The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1895-02-01
DELAY DANGEROUS
President Suggests Means For
Replenishing Gold Reserve.


Replenishing Gold Reserve.
Springer Comes to the Rescue With
Bill Embodying the Presidents Recon-
mendations.
WASHINGTON, Jan. 29.-President Cleve
land, in his message to congress, says tina
his former recommendations are INSULT
cient to meet the present conditions. The
emergency is so threatening that he asks
such prompt and effective action as will
restore confidence and avert business dis
aster.
He refers to the constant drain of gold
and says that 500000,000 notes are out
standing for which gold may be de
handed While he desires to see silver
recognized to such an extent as will be
consistent with financial safety, he is UNI
willing that gold should be entirely BAN
ished from the currency and finances.
In his opinion the secretary of the treas
ury should be authorized to issue bonds
for the purpose of maintaining a suffi-
Gent gold reserve and for the redenp-
ton of legal tender notes and treasury
notes issued for the purchase of silver I'M
der the law of 1890. The principal and in
terest of these bonds should be payNble in
gold, otherwise it might be difficult TO
dispose of them. He suggests that the de-
nominations of the bonds be $50 and $50
and their multiples; the interest not TO
exceed per cent. He sees no reason why
the bonds should not be payable in 50years.
He recommends that national bank
notes under $40 be cancelled and that sill
yer certificates exceeding SO be replaced
by smaller denominations. Import duties
should be paid in gold.
The president concludes by confessing
his reluctance to issue bonds if the results
will be no better than the late issues, and
expresses his determination to leave moth
ing undone which will improve the situa-
tion or check the suspicion of disability
to meet all national obligations
Springer Would Help.
Chairman Springer of the banking and
currency committee OF the house has in
troduced a bill to carry into effect the
of the presidents mes
sage. He has notified his committee to
meet today and consider the bill. The bill
is as follows:
An act to authorize the secretary Of the
treasury to issue bonds to maintain sufficient
gold reserve, and to redeem and retire United
States notes and for other purposes.
Be it enacted, that in order to enable the sec
rotary of the treasury to procure and main
tain sufficient gold reserve and to redeem
and retire United States legal tender notes
and treasury notes, issued under the act of
July IA, 1890, entitled IAN act directing the
purchase of silver bullion and the issue OF !
treasury notes thereon, and for other pur
poses," he is hereby authorized to issue ant
sell at not less than par in gold, except |
Is provided in section 2 of this act,
United States registered or coupon bonds, t
n denominations of $40 and $50 and multiples ,
If said sums, respectively, payable so years
lfter, in gold coin of the United States, of the
present weight and fneness, and bearing in
crest at a rate not exceeding per cent /
Der annum, payable quarterly in like I
,oin; and such bonds and the inter
,st thereon shall have like qualities
privileges and exemptions as the bonds issued
,nder the act approved July IA, 1870 entitled
An act to authorize the refunding Of the ma
ional debt" Such bonds may be sold and deliv.
red in the Uni cd States or elsewhere as may
,e deemed most advantageous to the interests
# the government.
Section 2-That whenever any United State
egal tender notes or treasury notes shall be
in gold they shall be cancelled and
lot ressued and the secretary of the treasury
s hereby authorized, at his discretion, to re.
GIVE United States legal tender notes and
reasury notes issued under the aforesaid act
# July IA, 1850, in payment for any of the
'onds issued near the preceding section of thi
ct and the notes 80 received shall be cancelle
nd not reissued.
Section 3-That hereafter national banking
may take out circulating ro5es in
,royi5a1 INV lou To =,
mount equal to the par value of the bonds de
osited to sec Ire the same. But this provision
hall not apply to any bonds now outstanding
earring interest at the rate of per cent only.
Section 4-That hereafter no national bank
otes of less denomination than $40 shall ba
sued, and rapidly as such notes of de
less than $40 shall be received into
ne treasury otherwise than for redemption
nd retirement, they shall be cane elled, and an
lual amount of notes of like character, but in
of $40 and null, olss thereof,
lall be issued in their places. All silver Ger
fcates now outstanding in denomination 6
rger than $40 shall, when received into tn, :
'easury, be retired and cancelled and silver
,rtificates in denominations less than $40 shall
3 issued in their stead. {
Section 5-That from and after July /, 1885, Z
duties ON imports shall be paid in gold only, '
Id all taxes, debts and demands, other tina
lties on imports, accruing or becoming due 1
the United States, shall be paid in gold and 8
liver coin, treasury notes, United States :
'tes. silver certificates or notes of national
INKS.
Section 6-That all laws and parts of laws in >
nsistent with the provisions of the prec9d- :
& sections be, and they are hereby, repealed; l
id sum sufficient to carry the provisions 81 a
is act into effect be, and the same is hereby, 1,
out of any money in the treasury h
It otherwise appropriated. 7
Plow Ran wild. l