The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1895-01-31

Il
| upon the revenues Of the government
Changed conditions have attracted Their
attention 20 the gold Of the government.
There need be no fear that We cannot pay our
! current expenses with such money
| we have. There is now In the treasur
comfortable surplus Of more than $50.
100000, but II is not in gold, aud there
lore, docs not meet our difficulty.
THE SILVER QUESTION.
| cannot SEQ that differences Of opinion
| concerning tho extent to which silver ought
TO be coined or used In our currency should
Interfere with the couusels OF those whose
duty II Is TO recufy evils now apparent in our
financial situation. Thoy have TO consider
the question Of national credit and the gon.
sequences that will follow from its collapse.
Whatever IDEAS may be insisted upon as 10
silver or bimetallism. proper solution OF the
question now pressing upon us only requires
recognition OF gold "a well as silver and a
concession Of its importance. rightfully
or wrongfully acquired. as a basis OF ma
tionnl credit, necessity in the honorable
discharge Of our obligations payable in gold
and badge OF solvency. | do not under.
stand that the real friends of silver desire q
condition that might follow inaction or neg.
lect TO appreciate the meaning Of the present
meaning Of the present cxisuncy ii II should
result IN the entire baniehmoLt OF gold from
our financial and currency arrangements.
Besides the treasury uotes. which certainly
should be paid In gold, amounting to nearly
$500. .O00,0 600, there will fall duo In 1gOi 500
UO0,OO0 Of bonds Issued during the last year
Tor which we have received in gold, and IN
1907 nearly SG0J.0O 90 Of ror cont bonds
issued In 1877. shall tho payment of these
obligations in gold be rcpudutcd? II they
are 10 be paid in such n manner as the pres.
crvntion Of our national honor aud national
solycncy demands, we should not destroy or
'mPeril our ability to supply ourselves with
gold for that purpose.
Whilo | am not unfricndly 20 silver. AMI
while desire % s'c IL recognized ~ such au
extent rs il consistent with financial safety
and the preservation Of national honor uu'
credit, nm not willing TO see gold entirely
banshed from our currency and finances. !,
avert suce consequence. | believe thorough
and radical remedial legislation should be-
promptly passed.. therefore beg the Con.
gress 70 give the subject immediate attention
POWER TO ISSUE bonds.
In my opinion, the secretary Of the treas.
ury should toe authorized to issue bonds Of
the government 'or tho purpose Of procuring
and maintaining sufficient gold reserve and
the redemption aud cancellation oithe United
States legal tender notes and the treasury
notes issued for tho purchase OF silver under
the law Of July "a, 1899. We should be- re-.
lievod from the Illuminating process Of issuing
bonds to procure gold 90 be Immediately aud
repeatedly drawn out on these obligations
Tor purposes not related u the benefit Of our
government or our people Tho urinrspnl
and interest OF these bonds should bc unvahlc
on their face in gold. because they should be-
sold Only for gold or it, representative and
because there wOpld now probably be- dim.
Guilty In iavorably disposing Of bonds not
containing this stipulation. ] suggest that
tho bonds bo issued in denominations OF %
and 80 dollars and their mutiples and that
they bear interest at a rate not exceeding
per cent. per annum. | do not sec why they
should not be payable 80 years from their
date. We OF the present generation have
largo amounts 70 pay II we meet our obliga.
tions, and long bonds are most salable The
secretary Of the treasury might well be per.
mitted NJ his discretion to receive on tho
sale Of bonds the legal tender and treasury
notes to DO retired, and, OF course, when they
are thus retired or redeemed in gold they
should be cancelled.
These bonds. under existing laws, could
be deposited by national banks us security
for circula,ion and such banks should be al
lowed to issue circulation up to the face
value OF these or any other bonds so deposit
ed, except bonds outstanding bearing only
2 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 Sl0 aLJ
rhen such Rs are now outstanding reach &c
except for redemption and retire.
ment, they should be cancelled and notes Of
the denomination Of $40 and upward issued
in their stead. silver certificates OF the de.
nomination Of Sl5 aud upward should bo rc.
placed by certificates Of denominations under
$40
As n constant means for tho maintenance
Of reasonable supply Of gold in the treasury
our duties on imports should be paid IN gold
allowing all other dues 10 tho government 20
be paid ia any other form OF money.
THE GEEESBACK BURDEN.
believe all the provisions / have suggested
should bo embodied in our laws II We arc 10
enjoy Il complete reinstatement Of sound
Gnancial condition. Tncy 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 Oo adjusted To such a scheme.
Objection has been made TO the issuunce OF
interest bearing Obligations for the purpose
of retiring tho uon-iutcrcst bearing legal ten
der notes. In point OF fact however, these
notes havc huriunCd us with large load Of
interest and is stll accumlatins. Tho aggro,
gate interest on the original issue OF bonds,
the proceeds Of which in gold constituted the
reserve for the payment Of these notes
amounted 10 $40, 32G, $50 on January /, 1875
mud the annual interest on these bonds and
tn lse issued for tho samc purpose during the
last year will Uc s0,lij,0JO, dating from Jan
uary ], 1898.
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 thcir cxis.
Ience has not boon free from interest charges
and that the longer they are outstanding
Judging from the experience OF last year the
more expensive they will become.
Iu conclusion, desire TO frankly confess
my reluctance to issuing more bonds IN pre-.
sent circumstances aud with no better results
than have lately followed that course. can
not. however, ro!rgln adding TO an assurance
Of my anxiety 10 cooperate with the present
Congress ia auy reasonable measure oi relief,
an expression Of my determination to leave
nothing undouo which furnishes hope for
improving the situation or checking a suspi-
ciOn of our disinciAHtiou or disability to |
meet with tho strlc,St honor every national
obligation.
GROVER CLEVELAND
The Executive Mansion, January -, 1895.