Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1895-01-31

recognition of gold as well as silver and a
concession of its Importance. rightfully or
wrongfully acquired, as a basis OF ma
tional credit-a necessity in the honorable
discharge OF our obligations payable IN gold
and a badge OF solyency do not understand
that the real friends Of silver desire cond1-
tion that might follow inaction or neglect to
appreciate the meaning OF the present ext
gency, If it should result in the entire Danish
ment of gold from our financial and currency
arrangements
Besides the treasury notes which certainly
should be paid in gold. amounting TO nearly
SOJ0J0C0o, there will fall due in 1901 S1OJOO5.OO
of bonds issued during the last year. for which
we have received gold, and IN 1917 nearly SON.
OOO cOJ of per cent bonds issued in 1877. Shall
the payment of these obligations in gold be re-
pudiated? If they are TO be paid in such a
manner as the preservation OF our national
honor AMI natlon2i SoIvency demands. we
should not destroy even imperil our ability
to supply ourselves with gold for that pur-
pose.
While I am not unfrieadly to silver, and
while desire to see it recognized to such an
extent Is consistent with financial safety
and the preservation Of national honor and
credit, ain not willing To see gold entirely
bIliSEed from OUT currency and finances
LII my opinion the secretary OF The treasury
should be authorized to issue bonds OF the gov
eminent for the purpose Of procuring AID main
lining sufficient gold reserve and the re-
6euption and cancellation of the United States
legal tender notes and the treasury notes issued
fOr the purchase OF silver under the Jaw OF July
IA, 1879. We should be relieved from the
huIniliating process OF issuing bonds to
procure gold to be immediately and repeatedly
drawn out on these obligations for purposes
not related to the benefit of our government or
our people. The principal and interest OF these
bonds should be payable on their face in gold,
because they should be sold only for gold or its
representative and because there would now
probably be difficulty in favorably disposng of
bonds not containing this stipulation.
suggest that the bonds be issued in de-
lp.lSn NJ and hof
and thaJ they bear interest at rate not ex-
ceeding per cent. per annum. do not see
why they should not be payable fifty years
from their dates. We of the present gen.
meet our Obligations, and long bonds
are most Salable. The secretary of the
treasury might we'll be permitted at
his discretion TO receive on the sale OF bonds
the legal tender and treasury notes to be re-
tired, and OF course when they are thus retired
or redeemed in gold they should be canceied.
These bonds under existing laws could be de-
posted in national banks as security for circu-
bonds SO deposited except bonds outstanding
bearing only : per cent interest and which sell
in the market ut less than par.
National banks should not be allowed to take
out circulating notes of a less denomination
than $40, and when such now OutStand-
ing reach the treasurer, except for redemption
and retirement, they should be Cancelled and
notes of the denomination of $40 and upwards
issued in their stead Silver certificates of tbs
denomination OF $40 and upwards should be re-
placed by certificates of denomination under
$40
Objection has been made to the issuance OF
interest bearing oblig atoms for the purpose Of
retiring the nop-intereSt bearing legal tender
notes. In point of fact, however, these notes
have burdened us with large amount of in
tereSt and it is still accommodating
The aggregate interest on the origi.
nal issue of bonds, the proceeds OF
which in gold bonds, constitute the reserve fol
the payment of the notes, amounted to ,32G
go on January l. 1895, and the annual charge
for interest on these bonds and those issued
for the same purpose during the last year will
be 5o.l4o, 00), dating from January 1, 1895.
While the cancellation Of these notes would
not relieve from the obligations already in
CURED on their account. these figures are given
by way OF suggesting that their existence has
not been free from interest charges. and that
the longer they outstanding. Judging from
the experience OF the last year, the more
pensive will they become.
In conclusion I desire to frankly confess my
reluctance to issuing more bonds in present
circumstances and with better results than
have lately followed that course can
not, however, refrain from adding to
ate with the present congress in any
OF my determination to leave nothing undone
which furnishes hope for improving the stu
alton or checking suspicion of our disinclina-
ton or disability to meet with the Strictest
honor every national obligation.
GROVER CLEVELAND.
The Executive Mansion. January %. 1895.