Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1895-02-09
ANOTHER MESSAGE
A Few Suggestions for Congress
to Consider and Digest.
IMMEDIATE ACTION DESIRED

WASHINGTON, January 30.-The Presi-
dent to-day sent to Congress the follow
ing message
70 the Senate and House of Repre-
sentatives: In my last annual message
| commended to the serious consider
alton OF Congress the condition of our
national finances, and In connection
with the subject Endorsed plan OF cur
rency legislation which at that time
seemed to furnish protection against i'm
pending danger. This plan has not
been approved by Congress. In the
meantime the situation has SO changed
that an emergency now appears so
threatening | deem it my duty to ask at
the han s of the legislative branch of
the government such prompt and ettec-
tive action as will restore confidence in
our financial soundness and avert BUSH
ness disaster and universal distress
among our people.
Whatever may be the merits of the
plan outlined in my annual message as
a remedy for ills existing and as safe
guard against the depletion OF the gold re-
serve OF the treasury | am now convinced
that its reception by Congress and our
present advan, ed stage OF financial per-
plexity necessitate additional or differ
ent legislation. With our natural re-
sources of unlimited variety and pro-
ductive strength, and with people whose
activity and enterprise seek only falr OPP
portunlty to achieve national success
and greatness. our progress should not
be checked 10y false financial policy
and needless disregard OF a sound none
tarv law nor should the timidity and
fear which they engender stand in the
way of our prosperity.
1t is hardly disputed that predica-
ment conironts us to-day. Therefore
no one in any degree responsible Tor the
making and execution OF our laws should
fail in patriotic duty in honestly and
sincerely attempting TO relieve the STU
alton. ManifestedIy this effort cannot
succeed unless it is made untrammeled
by pre- judice, partisanshlp and with the
steadlast determination to resist tempta-
ton to accept any such party advantage.
We may well remember if we are Ell
fected with financial difficulties that all
our people in all stations of life are con-
cerned, and surely those who suffer will
not receive the promotion OF party IN
terests as an excuse for permitting our
present troubles to advance to dlsas-
trous conclusion.
1t is also OF the utmost Importance
that we approach study Of 1.-The present
problems as free as possible from the
tyranny of preconceived opinions to the
end that in the common danger we may
seek, with unclouded vision, safe and
reasonable protection.
The real trouble which confronts us
consists in a lack OF confidence, wide
spread and constantly increasing, IN the
continuing ability or disposition OF the
government to pay is Obligations IN
gold, This lack of confidence grows to
some extent out OF palpable and appar-
ent EN- barrassments attending the gov
eminent under the existing laws IN pro
curing gold, and to a greater extent out CT
the impossibility of either keeping 1T In
the treasury or canceling obligations by
it's expenditure after it is obtained.
The ONLY way left open to the govern
ment to procure gold is by the issue and
sale of bonds. The only bonds that can
be issued were authorized nearly twenty
five wears ago. and are not well calcu-
lated to meet our present needs. Among
other disadvantages they are made pay
able in coin instead of specifically IN
gold, which in existing conditions de-
tracts largely, and in an increasing ratio,
from their desirability as investments.
1t is by no means certain that bonds OF
this description can be much longer dis
posed OF at price credita5le to the
financial character of our government.
The most dangerous and irritating
feature of the situation, however, re-
mains to be mentioned. 1t Is found IN
the means by which the treasury is de-
spoiled of gold, thus obtained without
eanceling single government oblga-
ton, and solely for the benefit of those
who find profit in shipping it abroad or
whose fears induce them to hoard it at
home. We have outstanding about
$500, 600, 900 currency notes of the gov
eminent for which gold may be de-
manded, and, curiously enough, the law
requires that when presented and in
in fact redeemed and paid in gold they
may be ressued. Thus the same notes
may do duty many times. drawing gold
from the treasury nor can the process be
arrested as long as private parties who
in profit or otherwise see advantage in
repeating the operation. More than
$500 O00. 900 of these notes have already
been redeem ed in gold, and notwith-
standing such redemption they are still
outstanding. Since the II OF January,
1894, our bonded interest bearing debt
has been increased 500, 100000 for the
purpose OF obtaining gold to replenish
our gold reserve. Two issues were
made amounting to $50,0O0,0OO each,
one in January and the other in No
vember, comprising period of about
ten months, nearly $10S, 100000 in gold
was drawn from the treasury. This
made a second issue necessary, and upon
that more than 100000 of gold was