The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-01-29

able on their face In gold, because tney
should be sold only for gold or Its repre-
sentative, and because there would now
probably be difficulty In favcrably dispos-
ing Of bonds not containing this stipula-
tion. Isuggest that the bonds be issued
In denominations Of $50 and $50 and their
multiples, and that they bear interest at a
rate not exceeding per cent. per annum.
do not SEQ why they should not be pay
able fifty years from their date. We Of
the present generation have large amounts
to pay II we meet our obligations, and
long bonds arc most salablo. The secre-
tary of tho treasury might well be per-
mitted, at his discretion, to receive on the
sale Of bonds the legal tender and treas
nry 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
allowed to issue circulation up to the face
value of these or any other bonds so depos-
tied except bonds outstanding bearing only
per cent interest and which sell in the
market at less than par. National banks
should not be allowed to take out oircu-
.lnting notes of less denomination than
So and when such as are now outstand-
ing reach the treasury, except for redemp-
ton and retirement, they should be can
celled and notes of the denomination of
$40 and upwards Issued In their stead. Sill
yer certificates of the denomination of $40
and upwards should be replaced by GER
tlflcates of denominations under $40.
As constant means for the maintenance
of reasonable supply of gold in the treas
ury our duties on imports should be paid
in gold, allowing all other dues to tho
goyerezaent to be paid in any other form
of zoDsy.
believe all the provisions I have sug-
Fested should be embodied in our laws IL
we are to enjoy q complete reinstatement
Of sound financial condition.
Burdened with q Load of Interest.
They need not interfere with any cur
rcncy scheme providing for the increase Of
the circulating medium through the
Agency Of national or state banks, since
ecy can easily BIO adjusted to such
scheme Objection mas peen made to the
issuance of interest bearing obligations for
the purpose of retiring the non interest
bearing legal tender notes In point Of
fact, however, these notes have burdened
us with large load Of interest, and it is
still accommodating. The aggregate inter
est on the original issue of bonds, the pro-
cceds of which in gold constituted the re-
serve for the payment Of these notes,
amounted to SO, S26, $50 on Jan /, 1895,
and the annual charge forinterest on these
bonds and those issued for the same pur-
pose during the last yenr will be 50, l45, 900,
dating from Jan. /, 1895.
While tho 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 their existence has not been free from
interest charges, and that the longer they
are outstanding, judging from tho expcr-
fence of the last year, the more expensive
they will become.
In conclusion L desire to frankly con-
fess my reluctance to issue more bonds in
present circumstances and with no better
results than have lately followed that
course. cannot, however, refrain from
adding to an assurance of my anxiety to
cooperate with tho present congress in any
reasonable measure of relief, an expression
of my determination to leave nothing I'M
done which furnishes hope for improv-
ing the situation or checking a suspicion
of our disinclination or disability to meet
with tho strictest honor every national OBJ
legation. GROVER CLEVELAND.
Executive Mansion Jan. 2S 1896.
Immediately after the message was read
In the house Mr.. Springer offered bill
designed to carry the recommendations
into effect. The bill was referred to the
banking and currency committee. In the
senate the message was sent to tho
finance committee.
There is some doubt whether tho house
committee on banking and currency will
agree to report the bond bill to the house
at once The Democrats Of the commit
tee are divided in their views on all hnan-
cial legislation, and some Of them are IT.
revocably opposed to bond issues. Ono
member who favors the presidents plan
says that he does not believe more than
four or five Democrats on the committee
will vote for it. The balance Of power,
accordingly, rests with the Republicans in
the committee as 1t does in the house.
Chairman Springer believes that Repub-
licans will vote to report the bill, and will
aid tho Democrats in the house to pass 1t.