Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-04-29
THE FINANCES.
President and Cabinet Entirely Hr-
monious in the Matter. 0
rhe Strong Credit OF the United Sttes
and the Good Sense of the Peopb
Are at Hand to Save Us
From mThreatened.D Disaster.

WASHINGTON, April a4-All the Talk
is about the financial situation. SpeS-
lation is rife. The New York bankes I
want to confer, but this administrator
does not seem to be in conferrirE I
mood. There has been a report curreit I
for the last twenty-four hours thath
representative of the New York banls
has been lurking in Washington waitiig I
to see the secretary of the treasury, hut I
he has not turned up. The New Yorkfs |
want to be recognized. Even if thy |
do not procure the issue of bonds thy |
want to be talked to and tickled with |
the notion that they are the monetals.,
leaders of the western world. 1t is an
nounced in dispatch from New York
that the secretary of the treasury will
probably meet the metropolitan flnan-
ciers when he goes over to the naval
review, but it would be like Carlisle to
fool EN-.
The financial situation has renewed
talk of an extra session of congress.
Respectable arguments have been made
for an extra session before summer sets
in, so that the secretary of the treasury
may be clothed with authority to issue
bonds bonds bearing 8 per cent. inter
est The lowest rate at which he can
issue bonds under the present law is A
per cent, and at that rate the bonds
must run thirty years That was tried
though in the last congress, and the
silver men opposed the proposition for
3 per cent. bond arguing that the
power to issue bonds would put into
the hands of the gold bugs clubs
to battle silver with.
An extra session of congress now
would not help out unless there should
be violent surrender either on the
part of congress or the administration.
Toa reporter the president said tonight:
"trhe inelinations on the part of the
public to acCcDt II" paper rt2orts
conccr7il,, tAe intentions of those
ch .rgcd with the management of oui
national finances seems to justify my
emphatic contradictions Of the state
ment that the redemption of any kind
of treasury notes except in gold has al
any time been determined upon or con
templated by the secretary of the treas
ury 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 main
tain the public credit, TO keep the pub
lie faith and to preserve the parity be
tween gold and silver and between
all financial obligations of the govern
ment.
While the law of 1890 forcing thu
purchase of u fixed amount of silve
every month provides that the secretar,
of the treasury, in his discretion, ma,
redeem in either gold or silver tn
treasury notes given in payment OF sil
the policy of the government to main
tain the parity between the two metal
seems so clearly to regulate this discrt
ton as to dictate their redemption /
gold.
"of cours e, perplexities and difticu
ties have grown out of an unfortunat
financial policy which we found /
yorue. and embarrassments have ARISE
from ill-advised financial legislatio
confronting us at every turn; but wit
cheerful confidence among the peopl
and a patriotic disposition to cooperate
threatened dangers will be averte
pending legislative return to a bette
and sounder financial plan.
"The strong credit of the countr.
still unimpaired, and the good sense
our peoplc which has never failed
simc of need, are at hand to save
from disaster"