The Irish standard., 1895-02-02
THE IRISH srANDARD: SATURDAY. FEBRUARY 2


relieved from the humiliating process OF issu-
ing 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. be-
cause they should be sold only for gold or its
representative and because there would
now probably be din1cul,y in favorably dis
posing Of bonds not containing this stipulation
l suggest that the bonds be issued in denom-
nations Of SEQ and $50 and their multtples. ana
that they bear interest at rate not exceeding
3 per cent. per anaum.
Payable In Fifty Years
l do not see why they should not be pay
able fifty years from their dates We Of
the present generation have large amounts to
bonds are most salable. The secretary Of
the treasury might we'll be permitted at his
discretion to receive Oh 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 Cancelled.
These bonds, under existing laws could
be deposited by national banks as security
for circulation, and such banks should be
allowed to issue circulation up to the face
value OF these or any other bonds 80 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
less denomination than $40. and when such as
are now outstanding reach tho treasury, except
for redemption and retirement, they should be
cancelled and notes Of the denomination Of $40
and upward issued In their stead Silver eer-
tlfcates OF the denomination Of 30 End up
ward should be replaced by certificates OF de-
nominations under $40
AS constant means for the maintenance OF
q reasonable supply Of gold In the treasury
our du.ies on imports should be paid in gold.
allowing all other dues to the government to
be paid In any ether form OF money.
Urges Adoption of the Plan.
believe all the provisions have suggested
should be embodied in our laws II we are to
enjoy complete reinstatement of sound
financial condition. 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 adjusted to such q
scheme Objection has been ,nade to the ssu-
ance OF interest bearing obligations for the
purpose OF retiring the Notwithstanding
legal-tender notes.
In'point OF fact however. these notes have
burdened us with large load OF interest and
1t Is still accommodating. The aggregate in
terest on the original issue Of bonds, the
proceeds of which In gold constituted the
amounted to $40 3cezb0 on January l, 1898, and
the annual charge for interest on these bonds
and those issued for tie same purpose during
the last year will be 60 i45 0oO dating from Jan
uary /, 1885
While the cancellation Of these notes would
not relieve US from the obligations already
incurred on their account, these figures
are given by way OF suggesting that their ex-
lstence has not been free from interest charges
and that the longer they are outstanding,
Judging from the experience Of the last year,
the more expensive they will become.
In conclusion, I desire to frankly confess
my reluctance to issuing more bonds In pres
ent circumstances and with no better results
than have lately followed that course. T
cannot, however refrhtn from adding to an
assurance Of my anxiety to cooperate with
the present congress in any reasonable meas
ure OF relief an expression Of my determine
ton to leave nothing undone which furnishes
q hope of improving the situation or check
ing suspicion CT our disinc]inat'on or IN
ability to meet with the strictest honor every
national obligation. GROVER CLEVELAND
The Executive Mansion. January 20, 1895.