The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-01-29
THE PRESIDENTS MESSAGE
Concluded From First Page.

TRnRemente.
Besides the Treasury notes, which
certainly should be paid in gold.
amounting to nearly $500. 600, 900,
there will fall due IN 1904 Sl0U, 600,
OOO OF bonds issued during the last
year, for which we have received
gold, and 1897 nearly 5000, 900, 600
OF per cent, bonds issued in 1877.
Shall payment OF these obligations
In gold be repudiated? If they arc
to be paid in such manner as the
preservation Of our national honor
and national solvenoy demands we
should not destroy or even imperil
our ability to supply ourselves with
gold for that purpose.
While l am not unfriendly to sill
yer. and while L desire to see il REQ
ognized to suoh an extent as is con-
slstent with financial safety and the
preservation of national honor and
credit. l am not willing to sec gold
entirely banlshed from our our
rency and finances. To avoid such
consequence 1 believe that
thorough aud radical remedial legis.
lation should be promptly passed,
L therefore beg the Congress to Civ o
the subject immediate attention.
In my opinion the Secretary of
the Treasury should be authorized
to issue bonds of the Government
for tho purpose OF procuring and
maintaining sufficient gold reserve
and the redemption and cancellation
OF United States legal tender notes
aud Treasury notes issued for the
purchase of silver under the law of
July II. 1890.
We should be relieved from the
Illuminating process Of issuing bonds
to procure gold to be imme diately
aud repeatedly drawn out on these
obligations for the purpose not re-
lated to the benefit of our Govern
ment or our people. The principal
aud interest of these bonds should
be payable on their face Ia gold,
because they should be sold
only for gold or its represent.
alive, aud because there would
now probably be difficulty in ia :.
vorably disposing of the bonds not
containing this stipulation. l sug.
gest that tue bonds be issued in de-
nominations of $40 aud $50 and
Their multiples, and that they bear
interest at rate not exceeding 3
per cent. per annum. l do not see
why they should not be payable so
years from their date. We of the
present generation have large
amounts to pay il we meet our obi.
cations. and long bonds are more
salabe.
The Secretary of the Treasury
might we'll be permitted at his dis
| cretion to receive on sale of bonds
legal tender and Treasury notes, to
he 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 bv nation.
81 banks as security for their circu.
latlon, and suoh banks should be-
allowed to issue circulation up 20
the face value Of these or any other
bonds 30 deposited, except bonds
outstanding bearing only 2 per cent.
interest. and which sell in the mar.
ket at less than par.
National banks should not be
allowed to take out circulating notes
| OF less denomination than $40, aud
| when such as are now outstanding
reach the Treasury, except for re :.
demption aud retirement, they
should be cancelled and notes of the
denomination Of $40 and upward
| Issued 10 their stead. Silver certlti.
! Gates OF the denomination of $40
and upward should be replaced by
certificates OF denominations under
$40. AS second means for the
maintenance of "a reasonable supply
| of gold IN the Treasury, our imports
should be paid in gold, allowing all
| other dues to the Government to be
paid In any other form of money.
! believe that all the provisions /
have suggested should be embodied
In our laws, il we are to enjoy a
complete reinstatement of sound ii .
nancIal conditions. They need not
Interfere with any currency scheme
providing for the increase Of the
circulating medium through the
agency OF National or State banks,
since they can easily be ed.
lusted to auch schemes. Objec.
ton has been made to the iesu.
ance of interest bearing obliga
tons for the purpose Of retiring
non-interest bearing legal tender
notes. In point of fact, however,
these notes have burdened us with a
large loaf OF interest, aud 1t is still
accommodating. The aggregate inter.
est on the original issue of bonds.
the proceeds OF which in gold con
stitute the reserve for the payment
OF these notes. amounted to SO, 326, :
260 on January /, 1898, and the sn.
nual charge for interest on these
| bonds and those issued for the
same purpose during the last
year Will be 50, lao, 900, dating