The Coconino weekly sun., 1895-02-07

and the preservation of national honor and credit, am not willing to see gold entirely banished from our currency and finances
 In my opinion the secretary of the treasury should be authorized to issue bonds of the gov ernment for the purpose of procuring and riain- taining sufficient gold reserve and the TO- demption and cancellation of the United Svates legal tender notes and the treasury notes issued for the purchase of silver under the law of July IA, 1S9J 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 related 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 for gold oI its representative and because there would now probably be difhcuity in favorably disposDg of bonds not containing this stipulation.
 suggest that the bonds be issued in de- nominations of S20 and $50 and their multiples, and that they bear interest at a rate not ex- ceeding per cent. per annum. do not see why they should not be payable fifty years from their dates. We of the present gen. eration have large amounts to pay if we meet our obligations, and long bonds are most salable. The secretary of the treasury might well be permitted at his discretion to receive on the sale of bonds the legal tender and treasury notes to be re- tired, and of course when they are thus retired or redeemed in gold they should be cancelled.
 These bonds under existing laws could be de- posted in national banks as security for circu- lation up to the face value Of these or any other bonds so deposited except bonds outstanding bearing 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 Q less denomination than Sl0 and when such as are now outstand- ing reach tho treasurer, except for redemption and retirement, they should be cancelled, and notes of the denomination of $lo and upwards issued in their stead Silver certificates of the denomination of sl0 and upwards should be re- placed by certificates of denomination under SlO
 Objection has been made 50 the issuance of interest bearing obligations for the purpose of retiring the non-interest bearing legal tender notes In point of fact, however, these notes have burdened us with a large amount Of in- terest and 1t is still accommodating. The aggregate interest on the origi- nal issue of bonds, the proceeds of which in gold bonds constitute the reserve for the payment of the notes, amounted to s7O, 326 . 250 on January |, 1895, and the annual charge for interest on these bonds and those issued for the same purpose during the last year will be S9.l45,O0), dating from January 1, 1895.
 While the cancellation of these notes would not relieve us lrOin lue OUllSdIiDHS dllcdhN lh- cured on their account, these figures are given | by way of suggesting that their existence has not been free from interest charges. and that | the longer they are outstanding, judging from | the experience of the last year, the more ex- | pensive will they 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. l can- | adding an assurance of my anxiety to cooper l ate with the present congress in any | reasonable measure of relief an expression | of my determination to leave nothing undone
 which furnishes hope for improving the situ-
 ation or checking suspicion Of our disinclina- | tion or disability to meet with the strictest | honor every national obligation.
 | GROVER CLEVELAND. The Executive Mansion, January 28, 1895.