St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-29
NEED OF MORE BONDS
Congress Is Again Asked to
Pass Needed Financial
Legislation.
MESSAGE FROM CLEVELAND
Pointing Out the Necessity Of
Maintaining the Gold
Reserve.
A BILL is PREPARED.
Springer Introduces a Meas
ure Embodying the Pres
ident's Ideas.
A BILL is PREPARED.

WASHINGTON, Jan. 2S.-There is some
doubt whether the house committee on
banking and currency will agree to re-
row. The Democrats of the committee
are divided in their views Oh all tinan-
cial legislation, and some Of them are
iTrevOcablY opposed to bond issues.
One member who favors the presidents
plan says that he does not believe more
than four or five Democrats on the COM
mittee will vote for it. The balance of
power. accordingly, rests with the Re-
publcans in the committee. as it does in
the house. Chairman Springer be-
lieveS that Republicans will vote to re-
port the bill and will aid the Democrats
IN the house to do it. Representative
Hit, one Of the Republican leaders,
says that his party is for the bill by
majority of sixteen to one. Four men,
bers of the banking and currency COM
mittee are absent from the city, two
Democrats and two Republicans. If the
committee should refuse to report the
bill, its action would prove but slight
obstacle to consideration. A rule could
be reported to discharge the committee
from consideration and bring the bill
back to the house.
w AsuINGTON, Jan. 2S.-The preSi
dent today sent to congress the follow
ing special message on the financial
question:
To the Senate and House of Represen-
tatives: In my last annual mess age !
commended 10 the serious consideration
of congress the condition of our na-
tiOnal finances, and i'll connection with
the subject Indorsed the plan of cur
Tency legislation which at that time
seemed to furnish protection against
impending danger. This plan has not
been approved by the congress. In the
meantime the situation has so changed.
the emergency now appears so
threatening, that deem it my duty to
ask at the hands of the legislative
IL
and effective action as will restore con-
fidence in our financial soundness and
avert business disaster and universal dis
tress among our people. Whatever may
be the merits of the plan outlined in nv
annual message as a remedy for ills
then existing, and as safeguard against
the depletion of the gold reserve then in
the treasury, am now convinced that
its reception by the congress and our
present advanced stage of financial
perpleXity necesstate additional. if not
different, legislation. With natural re.
sources unlimited in variety and pro-
ductiye strength, and with peopl le'
whose activity and enterprise seek only
a 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
ard fear which they engender stand in
the way of our prosperity. 1t is hardly
disputed that this predicament Goa
fronts us today. Therefore, no one in
any degree responsible for the making
and execution of our laws should fail
10 see patriotic duty in honestly and
sincerely attempting 10
Relieve the Situation.
Manifestly this effort will not succeed
until it is made untrammeled by the
prejudices of partiSanship, and with
a SteadfaSt determination to resist the
temptation to accomplish party ad.
vantage. We may we'll remember that
if We are afflicted with financial diff
culties, all OF our people, in all stations
of life, are concerned, and surely those
who suffer will not regard the promo
ti0n of party interest as all excuse for
permitting our present troubles to ad-
vance to a disastrous conclusion. 1t is
of the almost Importance that we ap-
prOacn the study Of the problems pre-
scented as free as possible from the
tyranny of preconceived opinions,
to the end that in common danger we
may be able to seek with unclouGed
vision a safe and reasonable pro
lection. The real trouble which con.
fronts US consists in a lack Of COLI
1idcmce widespread and constantly in
creasing in the continuing ability or dis
IOSItiOll VI tue SONeI HlDGII 10 DaE Its
obligations in gold. The lack of conf
dence grows to some extent out of the
palpable and apparent embarrassment
attending the efforts Of the government
under existing laws TO procure gold,
and to greater extent out of the i'm.
possibility of either keeping it in the
treasury or canceling obligations by its
expenditure after 1t 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
twenty-five years ago, and are not we'll
calculated TO meet our present needs.
Among other disadvantages they are
made payable in coin instead of
Specifically IN Gold.
which in existing conditions detracts
largely and in an increasing ratio from
their desirabiity ae investments. 1t is
by no means certain that bonds of this
description can much longer be disposed
OF at price crcditable to the financial
policy of our government The most
dangerous and Irritating feature of the
situation, however, remains 10 be men
toned. 1t Is found in the means bv
which the treasury is despoiled Of the |
gold thus obtained without canceling
single government obligation, and
aulplv far the bnnpGt Of thosu whO Gr,l