The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1895-01-31


c;;.l situation They have 10 consider the
question OF national credis and the consc-
Quenccs that will follow from its collapse
Whatever ideas may be insisted upon as
TO silver or bi1Gcta.ism, 4 proper solution
Of the question nov. pressing upon only re-
qniTcs Il recognition Of god as well as SILVER
ant. :: concession OF its Importance right .uily
or Wrong;u!lS acquired. as Il basis OF ha'loE'si
crcGit. d necessity ia tne honorable discharge
OF our Obligations payable IN gold anu Choee
OF solvency do rot understand that the rca!
friends Of silver desire "a condition that might
follow inaction or neglect TO appreciate me
meaning OF tire present exigcncy II it should
result III the entire punishment OF To.d from
our financial and currency arrangements
Besides the treasury notes. which certainly
should he paid in gold. amounting to nearly
$500 900 TOO there will fail due IN 1891 %OO OVo W.
of bonds. issued during the tyear TOT Wlch
we haze received gold. and in 1877 nearly HtVo.-
GOO 600 of J per cent bonds. issued III 1877 shall
the payment Of these obligations in gold be
rcpudiatcd: If they are to be paid in such
manner as the preservation Of our national
honor and national solvency demands VIC
should net destroy or even imperil our ao1i'ty
to supply ourselves With GOLD Tor that purpose.
While am not uniriendly to silver, while
desire 10 see it recognized TO such an extent as
IS consistent with financial safety ana inc
preservation of national honor and credit am
not willing 10 sec gold entirely banisEcd from
our currency and finances TO avert sucn
consequence believe thorough and radical
remedial legislation should DC promptly
passed.
In my opinion the secretary OF the treasury.
should be authorized to issue bonds OF the gov
ernment for the purpose OF procuring ana main
taining sufficient gold reserve and the re-
denption and cancellation cf the United states
legal tender notes and the treasury notes
used for the purchase CT silver under the Ia"
of July a. 1890. We should be relieved from
the humilating process Of issuing bonds 10
procure gold to be Immediately and repeat
edly drawn out on these obligations for pur-
poses rot related to the benefit OF our gov
eminent or people The principal and interest
OF these bonds should be payable on their race
in gold because they should be sold only for
gold or It's representative and because thero
would now probably be difficulty in favorao!y
disposing OF bonds not containing this Stlpu.a-
lation. ! suggest that the bonds he issued IN
denominations OF SO aud $50 and their null
tiples and that they bear interest at a rate not
exceeding three per cent per annuln.
do not see why they should not be payable
80 wears from their date We Of the present
generation have large amounts TO pay II we
meet our Obligations. ana long bonds are most
s;leabic. Tnc secretary Of the treasury lIlsht
well be permitted at his diScrC ton TO receive
on the sale Of bonds the legal tender aud treas
ury notes TO DC retired. and OF course when
they arc thus retired or rcdccrcd in gold they
should be cancelled
National banks should not be allowed TO take
out circulating notes OF less denomination
than 80. and when uc1 rs arc now oItrtard-
ing reach the treasury. except for redemption
and retirement. ticr should lie cancelled and
notes OF tie determination of : Q and upwards
issued in their stead. Silver certificates OF TIE
denomination OF so and upwards should he re-
placed by certificates OF denominations under
10.
Asa constant means fo- the maintenance OF
Il reasonable suppl; of gold in The treasury our
duties on imports should he paid III gold, al
lowing all OF er dues to the government TO be
paid in any other form Of money.
believe all the provisions | have suggested
should be embodied in our laws il We arc to
enjoy Il complete reinstatement OF d sound
financial condition. They need not interfere
Hith any currency scheme providing Tor the
increase of the circulating medium through
the agency C national or state banks,
since they can easily be ADJUST
cd 20 such scheme. Objection mas been
made to the issuance OF intcrcst-bear-
in. Obligations for the purpose o retiring
the non-in,ercst bearing legal tender notes.
In point of fact, however, these notes have
burGcncd uS with large load OF interest. and
it is still accommodating. The aggregate inter
est on the orig nal issue OF bonds. the proceeds
OF which in gold constituted thc reserve for the
payment OF these notes, amounted 10 s'0.326-
80 on January /. 1898. and the annual charge
for interest on these bonds and those issued
for the same purpose during the last year will
DE 50 l45 600, dating from January |, 1895.
While the cancellation OF these notes would
not relieve rs from the obligations already in
Cured on their account, these figures are Glg-
cr by Wy of eua = lna that their existence
nus not been free from interest charges. and
that the longer they are outstanding Judging
from the experience of the last year. the more
expensive they will become.
In conclusion desire to,frankly confess my
reluctance to issuing moro bonds in present
circumstances and With no better results than
have lately followed that course. | can not,
however. refrain from adding to an assurance
OF my anxiety TO cooperate with the present
congress in any reasonable measure of relief,
an expression Of my determination TO leave
nothing undonc which furnishes Il hope for i'm
proving the situation or checking suspicion
OF our Discrimination or disability to meet with
the strctest honor every national obligation.
GROVER CLEVELAND.