Grover Cleveland

Statement on the Redemption of Treasury Notes

April 23, 1893

The inclination on the part of the public to accept newspaper reports concerning the intentions of those charged with the management of our national finances seems to justify my emphatic contradiction of the statement that the redemption of any kind of Treasury notes except in gold has at any time been determined upon or contemplated by the Secretary of the Treasury or any other member of the present Administration. The President and his Cabinet are absolutely harmonious in the determination to exercise every power conferred upon them to maintain the public credit, to keep the public faith, and to preserve the parity between gold and silver, and between all financial obligations of the Government.

While the law of 1890, forcing the purchase of a fixed amount of silver every month, provides that the Secretary of the Treasury in his discretion may redeem in either gold or silver the Treasury notes given in payment of silver purchases, yet the declaration of the policy of the Government to maintain the parity between the two metals seems so clearly to regulate this discretion as to dictate their redemption in gold.

Of course perplexities and difficulties have grown out of an unfortunate financial policy which we found in vogue, and embarrassments have arisen from ill-advised financial legislation confronting us at every turn; but with cheerful confidence among the people and a patriotic disposition to cooperate, threatened dangers will be averted pending a legislative return to a better and sounder financial plan. The strong credit of the country still unimpaired and the good sense of our people which has never failed in time of need are at hand to save us from disaster.

Source: The New York Times, April 23, 1893.

Grover Cleveland, Statement on the Redemption of Treasury Notes Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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