The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1894-03-31

tion TO this section solely on these Troundss
| in nv Judgment. sound finance does not com
mend further Infusion Of silver into our cur
fency az this time unaccum panied by further
| deuuate provision Tor the maintenance In our
! Treasury of q safe gold reserve
rnE SECOND SECTION pFFEcrfvE..
Doubts also arise Ms 90 the meaning and con.
struction oi the second second OF tie bis ~
the silver dolilrs therein directed 10 be
coined are. as the section provides, TO
be held In tho treasury for the re.
dcmpti,n OF treasury notes, 10 Is suggested
that strictly speaking. certificates cannot be
issued on such Gotta IN the manner now pro
yidcd hy law because tncsc dollars are
moucy held IN the treasury Tor th1 express
purpose of rcdccming treasury notes on de-
inand. which would ordinarily mean that they
were set apart for the purpose Of suhstituting
them FOR these treasury notes They are
not therefore held Ia sucn way rs TO fur
ai-h a basls for certificates according TO any
provision OF existing law. II however, silver
Ccrtin, atcs can b. pro qCrly issued upon these
dollars. there Is uotnin in the section TO indi-
cate the vharac tcristics aad functions OF tuese
ceruncatcS n tncy were 10 be OF tho same
character rs silver Ccrtin,atcs IN circul tion
under existing laws, they would at best be re
cciNahic onlN for customs. taxes aud all public
dues aud under the lan- unge OF the stion it
Is, 20 say the least extremely doubtful
whether the certificates 10 con tenn pln tel would
be lawfully received even Tor such purposes.
Whatever else may De said Of the uncertain.
ties OF expression In this bill they certainly
on sht not 10 be found Ia le islation ale, ting
subjects 50 important and Tar reaching as our
nnancts and currency
Ia stat,ng other and moro important rca.
sous for my disapproval OF this section, /
shall however. assume that under its pro
visions the treasury notes issued Ia pay mcrt
Tor silver bullion Will cont nue. &c be redeemed,
uS herctufur'. ia silver or gold NJ the option
OF the holders aud that %, when they are pre-
scented for redemption. or reach the treasury
IN any oth1r 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 Il 'strJycd and silver certificates
To On equal amount substituted | am con
Ninccd that this scheme Is ill advised and q m
icrous. As an ultimate result OF its opo.
ration treasury notes, LEGAL tender for all
debts public aud private, and which are re-
deernahle in Old or silver, at the option OF the
holder, are 10 be replaced with silver certth-
Gates. which, whatever NAV he their character
- inscription, will have none q these quali
ties Ia anticipation of tnis result and as an
immediate effect the treasury notes will nat
urdlly depreCiatc in value and dcsirability.
The fact that old can be realized upon them
end the further fact that their de struction has
been drcreed when they reach the treasury
must tenG to their withdrawal from general
circulation 10 be Immediately presented for
Told redemption or TO be boarded for presen.
tation At more convenient season.
FORCING our the GOLD.
The sequel Of both operations will be large
addition to the silver currency ia our circula-
tion and corresponding rcduct. on Of gold In
the treasury The ar ,umcnt has teen made
that these things will not ocsur at ON Q be.
cause long time must elapse before the coin
age OF any thing but the seigniora g can be en-.
terel upon. II the physical effects Of the exc.
cution OF the second section OF this bill are not
so be realized until far in the future this may
furnish stronG reason why 1t should
not be passed so much in advance
but the po ,tponement OF ITS actun operation
cannot prevent the foar ani loss Of conn lcnce
and nervous prostrItiol which would immedi.
Ivr fa1 4 .tfu Eea
worst consequences re arI this section OF
the bill as embodgins n plan by which the
government will be o5i sed to pay olt Its
scanty store of gold for no other purpose than
to force an unnIturIl addition OF silver money
into the hands OF our people This is an eX Lct
reversal OF the policy which slfe finance dc
tltes. IL we are to pre- 'erye parity between
gold ana silver and maintain sensible bimet-
al ISM
We have now outst indiny more than $685.
0)0O y in silver certificate, issued Inder exist
ing laws They are serYin the purpose OF
money uscfuliY and witnout question Our
roid reserve, amounting TO little more than
slO), OjO,OjO is directly charged with the re-
uemotion OF 40, tUUDof United States notes
When tls proposed to inti lte our sivet cur.
rency IT i IA time for strengthenin our gold
reserve in ste al Of depicting IL | cannot con-
ceiyo OF a Ion cr ste } to ward silver mOnomet-
allism than we Iko wnel we spend our gold
10 buy silver cortidc ties for circulation ess
pecially in view Of tho prd ,ticai dificulti0s
surroundni the rep enish ne II OF our gold
BoNDs FOR GOLD NECESSARY.
| This leads m to earnestly preseat the de-.
STABILITY OF grlntin TO tho secretary Of tho
/ treasury n better power than now exists to IS.
sue bonds to protect our gold reserve when for
any reason 1t hould be neccss Try. Oar cur.
reney is in such q confused condition ana our
/ financial affairs are apt to assume at any time
30 critical a position that IL seems to me such
| % course Is dictated by ordinary prudence
! am not insen ,ible TO the arr uments in favor
! OF coming The bullion selgniora e now n the
| ire lsury, and believe II could be done safely
and with advantage II the secretary OF the
| treasury had the power to issue bonds o.
n low rate OF interest under authority II
substitutiop of that now existing and bette
suited TO the protection of the treasury.
/ hope u way VIII present tsell in the neal
future for the adjustment OF our monetary Of
fairs IN snch comprehensive and conJervi
tive manner as will AFFORD 10 silver us propeL
place ~ oup currency but In the meantime
l am extremely soicitous that whatever actor
we take on this subject may ho ouch as lC
prevent loss and announcement 10 our peo
pls ~ home and the destruction OF confidence
IN our financial ~ ma emRnt abroad.
GHOVRR CLEYELANp
Executive Mansion, March 20, 1881