The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-12-12

1t Is estimated that this would Increase
the national bank circulation by nearly
as much as the currency retired. Re
stiiCtiOns In the law on the location OF
national banks. the president says, might
be done away with, and branch banks
authorized.
But there might not be the necessity for
such an addition to the currency by new
issues OF bank circulation, as at first glance
Is indicated, he says.
silver for fractional Coin
The silver left in the treasury, he thinks.
might be gradually converted into frnc-
tiOnaI coin.
The government, he says, receives no gold
In payment OF revenues. nor would it If
the revenues were increased. The receipts
are all In silver certificates. United States
notes and treasury notes. A lengthy argu-
ment follows on the impoSSibiIity of spcur-
Ing gold for the treasury from the present
currency receipts. The Withdrawals of
gold, he says, are due 10 fright, and moth
ing will stop them but a cure of the fright.
II is denied that bonds have been issued
to supply Insufficient revenue. The prcsi-
dent then takes up the free silver coinage
question, and says:
"Werc there infinitely stronger rcnsons
than can be adduccd for hoping that such
action would secure for us Il bimctalliC cur
rency moving on lines of parity, an expert
ill'AN 81 h'Nt4 WV iAEtliNplN is llhl ITO-
posed "'''ht well st"'''"r those who believe
that that stability is an imperative cOudi-
tiun OF sound money.
mo government, no human COntrivanCe,
or act of legislation has ever been able to
hold the two metals together in free coin
age, at IA ratio appreciaDly different from
that which is established in the markets
of the world"
4 lengthy argument against the theory
of the governments power To maintain the
value OF silver follows, on well known
lines and the value of a safe and stable
currency is enlarged upon in general terms.
The message closes as follows:
- have yenturud to express myself on
this subject with earneStneSs and plain
ness of speech. because | cannot rid myself
of the belief that there turks in the PROPOSE.
ton for the free coinage of silver, so strong
ly approved and 80 enthusiastically adNo-
Gated by IA multitude OF my countrymen,
Il serious menace To our prosperity and an
insidu0us temptation OF our people to wan
der from the allegiance they owe TO public
and private integrity. Ii is because | do
not distruSt the good faith and sincerity
of those who press this scheme that |
have imperfectly, but with zeal, submitted
my thoughts upon this momentOuS subject.
| cannot refrain from begging them to re-
examine their views and beliefs In the light
of patriotic reason and familiar experience
and to weigh again and again the cOnSe-
quences Of such legislation as their efforts
have invited. Even the continued agita-
ton Of the subject adds greatly to the diff
culticS of a dangerous financial situation al
ready forced upon us.
In conclusion, ! especially entreat the
peoples representatives in the congress.
who are charged with the responsibility or
inaugurating measures for the safety and
prosperity of our common country, to
promptly and effectively consider the ills
Of our critical financial plight. l have
suggested a remedy which my Judgment APP
proves. l desire, however, to assure the
| congress that | am prepared to cooperate
with them in perfecting any other measure
| promising thorough and practical relief and
that 1 will gladly labo. with them In every
patriotic endeavor to further the interests
and guard the welfare of our cOuntrymea
whom in our respective places of duty we
have undertaken to serve.
Grover Cleveland.