Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1894-04-06

them and the further fact that thei
destruction has been decreed whel
they reach the treasury must tend t
their withdrawal from general circula
ton to be Immediately presented fo
gold redemption or to be boarded 70
presentation at a more convenient sea
son. The sequel of both operation
would be large addition to the s;lve
currency in our circulation, and cor
responding reduction OF the gold ir
the treasury.
The argument has been that these
things will not occur at once, because
q long time must elapse before the
coinage of anything but seignioragt
can be entered upon.- If phyAiAAl Of
fects of the execution of the second
section of this bill are not to be realized
until far in the future this may furn-
ish a strong reason why it should not
be passed so much in advance, but the
postponement of its actual operation
cannot prevent fear and loss of confid.
ence and nervous prostration which
would Immediately follow its passage
and bring about its worst consequence.
NOT SAFE POLICY.
l regard this section of the bill as
embodying q plan by which the COVER
ment would be obliged to pay out its
scanty store OF gold for no other pur-
pose that to force an unnatural addi-
ton OF silver money into the hands of
the people. This is the exact reversal
OF the policy which safe finance dictates
if we are to preserve a parity between
gold and silver and maintain a sensible
bi.metallism. We have now outstand-
ing more than three hundred and
thirty-eight million of dollars in silver
certificates issued under the existing
laws. They are serving the purpose Of
money usefully and without question.
Our gold reserve, amounting to only
q little more than one hundred million
dollars is directly charged with the
redemption of three hundred and forty.
six millions of United States notes
when it is proposed to initiate our
silver currency at time for the
strengthening Of our gold reserve in.
stead Of depicting it.
l cannot conceive OF longer step
toward silver mono-metallism than we
take when we spend our gold to buy sill
yer certificates for circulation, especial
ly in view Of the practical difficulties
surrounding the replenishment of oul
gold.
BONDS FAVORED.
This leads me TO earnestly present
the desirability of granting the sec-
retary of the Treasury better power
than now exists to issue bonds to pro-
tect our gold reserve when for any
reason, it should be necessary. Our
currency is in such confused condi.
ton and our financial affairs apt to
assume at any time so critical posi-
ton that it seems to me such q course
in dictated by ordinary prudence. ]
am not insensible to the arguments in
favor OF coming the bullion seigniorage
now in the treasury and ! believe il
could be done safely, and with ad
vantage, il the Secretary of the Treas.
ury had power to issue bonds at low
rate OF interest under authority in the
substitution of the now existing and
better suited to the protection of the
treasury. hope the way will present
itself in the near future for the ad-
justment of our monetary affairs in
such a comprehensive and conserva.
tive manner as will afford to silver its
proper place and every action we take
on this subject may be such as to
prevent loss and encouragement to
our people at home and destruction ol
confidence in our financial manage.
ment abroad.
(Signed.) GROVER CLEVELAND.