e with any currency scheme providing
for the increase of the circulating medium through the agency of
national or State banks that may commend itself to the Congress, since
they can easily be adjusted to such a scheme. Objection has been made to
the issuance of interest-bearing obligations for the purpose of retiring
the noninterest-bearing legal-tender notes. In point of fact, however,
these notes have burdened us with a large load of interest, and it 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 $70,326,250 on January 1, 1895, and
the annual charge for interest on these bonds and those issued for the
same purpose during the last year will be $9,145,000, dating from
January 1, 1895.

While the cancellation of these notes would not relieve us from the
obligations already incurred on their account, these figures are given
by way of suggesting that their existence has not been free from
interest charges and that the longer they are outstanding, judging from
the experience of the last year, the more expensive they will become.

In conclusion I desire to frankly confess my reluctance to issuing more
bonds in present circumstances and with no better results than have
lately followed that course. I can not, however, refrain from adding to
an assurance of my anxiety to cooperate with the present Congress in any
reasonable measure of relief an expression of my determination to leave
nothing undone which furnishes a hope for improving the situation or
checking a suspicion of our disinclination or disability to meet with
the strictest honor every national obligation.

GROVER CLEVELAND.

[Footnote 14: See pp. 553-556.]

EXECUTIVE MANSION, _January 30, 1895_.

_To the House of Representatives_:

In compliance with a resolution of the House of Representatives of the
28th instant, the Senate concurring, I herewith return the bill (H.R.
6186) entitled "An act to pension Maria Davis."

GROVER CLEVELAND.

EXECUTIVE MANSION, _Washington, February 4, 1895_.

_To the Senate of the United States_:

In response to the resolution of the Senate dated December 6, 1894,
requesting that copies of correspondence in regard to the claim of
Antonio Maximo Mora against the Government of Spain exchanged since my
last message to the Senate on the same subject, dated June 20, 1894,[15]
be communicated to