The Camden chronicle. (Camden, Tenn.) 1890-current, 1895-02-08

Grafton nave large amounts 10 pay y VIZ /
meet our obligations, and long bonds are |
most saleable. 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 thy should be !
cancelled.
COULD BE Used by BANKS.
These bonds under existing laws could
be deposited by national banks as secur-
lty for circulation, and such banks should
be allowed to issue circulation up to the
lace value Of these or any other bonds
deposited, except bonds outstanding
bearing only 2 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 a less de-
nomination Than ten dollars and
and when such as are outstanding reach
the treasury, except for redemption and
retirement, they should be cancelled and
notes OF the denomination Of SO and up
wards issued in their stead. Silver GER
tifcates of ;he denomination of $40 and
upwards should be replaced by certif"
Gates Of denominations under $40.
IMPORTS PAYABLE IN GOLD.
AS a constant means for the mainten-
ance OF reasonable supply OF gold in
the treasury our duties onimports should
be paid in all gold, allowing all other
dues to the government to be paid in any
other form OF money.
believe all the provisions have sug-
] ab nfaIH ha nnA 4a1 In Ion
we are to enjoy a complete reinstate-
ment on a sound financial condition.
They need notinterfere with any currency
schem provided for the increase of the
circulating medium through the agency
OF national or state banks, since they can
easily be adjusted to such a scheme.
BONDS TO RETIRE LEGAL TENDERS.
Objection has been made to the is
suance of interest bearing bonds for the
purpose Of retiring the interest bearing
! legal tender notes. In point of fact, how
ever, these notes have burdened us with
a large load OF interest and it is still ac-
cumulating. The aggregate interest
on the original issue OF bonds. the pro-
ceeds OF which In gold constituted the re-
serve for the payment of tlese notes
amounted to $70,326, $50 on January 1,
1895, and the annual charge for interest
on these bonds, and those issued for the
same purpose during the last year will
be 80, 145, 900 dating from January l.,
1898. While the cancellation ofthese notes
would not relieve us from the Obligations
already incurred on their account, these
figures are given by way of suggesting
interest charges and that the longer they
are outstanding, Judging from the ex-
perience of last year, the more expensive
they will become.
RELUCTANT To SEE MORE BONDS ISSUED.
Inconcluslon, / desire frankly to confess
my reluctance to issuing more bonds in
present circumstances, and with no bet
ter results than have lately followed that
course. cannot, however, refrain from
adding to an assurance Of much anxiety,
to cooperate with the present congress
In any reasonable m easure of relief, an
expression OF my determination to leave
nothing undone which furnished a hope
for improving the situation or checking
a suspicion OF our disnclination or dis
ability to meet with the strictest honor
|
Grover Cleveland.
Executive Mansion, January %, 1895
ANEW FINANCIAL BILL.
Washington. January 2S.-Chairman
Springer, Of the banking and currency
committee OF the house, has introduced s
bill to carry into effect the recommends
tions of the presidents message.
BE has notified his committee to meet
tomorrow morning and consider the
bill. The bill is as follows:
Gan act to authorize the secretary Of
the treasury to issue bonds to maintain
a sufficient gold reserve and to redeem
and retire United States notes and fol
other purposes.
"Be it enacted by the senate and HOUSE
Of representatives Of the United States o.
America, in congress, assembled, that, IL
order to enable the secretary of the treas
ury to procure and maintain a sufficient
gold reserve and to redeem and retire
United States notes and treasury notes
issued under the act Of July IA, 1890, en-
titled San act directing the purchase o.
silver bullion and the issue OF treasury
notes thereon and for other purposes
he is hereby authorized to issue and tc
sell at not less than par IN gold, except
as provided in section 2 of this act United
States registered or coupon bonds, il
denominations of twenty dollars and
fifty dollars and mulhples of said sums
} respectively, payable in fifty years il
gold coin OF the United States OF the pre-
sent weight and fneness and bearing in
terest at rate not exceeding 3 per cent
per anum, payable quarterly in like coin
and such bonds and the interest thereon
shall have like qualities privileges anC
} exemptions as the bonds issued under thu
act approved July IA, 1890, entitled ar
act to authorize the rounding OF the ma
tional debt Such bonds may be sold anC
delivered in the United States or elsewher
IL