The Daily Texarkanian., 1895-01-29
CLEVELAND's SPECIAL MESSAGE.

Ou IuC uuduCldl QuCollOu'
After referring to the fact that
money sharks have been using the
treasury in a manner highly detri-
mental to the common good, he
recommended that low rate bonds
be issued to take up the $500, ,OO0,0 600
treasury notes, for which gold may
be demanded.
He recites facts and argues as fol-
lows;
We have outstanding about $500,
600, 900 of currency notes of the
Government for which gold may be
demanded, and curiousIy enough
the law requires that when present.
ed and in fact redeemed and paid
in gold they shall be re-issued
These same notes may do duty
many times in drawing gold from
the treasury; nor can the process
be arrested as long as private par
ties who profit or otherwise seek an
advantage in repeating the opera
ton. More than 100000, 900 in
these notes have already been re-
deemed in gold, and notwithstand-
ing such redemption, they are all
still outstanding, Since the 18th
day of January, 1894, our bonded
interest bearing debt has increased
500, 200, 900 for the purpose of OBJ
tanning gold to replenish our coin
reserve. Two issues we're made,
amounting to $5O,000,OO0 each
one in January and the other in
November, AS result Of the first
issue there was realized something
more than $5S, 900, 900 in gold be-
tween that issue and the succeeding
one in November comprising a
period of about ten months, nearly
SOB, 900, 900 in gold was drawn from
the Treasury, This made the sec
ond issue necessary and upon that
more than $58, 900, 900 in gold was
again realized Between the date
of the second issue and the present
time, covering the period of only
about two months, more than $780,.
100000 in gold have been drawn
from the Treasury, These large
sums of gold we're expended with
out any cancellation of Government
obligations or in any permanent
way benetitting our people or inn
proving our pecuniary situation,
Besides the treasury notes, which
certainly SHOULD be paid in gold,
amounting to nearly $500, 600, 900,
there will fall due in 1904 500, 0,000,-
900 of bonds issued during last year,
for which we have received gold,
and in 1907 nearly 5000, 100000 Of 4
per cent bonds issued in 1877. Shall
the payment of the obligations in
gold be repudiated2 If they are to
be paid in such a manner as the
preservation Of our national honor
and national solvency demands, we
should not destroy or even imperll
our ability to supply ourselves with
gold for this purpose,
While am not unfriendly to sil
yer, and while ! desire to see II rec
ognized to such an extent as Is con-
sistent with the financial safety
and preservation Of national honor
and credit, ] am not willing to see
gold entirely abolished from our
currency and finances, To avert
such a consequence, believe thor
ough and radical remedial legislas
tion should be promptly passed, ]
therefore beg the Congress to give
the subject immediate attention,
National banks should not be al-
lowed to take out circulating notes
of a less denomination than $40, and
when such as are now outstanding
reach the treasury, except for re-
demption and retirement, they
should be cancelled and notes Of the
denomination Of $40 and upwards
issued in their stead. Silver certl6-
Gates of the denomination Of $40
and upwards should be replaced by
certificates OF denominations under
$40. AS a constituent means OF
the maintenance Of reasonable
supply Of gold in The treasury, our
duties on imports should be paid in
gold, allowing all other duties 10
the government to be paid In any
other forms of money ] believe all
the provisions ! have suggested
should be embedded in our laws, II
we are to enjoy complete reIn-
statement on a sound financial con-
dItlon, They should not interiors
with any currency scheme for
the increase of the circulating me-
dium through the agency Of nation
al or state banks since they can
easily be adjusted to such a scheme.
A Change In Sentiment.