Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1895-01-31

sIasa3aal solvency demauus we should not de-
ctroy or even imper our ability TO supply our
selves with gold for that purpose. While
am not unfriendly TO silver, while desire u
see 1t recognized To such an extep
rs Is consistent with financial safety and
preservation OF national honor and credit,
am not willing to see gold entirely bsnished
from our currency and finances. To avert
sucn consequence, | believe thorough and
radical remedial legislation should be prompt
~ passed. therefore beg congress to give the
subject Immediate attention. 10 my opinion the
sectretary OF the treasury should be authorized
10 Issue bonds OF the government for the pur-
pose OF procuring and maintaining sufficient
gold reserve and the redemption and cancella-
ton oil United STATES legal tender notes and
treasury notes issued for the purchase OF sill.
yer under the law of July H. 1890.
We should be saved from the humi Hating
process OF issuing bonds to procure gold to
De Immediately and repeatedly drawn out on
these obligations for purpose not related to
the benefit OF our government or people.
Principal aud interest OF these bonds should
be pay abe on their face III gold, because they
should be sold only for gold or It's representa-
tive and because there would now probably be
difficulty in favorably disposing OF bcGcs not
containing this stipulation.
suggest that bonds be issued In denomina-
tions OF twenty and fifty dollars and their
multiples and that they bear interest ut a rate
NV SASCouiuk per Ccut per auHuuis ho NV
see why they should not be pay able fifty years
from their date. We OF the present genera
ton have large amounts to pay II we meet
our obligations and long bonds are most de-
sirable.
The secretary OF the treasury might well be
permitted In his discretion to receive on the
sale OF bonds tie lekal tender and treasury
notes to be retired, OF course, when the treas
ury notes are thus received or redeemed 10
gold, they should be cancelled. These bonds,
uhder exising laws could be deposited by
national banks as security for circulation;
and such banks should be allowed To issue
circulation up To the face value of these or
any other bonds so deposited except
bonds outstanding bearing only per cent In
terest and which sell in the market At less
than par National banks should not be al
lowed 10 take out circulation notes OF n less
denomination than $40, and when such az are
now outstanding reach the treasury except for
redemption and retirement, they should be
cancelled aud notes Of the denomination Of
ten dollars and upward issued In their stead.
Silver certificates OF the denominations under
$40 are q constant menace to maintenance
OF reasonable supply ofgold In the treasury.
Our duties on imports should be paid In gold,
all other dues TO the government TO be paid
In any other form OF money
i believe all the propositions l have
suggested should be embodied Ia cur laws II
we are TO enjoy q complete reinstatement OF n
sound financial conditions They need not
Interfere with any currency scheme providing
for the increase OF the circulation mediums
through the agency OF national or
state banks, since they can
easily be adjusted to such scheme.
Objection has been made 70 the issuance OF
Understanding obligations for the purpose
OF securing the non-interest bearing legal
tender notes In point of fact, however, these
notes have burdened us with a large load OF
interest and IL Is still accommodating. The
aggregate interest on the original issue of
bonds, the proceeds Of which In gold consti-
tute the reserve for payment OF these notes
amounted 10 $7O, 32G, $50 on January |, 1898,
and the annual charge for interest on these
bonds and those issued for the same purpose
during the last year will be 50, l45, 900 dating
from January, 1895 While cancellation Of
these notes would leieve us from obligations
already incurred Ia their account, these fig
ures are given by way OF suggesting that
their existence has not been free from interest
charges and that the longer they are out
standing, judging from the experience of last
year, the more expensive they will become.
In conclusion, / desire To frankly confess
my reluctance To issuing more bonds under
tho present circumstances aud with no better
results than have lately accompanied that
course. | cannot, however, restrain from
adding to an assurance Of my anxiety TO CO.
operate with the present congress
In any reasonable measure of relief
an expression Of my determination 10
leave nothing undone which furnishes
hope for improving the situation or checking
u suspicion Of our disincliuation or the dcsira-
bility to meet with the strictest honor every
national obligation
GROVER CLEVELAND.