The Dickinson press., 1895-02-02

tudy Ue ln8lSteu OIL rs 10 ElIVeE OF OlmeCdls
llsm. proper solution of the question now
ticn OF gold us well as silver and a conces-
sion Of It's Importance, rlshtfully or wrong
fully acquired, as basis Of national credit
a necessity in the honorable discharge Of
our obligations, payable in gold and badge
OF solvency. ! do not understand that tho
real friends of silver desire condition that
might follow In action or neglect to appre-
ciate the meaning Of the present exlgency
IL 1t should result in the entire banishment
Of gold from our financial and currency ar.
rangements. Besides the treasury notes,
which certainly should be paid in gold.
amounting to nearly $500. 900 600, there will
fall due in 1904 500. .O0O, 600 Of bonds issued
during the last year, for which we have
received gold, and In 1907 nearly 5000 co.,.
600 Of per cent bonds Issued In 1877.
Shall the payment Of these obligations In
gold be repudiated7 II they are to be paid
In such manner as the preservation Of
our national honor and national solvency
demands, we should not destroy or even
imperll our ability to supply ourselves with
gold for that purpose. While I am not un.
friendly to silver, and while desire to Gee
Il recognized to such an extent as is con.
sistent with financial safety and the pres
ervation of national honor and credit. I
am not willing to see gold entirely banished
from our currency and finances. To avert
such consequence, believe thorough and
radical remedial legislation should be
promptly passed. therefore beg congress
to give the subject immediate attention.
Tho President's Recommendation.
In my opinion she secretary Of the treas.
ury should be authorized to issue bonds Of
the government for the purpose of procur.
ing and maintaining sufficient gold re.
serve and redemption 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. 1880.
We should be relieved from the humiliating
process of issuing bonds to procure gold to
be Immediately and repeatedly drawn out
ON these obligations for purposes not re-
lated 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 Its representative, and because there
wonld now probably be difficulty in favor.
ably disposing of bonds not containing this
stipulation. suggest that the bonds be
issued in denominations Of $40 and so. and
their multiples, and that they bear inter-
est at rate not exceeding 3 per cent per
annum. / do not see why they should not
be payable fifty years from their dates. We,
of the present generation, have large
amounts to pay II we meet our obligations,
and long bonds are most salable. The sec.
retary Of the treasury might we'll be per.
mitted at his discretion to receive on the
sale Of bonds the legal tender and treas.
ury notes to be RETIRED and, Of course,
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 onds so
deposited. except bonds outstanding hear
ing only 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 less denomination
than $40. and when such as are now out.
standing reach the treasury, except for re-
demptiOn and retirement, they should be
cancelled and notes Of the denomination of
$40 and upwards issued In their stead. Sill
yer certificates of the denomination of SO
and upwards should be replaced by certifi.
Gates of denominations under SO. AS con.
stant means for the maintenance Of a
reasonable supply Of gold in the treasury,
our duties on imports
Should he Paid In Gold,
allowing all other dues to the government
to be paid in other form Of money. be.
lievc all the provisions have suggested
should be embodied in our laws II we are
to enjoy a complete reinstatement Of a
sound financial condition. They need not
interfere with any currency scheme provld.
dium through tho agency of the national
or state banks since they can easily be
adjusted to such a scheme. The objection
has been made to the issuance Of interest.
bearing obligations for the purpose of re.
firing the non-interest bearing legal tender
notes. In point of fact, however, these
notes have burdened us with a large load of
interest. and 1t Is still accumulating. The
aggregate interest. on the original issue Of
bonds the proceeds Of which in gold con.
stitutcd the reserve for the payment of
Jan. 1, 1895, and the annual charge for in.
tercst on these bonds and those issued for
the same purpose during the last year will
be S0.145,O 900, dating from Jan. 1, 1895.
While the cancellation Of these notes
would not relieve US from the obligations
already incurred on their account, these
figures are given by way of suggesting that
their existence has not been free from in.
.terest 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. I cannot. however, refrain from
adding to an assurance Of my anxiety to
cooperate with the present congress in any
reasonable measure Of relief, an expression
of my determination to leave nothing un.
done which furnishes n hope for improving
the situation or checking a suspicion Of
our disinclination or disability to meet with
the strictest honor every national obligation,
Grover Cleveland.
Executive Mansion. Jan. 2s. 1895.