The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1895-02-01

A Gold Bond Message.
President Cleveland has sent to congress
a message on the financial question. it,
main features are here given:
Whatever may be the merits of the plan out.
existing and as a safeguard against the depie.
ton of the gold reserve then in the treasury. I
am now convinced that its reception by the
financial perplexity necessitates additional OF
different legislation.
Lack Of confidence grows to some extent out
attending the government, under existing laws.
to procure gold and to a greater extent out Of
the impossibility Of either keeping in the treas
ury or cancelling obligations BY its expenditure
The only way possible to the government for
procuring gold is by the issue and sale Of bonds.
The only bonds that can be issued were author.
lied nearly twenty-five years ago. and are not
we'll calculated to meet our present needs.
Among other disadvantages they are made pay
which, in existing conditions. detraets largely.
and in an increasing ratio from their desira-
bility as investments 1t is by M means certain
that bonds of this description can much longer
be disposed of at price creditable to the inan-
cial character OF ONr government.
The most dangerous and irritating feature OF
toned. 1t is found in the means by which tho
treasury is despoileti Of the gold thus obtained.
without cancellng a single government obli9a-
ton and solely for the benefit OF those who find
profit in shipping it abroad. or whose fears in
duce them to hoard it at home.
We have outstanding about five hundred mil
Whsh soa san be Sns
enough, the law requires that when presented
and. in fact, redeemed and paid in gold. they
shall be re,ssGsd Thus the same notes may ="
treasury; nor can tho process be arrested az
long as private parties who profit otherwise
see an advantage e in re 6epsatins the operation
have already been redeemed in gol1 and, not
withdrawing such redemption. they are still
o ont Since the i:th day Of 3nnpnaIy.
increased $10O,00O0 900 for the purpose OF obtain
ing gold to replenish our coin reserve. Two is
one in January and another in November. As
a result Of the first issue there realized some
thing more than s5s.OOO.OOO in gold. Betv cen
that issue and the succeeding one in November,
comprising period Of about ten months nearly
Sl03, OOOO 900 in gold was drawn from from tho
treasury. This made the second issue ncccs-
sary. and upon that more than SIS 900 in gold
Between the date of this second issue and the
present time, covering period OF only about
two months. more than S69OOCO0 in gold were
expended without any cancellation OF govern
ment obligations, or in any permanent way ben
cftting our people, or improving our pccuniary
sruation. III .;
stances absolutely essential to the uphOlding OF
our public credit and to the maintenance OF our
high national character.
Our eoia reserve mas again Ieaeneu sIvn .
stage OF dimlnutlon as 10 require its specify en-
fOrcement.
It will hardly do to say that a simple increase
hension now existing and constantly increasing
as to our financial ability, does not rest upon
calculation OF our revenue Inc time mas passcu
when the eyes OF investors abroad anu our psoPio
at nome we're nHed upon the revenues Oh TINS
government: Changed conditions have attracted
their attention to the gold OF the government.
There need be no fear that we cannot pay our
current expenses with such money as we have.
There IL now IN the treasury comfortable sur
plus OF more than $E;,UooOO' but It Is not IN
gold and therefore does not meet our di,-.cuitS
yer or bimetallism, Il proper solution OF tho
question now pressing upon us only requires
Iecognitl3n OF gold as wen Us sveL anu coli
fully acquired, as a basis OF national credit, u
necessity In the honorable discharge OF our
obligations payable In gold ana q oadge OF
Besides the treasury notes which certainly
should be paid IN gold, amounting TO nearly
5ONO,OO OF dollars there Will fall due IN las'
one hundred millions OF bonds issued during the
last year for which we have received gold ana
IN l9Oi nearly 6O millions OF per cent D0hds
issued 1877; Shall the payment OF these ooiiGa-
paid in such manner as the preservation
of our national honor and soivency demands'
We should not destroy, or even lmperii our aoii-
ity to supply ourselves with gold for that pur-
pose.
In my opinion the secretary OF the treasury
should be authorized to issue bonds OF the gov
eminent for the purpose OF procuring and NAM
tanning a sufficient gold reserve Tor the redemp-
ton and cancellation OF the United states
legal tender notes and the treasury notes lssueu
for the purchase OF silver under ;I tne law
OF July IA, 1SO. We should he reiieved1rom
the Illuminating process OF issuing Don,is 10 pro-
cure gold Immediately and repeatedly Drawn
out on these obligations for purposes not reiated
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. or its repre-
sentative, and because there would now prob.
ably be difficulty in favOrably disposng OF
bonds not containing this stipulation. J sug-.
gest that the bonds be issued in denominations
of twenty and fifty dollars and their multiples,
and that they bear interest at a rate not ex-
cecding per cent per annum. do not see why
large amounts to pay If we meet our obligations
and long bonds are most saleable.