The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-02-02

snder the law OF July IA. 1890 We should DO
relieved from the hpmiliating process OF issu-
Ing bonds 20 procure gold 20 DO Immediately
and repeatedly drawn out on these opllgAuVns
for purposes not related 70 the gpenent Oh Our
government or our people
should be payable on their .face In gold be-
cause they should DO sold only for gold or us
representative and because there would
now probably be dinicul.y In fsvorably dis
posing OF bonds not containing this stipulation
suggest that the bonds be issued In denom-
nations OF $50 and $50 and their multiples, and
that they bear interest at rate not exceeding
per cent per anaum.
Payable in Flfty Years
do not see why they should not DC pay
able Atty years from their dates. we OF
the present generation have large amounts 10
pay II we meet our obligations and long
bonds are most salable The secretary OF
the treasury might well be permitted &C his
discretion 20 receive on the sale OF bonds the
legal tender and treasury notes 20 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 10 issue circulation mp 20 the race
value OF these or any other bonds so deposited,
except bonds outstanding bearing only
per cent interest ana which sell IN the marHet
al less than par National banks should not
be allowed 10 take out circulating notes OF
less denomination than slO, and whom such as
are now outstanding reach the treasury except
FOR redemption and retirement, they should DC
cancelled aud notes OF the denomination OF SiV
and upward issued In their stead. silver GER
tlncates OF the denomination OF $40 ana up
ward should b. replaced by certificates OF de-
nominations under $40
As constant means for the maintenance OF
n reasonable supply OF gold IN the treasury
N..,. .l... IN
allowing al other dues to4the government 10
be paid IN any other form OF money.
Urges Adoption of tho Plan.
I believe all the provisions have suggested
should be embodied IN our laws II we are 10
enjoy complete reinstatement OF souno
financial condition They need not interfere
with any currency scheme providing TOT
tho Increase OF tho circulating medium
through the agency OF national or state banks
since they can easily be adjusted TO such
scheme Objection has been iuade 10 the issu-
ance OF lntoreSt-bearing obligations for the
purpose Of retiring the MISUNDERSTANDING
| legal-tcnder notes
In.polnt OF fact however. these notes have
/ burdcned us with large load OF interest ana
I Il Is stlll accommodating. The aggregate IN
4 terest on the original Issue OF bonds the
| proceeds OF which In gold constituted the
\ reserve for the payment OF these notes.
amounted 20 $40, S2osS0 on January !, 1895. ana
the annual charge for Interest on those bonds
and those issued for the same purpose during
| the last year viii be o. 1900 dating from jan
uary I. 1898.
While tho cancellation of these notes would
i not relieve us from the obligations already
incurred on their account, these figures
are given by way of Suggesting that their ex-
i istence has not beon free from interest CHARGES
and that She longer they are outstanding
i judging from the experience OF the last year,
the moro expensive they will become.
In conclusion. desire 90 frankly confess
my reluctance 20 issuing more bonds In pres
! ent circumstances and with no better results
! than have mtoly followed that course. |
cannot however, refrain from adding 70 an
| assurance OF my anxiety 60 cooperate with
the present congress in any reasonable meas
ure OF relief an expression OF my determine
| lion 10 leave nothing undone which furnishes
hope OF improving the situation or check
ing a suspicion Of our disinclination or IN
| ability 60 meet with The strctest honor every
| national obligation. GROVER CLEVELAND
The Executive Mansion January % 1893