Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1895-02-08

s H. ii snt.s IdsA i to Sell ENDS
A broad, Retire Greenbaclsf and MAke
Dutiss Payable in Cold \ Rsmsdy
I. Tor the Impending Crisis.
N WAsH1Saros, January 80. The Presi2
dent to-day sent to Congress the follow
ing alessage:
To the Senate and House OF Repre-
sentatives: In my last annual message
l 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 inn
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 l deem it my duty to ask at
the hands of the legislative branch OF
the government such prompt and effec-
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 it's reception by Congress and our
present adyan, 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 fair OPP
portunity to achieve national success
and greatness. our progress should not
be checked by a false financial policy
and needless disregard OF a sound none
tary law nor should the timidity and
fear which they engender stand in the
way of our prosperity.
| 1t is hardly disputed that predica-
ment confronts us to-day. Therefore
no one in any degree responsible for the
making and execution of our laws should
fail in patriotic duty in honestly and
sincerely attempting TO relieve the stu
alton. Manifestedly this effort cannot
succeed unless it is made untrammeleo
bv prejudice, partisanship and with the
steadfast determination to resist tempta'
ton to accept any such party advantage
We NAV we'll remember if we are Ell
fected with financial difficulties that al
our people in all stations of life are con
cerned, and surely those who suffer viii
not receive the promotion OF party in
: terests as an excuse for permitting ou
present troubles to advance to a disas
trous conclusion.
1t is also OF the utmost Importance
that we approach study of the presen
problems as free as possible from thu
tyranny of preconceived opinions to thu
end that in the common danger we maj
seek, with unclouded vision, safe ant
reasonable protection.
The real trouble which confronts u
consists in lack OF confidence, wide
spread and constantly increasing, in tn
continuing ability or disposition of tn
government to pay its obligations il
gold. This lack OF confidence grows t
some extent out of palpable and appar
: ent embarrassments attending the gov
eminent under the existing laws in Pre-
curing gold, and to a greater extent out {
the impossibilty OF either keeping it i
the treasury or canceling obligations b
| its expenditure after it is obtained
The only way left open to the govern
ment to procure gold is by the issue an
: sale of bonds. The only bonds that ca
be issued were authorized nearly twenty
five years ago, and are not well calcr
9 lated to meet our present needs. Anon
J other disadvantages they are made pay
' able in coin instead Of specifically
/. gold, which in existing conditions d.
a tracts largely, and in an increasing rati,
0 from their desirability as investment
J. 1t is by no means certain that bonds
this description can be much longer di
posed of at a price credita5le to I'll
financial character Of our government
i The most dangerous and irritatir
feature OF the situation, however, r,
: mains to be mentioned. 1t is found
the means by which the treasury is d.
u spoiled of gold, thus obtainedt withor
: canceling a single government oblig
q ton, and solely for the benefit of tho!
4 who find profit in shipping it abroad {
!, whose fears induce them to hoard it ,
home. We have outstanding abol
: $500, 900, 600 currency notes of the go
I eminent for which gold may be d,
9 manded, and, curiously enough, the la
n requires that when presented and
: in fact redeemed and paid in gold the
q may be reissued. Thus the same not,
o may do duty many times, drawing go
: from the treasury nor can the process
arrested as long as private parties wi
y in profit or otherwise see advantage
> repeating the operation. More tins
1900, O00, 900 OF these notes have alreat
been redeem I'd in gold, and notwitl
standing such redemption they are ST
l. outstanding. Since the II OF Januar
y 1894, our bonded interest bearing de
has been increased 100000 600 for Il
purpose of obtaining gold to repleni'