The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1895-01-31
4 M ESSSSAGE.
President Cleveland Asks for
an Adequate Bond Issue.
Relief for the Menacing Monetary
Condition Of Our Country Wanted.
Notes to the Amount Of e5OO,OOC,-
900 Should Be Converted Into
Bonds and Cancelled.
S;e Are Confronted U'i<h a Grave Threat
at the Leads or furoign Geld SFrcn-
lators-Lct -rnr.;ean:!Sp Dc Forgot
ten in Pronpt Provisions Tor
the Nu,ioi'S ,CCds.


a message on the financial situation as
follows:
In my last annual message commended 10
the serious corsid' r:;tion 81 tne congress lhc
condition OF national iinanccs. a.d in cOrnec-
ton with tic subjects iuG0scd the pl"' OF
currency legislation which AT tnat lime seemed
70 furnish protection against iGlc2dinH dam
ger This Plan ha, no: been a.r:"Fcd by the
congress In the lacJriisec The situation has
so changed and th" cnctgvn"y now apDears so
threatening that dccu, il my duty 20 ask at
the hands Of the legislative branch OF III: gov
eminent such prompt ard en-. ciirc action as
VIII restore confidence in our I'!iincial sound
ness and avert -ncSs G;>aStei and universal
distress AMONG our people.
Whatever E.Gy hc III. merits o. tic ;'l'n out
lined in Iny annual s..o>>,:.c rs u remedy forlils
then existing aad IS = safeguard against inc
depletion Of Tie god reserve then in nc treas
ury am now convinced that it, reception hy
the congress- and our present advanced stage
Of financial Pc p!cXitT EcccS>!tI:c additional
o. different legislation.
With natural resources Unlimited IN variety
and productive strength. 3ad with II people
whose activity and enterprise seek OILY Il iai
opportunity TO achieve national success ana
greatness our progress should moi bc checked
by II false nuauci"l policy ana q needless DIS
regard of sound monetary laws. nor should the
timidty ana fear which they cngcndcr stand IN
the way Of on" prosperity.
il il hard~ >putcl ;n"t this picdicamcnt
confronts rs o-day. Therefore. no ore III any
degree re- pOnSblc for The maxim" ana c%ccu-
ton CT laws should fll 10 sec patriotic duty
in honestly ANA sincerely attempting 10 re"
lieve the situation. ManTestiy this effort will
not succeed unless it Is made u.tralnmclcd by
the prejudice Of partisarship ana with Il stead
fast determination to resist the temptation TO
accomplish party advantages.
We may wei reircinhc" that if we are threat
encd with iin;.Ecial difficulties all cur people
in every station OF life are concerned: ara
surely those who suffer will net receive the
promotion OF party interests as an excuse for
permitting our present troubles TO advance to
4 disastrous conclusion. Il is also of the ut
most importance ,nat wc approach the study
of the problems presented rs free as possible
from The tyranny OF prcconceivcd opinions
TO the end that in Il common danger we may
be able to sccl, with unclCuded vision a
safe and reasonable protection. The real
trouble which cori. onts us consists Ill lack
of confidence, widespread and constantly N
crcasing in tue continuing ability or dsposi-
ton OF the government TO pay Its Obligations
In gold This lack Of confidence grows 10 solEe
extent ont of The palpablc and apparent EN-
barrassmcnt attending the efforts of the GOV
eminent under existing laws to procure gold.
and TO n greater extent ont Of the impoSsiblIly
of either keeping it in the treasury or cancel
ing Obligations by its expenditure after II Is
obtained.
The ONLY way left open to the government
FOR procuring gold is b. the issue and sale OF
its bonds The Only bonds that can be so
issued were authorized nearly tWcnsy-lfe
years ago and are not we'll calculated To meet
our present needs. Among other disad-
p.itp
Instead Of specifically in geld, which ineXist-
ing conditions detracts largely and in an
increasing ratio from their dcSirabillty aS III
yestmcntS Ii is DE no means certain that
bonds Of this description can much longer
be disposed Of at price cIcditab.c TO the
financial character OF our government.
The most dangerous ana irritatin2 feature
of the situation. however, remains 10 be
mentioned. 1t is found in the means by
which the treasury is spoiled OF tho gold thus
obtained without canoeing single govern
mcut obligation and solely for the benefit OF
those WHO tnd profit in shipping 1t abroad or
whose fears induce them TO hoard II at nome.
Ne have out landing abou9 tive hundred mi
lions If currency nor,,S OF tie governments fot
which gold may be demanded. ana curlouSly
enough the law requires that When they are
presented and in fact redeemed and paid IN
gold they shall be rc-iS>ucd. Thus the same
gold from the treasury; nor can the process be
arrested as long Us private parties for profit or
otherwise see an advantage i'll repeating the
operation
More than 500 00) go Il. ,licse notes has al
ccady .ecn. redeemed in gold and{ ro;with-
stlndins such redemption, they are still out
standing Since January II. 1894. our bonded
intcrest-bearing debt has been Increased 500.
600 600 for the purpose OF obtaining gold 20 re-
piouish ouy coin reserve. TWO issues were
made amounting to S5).000000 eaci-one in
Januar, and the other in November. AS re.
Sult of the first issue there was rcall$ed some
thing more than S5S.,00oGO III gold.
H,tWccp that issue and the succeeding one
in November, comprising period Of about ~
months nearly Sl0S,000,00O in gold was drawn
from the treasury. This made the second
issue necessary ana upon that more than s5S,-
Ool coo in gold ives again realized. Between the
date OF this second issue and the present time,
covering period OF only about two months,
more than 500, 00o,0o0 in gold has been drawn
from the treasury. These large sums OF gold
were expended without any cancellation of
government obligations or in any permanent
way bcnefitting our people or improving our
pccuniary situation.
The financial events Of tho past year Sug-
rests facts and conditions which should GER
tainlv arrest attention. More than Do
III yoll has been drawn out OF the trcas"r.
during The year for thn t.u?ncso Of shlpmont
81. oat, or lua; ding ~ home
while ncariy Sl03e3o,cG0 Of This amount was
drawn oct during the first three months OF the
year Il SUN aSScegating more than twO9thirls
of that amount, being about SdG,09D:E0, wes
1ta,yn out during tie following two months
thus indicating a naritd accelcratiou u!
The depicting process. With the lapse OF
time.