Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1895-12-11
IN gold more than nine tenths of the U.
;. notes and still owes them all.

10 "o'es SlNeh lor silver purchases with
out eXtinguishing by such payments on,
dollar of these notes. When added TO nj
this we are reminded that to carry or
TINS astonishing financial scheme tn,
Government has incurred bonded in
debtedness of $95,0OO,000 in establishing q
gold reserve, and of $l62,3l6,4OO in effort,
to maintain it; that the annual interest
charge on such bonded Indebtedness is
more than Sll l,OOO,OOO; that ntinuance
III our present course may result in fur.
ther bond issues, and that we have suf-
fered or are threatened with all this for
the sake of supplying gold for foreign
shipment or facilitating its boarding at
nome, situation Is exhibited which GER
tainly ought to arrest attention, and pro-
yoke immediate relief.
| am convinced that the only thorough
and practicable remedy for our troubles
is fou q in the retirement and cancella-
'ion OF our United States notes, common
~ called greenbacks, and the outstand-
ing Treasury notes issued by the Gov
ernment In payment of silver purchases
under the act of 1890.
| believe that this could be quite read
lily accomplished by the exchange of
those notes for United States bonds of
small as well as large denominations,
bearing low rate ot interest. They
should he long term bonds, thus increas-
ing their desirabllity as investments,
and because their payment could be well
postponed to period far removed from
present financial burdens and perplexi-
ties, when with increased prosperity and
resources they would be more easily met.
l do not overlook the fact that the can
collation. Of the Treasury notes issued
under the silver purchasing act of 1890
would leave the Treasury in the actual
ownership OF sufficient silver, including
seigniorage, to coin nearly $l7SOOO,OOO in
standard dollars. 1t is worthy of con-
sideration whether this might not, from
time to time, be converted into dollars of
fractional coin and slowly be put into
circulation, AS in the judgment of the
Secretary of the Treasury, the necessities
of the country should require,
At no time when hQnds have been is
sued has there been any consideration
70 pay the expenses of Government with
their proceeds, There was no necessity
to consider that question. At the time
OF each bond issue we had safe surplus
for ordinary operations, exclusive of the
gold In our reserve. In. February, 1894,
when the issue of bonds was made, such
surplus amounted to over $lG,O00,0OO. In
November, when the second issue was
made, it amounted to more than $342, 2,0OO,-
600, and in February, 1895, when bonds
for the third time were issued, such sur
plus amounted to more than $lOOOOO,OOO.
1t now amounts to $93,072, ,420 30.
Those who believe that our independ
ont free coinage of silver, at an artificial
ratio with gold of Ii to /, would restore
the parity between the metals, and con-
sequently between the coins, oppose an
unsupported and improbable theory to
the general belief and practice of other
nations, and to the teaching of the wisest
scheme and economists of the world,
both in the past and present, and, what
is far more conclusive, they run counter
to our own actual experiences.
There is vast difference between
standard of value and currency for
monetary use. The standard must nec-
essariJy be fixed and certain. The cur
rency may be in divers forms and of
various kinds. No silver standard coun-
try has q gold currency in circulation,
but an enlightened and wise system of
finance secures the benefits of both gold
and silver as currency and circulating
medium by keeping their standard stable
and all other currency at par with it.
In conclusion, l especially entreat the
peoples representation in the Congress
who are charged with the responsibility
of inaugurating measures for the safety
and prosperity of our common country,
to promptly and effectively consider the
ills of our critical financial plight. 1
have suggested a remedy which my
judgment approves.
| desire, however, to assure the Con-
gress that | am prepared to cooperate
with them in perfecting any other meas
ure promising thorough and practical
relief, and that will gladly labor with
them in every patriotic endeavor to fur
ther the interests and guard the welfare
of our countrymen whom in our respec-
tive places of duty we have undertaken
to serve. GROVER CLEVELAND.