate result OF its operation treasury
notes which are legal tender Tor all
debts. public aud private, and which
are redeemable in gold or silver, at the
option OF the holder, will be replaced
by silver certificates which. whatever
may be their character and description,
will have mono OF these qualities. In
anticipation OF this result, and as an
immediate effect, the treasury notes
will naturally appreciate IN value and
desirability.
II the physical elects OF the execution
OF the second section OF this bill arc not
to be realized until fur in the future,
this may furnish strong reason why it
should not be passed so much in adj
vance; but the postponement OF its
actual operation cannot prevent the
iear and loss OF confidence and nervous
prostration which would Immediately
follow its passage and bring about its
worst consequences. ] regard this sec
ton OF the bill Us embodying plan 0y
which the government will be obliged
TO pay out OF its scaniy store OF gold for
no other purpose than 10 force an un-
natural addition OF silver money into
the hands OF cur people. This is an hX-
act reversal OF tho policy which safe
finance dictates ii We are to preserve
parity between gold and silver and
maintain sensible bi.mc;alisln.
l cannot conceive OF longer step to.
ward silver monometallism than ""
take when We spend our gold to bu;
silver certificates ior circulation. Z
pacially in view OF the p.actica! dit!i.
culties surrounding the rcplGnishment
OF our gold. This Leads me to earnestly
present tho dcsirability OF granting to
the secretary OF the treasury better
power than now exists 10 Issue bonds
to protect our gold reserve when for
any reason it should be necessary. Our
currency is in such confused condition
and our financial affairs arc apt to
assume at any time go critical 4 position
that it seems to me such course is die
tated by ordinary prudence. hope u
way will present itself in the near fu-
turo for the adjustment OF our monetary
affairs in such comprehensive and
conservative manner az will accord to
silver its proper place in our currency ;
but in the meantime. l am extremely
solicitous that whatever action VIC take
on this subject may BIO such rs to pre-
vent loss and encouragement to our
people at home and the destruction OF
confidence in our financial management
abroad. GROVER CLEVELAND.
Erecttivs Mansion, March 90, 1894.