The star. (Reynoldsville, Pa.) 1892-1946, 1895-12-11

q period far removed from present flnan-
cial burdens and perplexitles, when, with
Increased prosperity and recourses, they
would be more easily met To further in.
sure the cancellation of these notes, ana
also provide way by which gold may be
feature In the plan should be an authority
given to the secretary of the treasury to
dispose of the bonds abroad for gold, u
redemption and cancellation. permitting
him to use the proceeds of such bonds to
take up and cancel any OF the notes that
may be In the treasury or that may be
received by the government on any ac-
count.
"The currency withdrawn by the retire.
ment of the United States notes and treas
ury notes, amounting to probably less than
siS6, 100000 might be supplied by such gold
as would be used on their retirement or
by an increase in the circulation of our
allowed to issue circulation equal to the
par value OF the bonds they deposit TO Sc
cure eur. i, and that the tax on their creula,,
tion should be reduced to one-fourth of
per cent. In addition. they should he
allowed TO substitute or deposit In lieu
Of the bonds. now required, as security
Tor their circulation, those which would be
issued for the purpose OF retiring the
United states notes and treasury notes"
Coupled with this suggestion is the pro.
posal that provisions be made to adapt the
banking system to the smeller communi
ties by erecting new ones or allowing large
banks TO establish branches. The Presi
now that It Is financially III and may have te
take some dLs1greeable medicine and ever
then not recover at ore leap.
In our present predicament no gold IL
received by the government in payment OF
revenue charges nor would there be II the
revenues were Increased. The people draw
gold from the treasury on demand upor
United states notes and treasury notes. but
the proposition that the treasury can on de-
mand draw gold from the people upor
them would be regarded In these days with
n MI nVNNttC .agae A...l sl.la
could be done, there is nothing to prevent
those thus parting with their gold from
regaining It the next day or the next hour
High Duties Not Enough.
"1nasmuch as the withdrawal of our gold
has resulted largely from fright, there IL
nothing apparent that will prevent its con.
tinuance or recurrence, with Its natural
consequences, except such q change in our
financial methods as will reassure the
frightened and make the desire for gold
less intense. 1t Is not clear how an increase
In revenue, unless It be In gold can satisfy
those whose only anxiety is TO gain GOLD
from the governments store. 1t can not
therefore be safe to rely upon increased
revenues as cure for our present troubles
1ntimation or distinct allegation that the
bonds which have been issued ostensibly tc
replenish our gold reserve were really issued
to supply sufficient revenue, nothing can
be further from the truth Bonds were Is.
sued to obtain gold for the maintenance OF
our national credit At the time of each
bond Issue we had a safe surplus in the
treasury Tor ordinary operations, exclusive
OF the gold In our reserve.
1T Is neither unfair nor unjust to
charge large share of our present fl
nancial perplexities and dangers to the
operation OF the laws OF 1878 and 1890. COM
pelling the purchase of silver by the gov
ernment No government, no human con-
trivance or act of legislation has ever
been abe to hold the two metals together
In free coinage at ratio appreciably diff
ferent from that which Is established In
the markets of the woNd. Twice In our
htgtA ma hatF .tsu .Rll. lat1a
raise by legislation the value of silver In
the light of these experiences, which &C.
cord with the experiences of other nations,
there Is certainly no secure ground for the
belief that an act Of congress could now
bridge an inequality of 80 per cent. be-
tween gold and silver at our present ratio,
nor is there the least possibility that our
of the silver money in the world, could
by its action alone raise not only our own
but all silver to Its lost ratio with gold.
"A change In our standard to silver
monometallism would also bring on a col
lapse of the entire system of credit. Our
present standard of value is the standard
only bimetallism now possible, or at least
that is within the Independent reach. of
single nation Yer od
as a standard is .steadied by almost uni
versal commercial and business use. 1t
does not despise silver nor s,s, seek Its ban an
tween standard Of value and currency
for monetary use. The standard must
necessarily be fixed and certain. The cur
rency may be in divers forms and Of va
rious kinds. No silver standard country
has gold currency in circulation; but an
enlightened and wise system of finance
secures the benefits of both gold and silver
as currency and circulating medium by
keeping the standard stable and all other
currency at par with 1t.
peoples representatives in the congress,
who are charged with the. responsibllity
of inaugurating measures for the safety
and prosperity Of our common country. 70
| promptly and effectively consider the ills
Of our critical financial plight. ! have
suggested remedy which my Judgment
| approves. l desire, however, to assure the
| congress that / am prepared to cooperate
| with them In perfecting any other meas
| mre promising thorough and practical re-
| lief and that I will gladly labor with
them in every patriotic endeayor to fur
| ther the interests and guard the welfare
| of our countrymen, whom, in our respec-
| tive places Of duty. We have undertaken
| to serve.
| (S!gneO GROVER CLEVELAND.
| Executive Mansion. December 3. 1885,"