Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1895-02-02
ASK FOR MORE GOLD
The President ADVISES Csngress
to Issue More Bonds.
THE LACK OF CONFIDENCE
The Method Of Depicting the Rsserv.
Fund Must Be stoppsd-siivur
Almost Ignors a.

Washington Jan. 2s.-The president /
today sent congress the following mes
sage:
To the Senate and House of Repre-
sentatives: In my last annual message,
| recommended 10 the serious consid- !
GRAFTON of congress the condition of our /
national finances. and In connection
with the subject indorsed the plan OF
currency legislation which at that time
seemed to furnish protection against
impending danger. This plan has not
been approved by congress. In the
meantime the situation has so changed
that the emergency now appears 50
threatening that deem II my duty to
ask at the hands OF the Legislative
branch of the government such prompt
and effective action as will restore con-
fidence In our financial soundness, and
avert business disaster and universal
distress among our people. Whatever
may be the merits OF the plan outlined
in my annual message as a remedy for
the ills existing and as safeguard
against the depletion of the gold re-
serve In the treasury. | am now con
vinced its reception by congress and
our present advanced stage of financial
perplexity necessitates additional or
different legislation. With natural re-
sources, unlimited variety and produc-
tive strength and with a people whose
activity and enterprise seek only fair
opportunity to achieve national success
and greatness. our progress should not
be checked by q false financial policy
and Needless disregard of sound none
tary law. nor should the timidity and
fear which they encourage stand In the
T. 49, H. .aa
puted that IA predicament confronts us
today Therefore, no one In any degree
responsible for the making and execu-
tion of our laws should fail 10 see his
patriotic duty in honestly and sincerely
attempting To relieve the situation
Manifestly this effort will not succeed
unless II is made untrammeled by
prejudice of partisanslip. and with "a
steadfast determination To resist tempt
alton to accept such party advantage,
LACK OF CONFIDENCE.
The real trouble which confronts us
consists in the lack OF confidence, wide
spread and constantly increasing, in
the continuing ability or disposition Of
the government To pay its obligations
in gold. This lack of confidence grows
10 some extent out of the palpable and
apparent embarrassments attending
the government under the existing laws
TO procure gold and to a greater eN-
tent out Of the impossibility either Of
keeping IL In the treasury or cancelling
obligations by its expenditure after II
is obtained. The only way left open
To the government for procuring gold
is blythe issue and sale of bonds. The
only bonds that can be issued Were
authorized nearly % years ago and
are not well calculated to meet oui
present needs Among other disadvan'
tages they are made payable In coin
instead of specifically In gold. which
under existing conditions detracts large
Is and In increasing ratio from their de
sirabillty as Investments. IL Is by n,
means certain that bonds of this de
seription will be much longer disposed
of at IA price creditable To the finaneia
factor of our government. The mos
dangerous and irritating feature of tn
situation. however, remains 10 be men
toned 1t is found in the means b!
which the treasury is despoiled of gol'
thus obtained without cancelling a sin
gle government obligation and solel,
for the benefit of those who find prof
i'm shipping IL abroad. or whose fear
induce them To hoard II at home. w
have outstanding about $500. 100000 u
currency notes Of the government fu
which gold may be demanded. AN
curiously enough. the law requires tina
when presented and in fact redeeme
and paid In gold they be reissued. Thu
the same notes may do duty man
times. drawing gold from the treasury
nor can the process be arrested as Ion
as private parties who. for profit c
otherwise. see any advantage In repeal
ing the operation. More than thre
hundred million dollars OF these not,
have already been redeemed in gol'
and Notwithstanding such redemptio
they are all still outstanding. Sin'
the nth OF January. 1894, our bonde
interest-bear debt has been increase
SlO0. 100000 for the purpose of ohtainir
gold to replenish our gold reserve. Tv
issues were made. amounting TO 50
900. 900 each. one in January, the 9th
in November. As result OF the fir
issue there was realized somethii
more than SIS. 900. 600 In gold Betwe'
that issue and the succeeding one
November, comprising a period of abo
10 months. nearly Sl03. 600. 900 In GO
were drawn from the treasury. Tt
made second issue necessary and u
ON that more than SOS. .00O. 900 in e
was again realized. Between the da
of this second issue and the prese
time. covering n period of only abe
two months. more than $69.oo0.ooo
gold were expended without any ca
collation. OF government obligation
In any permanent way benehtting {
people or improving our pecuniary 81
alton.
STARTLING CONDITIONS.
The financial events of the past "
suggest facts and conditions VIII
should certainly arrest attention. Nj
than s172. 00o. 600 In gold has been dra
ont OF the treasury during the year
the purpose of shipping abroad