Connecticut western news., 1895-01-31
WASHINGTON NOTES.
oolNes OF OUR coNGRsSsMEN DAY
 BY DAY.

BY DAY.
 President Cleveland Sends to Congress a
 Special Message on the Financial Ques-
 tion Making Recommendations and Hill
 Is Introduced on Those Lines.
 WASHINGTON, Jan. 30.-The effort to carry out President Cleveland's financial recommendations now engrosses the time and attention of congress. As the first steps are being taken in the house, the interest centers in that body.
 The presidents message was as follows: ''To the Senate and House of Representa-
 tives:
 ''In my last annnal message I com mended to the serious consideration of the congress the condition of our national finances and in connection with the sub ject indorsed the plan of currency legisla- ton which at that time seemed to furnish protection against impending danger This plan has not Teen approved by tho congress- In the meantime the situation has so changed and the emergency now appears so threatening that I deem 1t my duty to ask at the hands of the legislative branch of the government. such prompt and effective action Rs will restore confi- dence in our financial soundness and avert among our people
 Whatever may be the merits of the plan outlined in my annual message as a remedy for ills then exAting and as a safeguard against the depletion of the gold reserve then in the treasury, l am now convinced that Its reception by the con- gress and our present advanced stage of financial perplexity necessitates additional or different legislation.
 "Tbe real trouble which confronts us consists in Q lack of confidence widespread and constantly increasing in the ooptinu- ing ability or disposition of the govern ment to pay its obligations in gold. This lack of confidence grows to some extent out of the palpable and apparent embar- rassnent attending the efforts of the gov ernment under existing laws to l,rocure gold and to a great extent out of the inn possibility of either keeping it in the treas ury or canceling obligations by its ex- penditure after 1t is obtained.
 The Present Drawback.
 "Tbe only way left open to the govern ment for procuring gold is by the issue and sale of its bonds. The only bonds that can be so issued were authorized nearly 25 yea ago and are not well calculated to meet our present needs. Among other dis advantages they are made payable in coin instead of specifically in gold, which in ex- isting conditions detraots largely and in an increo sing ratio from their desirability as investments. It is by no means certain that bonds of this description can much longer be disposed of at price creditable to the financial character of our govern ment The most dangerous and irritating feature of the situation, however, remains to be mentioned. It is found in the means by which the treasury Is despoiIed of the gold thus obtained without canceling 0 single government obligation and solely for the benefit of those who find profit in shipping it abroad or whose fears induce them to hoard it at home We have out standing about $500, 00O. 900 of currency notes of the government for which gold may be demanded, and ouriously enough the law requires that when presented. and, in fact, redeemed and paid in gold, they shall be reissued. Thus the same notes may do duty many times in drawing gold from the treasury nor can the process be arrested as long as private parties for profit or otherwise see an advantage In repeating the operation. More than $500, 000 900 in these notes have already been redeemed in gold. and notwithstanding such redenp- tion they are all still outstanding. Since the 17th day of January, 1894, our bonded interest bearing debt has been increased Sl00, 900. 900. for the purpose of obtaining gold to repleI1ish our coin reserve. Two is- sues were made, amounting to SEQ. coo, 900 each-one in January and the other in No vember As result of the first issue there was reali. ed something more than $50, 900. 900 in gold.
 A Word to Silverites.
 "I Icannot see that differences of opinion concerning the extent to which silver ought to be coined or used in our cur rency should interfere with the counsels of those whose duty it is to rectify evils now apparent in our financial situation. They have to consider the question of na- tional credit and the consequences that will fall from its collapse. Whatever ideas may be insisted upon as to silver or bi- metallism, a proper solution of the ques- tion now pressing upon us only requires a recognition of gold as we'll as silver and a concession of its importance, rightfully or wrongfully acquired, as a basis of na- tional credit. a necessity In the honorable discharge of our obligations, payable in gold. and badge of solvenoy. I do not un- derstand that the real friends of silver de-
 
 ton or neglect to appreciate the meaning of the present exigency If it should result in the entire banishment of gold from our financial and currency arrangements
 While 1 am not unfriendly to silver, aud while l desire to see 1t recognized to such an extent as is consistent with f1nan- cial safety and the preservation of national honor and credit, I am not willing to sec gold entirely banished from our currency and finances. To avert such a consequence believe thorough and radical remedial legislation should be promptly passed therefore beg the congress to give the sub ject immediate attention.
 Small Bonds Suggested.
 Tn my opinion, the secretary of the treasury should be authorized to issue bonds of the government for the purpose of procuring and maintaining sufficient gold reserve. and the redemption and can cellation of tho United States legal tender notes, and the treasury notes issued for the purchase of silver under the law of Ju- ly II, 1890. We should be relieved from the humiliating process of issuing bonds to procure gold to be immediately and re, peatedly drawn out on these obligations for purposes not related to the benefit of our government or our people. The prin- cipal and interest of these bonds should bc payable on their face in gold because they should be sold only for gold or its repre- sentative and because there would now probably be difficulty in favorably dispos. ing of bonds not containing this stipula- tion. I suggest that the bonds be issued In denominations of S20 and $50 and their multiples, and that they bear interest at rate not exceeding per cent per annum I do not see why they should not be pay able 50 years from their date We of the present generation have large amounts to pay if we meet our obligations, and long bonds are most salable.- The secretary of the treasury might we'll be permitted at his discretion to receive on the sale of bonds the legal tender and treasury notes