The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-29
The President Would Raise
$500, ,0OO,OO0 This Time.
TO CANCEL TREASURY NOTES.
He Predicts Dire Disaster and Confn.
sion Unless Debt Is Piled High.
Denying That Loss Of Geld 4 Due 60 fAa
Havemey-r Laws Dssels. ne wsnia
save the Country by Increasing the
Debt. the Anausi Intersss. ana se
Course the AnnaAa Deficis.

Washington City, Jan ss--The pres1s
! deas today sent 10 congress the folfowA
/ ing message:
TO the Senate and Eoase OF Repre-.
sentatives. In my hast annual message.
| commended TO the serious consider
atleca OK congress the cgsadiSfcn of oan
national finances, and in c,anecsion
/ with the subject incorsed a plan ok
! currency legislation which =. that tin1u
seemed 20 fursiish protection againSk
/ the impending dangssr. This plan has
not been approved by congress. In.
/ the meantime the Situati0n has 81
changed. ard the emergency naw ap~
Pears so threatening. that deem Il
my duty 10 ask at the hassds or rae leg~
islasiye hranzsh or the government such
/ prompt and effective action as viii re-
store confidence Ia our financial sounds
| ness and avvsA business disaster and
!! universal distress amaag our people.
Whatever may be the merits ~ the plan
outlined IN my annual message as n
rerracay fer the Ills existing. and m n
safeguard against depletion OF the gold
reserve. then in the treasury. am now
convinced that It's reception By congress
and our present advanced stage of
financial perplexity necesSstate addi-
tional or different legislation.
With natural resources. unlimited
variety and productive strength, ana
with a people whose activity and eia-
terprfse seek Only fair epportun3ty
to achieve national success and great-
ness, our progress saeuld not be checked
by a false financial policy and Needless
! disregard on sound rnoaetary law. nor
| should the tifnidsty and fear which they
engensier stand in way of our prosperi>
ty. II is hardly disputed that q pre-
dicaussnt c0nfnonss M today Therefore,.
no one in any degree responsible fou
/ the making and execution OF cur laws
| should fail 10 see his patriotic duty IN
honestly and sincerely attempting 70
relieve the situation. ManffestIy thu
effort viii not succeed unie~s 1t II nsa.ia
,fntrammeled by prejudice or partisan.
ship. ard with a steadfast determines
shon to resist the temptation 20 acccp&
party advantage. We may well re-
nlpnrber. IL we are affected with nna1,~
csal difficulties that all our people. m
all stations OF life. are concerned. ana
surely those who suffer viii not re-
ccfve promotion of party interests a.
an excuse for permitting our present
trouh.es 10 advance 70 a disastrous con-
cIusien. 1t Is also OF the ufmast irnpnr-
sance that we annruach the study of
the problems presented az free A. pon-
sible frum the tyrsncsy ar preconceIvett
opinions. to the end fhSt In the eersunon
danger we may seek with uncioudeS1
vision safe ard reasonable protection.
The real trouble which coEssss1tn
us consists in lack OF confidence, widc-
sprsad and constantly Increasing. liz
the continuing ability or disposition of
the government 10 gay It's ssbsigatona
IN god. This hack of confaeacc grows
10 some extent out OF the paipahle Aad
apparent ensbarsassfnenss attending the
government nrssTcr existing laws 10
pocure gold. and to a greaaer extene
out Of the irnpossabiiity or either kcep-
ing IL In the treasury or cancalf-ng oh
legations by It's expenditure after 1t -
obtained The only way left open 10
The government or procuring gold Il
by fssue and ssie Of bonds. The only
bonds that can be iHsssed were aufhor-
izea nearly twenty-five years ago. ana
are not well calculated 10 meet oup
present needs. Among other dtsadvan-
tages they arc made payable In coin.
instead or specifying In gold. which In
existing ccndstions dslraoss largely
and IN an Increasing ratio from their
desirssbliity as Investments. II IN by
no means certain tifat bonds of fhis
description can he -nnch longer disposed
Of at a prize eredIsalb.e 10 the financial
character of our government
'sThe sncst dangerous and Irritating
feature or the situation, however. ~
ura.ns TO be mentioned. II Is found ~
elae nsearss by whirl. th. treasury =
ff.sg9 -. n a IL
without canceliillg a single government
obligation. and seleiy FIR the b~nsA&
Of these who ind profit n Shipping Il
abroad. or wh0sE fears ssisIiice them
to board II AT home We have out-
standing about 500 009. .Gos Of currency
notes of the government for w71scf gold
may be demanded. and. curipusfy
enough. the taw requires that when
presented. and In fat redeemed. ana
paid in gold. they shah bee resasued.
Thus the same notes uaay do dutY
many tffsif=s IN drawing gold sron tho
treasury TbT can NE process ks ar.
rested a. .Jag ~ prfSat. parties. 10
proAt or Otherwise. see any advantage In
repeating the operation. More than $500.
00o, 900 or these notes hare already
been redeemed I'm gold. and, noshwfth-
NttfsA t-11AtstffN*Stls hssszF s&4E
sfii5 outstanding. sIace the 18th ok
January. 1894. our bonded Interest,"
bearfrg debt fsas been srcreaaesi sfo0.-
0oo. .Hs0 fer tke purpose of osytafning gosA
to repfeaIsh our gold reserve. Two
issues zFeTe EAlde amounting 20 361-
0o0,es each. ofe IN January. tsse otfep
in November. ~ a restiit OF the flrse
issus there was realized souaesh8nR
more than IS. .goa.e ese ia gold Betw~<W
that issae ard the succeeding one 4,
November. comprising period OF about
ten months nearly 5iGJ .va06o0 in ensa
was drawn from tire treasury. Tnte
iyaade n secofxd issue necessary. anA
upcu that more than sss, go 900 oe xclA
was again realized. Betweea the date
of taats second issue and s.s1 preeeaa
time. covering = period of orsy ahoue
two months. more than So. .1a5.aeo a
gold was expended without a-iy can
ceIiafiogz 81 tise government ob.fras
tions. Or IN any permanent way benn.
fling our people or srnprvvlnx our ~
caaalsry 1ffuazion.
The dssas1cssi events Of the pxtst year
sxgEeT< facts and eeasssfsoszs wsatcH
should certzsnty arrest attention. Mos
tsszn E1Tz 90 90 of gssid has beesa dr-asru
0sat pf the fraassIry during the year foe
che purpose * shipplng akTved q