Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1895-01-31
Washington.

On Monday, President Cleveland, sent
message on the financial situation saying
| that the real trouble consists in lack OF
confidence widespread and constantly IN
creasing in the continuing ability or dis
position of the government To pay its ohlI-
cations in gold, that more Than sl70 000.-
| 600 in gold have been drawn out of the
treasury during the year for the purpose of
shipment aOrusd or boarding At hUuIe, etc,
and making the following suggestions. In
my OpiniUn the secretary Of the treasury
should be- authorized to issue bunds of the
government for the purpose OF procuring
and maintaining a sufficient gold reserve
and tie redemption and cancellation Of the
United States legal tender notes aud the
treasury notes issued for the purchase of
silver under the Law of July IA, 1890. We
should be relieved from the humiliating
process of issuing bonds To procure gold to
be Immediately and repeatedly drawn out
on these obligations for purposes not reist-
ed to the benefit of our government or our
people. The principal and interest of these
bonds should be payable on their face in
gold, because they should be sold
only for gold or its representative,
and because there would new prob
ably be difficulty in favorsbly dispos-
ing of bonds not containing this stipula-
tion. suggest that the bonds be issued
In denominations of twenty and fifty dol
iars and their multiples, and that they
bear interest at rate not exceeding three
per cent per annum. | do not see why
they should not be payable fifty years from
their date We of the present generation
have large amounts to p,y if We meet "ur
obligations aud long bonds are most sala-
bic The secretary of the treasury might
we'll be permitted at his discretion 10 rs-
ceve Oh the sale of bonds the legal tender
| and treasury notes 10 be retired, snd ot
course, when they are thus retired or re-
deemed in gold they should be Cancelled.
These bonds under existing Laws could
be deposited by national banks as security
| Tor circulation: aud such banks should be
allowed to issue circulation up 10 the lace
value of these or any other bonds 80 de-
posted except bonds outstanding bearing
| only Two per cent interest, and which sell
| in the market III less tnan par. National
banks should not be allowed 10 take out
circulating notes OF less denomination than
ten dollars, and when such as are now
outstanding reach the treasury, except for
| redemption and retirement, they should be-
| cancelled and notes Of the denomination oi
ten doilsrs and upwards issued in their
stead. Silver certificates of the denomina-
tion Of ten dollars and upwards shOuId be
replaced by certificates Of denominations
| under ten dollars.
Asa constant means tor the mainte-
nance OF reason able supp y Of gold in the
treasury our duties un imports should Do
paid in gold, allowing oil other dues % the
government 10 be paid IN any other form
of muuey"
The mess ,gs vas denounced by the sill
yer men. and there is but little prospect of
the present Congress doing anything u
| belts the alton. In the Hunse The
message was referred to the committee on
Banking and Currency and in the Senate
| To the cunmittee on Finance.
The secret service officials have disc"v-
cred a new Photographic counterfeit $40
silver certificate of tue series OF 1891. check
| etter b. 3. J. Fount TIllman, registered
ID Ii. Morgan. treasurer; portrait of Hen
dricAs, email scalloped, carmIle e seal.