The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-29

AggraVations that must inevitably 1ol-
~ the present conditions and methods
VIII certainly lead 20 misfortune and loss,
not only to our national credit ana pros
perity, and to financial enterprise, put 70
those of our people who seek employ iiIel l
as means of livelihood ana 70 Ihose
whose only capital is 6ally labor.
| 1t viii hardly do to say that q simple
increase Of the revenue Will cure our
land constantly increasing as 70 our
| financial ability does not rest upon the
| calculations of our revenues. me tlIae
! has passed when the eyes OF investors
abroad and our people at home were
/ fixed upon the revenues OF TINS govern
ment. Changed conditions have attracted
| their attention to the gold OF the govern
rlent There need be no fear that We can
not pay our current expenses WIN SUCH
! money as we have.
There is now in the treasury COM
| Portable surplus Of more than SlXty-lhree
million dollars, but it is not on goIu anu
] therefore does not meet our diIncultieS'
/ 1 cannot see that differences OF opinion
| concerning the extent to winch silver
rency should interfere with the counS5el
Of those whose duty it is TO rectiy lne
evils now current in our nHanclal sltud-
/ ton They have to consider the question
OF national credit and the consequences
! that Will follow from its course. what
/ ever ideas may be insisted on as 70 slITer
or bi-InetalliSm. the proper solution OF the
question now pressing upon Us only le"
! Guires the RECOGNITION of gold as well as
silver and a Concession Of its import
| ance, rightfully or wrongtulIy acqulItu'
! as a basis of national credit and the ne
cesSity of an honorable discharge OF OuI
! obligations payable in gold. 40 not
understand the real friends OF SILVER TO
desire a condition thar might follow IN
! action or neglect TO appreciate the tuesiil,
| ing Of the present exigency, II II Shoui9
result in the entire Punishment OF gold
from our financial and currency arrange
/ ments. IT.. -
! tainlv must be paid in gold, amounting
70 nearly $500, COO GOO, there viii ran que
in 1904 100000 600 bonds issued curing the
last year. for which we nave Ie 6So IN
gold, and in 1907 nearly $600W,OO0 per
cent. bonds issued in 1871. Shall the pay
ment of these obligations IN S0lQ. De re-
pudiated? If they are to be pald IN sucu
a manner as the preservation OF our ma
tional honor and national SoiVency oe'
mand we should not destroy or even ma
peril cur ability TO supply ourselves Win
sold for that purpose.
Not UnfriendIy to silver.
While [ am not unfriendly to silver,
and while / desire to see it recognized to
such an extent as is consistent with the
financial safety and the preservation OF
our national honor and credit, am not
willing TO see gold, entirely 6anlsnea
from our currency and finances. To avert
such consequence, / believe thorough
ana radical remedial legislation should
be promptly passed. | therefore beg Con
tention. In my opinion, the secretary OF
the treasury should be authorized tic
issue government bonds for the purpose
of procuring and maintaining a SuTnclenI
gold reserve and redemption and can
collation. of United States legal tendel
notes and treasury notes issued for the
purchase Of silver under the law OF July
Il, 1890 We should be relieved from Inc
hUraiiaung process of issuing bonds &c
procure gold. to be Immediately and re
peatedly drawn out on these obligations
e. tod n rfoa
our government of our people
The principal and interest of these
bonds should be payable on their face IT
gold, because they should be sold fol
gold or its representative, and because
there would now be probably difhculty
in faVorably diSpOSing Of bonds not con
tanning this stipulation. suggest thai
bonds be used in den0mina lions OF TWEEN
" and fifty dollars and their multtples
and that they bear interest at a rate no
exceeding three per cent per annum.
DO not see why they should not be pay
able in fifty years from date. We of the
present generation have large amount!
TO pay, If we meet our obligations, anc
long bonds are most Saleable. The sec
rotary of the treasury might we'll be per
raitted at his discretion to receive, on the
, sale or bonds. legal tender and treasury
notes to be retired, and OF course wher
they are thus retired or redeemed ir
gold, they should be cancelled.
These bonds under existing laws coulc
be deposited by national banks as secu'
should be allowed to issue q circulation
, up to the face value of these or any 9th
err bonds SO deposited, except bonds out
standing and bearing . per cent. inter
est. and which sell in me marker at les,
] than par. The national banks should no
be allowed to take out circulating note.
) OF less denomination than ten dollars
: and when such as are now outstanding
reach the treasury, except for redemp
: ton and retirement, they should be can
. celled and notes of the denomination o
IL T,rAl 4
Silver certificates of the denomina ton O
) SO and upwards should be replaced o!
certificates Of denominations under SO.
As a constant means for the mainten
ance of q reasonable supply Of gold Il
. the treasury. our duties on imports SHOULD
, be paid IN gold allowing all other due
: to the government to be paid in an.
! other form Of money. / believe all pro
visions I have suggested should be EN-
{ bodied IN our laws. If we are to EMO.
: the complete reinSta tement Of a SCUM
: financial condition. They need not inter
fere with any currency scheme proVidin
for the increase of the circulating medi
UNI through the agency % national 0
: state banks, since they can easily be ad
5 justed TO such a scheme.
S Reluctance to Issue More Bonds.
a Objection has been made to the issuanc
> Of interest bearing obligations for tn
4 purpose Of retiring no1-intereSt bearin
q legal tender notes. In point OF fact, how
ever, these notes have ourdened US wit
O | q large load Of interest, and 1t is Sti
: accumula ting. The aggregate interest .
: the original issue of bonds, the proceed
q Of which in gold constituted the reserv
5 for the payment of these notes. amounte
c to $40, 326, go on January i, 1895, and tn
G annual charge for interest on these bond
r and those ISSUED for the same puspos
& during the last year will be S9,l95000, da1
q ing from January l, 1895.
/ While the cancellation of these note
8 would not relieve US from the obligation
:. already incurred on their account thes
h facts are given by way of suggesting thf
: iirterchanges, and that the longer they al
d outstanding, Judging from the expeTiens
z of last ear, the more expensive they wi
). become.
o in conclusion, desire frankly to cor
L in the present circumstances and wit
e no better results than have lately 70
/ lowed that course. cannot, howeve
g refrain from adding TO the assurance {
d my anxiety to cooperate wit
e sonable measure of relief, and
a the expression Of my determinatio
t to leave nothing undone which furnishC
s hope for improving the situation or checl
s ing tie suspicion of our Discrimination {
:, every national obligation.
s sSigned) GROVER CLEVELAND.
l. Executive Manion, January Is, 1895.
e IN THE SENATE.
,, NFasxo,o nafo--ad ~ 4ho Y7;n,,-