Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-12-31
CLEVELAND'S LATE MES
SAGE BEARS FRUIT.
REPUBLICANS IN THE HOUSE RE
PORT A BILL TO ISSUE MORE
BONDS TO KEEP UP THE
GOLD RESERVE AND
RETIRE THE GREEN
BACKS
The first and principal section

The first and principal section
is as follows:
No. IA bill to maintain and pro-
tect the coin redemption fund and to
authorize the issue of certificates of |
Indebtedness to meet temporary de-
ficiencies of revenue.
Be it enacted, etc., That in addition
to the authority given to the secretary
of the treasury by the act approved
Jan. II, 1878, entitled IAN act to pro-
vide for the resumption Of specie pay
ments,' he is authorized from time to
time, at his discretion, to issue, sell
and dispose of, at not less than par,
in coin, coupon Or registered bonds
OF the United Stated to an amount
sufficient for the object stated in this
section, bearing not exceed 3 per
| centum interest per annum, payable
emi-annually, and redeemable at the
| pleasure Of the United States in coin
after five years from their date, with
like qualities, privileges, and ex-
emptions provided in said act for the
bonds therein authorized. And the
secretary OF the treasury shall use the
proceeds thereof for the redemption of
United States legal tender notes and
for no other purpose. Whenever the
Secretary of the treasury shall offer
any of the bonds for sale authorized
by this act and the resumption act of
| 1878 he shall advertise the same and
authorize subscriptions therefore to be
made at the treasury department and
at the sub-treasury and designated de-
positories of the United States.''
The following from the Mime
apolis Tribune outlines the gist
of this policy:
THE Democrats, on their part, con-
tended that the effect of the bond
scheme would be to retire the green
backs by holding them in the treasury
and said the Republicans proposed to
do indirectly just what the president
had recommended: and what they { the
Republicans denounced. The tariff
bill, they claimed, was a strictly Re-
publican measure, and a measure for
which President Cleveland had not
asked.
! Mr.. Mcmillan asserted that there
was no need for additional revenue, as
the treasury statement showed cash
balance Of $4,000, 900.
Mr.. Dingley replied that $50, 600, 600
Of this was in greenbacks which had
not come in as revenue, but had been
redeemed. while on their face they
constituted part Of the cash balance
to pay them and would continue the
!: endless chain. The Republican plan
would provide for the expenses of the
government without encroaching on
the gold reserve or employing re-
deemed greenbacks. -
The reply of Mr. Dingley tc
Mcmillan that 1.-The Republican
plan would provide for the ex.
penses of the government without
encroaching on the gold reserve
or employing redeemed green
backs,' shows that it is the inten
ton to keep the greenbacks
locked up in the treasury.
Now look at the result of this
+ plan if carried out. Subtractine
the S70,000,000 Of legal tender
already in the treasury, we
have about $4OO,00O,O00 oil
greenbacks and Sherman bill
treasury notes outstanding
These 100000 will draw out
} 00,000,000 of gold. necessita
ting $400,00O,00O Of additional
bonds. The gold will Of course
be shipped out of the country
5 The $400,000,000 of legal tender
= will be retired. This will con
; tract our currency to the extent
: Of about S800,000,000, two thirds
:, Of our present scanty volume Of
money! What will we have left:
f Only our silver dollars and silver
certificates about $500,000,00(
possibly a $10O,000,00O of colo
and national bank notes. But il
takes more than that to keep u1
our bank reserve. Hence not {
dollar will be left among the PEG
pie outside of the bank vaults
? We sincerely hope they will
| inaugurate this measure. W.
& believe it is just the medicine this
country needs to cure it forever
| this Sherman Cleveland N oney
policy.
: If this policy is carried cut con
: gress need not pass any tariff bill
as the people will have no money
to buy goods for, nor to pay Gus
} tom dues with. If Uncle Sam
wants revenue he will have tt
B take it in kind, wheat, oats and
potatoes. like the ministers dur,
ING the middle ages.