The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-02-13

mands, We should not destroy, or even i'm.
peril, our ability to supply ourselves with
gold for that purpose.
silver and while I desire to see it
recognized to such an extent as is
consistent with financial safety and the
preservation of National honor and credit,
1 am not willing to see gold entirely ban
lshed from our currency and finances. To
avert such consequence, believe thorough
and radical remedial legislation should be
promptly passed. I therefore beg the Con-
gress to give the subject immediate atten-
ton.
In my opinion the Secretary Of the Treas
ury should be authorized to issue bonds Of
the Government for the purpose OF procur-
Ing and maintaining a sufficient gold re-
serve and the redemption aad cancellation
OF the United States legal tender notes and
the Treasury notes issued for the purchase OF
silver under the law Of July IA.
We should be relieved from the humilia-
ting 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 int crest of these bonds
should be payable on their face In gold be-
cause they should be sold only for gold or
It's representative, and because there would
now probably be difficulty in favorably dis
posing of bonds not containing the sttpula-
lion. suggest that the bonds be issued in
denominations Of twenty and fifty dollars
and their multiplles, and that they bear In
terest at arate not exceeding three per cent.
per annum.
I do mo- see why they should not be pay
able fifty years from their date. We OF tho
present generation have large amounts to
pay If we meet our obligations. and long
bonds are most salesble. 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
retired, and, Of course, when they are thus
retired or redeemed In gold they should be
cancelled.
These bonds unuer existing laws could be
deposited by National banks as security for
circulation. aud such banks should be al
lowed to issue circulation up to the face
value Of these or any other bonds so depos-
tied except bonds outstanding bearing only
two 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 q less denomina-
tion 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 andupwards should be replaced by GER
tiflcates of denominations under $40.
As a constant means for the maintenance
OF reasonable supply OF gold In the Treas
ury, our duties on imports should be paid
In gold, allowing all other dues to the Gov
ernment to be paid in any other form Of
money.
I believe all the provisions have sug-
pested should be embodied In our laws, II we
are to enjoy q complete reinstatement Of o
sound financial condition.
They need not interfere with any currency
scheme providing for the increase OF the
circulating medium through the agency Of
National or State banks, since they can
easily be adjusted to such scheme. Objec-
ton has been made to the issuance OF inter-
sst-bearlng obligations for the purpose ofre-
tiring the Notwithstanding legal tender
notes. In point OF fact, however, these notes
have burdened US with large load OF inter-
est. and It Is still accumulating.
The aggregate interest on the original
issue OF bonds, the proceeds Of which in gold
constitute the reserve for the payment OF
those notes, amounted to $70,326,250 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 $9,145, 900, dating from Januaryl, 1895.
While the cancellation of these notes
would not relieve Us from the obligations al
ready incurred on their account, these fig
ures are given BY way OF suggesting that
their existence has not been free from inter-
est 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 more bonds in
present circumstances and with no better
results than have lately followed that course.
Icannot, however, refrain from adding to
an insurance Of my anxiety to cooperate
with the present Congress In any reasonable
measure Of relief, an expression OF my de-
termination to leave nothing undone which
furnishes hope for improving the situation
or checking suspicion OF our declinatlon
or disability to meet with the strictest honor
every National obligation.
GROVER CLEVELAND.
The Executive Mansion, Jan. %, 1895.