Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1895-02-08

OF the United States legal tender notes and
the Treasury notes issued for the purchase OF
silver under the law of July Il
We should be relieved from the humilia-
ting process OF issuing bonds to procure
gold, to be Immediately and repeatedly
drawn out on thess obligations for purposes
not related to the benefit OF our Government
or our people.
The principal and int crest of these bonds
should be payable on their face in gold be-
cause they should be sold only for gold or
its representative, and because there would
now probably be difficulty In fayorahly dis
posing of bonds not containing the stipula-
ton. I suggest that the bonds be issued In
and their multiplies, and that they bear In
terest at a rate not exceeding three per cent.
per annu N.
do not see why they should not be pay
able fifty years from their date. We of the
present generation have large amounts to
pay if we meet our obligations. and long
bonds are most slleable. The Secretary OF
the Treasury might we'll be permitted at his
discretion to receive on the sale OF bonds
the legal tender and Treasury notes to be
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 as security for
circulation. and such banks should be al
lowed to issue circulation up to the face
tied except bonds outstanding bearing only
two per cent. interest, and which sell in the
market at less than par.
National banks should no. be allowed to
take out circulating notes of a less denomtna-
ton than SO, and when sTch as are now
outstanding reach the Treasury, except for
redemption and retirement, they shoG-i be
cancelled, and notes OF the denomination 0!
SIC ard upwards Issued il their stead
Silver certificates o. the denomination Ct
n do 1hn ha h.y
tificates C denominations under $40.
AS constant means for the maintenance
of a reasonable supply OF goldiin the Treas
ury, our duties on imports should be paid
in gold, allowing ell other dues to the Gov
eminent to be paid in any other form OF
money.
1 believe all the provisions I have sug-
gested should be embodied in our laws, five
are to enjoy a complete reinstatement Of
sound financial condition.
They need not interfere with any currency
scheme providing for the increase of the
circulating medium through the agency OF
National State banks, since they caE
easily be adj usted to such scheme. Obiec-
ton has been made to The issuance Of irter-
est-bearing obligations for the purpose of re-
firing the non-int crest bearing legal tender
notes. In point OF fact, however, these notes
have burdened US with a large lead OF inter
est and i. IS still accommodating.
The aggregate interest on the original
issue OF DOnuS, tue pfOceeuS OIL WHICH III SOiti
constitute the reserve for the payment OF
those notes, amounted to $40, 1926, 25e on
January /. 1895, and the annual charge for
interest on these bonds and those issued for
the same purpose during the last year will
be $9,145, 900, dating from January /, 1895.
While the cancellation of these notes
would not relieve US from the obligations al
ready incurred on their account, these fig
ures are given by way OF suggesting that
their existence has not been free from inte--
est charges, and that the longer they are
outstanding, judging from the experience OF
the last year, the more expensive they will
become.
In conclusion, desire to frankly confess
my reluctance to issuing more bonds in
present circumstances and with no better
results than have lately followed that course.
Icannot, however, refrain from adding to
an insurance of my anxiety to cooperate
with the present Congress in any reasonable
measure Of relief, an expression OF my de-
termination to leave nothing undone which
furnishes hope for improving the situation
or checking suspicion Of our declinat1on
or disability to meet with the strictest honor
avery National obligation.
GROVER CLEVELAND.
The Executive Mansion, Jan. %. 1895.