The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-02-08


an not willing to zee gold entirely banishsd
from eur eusfeaey and finances. To avert
such consequence. believe thorough and
radical remedial legislation should be
promptly passed. therefore beg congress
to sivs the suhjsct immediate stteation.
The PFssiaent's Recommendations
IN ny opnlea the secretary Of the treas.
ury should be authorised 70 issSe' bonds OF
the government for the purpose Of procuf.
serve end q redemption and cancellation Of
the Unitsd States legal tender notes and
the treasury notes issued for the purchase
Of silver under the law Of July u. $50.
We should be relieved from the humillatinS
process Of Issuing bonds to procure gold to
b Immediately and repeatedly drawn out
on these obligations for purposes not re-
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 because there
would now probably be diiiculty In favor
ably disposing Of bonds not containing thls
issued In denominations Of 80 and 80. and
their multples, and that they bear inter.
est at . rate not exceeding 8 per cent per
annum. do not see why they should not
b payable dfty years from their dates. We.
OF the present generation, have large
amounts to pay II We meet our obligations.
and long bonds are most salable. The Sec
rotary Of the treasury might well bs per.
mltted at his discretion TO receive on the
sale Of bonds the legal tender and treas.
ury 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 b
deposited BY national banks - security
for the circulation. and such banks should
m ~ ~ Mn tn ho
face value Of these OF any other bonds 20
deposited. except bonds outstanding hear.
ing only 2 per cent interest, and which sell
In the market at less than par. National
banks should not be allowed to take out
circulating notes Of q less denomination
than go. and when such - are now out
standing reach the treasury, except for re-
demptaon and retirement. they should be
cancelled and notes Of the denomination Of
$40 and upwards issued In their stead. Sill
yer certificates Of the denomination Of SO
and upwards should be replaced BY eertid-
Gates Of denominations under $40. Az con.
slant means for the maintenance Of
reasonable supply Of gold In the treasury
eur duties on Imports
Should he Paid In Geld,
allowing all other DIES to the govesnment
to be paid In other form Of money. be-
lieve oil the provisions I have suggested
should be embodied In our laws II We are
to enjoy Q complete reinstatement OF
sound financial condition. They need not
intsrfers with any currency scheme provld.
Ing for tho increase Of the circulating me-
dium through the agency Of the national
Of state banks since they can easily be
adjusted to such scheme. The objection
has been made to the issuance Of interest.
bearing obligations for the purpose Of re-
firing the non.interest bearing legal tender
notes. In point Of fact, however, these
notes have burdened ~ with large load Of
interest, and 1t 10 still accommodating. The
ssEresats 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 sc, 0,826. $50 on
Jan. I. 1905. and the annual charge for In.
terest on these bonds and those issued for
the same purpose during the last year will
be S9.145 900. dating from Jan. 1. 1895.
While the cancellation Of these notes
already incurred on their account. these
ngures are given BY way Of suggesting that
their existence has not been free from In.
terest charges. and that the longer they are
outstanding. Judging from the experience Of
the last year. the more expensive they will
become.
In conclusion, I desire to FRANKLY confess
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 the present congress in any
reasonable measure Of relief, an expression
Of my determination to leave nothing un.
done which furnishes hope for improving
the situation or checking q suspicion Of
our disinclination or disability to meet with
the strlctest honor every national Obligation
Grover Cleveland.
Executive Mansion. Jan. 2e. 1906