The Irish standard., 1895-02-02
SPECIAL MESSAGE.
The President Asks for Legislation
on the Issue of Bonds.
He Tells Congress That the National In
tegrity II ut stako-Without Gold,
He Says, Our Credit Will Be
Destroyed.

substantially withdrawing his support
from the plan outlined in the Carlisle
bill, and outlining the only policy
which seems to him now possible to
maintain the gold reserve. Following
is the main portion Of the message:
The Message.
In the opening Of the message the presidents
refers to his recommendations on the currency
question to congress in his annual message and
their unfavorable reception, the changed con-
dltion OF affairs and the present ex-
istence Of emergency which De-
lnanded prompt legislative action to restore
confidence In our financial soundness and
avert business disaster and universal distress
among our people. He states his conviction
that additional or different legislation from
that recommen ended in his annual message IS
now demanded. The progress OF people
whose internal resources are 80 limited
and energies so vigorous should not be checked
by 70 false financial policy and needless dis
regard Of sound monetary laws The presl-
dens then emphasizes the duty OF our law
makers, -'untrammelled by the prejudice OF
craftsmanship" 70 sincerely attempt to relieve
the situation.
Due to Lack Of Confidence.
The real trouble which confronts US consists
in lack OF confidence widespread ana con-
stantly inc reasing in the continuing ability or
disposition 81 the government to pay Its OBJ
legations in gold. This lack of confidence grows
TO some extent out OF the palpable and
apparent embarrassment attending the Of
forts of the government under existing laws
TO procure gold and to greater extent out OF
the impossibility Of either keeping 1t IN the
treasury or canceitng obligations by t,s e1-
pendicure after 1t Is obtained.
The only way left open to the government
for procuring gold is by the issue and
hat n
be issued were authorized nearly twenty five
years ago and are not we'll calculated to meet
our present needs. Among other dis
advantages, they are made payable in
coin instead Of specifically in gold,
which in existing conditions, detraets
largely and in an increasing ratio
from their desirability as Investments
1t is by no means certain that bonds
OF this description can much longer be disposed
OF at price creditable to the financial charac-
ter Of our government.
"A Most Dangerous Feature.
The most dangerous and Irritating feature
of the situation. howe. er; remains to be men,
toned 1t Is found in the means by which
the treasury is despoiled OF the gold thus
obtained without canceling single gov
ernment obligation and solely for the benefit
OF those who find profit in shipping it abroad
or whose fears induce them to hoard 1t at
home. We have outstanding about $50 900 900
OF currency notes Of the government. for
which gold may be demanded, and curtousiy
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 tic
treasury nor can the process be arrested as
long as private parties profit or otherwise see
gu advantage in repeating the operation.
Redeemed lsut Not Retired.
More than $500, 00O, 600 in these notes have al
ready been redeemed in gold and not
withstanding such redemption they are all
still outstanding Since the 18th day Of Janu-
ary 1894 our bonded interest bearing debt
has been increased Sl0O000.00O for the pur-
pose of obtaining gold, to replenish our coin
reserve Two issues were made, amounting
to S5O,COOO00 each-one in January and the
other In November. AS a result Of the first
S5o 0CO 600 in gold. Between that issue and the
sue, eeding one in November. comprising q
period OF aLou: ten months, nearly s103 600
IN gold was drawn from the treasury.
This made the second issue necessary, and
upon that more than $50, O0O.0 0O in gold was
agAin realized Between the date of this
second issue and the present time, cover
more than $4,000 900 in gold has been
dra, n from the treasury These large sums
Of gold were expended without any cancella-
ton OF government obligations or in any per-
manent way benefting people or improving our
pee, mary situation.
The financial events OF the last year suggest
facts and conditions which should certainly
arrest attention. More than $l72, 0oo, DIN gold
has been drawn out OF the treasury during
the year for the purpose OF shipping
abroad or boarding ut home. While near
ly SlOS,0O0,0O0 Of the same was drawn
out during the first ten months OF the year. q
sum aggreEattng more than two-thirds OF that
3eO NM A
during the following two months. thus indicat
ing q marked acceleration OF the depicting
process with the lapse OF time.
Simple Process of Looting.
The obligations upon which this gold has
been drawn from the treasury are still out
standing and are available for use in repeat
ing the exhausting operation with shorter
intervals as our perplexities accumulate.
Conditions are certainly supervening tending
to make the bonds which may be- issued to
replen1sh our gold less useful for that pur-
pose.
An adequate gold reserve is In all circum~
stances absolutely essential to the upholding
of our public credit and to the maintenance of
our high national character Our gold re-
serve has again reached such stage of dim
mutton as to require its speedy reinforce
nent. The aggravations that must inevitably
follow present conditions and methods will
certainly lead to misfortune and loss not only
to our national credit and prosperity and to
financial enterprise, but to those of our
people who seek employment as means OF
livelihood and to those whose only capital il
their daily labor
1t will hardly do to say that q simple
increase Of revenue will cure orr troubles
The apprehension now existing and con-
stantly increasing as to our financial ability
does not rest upon q calculation of our rev.
enue. The time has passed when the eyes
OF investors abroad and our people at home
were fixed upon the revenues Of the govern
ment Changed conditions have attracted
their attention to the gold Of the government.
There need be no fear that we cannot pay
1lr current expenses with such money as we
have.
A Slap 1T the Silver Men.
There Is now in the treasury comfortable
surplus Of more than t6800O,0O0, but it is not
gold aud therefore does not meet our dihlculty.
I cannot sec that differences OF opinion
the extent to which silver
ought to be coined or used In our currency
shou ldinterfere with the counsels of those
whose duty it Is to rectify evils now apparent
in our financial situation They have to con-
slider the question Of national credit and the
that will follow from its col
lapse
While I am not unfriendly to silver and
while desire to see it recognized to such an
extent as Is consistent with financial safety
and the preservation of national honor and