Crawford avalanche. (Grayling, Mich.) 1879-19??, 1895-02-07
APPEAL TO CONGRESS-
MESSAGE OF THE PRESIDENT ON
THE FINANCIAL EMERGENCY.
6ays Another Bond Issue Is the Only
Way to Prevent a Constant Drain
of Gold-sccs Very Good Cause for
Alarm.
National Integrity mt Stake.

National Integrity mt Stake.
The President on Monday sent to both
houses of Congress a message ON the
financial situation, substantially with
drawing his support from the plan out
lined in the Carlisle bill and outlining the
only policy which seems to him now pos
sible to maintain the gold reserve. The
message is as follows:
ITO the Senate and House of Repre-
sentatives: In my last annual message
commended to the serious consideration
of the Congress the condition of our ma
tional finances, and, in connection with
the subject, indorsed the plan of currency
legislation which at that time seemed to
furnish protection against impending dan
ger. This plan has not been approved by
the Congress. In the meantime the situa-
tion has SO changed and the emergency
now appears so threatening that i deem
il my duty to ask at the hands of the leg
islative branch of the government such
prompt and effective action as will restore
confidence in our financial soundness and
avert business disaster and universal dis
tress among our people.
"WhateveF may be the merits of the
plan outlined in my annual message as a
remedy for ills then existing, and as a
safeguard against the depletion of the
gold reserve then in the treasury, / am
now convinced that it's reception by the
Congress and our present advanced stage
of financial perplexity necessitates addi-
tionai or different legislation.
Party tn BE Laid Aside.
"With natural resources unlimited in
variety and productive strength and with
a people whose activity and enterprise
seek only a fair opportunity to achieve
national success and greatness, our prog
ress should not be checked by false
financial policy and a 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 predca-
ment confronts us to-day. Therefore no
one in any degree responsible for the max
ing and execution of our laws should fail
TO sec patriotic duty in honestly and sim
cerely attempting to relieve the situation.
Manifestly, this effort will not succeed un
less il is made untrlmmeled by the preju-
dice of partisanship and with a steadfast
determination to resist the temptation to
accomplish party advantages. We may
well remember that If we are threatened
with financial difficulties al our people in
every station of life are concerned, and
surely those who suffer will not receive
the promotion of party interests as an ex-
cuse for permitting our present troubles
to advance to n disastrous conclusion. 1t
Is also OF the utmost Importance that we
approach the study of the problems pre-
sented as free as possible from the tyran-
ny Of preconceiyed opinions, 10 the end
that in a common danger we may he able
to seek with Enclosed vision safe and
reasonable protection.
Distrust a Great TroubIe.
''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 its obligations in
gold This lack of confidence grows TO
some extent out of the palpable and APP
parent embarrassment attending the ef-
fufts Of the Government under existing
laws to procure gold, and to a greater ex
tent out of the impossibility Of either
keeping it in the treasury or canceling
obligations by its expenditure after it il
obtained.
1.-THE only way left open to the Govern
ment for procuring gold is by the issue
and sale of it's bonds. The only bonds
that can be 80 issued were authorized
nearly twenty-five years ago and are not
well calculated to meet our present needs.
Among other disadvantages they are
made payable in coin instead Of specih-
caily in gold, which, in existing condi-
tons, detracts largely and in an increas-
ing ratio from their desirability as invest
ments. 1t is by no means certain that
bonds of this description can much longer
he disposed of ut a price creditable to the
financial character Of our Government.
"The most dangerous and irritating
feature of the situation, however, re-
muins to be mentioned. 1t is found in
the means by which the treasury is de-
spoiled of the gold thus obtained without
canceling a single Government obiga-
ton, and solely for the benefit of those
who find profit in shipping it~abroad, or
whose fears induce them to hoard it at
home.
The Stubborn Facts.
1--WE have outstanding about $500, ,00O,-
600 of currency notes of the Government,
for which gold may he demanded; 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 for profit or otherwise
see an advantage in repeating the opera
ton. More than $30O,00O,0O0 in these
notes have already been redeemed in
gold, and notwithstanding such redemp-
tioa they are all still outstanding
"Since the 18th day of January, 1894,
esr bonded Understanding debt has
keen increased $100,000O00 for the pur-
PESO of obtaining gold TO. replenish our
Gun reserve. Two issues were made,
amounting to $5O,OOOOO0 each--one in
January and the other in November. As
a result of the first issue there was real
lied something more than $oS,0O0,O0O in
gold. Between that issue and the sue
ceding one in November, comprising a
period Of about ten months, nearly $103,-
100000 in gold were drawn from the
treasury. This made the second issue
necessary, and upon that more than $685.
100000 In gold was again realized Be
tween the date of this second issue and
the present time, covering period of
only about two months, more than &c.,
100000 In gold has been withdrawn from
the treasury. These large sums of gold
were expended without any cancellation
OF Government obligations or in any per-
manent way benefting our people or i'm
proving our pecuniary situation.
'The financial events of the last year