Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1895-01-31
SPECIAL MESSAGE.
The President Sends One to Con-
rress on Financial Mattera
THE ISSUE And SALE OF BONDS.
An Adequate Gold Reserve Declared 70 be
Essential to Our Public Credit-Ef.
fective Congressional Action
d-suggestions.


question:
To the Senate and House Of Representatives.
In my last annual message commended 70 inc
serious consideration OF congress the condition
Of our national finances and in connection with
this subject Endorsed the plan Of currency iegls-
letion which at that time seemed to furnish
protection against impending danger This
plsn has not been approved by congress,
Tn the meantime the situation has so changed
and thu emergency now appears 80 threaten
Inc that deem II my duty ~ ask ut the hands
~ the lesislative branch OF the government
such prompt and effective action as will restore
Aonndence In our financial soundness and avert
business disaster aud universal distress among
our people.
yuh.t.vav NAV be the merits OF the plan out
,,nsd n INV annual message as remedy for
;i,s than aristins and rs q safeguard against
the danletion Of the gold reserve then In tho
sreasurv. am now convinced that It's rejection
by the congress and our present advanced stage
81 financial perpexity neccsstates additional
or different legislation.
With natural resources unlimited In varied
productive strength and with people whose
activity and enterprise seek onlya fair oppor-
tunitv TO nchIeye national success and great
ness. our progress should not be checked by a
false financial policy and needless disregard
Of sound monetary laws nor should the tmldity
and fear which they engcndor stand IN the way
81 our prosperity.
II IL hardly disputed that this predicament
contronts Va to-day. Therefore no one IN any
depree responsible for the making and cxceu-
zion Of our laws should fail 10 see pairlotic
duty in honestly and sincerely attempting tore
iieve the situation Manlfestly this effort VIII
not succeed unless II Is made untrammeled by
ths prejudice Of craftsmanship and with stead
fast determination TO resist the temptation 10
accom- plished purity advantage, We may VOL
remember that II we are affected with financial
diniculties all our people In all STATIONS Oh inu
ere concerned and surely those VINO suncr WIN
not receive the promotion OF party interests ~
On excuse for pei hitting our present troubles
70 advance To Q disastrous conclusion.
The only way left open to the goyernmentfor
croourinr gold ia BY the issue and sale VI
bonds The only bonds that can be issued
vers authorized nearly twenty-five years ago,
and are not well calculated TO meet our present
nacds. Among Other disadvantages, they are
made payable in coin instead OF specifically In
gold, which, In existing conditions, detracte
largely and In On increasing ratio from their
desirabllity as investments 1t Is BY no neahS
certain that bonds Of this description eah
much longer be disposed Of at price credit
able to the financial character OF our govern
mcpt.
The most dangerous and irritating feature Of
the situation, however, remains to be men
toned. " ~ found In the means by when me
treasury Is dcspollod OF the gold thus obtained
without cancellIng single government oDllHa-
tion and solely for the benefit Of those who llnd
pront In shipping II abroad or whose fears IN
duce them To hoard II at home.
W. have outstanding about s,0OODO,OlO VI
surreucv notes of the government for which
vold NAV M demanded, md curiously enough
The law requires that when presented md IN
fact redeemed ind paid In gold they shall be
rcissued Thus the same notes may do duty
many times In drawing gold from the treasury
nor can the process DO arrested as long as pri-
yate parties who profit by II or otherwise see
on advantage In repeating the operation. More
than t3O00l0,000 In these notes iANc already
been redeemed In gold nnd, Notwithstanding
such redemption, they are still outstanding
Since tho nth day OF January, 1891. our bond
ed interest bearing debt has been Increased
400 900, OOO for the purpose Of obtaining gold "
replenish our gold reserve Two issues were
made amounting 900 each-ono In lanu-
airy md the other In November. AS u result Of
the first Issue there was realized something
more than 5s,QOO0OO In gold. Between that
Issue and the succeeding one in Novembcrcom-
prlsing period OF ten months nearly Tloi,ow,VJV
In gold were drawn from the treasury ms
made the second Issue necessary and upon tha'
more than $500 1000 In gold was again realized
Between the date OF this second Issue ANA ths
present time covering period Of only about
two months. more than @0Ow'OlO in gold were
expended without any cancellation OF govern
ment obligations or In my permanent WI!
benehting our people or improving our pecu-
mary situation.
The financial events Of the past year sug-
rest facts and conditions which should certain
" arrest attention, More than slls,OO0,ON ID
cold have been drawn out OF the treasury dur
Ing the year for the purpose Of shipping abroad
or boarding OF home While nearly fiOS00,Nt
Of the same were drawn out during inc ilrst
ten months Of the year, sum aggregatiip
more than two-thirds Of that amount, being
about tQ,0 900, WIS drawn out during
the following two months, thus indicating
marked acceleration Of the depicting process
with tho lapse Of time The obligations upon
which this gold has been drawn from the treas
uvy are still outstanding and are available fol
use IN repeating the exhausting operation OF
shorter intervals as our pcrplexitles accumu-
late.
Conditions are certainly superyenlng to MAKE
tho honds which may be issued to repenish
our pold less useful for tina, purpose
An adequate gold reserve is In all clrcun-
stances absolutely essential TO the upholdlnt
Of our public credit and TO the maintenance Of
our high national character. Our gold reserve
has again reached such stage OF dlmnutioD
~ 10 require Its speedy reinforcement
The aggrayations that must inevitably follow
presont conditions and methods will certainly
lend to misfortune ind loss not only to our mo-
tIonul credit mud prosperity md to financial
enterprise, but to those Of our people who sees
employment as q means Of livelihood and y
those whose only capital is their daily labor
+, vii, hardly do to say that u simple increase
Of revenue will cure our troubles, The apprs-
hension now existing and constantly Increasing
~ To our financial ability does not rest upons
calculation Of our revenue. The time has passed
when the eyes OF investors abroad mud our
people Of home were fixed upon the revenues
Of the government Changed conditions have
attracted their attention to the gold Of tho gov
erument. There need DO no fear that we can
not nav our current expenses with such money
M w. have. There Is now in the treasury
co,n,or,able surplus Of more than $4,000 100,
but II IL not in rold and therefore does moi
meet our difflcul.y.