New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-05
GFTELlND BOND ISSUES
~, .r-Preadcnt Tells Why They
Here Considered Necessary.

-,-,,a Nav 4-''The Saturday Evening
NJ VIII contain an article by ex-
POS Grover cleveland on The Cleveland
fI'-' 1.s,,ss &" m which he gives the history OF
boI- - Of United States bonds in the years Oh
Io $50 and 1896 for the purpose OF replenish-
w. &C., III gold in the public treasury
i.s 1,.,.l,nd holds that legislation in favor or
AI -.t,oga and the EFFORT 10 maintain the
sF - silver and gold We're largely re-
p-l-. for the reduction Of the gold reserve,
-h.+ under the law Of 1890 the burden
a me gold reserve was tremendously en-
-" Continuing, he says
moeeeded ny Harrison to the PRESIDENCY on
- fogrfh day OF March, -6ss and On ne seNensa
y bst month 8r. Carlisle became Secretary OF me
= ~ ss2 lO-ony SsS2 40 IN excess OF the sum thar
"a come 10 be generally REGARDED as lnol IaS.is
me dang. s~iari-.y ne ir.lrorrance OF prevent
,ne the fau o. the reserve below THIS unit nag,
..-spgrHton OF plates IoT ne engraving % %
Eof- 81 that he might by their sale OBTAIN
Foa 10 v53ts.5 .se last Few years that he ex-
L. before the close OF his term = resort 70
oos prevented II the last moment by the Presi-
o- fisRpuroval. or course, u IS DuL natural tl@l
aaayy-r1e1t should be anxious 10 avoid such al eN-
pesisnt ana Secretary Foster avoided r. anu
~, "A I'D mark Gur-ng his term by effecting ar
--saogeHents IN January and February. 1898, with
tsined from them iu exchange FOR United States
notes on other conditions something over $500,
~ n gOlG which enabled hlD 70 escape t-e SAFE OF
bonds IN aid of the reserve.
In our effort % meet the emergency without an
BlsS 70 banks in different localities f1r an ex-
change with tAe ElNeIil-aetlL OF q 1,l-s "a az 80,
80 rS5 reserve s1u0uarod 10 over $40 0Jatoo not
,-fhsfanding The fact that considerable Withdrawals
had been made in the interval The slsAt better
ment thus secured proved. however. 70 - only
tent
augmented Withdrawals the gold reserve. on Apr-4
q 1888 FOR The nrsy tine since rs establishment,
was reduced below tae Eeogg0o9o l12it-1l-nouEtns
IN these trogb'oUs times those charged with ne
sinliusrra-4on C+ rre uenL financial a-Ia-rS
prolific cause q -l.i 1I olr lli-ell- y -,,e- -
coriinrlr special session 0r congress was ca4-eq
70 meet on August :, lssa. 20 repeal his .aw and
un1n our already ove-hurdc-sd and feeble gold re-
The eeect % this repeal ~ i,s Immediate results
failed 20 quiet TIE Year ~ I'M ,l--s eNL ~
jar made - a-ernen- the gold reserve effective as
against - ,onsa5. process or II 4elss''o ~,
erumeu- was confronted 1y a t.s4ul-t-3g elner-
gencv The gold reserve had fallen % less than
s,-s ~ rai--gsr irs SQUAD condition Against THIS
.5s~ f-~f -7 demands g-llr,5--sre 10 llot less
than $40 CO.. ,u United states notes and Treasury
notes were IN actual circulation, and others
amounting TO abcst So 0oo0oo In addition were tenn
As a result OF these conditions there doomed IN
reserve. The -anuGlaton a. our gold obligations the
Illuminating ran ~ our national finances % silver
basis and tlr degradation NJ our governments
high standing in The respect ot the civilized world.
There was absolutely rot one way @ avert ma
tonal calamity and couUtrT-'s disgrace. and
this wav was HGODted when. January =. 1894.
rhe Secretary 0f the Treasury Issued notice that
following, for $4,000 90 ia bonds Of the United
States Tedeema Bile in coin nj the pleasure OF the
government after ten years.
Ex-Presideut Cleveland continues with history
Of the successive bond issues saying. among other
things;
think II may be here frankly confessed that IL
farmers. doctors. lawyers. shoenakers.
sr even statesmen We CUu.- 1r escape the belief
mat the prospect or Obtain ~ what We needed
might be somewhat improved by making appECa-
Ton 90 those whose business ana surroundings
QGalne1 them INTEL gently 20 respond. Tn became
manifest thar financial ailments I'D September.
4sh, nac reached stage 50 Iearlv chronic that
ther cure by any treatment within Executive reach
IlEIl Wen DE considered matter Of anxious doubt
Perhaps Z should not have been expected that
members OF Congress would hermit Troublesome
thoughts OF the lTerameuts financial difficulties 90
disturb me pleasant au1Clp8ttCns OF their holiday
q he President for AZ least some manifestation or
ignored
have attempted TO give a detailed history OF the
lsused bonds Of ire government time u Deace
WITHOUT shame ard without repentance I confess
ny snare OF the guilt, and refuse shield my
.ffsuilllees IN Jls crime, who, with me held high
places m thar administration.
scores OF other bankers and dnanciers who were
- -tsss,iles in These transactions. may be STEPPED
~ -eelI-cilte propFrSltles. and NAV be- COrSra1rIv
l- sl--- schemes, shall al WAYS recall with
needed their add " --