The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-04-04

and currency. In stating ether and
more important reasons for my disap-
proval of this section, l shall however,
assume that under its provisions these
Treasury notes issued in payment Tor
silver bullion will continue to be re-
deemed as heretofore in silver or gold
at the option of the holders; and that
If when they are presented fcr redem2-
tion or reach the Treasury in any 9TH
manner, there are in the Treasury
coined silver dollars equal in nomlnal
value to such Treasury notes, then and
IL that case, the netss will be destroy ed
and silver certificates to an equal
amount be substituted.
am convinced that this scheme is
ill-advlsed and dangerous. AS an ultl-
mate result of its operation Treasury
notes WEich are legal tender fJr all
debts public and private, and which
are redeemable in gold or silver, at the
option Of the holder, was replaced by
silver certi6cat es, which, whatever may
be their character and description will
have none of these qualities. In an
ticipation of these results, and as an
immediate effect, the Treasury notes
will naturally appreciate in value and
desirability. The fact that gold
can Re realized upon them and
the further fact that their
destruction has been decreed Whea
they reach the Treasury must tend to
their withdrawal from general clrcula-
ton to be Immediately presented for
gold redemption or to be boarded for
presentation at more convenient sea-
son. The sequel of both operations
will be large addition 10 the silver
currency in our circulation and cor
responding reduction of gold in the
Treasury. The argument has been
made that things Will rot occur at
once because a long time must elapse
before the coinage of anything but
the selg1iorsge can be entered upon. 1t
the physical effects Of the execution OF
the second section of this bill are
not to be realized until far in
the future, this may furnish a strong
reason why it should not be passed 50
much in advance; but the postpone
ment of its actual operation cannot
prevent the fear and loss of confidence
and nervous precaution which would
Immediately follow its passage and
bring about its worst consequences.
I regard this section of the bill as en-
oodying a plan by which the govern
ment will be obl,ge! to pay out Us
scanty store of gold for no other pur-
pose than to force an unnatural adol-
tion of silver money into the hards OF
our people. This is an exact reversal
of the policy which safe finance die
tates II we are to preserve parity BE-
tween gald and silver and maintain
seosib!e b:metallism.
We have now outstanding more than
S338 100000 in silver certificates issued
uuuer existing laws. They are serving
the purps se uf money usefully and
without question. Oar gold reserve,
amounting to obly little more titan
SlO0000.00O. is directly charged with
ne redemption of 1916 COO 000"' y aited
Safes notes. When ~: ~ .G5ed 10
initiate our silver currency iC is time
for strengthening cur gold reserve IN
stead Of depicting it l cannot conceive
of alon9er step to silver monometalhsm
than when ve spend our gold to buy sill
Yer certificates for circulation, az '1s-
oecially ID yieW of the facS Of The diff.
culties surrounding the replenlshnS.t
of our gold. This leads ne to earnestly
present the deSlrabliltv of rant1ng to
the Secretary of the Treasurr better
power than now exists to issue bonds
to protect our gold reserve when for
any reason it should be necessary. Our
currency is in such confused coGdl-
tion, and our financial affairs are apt to
assume at any time so critical posi-
ton that it seems to me such course
is dictated by ordinary prudence
lam not 20 the arguments
in favor of coming the bullion selgnl-
orage now in the treausry, and l be
lleYe it could be done safely and With
advantage If the Secretary Of the Ire IS
ury han The power to issue bonds at
low rate of inter est under authority IN
substitution of that now existing and
better suited to the protection of the
treasury.
I hcre way will present itself in
the Eear futuro for the adjustment OF
our monetary affairs 10 such a compre-
hensive and conservative manner as
will accord to silver its proper place in
our currency; but IN the meantime, l
am extremely solicitous that whatever
action we take on this subject may be
such as to prevent loss and discourage
ment to our people at home, and the
destruction of confidence in our iDan-
cial management abroad.
GROVER CLEVELAND.
Executive Mansion, March 29,lS94.