The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-02-06
A HORRIBLE
PROPOSITION.
A CRISIS AT HAND.
CLEVELAND'S MESSAGE TO CON.
GRESS.

If Grover Cleveland, i'll the summer
of 1892, had told the people of the
United States that within two years
after he took his seat as president, on
March 4th, 1893, the mnts of this ma
tion would be closed hermetically |
against the coinage Of one of the two |
great constitutional metals of our |
country; that the debt Of the country
would be increased, in time OF perfect
peace, by the issue of $lOO,OOO,0OO OF
gold bonds; and that proposition
would be made by him to Congress to
destroy the nOn-interest bearing
green back currency Of the country,
which the people had'enjoyed the free
use of for thirty-three years, and sub
stitute in it's place $6OO,0OO, 900 more
gold bonds, with national bank notes
founded on the same, it is safe to say
that Grover would have been defeat
ed in every state in the Union. And
yet that is what has come to pass.
Here is part of the presidents recent
message to Congress:
81, therefore, beg the congress to
give the subject immediate attention.
In my opinion, the secretary Of the
treasury should be authorized to issue
bonds of the government for the pur-
pose of procuring and maintaining a
sufficient gold reserve and redemp-
tion 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,
1892.
We should be relieved from the HUI
initiating process of issuing bonds to
procure gold to be Immediately and
repeatedly drawn out on these Obliga-
tiOns for purposes not related 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 prob.
ably be difficulty in favorably dispos-
ing of bonds not containing this
stipulation. l suggest that the bonds
be issu ued in denominations of $40 and
$50 and their multiples. and that they
bear interest at a rate not exceeding
per cent per annum. L 90 not see
why they should not be payable fifty
present generation have large
amounts to pay if we meet our Obliga-
tions, and long bonds are most sale
able. The secretary of the treasury
might we'll be permitted at his dis
cretiOn 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, under existing laws,
could be deposited by national banks
as security for the circulation, and
such banks should be allowed to issue
circulation up to the face value OF
these or any other bords SO deposited
except bonds outstanding bearing on
ly2 per cent interest and which sell in
the market at less than par. NatiOna
banks should not be allowed to take
out circulating notes of a less denomi
nation than $40, and when such as are
now outstanding reach the treasury
except for redemption and retire
ment, they should be cancelled, an(
notes of the denomination of $40 anC
upwards issued in their stead. Silvel
certificates of the denomination of ST.
and upwards should be replaced b!
certificates of denominations unde
$40.
AS constant means for the main
tenance Of reasonable supply of golt
in the treasury our duties on imports
should be paid in gold, allowing al
other dues to the government to bt
paid in other forms of money"
This means that every dollar of TIN
peoples money-greenbacks and silve
certificates,-are to be RETIRED
wiped out;-and that not a dOlla
shall be in circulation, from tn
Atlantic to the Pacific, from the Gul
to the Canadian line, except that fur
nished by the banks; and that none
cannot be gotten out of the banl
vaults until some one goes in debt t.
bank and contracts to pay interes
for it. No business can be done, o
any kind unless tribute is levied upol
it for the benefit of comparativel
few men, engaged in running nationa
banks. The money that pays for tn
farmers wheat, or his corn, or his ca
tie must represent somebody's deb
which pays interest to the banks; an
this interest must come eventual
out of the producing classes, for ther
is no wealth that does not in the en-
rest on labor.
gress shall coin money; Congress r.
fuses to coin silver; boards the go
and turns the people over to I'll
banks. In a land of equal rights, tt
millions cannot trade or toll or lv
save as bond-slaves to few hundre
bankers 1t is the most atrocious an
horrible proposition ever presented
free country. If the Democrat
party accomplishes this gre at wron
during it's few remaining weeks
power, it will deserve to be oblite
ated from the face of the earth 70
ever, and the place where it stot
sowed with salt. And Cleveland pr,
poses that the new gold bonds sha
run for fifty years; and therefore fl
fifty years the national banks are
be fastened on our country, vampir
like, sucking the life-blood of the n
tion. And they will thus get such
legal grip on the country that nothir
but an armed revolution can owe
throw their power.
It is proposed by Cleveland tn
$500, ,OOO, Geo ,of greenbacks and silv
hno nj oh