People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1894-04-06

..un to this section solely on these grounds;
nv judgment sound finance does not COM
mend a further infusion OF silver into our cur
.ency at this time unaccompanled by further
adequate p DIVISION for the maintenance In our
treasury of q safe gold reserve.
THE SECOND SECTION DEFECTIVE
Doubts also arise as to the meaning and con-
struction Of the second second of the bill II
the silver dollars therein directed TO be
coined are as the section provides, TO
be held In the treasury for the re-
demption OF treasury notes, it is suggested
that, strictly sHeaking, certificates cannot be
issued on such DIN in the manner now pro-
vided by law, because these dollars are
money held in the treasury for the express
purpose OF rcdeeming treasury notes on de-
mand, which would ordinarily mean that they
were set apart or the purpose Of substituting
them for thes treasury notes They are
not, therefore held In such a way as 10 fur
niSh basis for certificates according TO any
provision OF existing law. II, however, silver
certificates can be properly issued upon these
dollars. there is nothing in the section 10 indi-
cate the characteristics and functions OF these
certificates. IL they were 10 be OF the same
character as silver certificates in circul ton
under existing laws. they would at best be re-
ceiyable only for customs, taxes and all public
dues and under the language OF the section it
Is, TO say the least extremely doubtful
whether the certificates IL contemplated would
be lawfully received even for such purposes.
Whatever else may be said OF the uncertain
ties OF expression in this bill they certainly
ought not 10 be found in lie isation affecting
SUBJECTS so important and far reaching as our
finances and currency.
In STATING other and mora mi raa-
sons for my disapproval Of this section,
shall however, assume that under its pro-
Visions the treasury notes issued in pay ment
for silver bullion will cont nue. 10 be redeemed,
as heretofore, in silver or gold at the option
OF the holders and that il, when they are pre-
sented Tor redemption, or reach the treasury
in any other manner, there are in the treasury
coined silver dollars equal in nominal value to
such treasury notes, then and IN that case the
notes will be destroyed and silver certificates
10 an equal amount substituted / am con-
WINGED that this scheme is i'll advised and dan
eerous. As an ultimate result OF its ope-
ration treasury notes, legal tender for all
debts public and private, and which are re-
deemable in old or silver, at the option OF the
holder, are to be replaced with silver certih-
Gates, which, whatever may be their character
and inscription, will have none OF these quail
ties In anticipation OF this result, and as an
immediate effect the treasury notes will nat
uldhg hCplCSldlC III Ndluc anu
The TACT that gold can be realized upon them
and the further fact that their destruction has
been decreed when they reach the treasury
must tenG TO their withdrawal from general
circulation TO be Immediately presented for
gold redemption or TO be boarded for presen-
tation at a more convenient season.
FORCING OUT THE GOLD.
The sequel OF both operations will be a large
addition TO the silver currency in our circula.
tion and corresponding reduction OF gold in
the treasury The argument has been made
that these things will not occur at once be-
cause long time must elapse before the coin.
age OF anything but the seigniora1e can be en-.
tered upon. II the physical effects OF the exc.
cution OF the second section Of this bill are not
to be realized until far in the future this may
furnish strong reason why /; should
not be passed so much in advance
but the postponement Of its actual operation
cannot prevent the fear and loss OF confidence
and nervous prostration which would immedi.
ately follow its passage and bring about its
worst consequences. Iresard this section OF
the bill as embOdylng q plan by which the
government will be Obliged TO pay out its
scanty store Of gold for no other purpose than
TO force On unnatural addition OF silver money
into the hands OF our people This is an exact
reversal OF the policy which safe finance die
tates, II we are to preserve parity between
gold and silver and maintain sensible bimet-
al Ism
We have now outstanding more than $685.
OOOOD in silver certificates issued under exist
ing laws They are serving the purpose OF
money usefully and without question Our
gold reserve amounting TO little more than
slOO, OJOOJO, is directly charged with the re-
namnffnn If A ( NJ n A - sd
When i Is pr 'osed to initiate our silver cur.
rency II Is time for Strengthening our gold
reserve instead OF depicting it cannot con-
celve OF a Ion er step toward silver monomet-
alllsm than we take when we spend our gold
TO buy silver certificates for circulation. es.
pecially in view Of the practical difficulties
surrounding the rep.enishmelt OF our gold
BONDS FOR GOLD NECESSARY.
This leads me TO earnestly present the de-
STABILITY OF granting to the secretary OF the
treasury better power than now exists 10 IS.
sue bonds to protect our gold reserve, when for
any reason 1t should be necessary Our cur.
rency is in such confused condition and our
financial affairs are apt to assume at any time
SO critical position that II seems to me such
q course is dictated by ordinary prudence
/ am not insensible to the arguments In favor
OF coming the bullion seigniorsge now IN the
treasury, and believe it could be done safely
and with advantage II the secretary OF the
treasury had the power to issue bonds at
low rate OF interest under authority in
substitution Of that now existing and better
suited TO the protection OF the treasury
hope way will present itself in the near
future for the adjustment OF our monetary az
fairs in such comprehensi' and conserva-
tive manner as will afford 10 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 disbursement to our PEG.
pie at home and the destruction Of confidence
In our financial management abroad
GROVER CLEVELAND
LvncnliNa Man sinn Mnrnh 90 1901