Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-02-02

Shall the payment OF these obligations in gold
be repudiatedY II they are to be paid In such
n manner as the 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 unfricndly to silver; while l
desire to see 1t recognized to such an extent as
Is consistent with financial safety and the
preservation OF the national honor and credit,
1 am not willing to see gold entirely banished
from our currency and finances To avert such
n consequence l believe thorough and radical
remedial legislation should be promptly passed.
therefore beg the congress to give the subject
immediate attention.
In my opinion the secretary OF the treasury
should be authorized to issue bonds of the gov
ernment for the purpose of procuring and
maintaining n sufficient gold reserve and the
redemption and cancellation OF the United
States legal tender notes and the treasury
notes issued for the purchase OF silver under
the law of July IL, 1900 We should be relieved
from the humiiating process OF issuing bonds
to procure gold to be Immediately and repeat
edly drawn out on these obligations for pur-
posesnot related to the benefit of our govern
ment or our people. The principal and inter-
est 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 difficulty in fa-
voraoly disposing OF bonds not containing this
stipulation. suggest that bonds be issued in
denominations OF $40 or $50 and their multiples,
| and that they bear interest ut rate not ex-
ceeding per cent per annum. I do not see
why they should not 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 saleable. The secretary
OF the treasury might well be permitted at his
discretion to receive on the sale OF bonds the
legal tender and treasury notes to be retired
and. of whan thpy thuQ rntirad
redeemed in gold they should be cancelled.
These bonds under existing laws could be de-
posted by national banks security for circu-
lation; and such banks should be allowed to
| issue circulation up to the face value OF these
or any other bonds so deposited except bonds
outstanding bearing 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 a less denomination
than ten dollars, and when such as are now
| outstanding reach the treasury, except for re-
demption and retirement, they should be can
celled and notes OF the denomination OF ten dol
| lars and upwards issued in their stead. Silver
certificates of the denomination of ten dollars
| and upwards should be replaced by certificates
| OF denominations under ten dollars.
| AS n constant means for the maintenance OF
| o reasonable supply OF gold in the treasury our
duties on imports should be paid in gold, al
| lowing all other dues to the government to be
paid in any other form OF money.
| believe ali the provisions have suggested
should be embodiedtn cur laws II we are to en-
| Joy complete reinstatement OF q sound finan-
cal condition. They need not interfere with
any currency scheme providing for the increase
| of the circulating medium through the agency
of national or state banks, since they can easi-
| ly be adjusted to such a scheme. Objection has
| been made to the issuance Of interest-bearlng
obligations for the purpose OF retiring the non
| interest bearing legal tender notes.
| In DOlnt of fact. however. those notes have
burdened us with largo load of interest and 1,
is still accumulating The aggregate interest
| on the original issue of bonds, the proceeds OF
| which in gold constituted the reserve for the
| payment of these notes. amounted to $40, $780,.
250 on January 1, 1895, and the annual charge
| for interest on these bonds and those ISSUED
for the same purpose during the last gear viii
be s9,l4S,0oO, dating from January l, 1895.
| While the cancellation OF these notes woulC
not relieve us from the obligations already in
| CURED on their account these figures are giveI
| by way of suggesting that their existence ha:
| not been free from interest charges and tina
| the longer they are outstanding, judging from
| the experience OF the last year the more ex
pensive they will become.
| In conclusion. desire to frankly confess m,
| reluctance to issuing more bonds in presen
circumstances and with no better results thai
have lately followed that course. cannot
however, refrnin from adding to an asSurnnc.
| OF my anxiety to cooperate with the presen
| congress in any reasonable measure of relief
an expression OF my determination to leav
nothing undone which furnishes hope for i'm
| proving the situation or checking O suspicion
OF our disinclination or disability to meet, witt
| the strictest honor, every national obligation
| GROVER CLEvEI.AND