Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1895-02-01
not meet our difficulty. I cannot see

not meet our difficulty. I cannot sec
that differences of opinion concerning
the extent to which silver ought to be
coined or used in our currency should
interfere with the councils of those
whose duty it is to rectify evils now
apparent in our financial situation.
Some of Our Obligations.
Besides the treasury notes, which Ger.
tainly should be paid in gold, amount
ing to nearly $500, 100000, there will
fall due in 1904 500, 100000 of bonds
issued during the last year for which we
have received gold, and in 1907 nearly
5000, 600, 900 of per cent bonds issued
in 1877. Shall the payment Of these OBJ
legations in gold be repudiated? If they
are to be paid in such a manner as the
preservation of our national honor and
national solvency demands, we should
not destroy or even imperil our ability
to supply ourselves with gold for that
purpose. While I am not unfriendly to
silver, and while desire to see it rec
ognized to such an extent as is consist
ent with financial safety and the preser-
walton of national honor and credit, I
am not willing to see gold entirely BAN
ished from our currency and finances.
To avert such q consequence, I believe
thorough and radical remedial leg;sla-
ton should be promptly passed. There
fore beg the congress to give the subject
immediate attention.
Cleveland's Recommendations.
In my opinion, the secretary of the
treasury should be authorized to issue
bonds Of the government for the purpose
of procuring and maintaining su1fi-
Gent gold reserve and redemption and
cancellation Of the United States legal
tender notes, and the treasury notes is
sued for the purchase of silver under the
law of July 18th, 1890. We should be
relieved from the humiliating process Of
issuing bonds to procure gold to be i'm
mediately and repeatedly drawn out on
these obligations for purposes not re-
lated to the benefit of our government
or 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 it's representative,
and because there would now probably
be difficulty in favorably disposing Of
bonds not containing this stipulation. l
suggest that the bonds be issued in de-
nominations of
Twenty and Fifty Dollars
and their multiples and that they bear
interest at rate not exceeding 3 per
cent per annum. I do not see why they
should not be payable so years from their
dates. We Of the present generation
have large amounts to pay if we meet
our obligations and long bonds are most
saleable. The secretary Of the treasury
might well be permitted at his discre-
ton 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 cancelled.
These bonds under existing laws could
be deposited by national banks as
security for the circulation and such
banks should be allowed to issue circula-
ton up to the face value of these
or any other bonds SO deposited,
except bonds outstanding bearing
only per cent interest, and which sell
in the market at less than par. National
banks should not be allowed to take out
circulating notes of less denomination
than $40, and when such as are now
outstanding reach the treasury, 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 the
denomination of $40 and upwards should
be replaced by certificates Of denomina-
lions under $40.
Duties Payable In Gold.
AS constant means for the mainten-
ance of reasonable supply of gold in
the treasury, our duties on imports
should be paid in gold, allowing all
other dues to the government to be paid
in other form of money.
In conclusion, desire to frankly con-
fess my reluctance to issuing more bonds
in present circumstances, and with no
better results than have lately followed
that course. I cannot, 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 deter1nina-
ton to leave nothing undone which fur
nishes hope for improving the situa-
ton or checking suspicion of our dis
inclination or disability to meet with the
strictest honor every national obligation.
GROVER CLEVELAND.
TO GIVE 1T EFFECT.
Springer Introduces a Bill in Line With
the Presidents Suggestions.
WASHINGTON, Jan. 29.-Chairman