New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-29

| cations payable in gold and a badge OF solvency.
| / do not understand that the real friends Of
silver desire condition that might follow In ac-
| ton or neglect to appreciate the meaning OF the
present exigency II Ii should result In the entire
| banshment Of gold from our financial and cur
| rency arrangements.
Besides the Treasury notes, which certainly
| should be paid In gold. amounting to nearly
$500 900 OO0 there will fall due In 1904 500 OOO 900
in bonds issued during the last year for which we
have received gold. and in 1907 nearly $780, 900
| OF per cent bonds issued In 1877. Shall the pay
ment of these obligations in gold be repudated?
| If they to be paid In such manner as the
| preservation OF our National honor and National!
solvency demands. should not destroy. or
| even imperil. our ability to supply ourselves with
| gold for that purpose.
While am not unfriendly to silver, and while
| I desire % see 1t recognized to such extent as
| Is consistent with financial safety and the preser-
| walton Of National honor and credit. i am not
| willing to see gold entirely banshed from our
currency and finances. TO avert such conse,
| quence I believe thorough and radical remedial
| legislation should be promptly passed l there
| fore beg the Congress TO give the subject imme-
| diate attention.
| A BOND ISSUE RECOMMENDED.
In my opinion the Secretary Of the Treasury
| should he authorized TO issue bonds OF the Gov
ernment for the purpose of procuring and MAIN
| tanning sufficient gold reserve and the re-
| demption and 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 Illuminating
process OF issuing bonds to procure gold' 10 De
Immediately and repeatedly drawn out on these
obligations for purposes not related 10 the Dehe'
| 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
| probably
Guilty in favorably disposing of bonds not contain
| ing the stipulation / suggest that the bonds be
issued in denominations Of 500 and $50 and their
multiples. and that they bear interest at rate
| not exceeding per cent per annum
| | do not see why they should not be payable
| fifty wears from their date. We OF the present
tion have large amounts to pay II we meet
our obligations and long bonds are most salapie'
The Secretary Of the Treasury might well be per-
mtted at his discretion to receive on tne SAFE ol
| bonds the legal tender and Treasury notes to be
| retired and, OF course when they are mus re-
| tired or redeemed in gold they should be cam
| celled.
| These bonds under existing laws could be de-
posted by National banks security for circula-
| ton and such banks should be allowed TO issue
circulation up to the face value or these OF any
| other bonds so deposited except bonds outstand-
| ing bearing only per cent interest. and whicn
| sell In the market at less than par
| National banks should not be allowed TO take
out circulating notes Of less denomination than
| SO and when such are now outstanding reach
tho Treasury except for redemption and retire
| ment they should be cancelled, and notes OF the
| denomination of SO and upward issued in their
| stead Silver certificates of the denomination OF
| SO and upward should be replaced by ceruhcates
| Of denominations under $40
| Az n constant means for the maintenance of a
reasonable supply Of gold In the Treasury. our
duties on imports should be paid In gold allow,
| ing all other dues 10 the Government 10 De pdid
| in any other form OF money.
| believe all the provisions nave suesesueu
| should be embodied in laws. If We are to en-
10Y a complete reinsta atement OF sound flnanclai
| condition.
| INTEREST BURDENS ACcUMULATING.
| They need not interfere with any currency
scheme providing for the increase Of the crcuat-
| ing medium through the agency Of National or
| state banks since they easily be adjusted to
| such scheme. Objection has been made 10 the
Issuance OF interest-bearing obligations for the
purpose of retiring the ou-interest-bearinS legal
tender notes. In point Of fact however THESE
| notes have burdened us with large load OF IN
| terest. and 1t is still accumuatlng
The aggregate interest on the original issue Of
| bonds the proceeds Of which In gold constituted
the reserve for the payment Of those notes.
amounted to s7O.326.25O on January l. 1898, and
the annual charge for interest on these bonds and
those issued for the same purpose during the
las, year will be s9li5.OcO. dating from January
| !. 1885 ,,
While the cancellation Of these notes wouid
| not relieve us from the obligations already IN
| CURED on their account. these figures are given
by way Of suggesting that their existence mas nor
| been free from interest charges, and mat the
longer they are outstanding. judging from the ex-
| perience Of the last year, the more expensive
| they will become
| I'm conclusion | desire 10 frankly confess my
| r.luctarce TO issuing more bonds In present cir
| cumstances and with no better results than nave
| lately followed that course
| / cannot however. refrain from adding to an
| insuranca ~ my anxiety to cooperate with the
present Congress in any reasonable measure Oh
| relief an expression OF my determination TO leave
| nothing undone which furnishes nope i7i III.
| nrovlng the situation or checking suspicion or
| our disinclinatiOn disability 10 meet with the
strictest honor every National obligation
| GROVER CLEVELAND.
The Executive Mansion, Jan. S 1899