The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-29
AVOID DELAY.
Presidents Means for Re-
plenishing the Reserve.
Springer Comes With a Bill Embody-
Ing the Presidents Ideas.

WASHINGTON, Jan. 29-Presidehe Geve-
land. in his message to congress, says THAI
his former recommendations are INSULT
oient to meet the present conditions. The
emergency is so threatening that he asks
such prompt and effective action as will
restore confidence and avert business dis
aster.
He refers to the constant drain OF gold
and Gays that 500.000,000 notes are out
Z ,anding for which gold may be de-
manded. While he desires 90 see silvei
recognized to such an extent as will DO
consistent with financial safety, he Is un-
willing that gold should be entirely BAN
ished from the currency and finances.
In his opinion the secretary of the treas
ury should be authorized to issue bonds
for the purpose Of maintaining sum
cient gold reserve and for tho redemp-
tion Of legal tender notes and treasury
notes issued for the purchase OF silver un'
der the law of 1890 The principal and in
terost of these bonds should be payable in
gold, otherwise 1t might be difficult to
dispose OF them. He suggests that the de-
nominations OF the bonds be $50 and soJ
and their multiples; tho interest not to
exceed per cent He sees no reason why
VII ntnus ououiQ Hob Dc phy yabtci IA w y c"A''
Ho recommends that national bank
notes under sl0 be cancelled and that sill
yer certificates exceeding tl0 be replaced
by smaller denominations. Import duties
should be paid in gold.
The president concludes by confessing
his reluctance 70 issue bonds II the results
will be no better than the late issues, and
Expresses his determination 10 leave moth
xv>r< fbo ctfna.
tion or check tho suspicion of disability
TO meet all national obligations.
CIeveland's Comment.
President Cleveland remarked yesterday
70 Democratic senator who called at tho
executive mansion that he had determined
to mako one more appeal to congress con-
cerning the gravity Of the financial situ-
ntion.
He did not know whether it would do
any good or have any effect, but it would
place the responsibility where IL belongs.
In his December message, he said, he di-
rsctcd the attention OF congress 20 the inn
portancc and urgency of legislation in tho
direction proposed by his special message
communicated yesterday.
No stronger appeal could have been
1nado than was contained in the annual
message sent to congress on tho first day
OF the session. He then said that IL was
perfectly and palpably plain that the only
way under present conditions by which
the gold reserve, when dangerously de-
plcted, can be replenlshed. is through the
Issue and sale of the bonds Of the govern
mcnt for gold.
There has been no change In the situa-
tion, so far as congress is concerned, since
A~< rxo 1oltyaraH
parent determination not 10 pass any
remedial legislation to relieve the condl-
tion Of the treasury. Now the situation
has become critical But judging from
the conversation of the extreme silver ad-
vocates In the senate and house, the appeal
again made by the president In behalf of
prompt action in the matter is not likely
TO have much weight or influence with
these representatives.
Springer Would Help.
Chairman Springer of the banking and
currency committee OF the house has in
troduced bill to carry into effect the
recommendation of the presidents mes
sage. He has notified his committee to
meet today and consider the bill. The bill
IS as follows:
An act % authorize the secretary OF the
gold reserve, and to redeem and retire United
States notes and for other purposes.
Be IL enacted, that In order 10 enable the sec
petary OF the treasury 10 procure and main
tain a sufficient gold reserve and 10 redeem I
and retire United States legal tender notes
and treasury notes, issued rnder tho act Of
July IA. 1850. entitled "An act directing the
purchase of silver bullion and tho issue OF
treasury notes thereon, and for other pur
poscs," he Is hereby authorized to issue and
sell at not less than par in gold, except
as provided IN section 2 of this act.
United States registered or coupon bonds
IN denominations OF $50 and $50 and multiples
Of said sums, respectively, payable 80 years
after, In gold coin OF the United States. OF the
present weight and fneness, and bearing in
tcrcst at rate not exceeding per cent
per annum, payable quarterly in like
coin; and such bonds and the inter
est thereon shall have like qualities
privileges and exemptions as the bonds issued
under the act approved July Ia. 1870, entitled
IAN act 10 authorize the refunding of the ma.
ojonal debt." Such bonds may be sold and deliy.
cred In the United States or. elsewhere as NAV
BE- deemed most advantayeou 70 the interests
Of the government.
Section 2-That whenever any United States
legal tender notes or treasury notes shall be
redeemed IN gold they shall be cancelled and
not reissued and the secretary OF the treasury
a hereby authorized, at his discretion 10 ~,
ceive United States legal tender notes and
treasury notes issued under the aforesaid ACT
Of July IA, 1850, In payment for any OF tho
bonds issuod near the preceding section OF this
oct, and the notes 40 received shall be cancelled
and not reisspod.
Section 3-rhat hereafter national hnr;Sine
associations may take out circulating o scs in
the manner now provided by Jaw, 20 an
amount equal 10 the par val ue Of the bonds de-
posted 70 secure the same But this provision
shall not apply 10 any bonds now outstanding
bearing interest at the rate of per cent only
Section 4-That hereafter no national bank
notes CT less denomination than $40 shall be
issued, and as rapidly as such notes of de-
nominations less than $40 shall be received into
the treasury. otherwise than for rcdemption
and retirement, they shall be cane slled, and an
equal amount of notes OF like character. but In
denominations Of $40 and multiples thereof.
shall be issued In their places. All silver Ger.
tincatce now outstanding In denominations
1arger than $40 shall, when received into tho
treasury, be retired and cancelled and silver