The Portland daily press., 1895-01-29
the bonds, which may be issued to re-
plenish our gold less useful for that pur-

plenish our gold less useful for that pur-
pose.
An adequate gold reserve is. in an
circumstances, absolutely essential to
the unfolding of our public credit and
to the maintaipance OF our high imam
cial character, and our gold reserve mas
again reached such stage or dlmlnu-
Jion as to require its reinforcement.
The aggravations that must inevitably
follow present conditions and methoos
will certainly lead to misfortune anu
loss not only to our national creolt anu
prosperity, and to financial enterprise,
but to those of our people who seek en-
ploymenG as means of livelihood, anu
those whose only capital is their daily
labor.
The apprehensions now existing and
constantly increasing, as to our hnancial
ability, does not rest upon calculation
of our revenue. The eyes of investors
abroad and our people at home are now
upon the gold of the government. Ihere
need be no fear that we cannot pay our
current expenses with such money as we
have. There is now in the treasury a
comfortable surplus of more than $685.
900, 900, but it is not in gold, and there
fore does not meet our difficulty.
While | am not unfriendly to silver,
and while I desire to see it recognized to
such an extent as is consistent with nm
ancial safety and the preservation OF La
tional honor and credit,I am not willing
to see gold entirely banished from our
currency and finances.
To avert such consequence l believe
thorough and radical remedial legisla-
tion should be promptly passed.
/ therefore beg the Congress to give
the subject immediate attention.
In my opinion the Secretary OF the
Treasury should be authorized to issue
bonds of the government for the purpose
of procuring and maintaining sufnc-
lent gold reserve and 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 July IA, 1890. We should be
relieved from the humiliating process OF
issuing bonds to procure gold to be I'M
mediately and repeatedly drawn out on
these obligations for purposes not relat-
ed to the benefit of our government or
our people. The principal and interest
of these bonds should be payable on
their face in gold, because they should
be sold only tor gold, or Its representa-
tive, and because there would now prob
ably be difficulty in favorably dlspos-
ing of bonds not containing this stipu-
lation.
l suggest that the bonds be issued in
denominations of $40 and $50. and their
multiples, and that they bear interest at
rate not exceeding three per cent per
annum.
l do not see why they should not be
payable fifty years from their date f ID
The Secretary might well be be per-
mitted, 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 re-
deemed in gold, they should be can
celled. &c.,.
These bonds, on existing laws, could
be deposited by national banks as secur-
ity for circulation, and such banks
should be allowed to issue circulation up
to the face value of these or any other
notes SO deposited. except bonds out
standing bearing only two per cent in
terest, 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 outstanding
reach the treasury. except for redemption
and retirement, they should be cancelled
and notes of the denomination of $40
andrupwards issued in their stead. Silver
certificates of the denomination OF $40
and upwards should be replaced by Ger
tificates of denominations under $40.
AS constant means for the maintain
ance of reasonable supply of gold in
the treasury, our duties on imports
er dues to the government to be paid in
any other form of money.
I believe all the provisions / have sug-
gested should be EN- bodied in our laws,
if we are to enjoy complete reinstate-
ment of a sound financial condition.
In conclusion, I desire to frankly con-
fess my reluctance to issuing more
bonds in the present circumstances, and
with no better results than have lately
followed that course. 1 cannot, how
ever, refrain from adding to an assur-
ance of my anxiety to cooperate with
the present Congress in any reasonable
measure of relief, an expression of my
discrimination to leave nothing undone
which furnishes hope of improving the
situation or checking suspicion Of our
Discrimination or disability to meet with
the strictest honor every national obli-
cation. .,-.-sg