San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-01-29
CLEVELAND'S REMEDY.
HE Is FRIENDLY TO SILVER AND
GOLD AS A MONETARY BASIS,
But Wants More Paper Money Is
sued in the Form of Bonds,
Notes and Currency.

After plainly stating how the
the treasury has been depleted Of
its gold reserve, President Cleve-
land stated in yesterdays message
on the financial question, that the
bonds issued for replenishing the
reserve were becoming less useful.
He could not see that silver should
interfere with the remedy.
He was not unfriendly to silver
and desired to see it recognized as
far as consistent with financial
safety and the preservation of our
national credit.
"Whatever ideas may be insisted
upon as to silver, or bimetalism,
the proper solution Of the question
now pressing upon us only requires
recognition of gold as we'll as sill
yer and concession Of its import.
ance, rightfully or wrongfully &C
quired, as a basis of National
credit, a necessity in the honorable
discharge of our obligations pay
able in gold and badge Of solv-
ency. l am not willing to see gold
entirely abolished from our cur
rency and finances.
In my opinion the secretary of
the treasury should be authorized
to issue bonds of the government
for the purpose OF procuring and
maintaining a sufficient gold re.
serve and for the redemption and
cancellation Of the United States
legal tender notes and the treasury
notes issued for the purchase of
silver under the law OF June IA,
1890. We should be delivered from
the humiliating process Of issuing
bonds to procure gold to be imme-
diately and repeatedly drawn
out on these obligations for pur-
poses not related to the benefit Of
our government or our people. The
principal and interest Of these
bonds should be payable on their
faces in gold, because they should
be sold only for gold or its repre-
sentatives and because there
would now be difficulty in favor
ably disposing of bonds not con-
tanning this stipulation. l suggest
that the bonds be issued in denom-
nations of 500 and $50 and their
multiples, and that they bear in
terest at rate not exceeding 3
per cent per annum. do not see
why they should not be payable
fifty years from their date. We, Of
the present generation, have large
amounts to pay, il we meet our OBJ
legations, and long time bonds are
most salable. 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, under the existing
laws, could be deposited by nat
ional banks as security for circula-
ton and such banks should be
allowed to issue circulation up to
the face value Of these or any other
JULIUS ~ uopOolOOu, OASOPU JULIUS
outstanding bearing only 2 per
cent interest and which sell on the
market at less than par.
National banks should not be
allowed to take out circulation
notes of a less denomination than
$40, and when such as are now out
standing reach the treasury, except
for redemption and retirement,
should be cancelled, and notes of
the denomination Of $40 and
upward issued in their stead.
Silver certificates of the de-
nomination of $40 and upward
should be replaced by certificates
Of denominations under $40. AS a
constant means of the maintenance
of reasonable supply Of gold in
the treasury our duties on imports
should be paid in gold, allowing all
other duties to the government to
be paid in any other form Of
money"