The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-02-08

c.un,els OF those whose duty II 10
" rectlfy evils now apparent In
our financial situation. They nave 70
consider the question 81 national credit and
the conseau.nres that will folio. from Us col
lapse. whatever ideas may be insisted upon
as 10 silver or bimctlllsm, a proper solution OF
the question now pressing upon Us only re-
quires a recognition Of gold as well as SILVER.
and a c0nct ssion u IFS Importance riRhtiuhy
or wrongfully acquired. as "A basin OF national
credit. "A necessity In the honorable discharge
OF our obligations payable In gold and a badge OF
solyency. 1 do not understand that the real
friends 81 silver desire a condition that might
follow inaction.or neglect TO appreciate the
meaning OF the present exigiency, II ~ Should
result in the entire Punishment OF gold from
our financial and currency arrang Aer@.
BESIDES the treasury notes, which certainly
should be paid IN gold, amounting 70 nearly
AGO. COO. coo. there will fall due In 1904 sloo,tp'-
0D Of bonds issued during the last year, Tor
which we have received gold, and In lws near
liz 5000, 900. 600 81 4-per-cent. bonds issued IN
1877. Shall the payment Of these Civilizations
In gold be repudlatcdY IL they are 70 DC pain
In such a manner as the preservation OF our
national honor and national solyency demands
we should not destroy or even imperil our
ability TO supply ourselves with goiu Tor mat
purpose.
While I am not unfricndly 10 silver, while
desire 70 see IL recognized to such an extent as
l. consistent with financial SAFETY ana the
preservation OF national honor and credit, ! am
not willing TO see gold entirely banished from
our currency and finances. To avert such a
consequence ! believe thorough ana radicai
remedial legislation should be promptly
passed ! therefore beg the congress 10 give
! the subject Immediate attention. In my opin-
ion the secretary of the treasury should be au-
i thorizcd TO issue bonds OF the government ior
the purpose Of procuring and maintain
4 ing n sufficient gold reserve ana the
, redemption and cancellation OF the United
states legal tender notes ana the
TREASURY notes issued for the purchase OF sill
vcr unaer the law Of July IA. 1890. We should
, be relieved from this humiliaiing process OF
I, issuing bonds to procure gold 10 pc immtui-
!" atcly and repeatedly drawn out on these ooll-
. rations for purpose not related 10 the ucneht
/" of our government or people. The principal
!" and interests OF these bonds should De payable
v on their face In gOll. because they should be
> sold for gold or its representative. ana pc
y cause there would now probably be dini-
Z. Guilty In faNOrably disposlng OF oohus
~, containing this stipulation.
suggest that the bonds he issued in cenomi'
" nations Of $50 and $50 and their multipics. ant
that they bear interest al a rate not execellns
" 3 per cent. per annum- l do not see why ,he'
I should not be PAYABLE tfty years from thel
!, date. We Of the present generation nave 'afF'
amounts to pay il we meet our obligations an
nc lony honls are most sala BILE. The secretary Q
! the treasury might we'll be permitted at NJ
y discretion to receive on the sale OF pohu
a the legal tender and treasury notes 70 DC re
II tired. and Of course. when they are thus retire
'' or redeemed in gold. they should .
Nc cancelled. These bonds under existin
zee laws could be deposited by nation;
- banks as security for circulation' an
~ such banks should be allowed TO issue GU
~ culation up TO the face value OF these or au
10 other bonds so deposited except bonds on
~ standing bearing only : ',cr cent. interest," al
which sell in the market at less than par.
Ill. National banks should not be allowed 70 ta'
M out circulating notes OF a less uehomlhuu'
III than $40. and when such as are now outstan'
u, ing reach the treasury. except TOT reuenp''
y. ana retirement. they should be Cancelled al
~ notes az The denomination OF $40 and upwa
w issued In their stead. silver certificates oil !
- denomination OF $40 should be replaced by &c
ia, tGi!cates Of denominations under $40
a AS constant means for the maintenance
XXI a reasonable supply OF gold In the treasury Q
- duties OF the imports should be paid IN go
All other dues to the government TO be PAID
II. any other form OF money.
believe all the propositions l have sugge'
ed should be embodied In our laws u we are
eniov a complete reinstatement Of a sou
financial condition. They need not iuterf'
~. with aay currency scheme providing
the increase OF the circulating u
dium through the agency OF =
4 tIonal or state banks, since y
can easily objection oe aa'us sas been nj
10 tie issuance Of Understanding OBI
49," lions for the purpose OF securing the non
-. ,.rest-bearing notes. In point OF fact NJ
~" 70 ever. these notes have burdened US with Q Ia
y ! loaa 81 interest. and it is still
The aggregate interest on the original lssu'
honas the proceeds Of which In gcld .
stituted the reserve for the payment OF W
49, notes. amounted to s.o.35,.5o on Januar
lse,. and the annual charge Tor interest,"
these bonds. and those issued for the ~
H'- nnrpose during he 4as. year. Will be s.ia9'
, dating from ia IulrN J.. 1870.
-. While the c mediation OF these notes VIC
relieve US from the obligations already
~. cured on their account. these figures are "
49, by way OF suggesting that their existence
, not been free from interest charges anu
- The longer they are outstanding Judging !
~, the experience Of the last year. tne more
a.a p.nsiye they will become.
In conclusion | desire to frankly con
my reluctance to issuing more ochcs
49, nresent circumstances. and with no
trr results than have lately
49, commanded that course. can
- however refrain from adding TO an assur'
- Of my anxiety 10 cooperate with the pre-
80. congress in any reasonable measure OF =
! mS IN xpression Of my determination To j
49,, nothing undonc which furnishes a nope 10,
- ~nroying the situation or checking o su>pi
NJ. az our dissemination and desirablhty 70
49, with the s~trictest honor every national 90
,ecas- tion. /.
tS,rredl GROVER CLEvELAl
Of Executive Mansion january - 80