The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-02-08

0cunseH % hcse whose duty II ts
IN rectify evils now apparent m
oar financial situation. They have 20
consider the question OF national credit ina
the consequences that will follow frea its e6i-
lapse Whatever ideas rce- De insisted upon
ss 20 silver or hin2atalis1n, proper solution OF
the question now pressing upon US only re-
quires a recos airl6n OF gold % well ss silver,
ana . concession OF is Importance. riGhtfuIly
or wrensfuliy ocdEired, as a basis OF national
credit, . necessity In the honorable discharge
Of our obligations payable ia gold and badge Of
sOlvency. I do not understand that the real
friends OF silver desire q condition that might
follow lnaction or neglect TO appreciate the
meaning OF the present EFFICIENCY, il IL should
result in the entire beniShtnent of gold from
our financial and currency arrangements.
Bes.des the treasury notes, which certainly
should he paid In gold amounting to nearly
S5c00OO COO, there viii fall due IN 1904 400 Cuo-
600 Of bonds issuEd during the last year, for
which We have received gold, and in 1907 near
II s60O, 10000 OF 4-per-cent bonds Issued in
1877. Shall the payment Of these obligations
In gold be repudisted9 II they are TO be paid
in such Elanher as tho preservation Of our
national honor and national solvency demands,
we should not destroy or even imperil our
ability TO supply ourselves with gold for that
purpose.
While am not unfriendly TO silver while /
desire to see il recognized 70 such an extent 90
Is consistent with financial SAFETY 6nd the
u
not willing to see gold entirely banished from
our currency and finances To avert suoh
consequence believe thorough and radical
remedial Legislation should be promptly
passed Therefore beg the congress to give
the subject immediate attention. In my opln-
lon the secretary Of the treasury should be auA
thorized to issue bonds Of the government fot
the purpose Of procuring and maintain
ing q sufficient gold reserve and the
redemption and cancellation OF the United
states legal tender notes and the
treasury notes Issued for the purchase Of sill.
yer under the law Of July IA, 1899 We shOule
be relieved from this humiliating process Of
Issuing bonds 70 procure gold TO be immedi.
ately end repeatedly drawn out on these obli-
gat!ons for purpose not related 70 the benefit
OF our government or people. The principal
and interests of these bonds should be payable
OF their face in gold, because they should be
sold for gold its representative, and be-
cause there would now probably be DIM
Guilty In favorab-y disposIng OF bonds
not containing thls stipulation.
suggest that the bonds be issued In denomi-
nations Sc so and $50 and their multiples and
that they pear interest ct a rate not exceeding
8 per cent per snnum. 1 do not see why they
should nOs be PAYABLE fifty years from their
date. We OF the present generation have large
amounts TO pay II we meet our obligations and
long bonds are most salab The secretary Of
the treasury might well be permitted OF his
discretion to receive on the sale OF bonds
the legal tender and treasury notes TO be re-
tired. and OF course, when they are thus retired
or redeemed In gold, they should be
Cancelled These bonds under existing
laws could bo deposited by national
banks as security for circulation; and
such banks should be allowed TO issue cir
cuiation up to the face value Of these or any
other bonds so deposited except bonds cut
standing bearing only > per cent. interest, and
which sell in the market nt less than par.
out circulating notes OF less denomination
than $40, and when such are now outStaAd-
ing reach the treasury, except for redemption
and retirement, they should be Cancelled and
notes OF the denomination OF $40 and upward
issued il their stead. Silver certificates Of the
denomination OF $40 should be replaced by GER
tifcates Of denominations under $40.
As constant means for the maintenance Of
q reasonable supply Of gold In the treasury our
duties OF the imports should be paid in gold,
all other dues to the government to be paid in
any other form of money.
believe all the propositions I have suggest
ed should be embodied in our laws IL we are 70
enjoy complete reinstatement Of O sound
financial condition They need not interfere
with any currency scheme providing for
the increase of tae circulating me-
dium through the agency OF
tional or state banks, since they
can easily be adjusted on such
a scheme. Objection has been made
to the issuance OF intereSt-beRring obliga-
tiOns for the purpose Of securing the non-iR.
terest-bearing notes. IN point of fact how
ever, these notes have burdened us with large
load OF interest, and it Is still accommodating.
The aggregate interest on the original issue Of
bonds the proceeds Of which In gold con-
stituted the reserve for the payment Of these
notes, amounted TO S7O.338 .250 on January l.
1898, and the annual charge for interest on
these bonds, and those issued for the same
purpose during the last year, will be s., ,145 900,
dating from January /, 1885
While the cancellation OF these notes would
relieve US from the obligations already In
CURED on their account, these figures are given
by way of suggesting that their existence has
not been free from interest charges, and that
the longer they are outstanding, judging from
the experience Of the last year, the more ex-
pensive they win become.
In conclusion 1 desire 80 frankly confess
my reluctance TO issuing more bonds In
present circumstances, and with 10 bet
ter results than have lately ac-
companied that course can not,
however, refrain from adding to an assurance
OF my anxiety to cooperate with the present
congress in any reasonable measure OF relief
in expression Of my determination 20 leavs
nothing undone which furnishes a hope for i'm
proving the situation checking a suspicion
of our disinciinatiOn and desirability TO meet
with the stricteSt honor every national obliga-
tion.
ISignedl GROVER CLEvEIAED
Executive Mansion, January 2S, 1898