The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-29

Washington. Jam 28.-The President
sent the following message to Con-
gress today:
To the Senate and House of Represent
atiVes:
IN nv last annual message [ commend
ed TO the serious consideration OF Con
gress the condition OF our national M
ances. and IN connection with the SUB
Ject endorsed plan OF currency IeSAsId-
lion which at that Iime seemed 70 Iur-
nish protection against the Impending
danger. This plan has not been approved
by Congress. In the meantime the stu
aCGa mas SO changed that the emergency
llo+v appears 50 threatening, deem II
my duty 10 ask al The hands OF the les
isl4tiVe branch Of The government Such
59rs.Mpt and effective action as VIII re-
. confidence in our financial sound
mss and avert business disaster ana uni
VcrSal distress among the Reople. WHAT
ever may be the merits OF tle Plan out-
lined ia my annual message, as q rem
edy Tor the Ills existing and as a SaIe-
guard against the depletion OF the q ID
reserve in the treasury, l am now cor
WINGED that its rejection by ConSreSS anu
our present advanced stage OF nnancIal
llerpleNlty neces9l tate a0dttIonal or dli-
deT6nt legislation. Win the natural re-
sources of unlimited variety and produc-
tive strength, and with a people whose
activity and enterprise seeh only fair
and greatness, our progress should not
be checked by false financial policy
and needless disregard of sound none
Iary laws nor should Jne IInlQlty ana
fear which they engender stand in the
way OF our prosperity.
a Predicament.
tt IS hardly disputed that a predica-
ment confrOnts US today. therefore,, no
one in any degree responsible Tor the
making and execution OF our laws should
fail The n1frI0rfn IIItV 1CQeSEiE
and sincerely attempting TO relieve the
situation.
RTanifestly this effort viii not succeed
unless made unrammele5 by prejudiced
paTtlSanship and with q steadfast deter
rninatiou to resist the temp Lati0n to ac-
cept such party advantages.
We may web remember, if we are al
fected with financial difficulties, that all
our people in all stations Of life are con-
cerned, and surely those who suffer VIII
not urge the promo ton Of party inter
ests as an excuse for permitting our
present troubles to advance to dlSaS-
HrQ1s conclusion. 1t is also of the utmost
Importance that We approach the study
of the problems presented as free as pos
Eible from the tyranny of precOncelTed
opinions to the end that in the common
danger. we may be able to seek With IN
V5Psssed f-lsion, safe and reasonable pro-
Lack of Confidence.
The real trouble, which coufronts us
consists in the lack OF confidence wide
spread and constantly Increasing, in the
continuing ability or disoosiGon of the
government 10 pay its Obligations in gold.
This lack Of confidence grows to some
extent out OF the palpabla and apparent
eTnbarra SSments attending the govern
gnent under the existing laws to procure
gold, and 10 a, greater extent out OF the
imDOSsiEIlHy Of either keeping ii IN the
treasury or cancelling its obligations by
It's expenditure after it is obtained. The
only way left open to the government Of
pFs curing gold is by the issue and sale
OF bonds. The only bonds that can he
ISSUED were authorized nearly twenty
five years ago ana are not we'll calcu-
lated TO meet our present needs Among
other disadvantages they are made pay
able IN coin instead of specifically in
sold. which in existing conditions de-
tracts largely and in an increasing ratio
from their Instability as investments.
j is by no means certain that bonds Of
this description can be much longer dis
posed OF at a. price creditable TO the fin
aDClGf character OF cur government.
Most Dangerous Feature.
The most dangerous and irritating fea-
ture of the situation, however, remains
TO be mentioned. It IS found in the means
by which the treasury is deSpOileG Of the
gold shus obtained without cancelling a
single government obligation and solely
for the benefit of those who find profit in
shipping i abroad, or whose fears induce
them 10 hoard il at home.
We have outstanding about $50OO00.0g1
in currency notes of the government for
Which gold may be demanded; and cur
icuslN- enough the law requires that when
presented and in fact redeemed and paid
In gold they shall be re-issued. Thus
the same notes may do duty many times
II. drawing SOA0 rom the treasury; nor
can the process be arrested as long as
xrivate parties profit or otherwise sec
~ advantage IN repeating The operation.
w. than three hundred million dollars
ON these notes have already been re
deemed il gold, and Notwithstanding such
redemption they are all still outstanding.
Since January II. 1894. our bonded in
feregt hearing debt has been increased
S10Q .09e9 600 for the purpose OF obtaining
god and replenishing our coin reserve.
Two issues were made amounting to
S539J9,6eO each, one in January, the other
in November. AS a result Of the first
issue there was realized something more
than hfty-eieht million dollars IN gold
Between that ISIS. e and the succeeding
one in November, comprising q period
Of about ten months, nearly a hundred
and three million dollars of gold were
drawn from the treasury. This made q
s0rOnd issue necessary, and upon that
rTseTe than ifty-eight millions in gold was
eeaiT realized. Between the date of this
second issue and the present time, cover
ing a period OF only ABOUT two months
more than sissty-nine millions OF dollars
in gold were expended without any can
collation. of government obligations or IN
any permanent way berefitting our people
or fmprOVing our pecunlary situation
The financial events OF the past year SUI
gest the facts ard conditions which should
Certainly arrest attention. More thar
a hundred and seventy-two millions Of
dollars IN gold harS been drawn cut OF tho
treasury during the year for the purpose
Of shipping abroad OF boarding at home
While nearly hundred and three millions
were drawn out during the tst ten month:
of the year, sum aSgregating more
than tWo-tllirds Of tslat amount, being
about siXty-nine mtlne-, was drawr
out during the following > months, thus
r.