The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-29
THE PRESIDENTS SCHEME.
In a Message 10 Congress Re Submits a
Financial Pan.
TREASURY NOTES And GREENBl(kS
To h, Retired With Gold Bonds. and All
Cn.,o,,s Dn,ie. 20 nc Payable In
Coda BIN Introduced.

sent 10 both houses Of Congress To-Day d
,,oss,co ON the financial situation, sub
star,iallv v.itldrawing his support from
rho plon outlined IN the Carlisle BILL and
outlining the only policy which seems to
him now possible TO maintain the gold
reserve. Thc message SIS as follows:
,ro tho Senate and House OF Representa-
uvcs.
1n my last annual MESSAGE l COM
mcnded to the serious consideration Of
congress the condition OF our national
finances. and in connection with the sub
1cct endorsed the plan Of currency icgis-
IaiIon which at that time seemed to fur
uish protection against impending danger
This plan has not been approved by the
Congress. In the meantime the situation
has so changed and the emergency now
appears so threatening that deem IL my
duty TO ask at the hands of the legislative
branch OF the Government such prompt
and effective action as viii restore con
fiIencc in our financial soundness and
avert business disaster and universal dis
tress among our people.
" Whateyer may be The merits Of the plan
outlined in my annual message as rem
edy for ills then existing and as a safe
guard against the depletion Of the gold
reserve then In the Treasury, / am now
convinced that its reception by Congress
and our present advanced stage of hnan-
cIal perpieXity necessitates additional or
different legislation.
With natural resources unlimited i'm
NaTfsftr aud rrpIurfiye gfrau0th and wit
a people whose activity and enterprise
seek only fair opportunity To- achieve
national success and greatness. our pro-
gress should not be checked by a false
financial policy and "a needless disregard
OF sound monetary laws. nor should the
timidity ana fear which they engcnder
stand IN the way Of our prosperity.
1t Is hardly disputed that this prcdica-
ment confronts us to-day. Therefore, no
Sne in any degree responsible FOR the
making and execution Of our laws should
fail 10 see q patriotic duty i'm honestly
and sincerely attempting TO relieve the
situation. Manifestly this effort VIII not
succeed unless 10 is made ntrammclled
BY the prejudice of partsanship, and with
81 Stcadfast determination 60 resist the
temptation TO accomplish party adVdn-
tages. We may well remember that If
We are threatened with financial diff
life ARE concerned, and surely those VINO
suffer will not receive the promotion OF
party interests as an excuse for permit
ting our present troubles 90 advance us TO
a disastrous conclusion. II is also OF the
utn,.,.at iTnf,orf@rc~ thHt we approach the
study OF the problems presl nted as free
as possible frum the tyranny of precCn-
,eNcd opinions. 10 the end that in
common danger we may be able to seek
"a o. n "a O. "A pT-
able protection.
LACE OF CONFIDENCE.
TIE real trouble which confronts us
consists in lack of confidence vide
spread and constantly increasing. I'm the
continuing ability or disposition Of the
Government 90 pay obligations, ana grows
10 some extent out Of thc p4ipable and
apparent embarrassment attending the cf-
forts OF the Government under existing
laws 10 procure gold, and to a greater
extent out of the impOssibility of either
keeping it iu the Treasury or caucellins
obligations by ITS expenditure after it Is
Obtained.
The only way left open To the Govern
meut for procuring gold Is 10y the issue
and sale of its bonds. The only bonds
Jhat can Dee SO issued were authorized
nearly twenty-five years ago, and are not
Well calculated 10 meet our present needs
Among other disadvantages they are
made payable in coin instead of specific
cally in gold, which IN existing coudi-
tons detracts largely, and in AN increas-
Ing ratio, from their des.rab.Ety as iu-
Vcstmcnts. II is by no means certain
tndt bonds Of this description can much
longer he disposed of at price Credita-
bic 10 the financial character OF our Gov
eminent The most dangerous and irri-
tating feature Of the situation, however
remains 20 be mentioned. Ii is found i'm
the means by which the Treasury is de-
spoiled of the gold thus obtained without
canceuing a single Government obuga-
tion. and solely for the benefit OF those
who ind profit in shipping 10 abroad or
whose fears induce them to hoard il at
home. We have outstanding about five
inGred millions OF currency notes Of the
Government. for which gold may bee de-
manded; and. Curiously enough, the law
requires that when presented and, i'm
fact. redeemed and paid in gold they
shall De relssucd. Thus the same notes
may do duty many times in drawing
gold from the Treasury; uor can the
process be arrested as long as private
parties, for profit or otherwise see an
advantage In repeating the operat ion.
More than three hundred millions of dol
lars I'm these notes have already been re-
deemed IN gold 'and, Notwithstanding
such redemption, they are all still out
standing.
Since the l7h day of January, 1891.
our bonded interest bearing debts have
been increased $lcO 10000 for the purpose
OF obtaining gold TO Teplenish our coin
reserve Two Issues were made, amount
ing 20 fifty millions each, one In January
and the other in November, as a result
OF the first issue there was realized some
thing more than hfty-eight millions of
dollars In gold. Between that issue and
the succeeding one in November, COM
pIising "a period OF about ten months.
nearly one hundred and three millions of
dollars in gold were drawn from the
Treasury This made the second issue
necessary. and upon that more than ff-
ty-eight millions in gold was again real
ized Between the date OF this second
issue and the present time covering a
period Of only about two months more
than sixty nine millions Of dollars in gold
have been drawn from the Treasury.
These large sums OF gold were expended
without any cancellation of Government
Obligations or In any permanent way ben
cnting our people or improving our pecu-
mary situation.
FINANCIAL EVENTS or THE YEAR.
The financial events Of the past year
suggest facts and conditions which
should certainly arrest attention.
More than one hundred and seventy.
two millions OF dollars in gold have been
drawn from the Treasury during the
year Tor the purpose OF shipment abroad
or boarding at home.
While nearly one hundred and three
millions or this amount were drawn out