The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-02-08
APPEAL TO CONGRESS-.
Message From the President on
the Financial Dilemma.
Forget PartIsanshlP, and Strive Only TO
Maintain the Honor and Credit
OF the Nation, In the GIat
of the Message.

WASHINGTON, Jan. 2s.-The presi-
dent sent to both houses of congress a
message on the financial question.
withdrawing his support from the plan
outlined in the Carlisle bill, and out
lining the only policy which seems to
him now possible to maintain the gold
reserve. The message is as follows;
To TIE SESATB AND HOUSE or REPRE-
sErTA TiVEs-In my last annual message I
recommended to the serious consideration OF
Ihe congress the condition OF our national
finances, and In Connection vita the Suhf7cAs
indorsed the pla7 Of currency legislation. which
at that time seemed 70 fufrish protection
against impending danger This plan has
~ Deeh approved by congress. In The
meantime The situation has SO changed
and tho emergency now appears so
threatening that deem it my duty to ask ct
the hands OF the legislative brauch of the arov-
eminent such prompt and effective action as
VIII restore confidence in our financial sound
ness and avert business disaster and universal
distress among our people. Whatever may be
the merits OF ths plan outlined in nay annual
message as remedy for ills then existing as a
safeguard against tho depletion OF the gold re-
serve then IN the treasury. am now convinced
tnat It's reception by the congress and our
present advanced stage OF financial perDlexity
necessitates additional or different legislation.
win natural resources unlimited in variety
ana productive strength, end with a peo-
PIE whose activity and enterprise seek
only fair opportunity to achieve
national success and greatness, our
progress should not be checked By @ false
financial policy and a needless disregard OF
sound monetary laws, nor should the timidtty
ana fear which they eugendeT stand Ia the way
OF our prosperity.
It is hardly disputed kaat this predicament
eonfronts Us to-day, Therefore no one in any
oegree responsible for the making and execu-
tion Of our laws should fail TO see patriotic
duty In bonestly and sincerely attemDting To
feneVe the situation. Manifestly this effort
VII not succeed unless il is made untFaFp-
lneled by the prejudice OF partisan hin ana
Win steadfsst determination 20 resist the
temptation 70 accomplish party advantages
We may well remember that IL we are threat
ened with financial difficulties all our people
In every station of life are concerned;
and surely those who suffer win rot receive
their promotion OF party interests as an excuse
Tor Permitting our present troubles to advance
70 a disastrous conclusion. IL Is also OF the
utmost Importance that We approach the study
or the problems presented as free As possible
from the tyranny OF preconceived oniniopa. to
the end that in a common danger we may be
able 70 see with unclouded vision safe and
reasonable protection.
The real trouble which eonironts US consists
OF lack Of confidence, widespread and con-
stantly increasing, in the continuing ability or
disposition OF the governments TO pay It oblisa-
lions In gold. This lack OF confidence grows to
some extent out OF the palpable and apparent
embarrassment attending the efforts of
the governments, under existing laws
70 procure gold, and To a great
extent out OF the impossibility Of either keep
Ing It In tho treasury or canceling obligations
by iss expenditure after it is obtained.
The only way left open for the government
procuring gold IL by the issue and sale OF its
bonds The only bonds that can be issued were
authorized nearly twenty-five years ago, and
are not Wei-ealculated to meet our present
needs Among other disadvantages, they are
Hsr-e payable in coin instead Of specifically In
sold, which, under existing conditions, detTacts
largely and in On increased ratio from
their deSirability as investments. IL is
Ry no means certain that bonds
Of this description can much longer
be disposed OF at price ereditable to the inan-
cial Character OF our government The most
dangerous and irritating feature OF the situa-
tiOn, however, remains TO be mentioned. II is
found in tho means by which the treasury is |
dispossessed OF the gold thus obtained without
eancellinR single government obligation, and
solely for the benefit OF those who find profit in
shipping it abroad. or whose fears induce them
70 hoard it at home. We have outstanding about |
SoO,Oo0OOO OF currency notes of the government
for which gold may be demanded; and.
euriously 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 in drawing gold from the treasury: |
nor can the process be arrested as long as pri-
Vate parties for profit or otherwise, see an ad- |
vantage In repeating the operation. More than |
so 900 in these notes have already been re-
deemed in GOLD, and Notwithstanding such re- |
demptiOn they are gil still outstanding. Since |
the l7th day of Janury, 1894, our bonded inter |
est-beaTinG debt has been increased 500 600 900
for the purpose OF obtaining gold TO replenish |
our coin reserve. Two issues were made |
amounting to $4,000, ,OOO-one in January and |
tho other in November. As a result OF the first |
issue there was realized something more |
than s5s,0OI,OOO in gold Between that |
issue and the succeeding one in November. |
comprising period OF about ten months, /
nearly s1O5, 600 in gold were drawn from the |
treasury. This made the second issue neces-
sary, and upon that more than $4,000 900 in
gold was again realized Between the date Of /
this second issue and the present time, cover
ing period OF about two months, more than
e6e 10000 In gold have been withdrawn from
the treasury. These large sums OF god were
expended without any cancellation Of govern
ment obligations or in any permanent way
benehtting our people or improving our Pc
cuniary situation.
The financial events OF the past year sugges-
facts and conditions which should certainly ar
rest attention. More than SI7 OO9 600 in gold have
been drawn out of the treasury during the year |
for the purpose Of shipment abroad or boarding
at home While nearly Si03 01O0 600 OF this amount
were drawn out during the first ten months of
tho year, q sum nRgrcFating moro than two
thirds OF that amount, being about S69 600 600
was drawn out during the following two
months, thus indicating marked acceleration
Of the depicting process with the lapse Of time /
Tho obligations upon which this gold has
been withdrawn FROM the treasury are still
aad are available fOr use in re-
peGting the exhausting operation at shorter in
tervals es our perpleXitieS accumulate. Con-
ditiOns Gre certainly supsrvening tending to
make the bonds which may be issued 10 re-
plenish our gold less useful for that purpose.
An adequate gold reserve is IN all circum-
stances absolutely essential to the uphOlding
OF our public credit and TO the maintenance Of
our high national character. Our gold reserve
has again reached such a stage OF diminutlon
IS 10 require its speedy reinforcement. The
that must inevitably follow pres
ent conditions and methods viii certainly lead
to misfortuls and loss, not only 70 our national
crodit end prosperity and to financial enter
prise. bIst . hose OF our people who seek en-
ployment as a means OF livelihood and to those
whose only capital is their daily labor.
It viii hardly do 10 say that simple increase
The apprehension now existing and
constantly increasing as 10 our fnan-
cial ability does not rest upon q
calculation OF our revenue The time has
passed when the eyes Of investors abroad and
our people ~ home we're fixed upon the
revenues OF the government Changed condi-
lions have attracted their attention 10 the gold
u the government. There need be no fear that ,
We can not pay our current expenses with such
money a. We have. There is now In the treas