The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-01-28

Following two months, thus lndiSatiu5 Q
marked acceleration OF the oepletths
process with the lapse of time.
The obligations upon which this golo
has been drawn from the Treasury are
use in repaying the exhausting opera
ton with shorter intervals as our per-
| pleXitieS accumulate.
Conditions are certainly sEpeTvenina
i tending TO make the bonds which rlay
be issued to replenish our gold less Use
ful for that purpose.
An adequate g>ald reserve is in all cir
cumStanceS absolutely essential to the
upholding of our public credit and to
the maintenance OF our high national
character.
opinion concerning the extent to which
1 silver ought to be coined or used in our
currency. should interfere with the coun-
sells off those whose outy It is to rectify
! evils now apparent in our financial situ-
1 alton.
| They have to consider the question of
| national credit and the consequence
| that will fall from its collapse. What
| ever IDEAS may be insisted upon as to
1 silver or bimetallsm. a proper solution
OF the question now pressing upon us
only requires q recognition of gold as
I well as silver. and a concession of its
! Importance, rightfully or wrongfuily ac-
I quired, as a basis of national credit, a
necessity in the honorable discharge Of
| our obligations payable in gold and q
| badge of solvency.
! do not understand that the real
| friends of silver desire a condition that
might follow in action or neglect TO ap-
! preciate the meaning of the present ex-
: lgency of il should result in the entire
banishment of gold from our financial
and currency arrangements
/ OUR LIABILITIES.
| Besides the Treasury notes, which GER
tainly should be paid in gold, amounting
to nearly $500 O,0O0 there will fall due
the last year. for which have received
gold, and in 1907 nearly $780, 600 of "A
pei. cent. bonds issued in 1877.
Shall the payment of these obliga-
tions in gold be repudiated? If they are
to be paid in such a manner as the pres
ervation of our national honor and ma
tional solyency demands, We should not
! destroy, or even imperil, our ability to
supply ourselves with gold for that pur-
pose.
While I am not unfriendly to silver
and while l desire to see it recognized
to such an extent as is consistent with
financial safety and the preservation of
National honor and credit.
l am not willing to see gold entirely
banished from our currency and finances.
To avert such a consequence, I believe
thorough and radical remedial legisla-
ton should be promptly passed. I there
fore beg the Congress to give the sub
ject immediate attention.
Treasury should be authorized to issue
bonds of the Government for the pur-
pose of procuring and main taining a
sufficient gold reserve and the redemption
and cancellation of the United States
legal-tender, notes and the Treasury
under the law of July IA.
We should be relieved from the humil-
iating process of issuing bonds to pro=
cure gold, to be Immediately and re-
peatedly 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 because they should be sold only
for gold or its representative, and be-
cause there would now probably be diff
enlty in fasyorably disposing Of bonds
that the bonds be issued in denominations
of twenty and fifty dollars and their
nultiples, and that they bear interest
annun.
I do not see why they should not be
payable fifty years from their date. We
amounts to pay # We meet our obiiga-
tons, and long bonds are most saleabie.
The Secretary of the Treasury might
ceive on the sale of bonds the legal ten
der and Treasury notes to be retired,
and of course when they are thus re-
tired or redeemed in gold they should
FOR NATIONAL BANK DEPOSIT.
These bonds under existing laws could
be deposited by national banks as Sc
should be allowed to issue circulation
up to the face value of these or any
other bonds so deposited except bonds
outstanding bearing only per cent. in
terest, and which sell in the market at
less than par.
Natinal banks should not be allowed
to lake out circulating notes of a less
as are now outstanding reach the Treas
ury, except for redemption and retire
ment they should be cancelled, and
notes of the denomination of Sl0 and
I'm hai cfo Jxynr-
certificates of the denomination OF SO
and upwards should be replaced by GER
AS constant means for, the. nlainte
the Treasury, our duties on imports
should be paid in gold, allowing all other
dues to the Government to be paid in
sSoad e Be in eaTe oaT sW sVg
en Of are to sosnd enpy emPts eondon
currency scheme providing. for the in
through the agency enc efFeNSas Of Naona on esam ssate
banks, since they can easily be adjusted
to such a scheme. Objection has been
obligations for the purpose of retiring
me nosl-interest-bearing, legal-tender
notes notes In point Of fact, however, these
load of interest, and it is still accumu-
THE INTEREST CHARGE.
The aggregate interest on the original
issue OF bonds, the proceeds of which
in gold constituted the reserve for the
payment of those notes, amounted TO
Sc, 20O on Jan. ] 1895, and the annual
charge for interest on these bonds and
those issued for the same pdlaposse
dating from Jan i, 1896
While the cancellation of these notes
would not relieve US from the obliga-
tons already incurred on their account,
these figures are given. by way. of sug-
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 be-
come.
fess. my reluctance to issuing more
bonds inpresent circumstances, and with
no better results than have lately fol-
lowed that course.
l cannot, however, refrain from add
ing to an assurance of my anxiety to
in any reasonable measure of relief an
expression of my determination to leave
nothing undone which furnishes hope
for improving the situation or checking
a suspicion of our disinclination or dis
ability to meet with the strictest honor
every national obligation.
GROVER CLEVELAND.
The Executive Mansion, Jan. 2S, 1895.
Mr.. Springer, Dem, Hid today intro
duced in the House bill designed to
carry off the recommendations of the
President in his message. The bill pro-
vides for the issue Of three per cent.
bonds, payable in gold, fifty years after
l,to. for +ba ralaroyt;oy, ,,,d oopoolIo