Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1895-02-08

ba InsIsteI up0n rs 10 silver or bimetallIs-n'
a nroper solution OF the question now pre-
inc upon us only requires recoSh''ou ~
rold rs we'll as silver, and concesS Hn "
its Importance, rightIully or wron3'u"J q"
onIred isa basis OF National credit, neces-
sity IN the honorable discharge OF our
obligations payable in gold AMI paoge VI
solvency. ,.ionds
do not understand that the real frlenus
OF silver desire condition that might lono"
in action or neglect 10 appreciate the Lie"n-
inc Of the present exlgency II it should re-
sult in the entire banlshment OF goid ITO"
our financial and currency arrangements.
Besides the Treasury notes, wnlcn cel-
tainly should be paid in gold, amounting ~
nearly $500, 600, 900 there will iail que III
teol s1OO OOO. 900 In bonds issued during the
last vear. for which we have received Rolu,
and in 1907 nearly $600.OoO,OO OF ioue p9r
cent bonds issued in 1877. ,,,..,o.. 4,
Shall the payment OF these opligatIono ia -
poll be repudiated? Ifthey are 10 20 p,,u
in such manner as the presefVation ~ a. a.
National honor and National sovency oe-
mands. we should not destroy, or even I'm I'M
nsriI. our ability to supply ourselves VII"
gold for that purpose. u., %
silver and while I desire to see II II
recogni5ed to such an extent rs Is
consistent with financial safety ana tne
nreservation of National honor and creai',
I am not willing to see gold entlrely onTo To
ished from our currency and finances 10
ovprt such a consequence, believe thorough
and radical remedial legislation should Do
promptly passed. I Therefore beg the CON
press to give the subject immediate alteh-
tiou. 81, u.u
Tn nv opinion the Secretary OF the Treas.
urv should be authoriz9 9d to issue Donds OF
the Government for the purpose OF procur-
inc and maintaining a sufficient gold re-
serve and the redemption aad canceila'lon
ofthe Unitei States legal tender notes AMI
the Treasury notes Issued for the purchase Oh
silver under the law Of July IA.
We should ba relieved from the humllll-
ting process OF issuing bonds to procure
cold. 10 be Immediately an 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 fac in gold be-
cause they should be sold only for gold or
its representative, and because there would
now problbly be difficulty In flvorably dis
posing of bonds not Containing the stipula-
lion. I suggest that the bonds be issued in
denominations OF twenty and fifty dollars
and their multiples, an that they bear In
terest at a rate not exceeding three per cent.
per annum.
lido not sea why they should not be pay
able fifty years from their date. we OF tue
present generation have large amounts 10
oav II we meet our obligations, ana lo1g
bonds are most saleabe. Inc secretary Vi
tha Treasury might wall be permitted at MS
the legal tender and Treasury notes 10 Oe
retired. and. OF course, when they are tnus
retired or redeemed in gold they should be
cancelled. ho
These bonds under existing laws could be
deposited by National banks as security LOT
circulation. and such banks should Do al
| lowed TO issue circulation up 10 the lace
value of these or any other bonds so depos-
tied except bonds outstanding bearing only
two per cent. interest, and which sell III tue
market at less than par.
National banks should not be allowed 70
tokeont circulating notes OF less denonina-
tion than $40. and when such as are now
outstanding reach the Treasury, except fol
redemption and retirement, they saould DC
cancelled. and notes of the denomination OF
ain and upwards issued in their stead.
| Siivor certificates OF the denomination Of
| am md uowards should be replaced by GER
| tificates of denominations under @l0.
Asn constant means for the maintenance
Of n reasonable supply OF gold in the Treas,
ury. our duties on imports should be palo
in cold. allowing all other dues to the GOV
eminent TO be paid in any other iorn o.
money. ,,c,
gested should be embodied in our laws, live
are 10 enjoy complete reinstatement VI
sound financial condition.
They need not interfere with any currency
scheme providing for the increase OF the
circulating medium through the agency o.
National or State banks, since they car
easily be adjusted to such scheme. Oolec
tion has been made to the issuance OF inter
est-bearlnC obligations for the purpose ORE
tirino the non-interest- bearing legal tende
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 ori3Ina
issue of bonds, the proceeds OF whlcn III gol'
constitute the reserve Tor the payment
those notes, amounted TO SfV,ozo, zoo "
January 1. 1895, and the annual charge 10
interest on these bonds AMI those issued 10
the same purpose during the last year VII
be S9145, 900, dating from January l, 1879.
While the cancellation OF these note
would not relieve Us from the obligations a.
ready incurred on their account, these fe
ures are given by way OF suggesting ths
their existence has not been free from intel
| est charges, and that the longer they ar
outstanding, Judging from tho experience
the last gear, the more expensive they WI
become. .o
In conclusion. desire to frankly conte
my reluctance to issuing more bonds
nresent circumstances and with no bett'
results than have lately followed that cours
( Icannot, however, refrain from adding
with the present Congress in any reasonab
measure Of relief, an expression OF my, d
Termination to leave nothing undone whlt
furnishes hope for improving the situate
br checking suspicion OF our declinallC
or disability to meet with the strlctes' non
Every National obligation.
GROVER CLEVELAND.
The Executive Mansion. Jan. 2S. 1898.