Mexico weekly ledger., 1895-01-31

ng tending to make the bonds which
nay be issued to replenish our gold
ess useful for that purpose.
"An adequate gold reserve is in all
circumstances absolutely essential to
he upholding of our public credit and
the maintenance of our high nation
al character.
NATIONAL CREDIT INVOLVED.
sOur gold reserve has again reached
such a stage of diminution as to re-
1uire it's speedy reinforcement.
.'The aggravations that must newt
ably follow present conditions and
methods will certainly lead to misfor-
and loss not only of our national
credit and prosperity and to financial
but to those of our people
who seek employment as a means of
and to those whose only
is their daily labor.
sit viii hardly do to say that a sim
pie increase of revenue will cure our
troubles. The apprehension now ex-
isting and constantly increasing as to
our financial ability does not rest upon
a calculation of our revenue. The time
has passed when the eyes of investors
abroad and our own people at home
were fixed upon the revenues of the
Government. Changed conditions have
attracted their attention to the gold of
the Government. There need be no
tear that we cannot pay u current
expenses with such moneyas we have.
LAY ASIDE SILVER DIFFERENCES.
"Our differences of opinion con-
corning the extent to which silver
ought to be not coined or used in our
should interfere with the
counsels of those whose duty it is to
recrify evils nov apparent in our fl
nancial situation. They have to con-
slider the question of national credit
and the consequences that will follow
from it's collapse. lido not understand
that the real friends of silver desire a
condition that might follow inaction
or neglect to appreciate the meaning
of the present exigency if it should
result in the entire Punishment of gold
from our financial and currency ar
rangements.
BONDS TO FALL DUE.
"Besides the Treasury notes, which
certainly should be paid in gold
amounting to nearly $500, 000, 900, there
will fall due in 1904 500, 900 900 of
bonds issued during the last year for
which we have received gold and in
1907 nearly $500, 900 900 of 4 per cent
bonds issued in 1877. Shall the pay
ment of these obligations in gold be
repudiated? If they are to be paid in
such a manner as the preservation of
our National honor and National sol
vency demands we should not destroy
or even imperil our ability to supply
ourselves with gold for that purpose.
WANTS GOLD RETAINED.
while am not unfriendly to sill
yer, while / desire to see it recognized
to such an extent as is consistent with
financial safety and the preservation
of National honor and credit, | am not
willing to see gold entirely banished
from our currency and finances. In
my opinion the Secretary of the Treas
ury should not be authorized to issue
bonds of the Government for the pur-
pose of procuring and maintaining
a sufficient gold e and the re-
demption and cancellation of the
United States legal tender notes and
the Treasury notes issued for the pur-
chase of silver under the law of July
IA, 1890. 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 represent
alive and because there would now
probably c~atHfcufty I'm fuvortng dis
posing of bonds not containing this
stipulation.
BOND DENOMINATIONS.
81 suggest that the bonds be issued
in denominations of $40 and 500 anC
their multiples and that they bear in
terest at a rate not exceeding 3 pei
cent per annum. | do not see why
they should not be payable so years
from their date. These bonds under
existing laws could be deposited by
National banks as security for circula-
ton; and such banks should be al.
lowed to issue circulation up to the
face value of these or any other bonds
so deposited, except bonds outstand-
ing, bearing only 2 per cent interest.
and which sell in the market at less
than par.
DUTIES IN GOLD.
"As a constant means for the main
tenance of a reasonable supply of gold
in the Treasury, III duties of the inn
ports should be paid in gold, all other
to the Government to be paid in any
other form of money.
OBJECTIONS REFUTED.
OBJECTIONS have been made to the
issuance of interest bearing obligations
for the purpose of securing the non
interest bearing legal tender notes.
In point of fact, however, these notes
have burdened us with a large load OF
interest and ii is still accommodating.
The aggregate interest on the original
issue Of bonds, the proceeds of which
in gold constituted the for the
payment of these bonds, amounted to
$40, 1926, $50 on January /, 1895, and the
annual charge for interest on these
bonds and those issued for the same
purpose during the last year will be
50, 145, 900, dating from January /, 1895.
coNFEssEs RELUCTANCE.
SIN conclusion I desire to frankly
confess my reluctance to issuing more
bonds in present circumstances and
with no better results than have late
ly accompanied that course.
1--WE must meet with the strictest
honor every National obligation.
"GRovER CLEVELAND
We are reliably informed that after
Rolla McNama left this county he
went down south of the river and that
Shobe, who lives near Laddo-