New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-01-30
A SPECIAL { { MESSAGE
President Cleveland Sends a
Vigorous Communication
to Congress.
THE GOLD RESERVE THE THEME.
Our Creditin Serious Dangerof
Going to the Dogs--His Rec
IT, concentrations.
The GOLD RESERVE THE THEME.

Going to the Dogs--His Rec
concentrations.
WASHINGTON, Jan. 29.-The president
has sent to congress the following spe-
cial message on the financial question:
To the Senate and House of Repre-
sentatives:-In my last annual message
I commended to the serious considera-
ton Of congress the condition of our
national finances, and in connection
with the subject Endorsed the plan of
currency legislation which at that time
seemed to furnish protection against i'm
pending danger. This plan has not
been approved by the congress. In the
meantime the situation has so changed
and the emergency now appears SO
threatening, that I deem it my duty to
ask at the hands Of the legislative branch
Of the government such
Prompt and Effective Action.
cial soundness and avert business disas-
ter and universal distress among our
people. Whatever may be the merits
the plan outlined in my annual message
as a remedy for ills then existing, and
as safeguard against the depletion of
the gold reserve then in the treasury, 1
am now convinced that its reception by
the congress and our present advanced
stage of financial perplexity necessitates
additional if different legislation, With
natural resources unlimited in variety
and productive 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 false
financial policy and needless disregard
Of sound monetary laws, nor should the
timidity and fear which they engender
stand in the way Of our prosperity It
is hardly disputed that this predicament
confronts us today. Therefore, no one
in any degree responsible for the MAX
ing and execution of our laws should
fail to
See a Patriotic DUTY
in honestly and sincerely attempting to
relieve the situation. Manifestly this
effort will not succeed unless it is made
untrammelled by the prejudice of par
tisanship, and with a steadfast deter
mination to resist the temptation to &C.
complish party advantage. We may
well remember that if we are afflicted
with financial difficulties, all our people,
in all stations of life, are concerned, and
surely those who suffer will not receive
the promotion of party interest as an ex-
cuse for permitting our present troubles
to advance to disastrous conclusion
1t is Of the utmost Importance that we
approach the study Of the problems pre-
sented as free as possible from the
tyranny of preconceived opinion, to the
end that in common danger, we may be
able to seek with unclouded vision a
safe and reasonable protection.
There Is Lack of Confidence.
The real trouble which confronts us
consists in a lack of confidence wide
spread and constantly increasing in the
continuing ability or disposition Of the
government to pay it's obligations in
gold. This lack of confidence grows to
some extent out of the palpable and ap-
parent embarrassment attending the
efforts Of the government under exist
ing laws to procure gold, and to a greater
extent out of the impossibility Of either
keeping it in the treasury or canceling
obligations by it's expenditure after it is
obtained The only way left open to
the government for procuring gold is
by the issue and sale of bonds. The
only bonds that can be so issued were
authorized nearly Is years ago, and are
not well calculated to meet our present
needs.
Among other disadvantages they are
made payable in coin, instead of speci-
fically in gold, which in existing condi-
lions detracts largely and in an increas-
ing ratio from their desirability as in
vestments. 1t is by no means certain
that bonds of this description can much
longer be disposed Of at price credit
able to the financial character of our
government. The most
Dangerous and Irritating Feature
OF the situation, however, remains to be
mentioned. 1t is found in the means
by which the treasury is despoiled of the
gold thus obtained without cancelling a
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 outstanding about
$500, 100000 of currency notes of the
government for which gold may be de.
manded; and curiously 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 who profit or otherwise see al
advantage in repeating the operation
More than $500, OOO,O 900 in these note!
have already been redeemed il
gold, and Notwithstanding suck
redemption, they are still out
standing. Since the 18th da,
day Of January, 1894, our bonded inter
| oct. hoori1,oe lo1% 1,o,