The Dickinson press., 1895-02-02
CLEVBLAND'SP Plan
SPECIAL MESSAGE ON FlNANvp
SENT TO CONGRESS-.
The President Urge. the P..sase Of
a Bill for the Issuing of Three
Per Cent Bonds, the Princi-
PM and Interest to lie
Paid In Gold.
A BILL BASED ON THE MESSAGE.
Mr.. Springer Introduces a Bill to
Carry into Eject the Prexidents
Recommendations.
Washington, Jan. 3O.-The president
sent to congress the following special

SSAAs W SoASlSoS Tie AOllOWluS SpGCldl
message on the financial question:
To the Senate and House Of Representa-
uves: In my last annual message COM
mended to the serious consideration of con.
gress 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 protectl.n
against impending danger. This plan ass
not been approved by the congress. In the
meantime the situation has 90 changed and
the emergency now appears 30 threatening,
that deem 1t my duty to ask at the hands
Of the legislative branch of the government
such prompt and effective action as will
restore confidence In our financial sound
ness and avert business disaster and uni.
versal distress among our people. Whatever
may be the merits Of the plan outlined in
my annual message as remedy for Ills
then existing. and as safeguard against
treasury, am now convinced that its recep.
tion by the congress and our present ad.
vanced stage Of financial perplexity necessi.
tates additional, IL not different, legislation.
With natural resources unlimited in va .iet5
and productive strength and with people.
whose activity and enterprise seek only q
fair opportunity to achieve national success
and greatness, our progress should not be
checked by false financial policy and Q
needless disregard Of sound monetary laws,
nor should the timidity and fear which they
engender stand in the way Of our prosper:
ity. :
1t IL hardly disputed that this predica.
ment confronts US to-day. Therefore, nd
one In any degree responsible for the max.
Ing and execution Of our laws should fail to
see patriotic duty in honestly and sincere
ly attempting to relieve the situation. Man,
ifestly this effort will not succeed unless it
Is made untrammeled by the prejudice Of
partlsanship and with a stendfast deter.
mination to resist the temptation to &C.
complsh party advantage. We may well re-
member that II we are afflicted with flnan.
clal difficulties, all Of our people, in all sta.
lions of life, are concerned, and surely
those who suffer will not receive the pro-
mo..on Of party interest as an excuse for
permitting our present troubles to advance
to disastrous conclusion. It Is of the ut.
most Importance that we approach the study
of the problem presented as free as possible
from the tyanny Of preconceived opinions,
TO the end that. In n common danger. we
may a,e able to seek with unclouded vision
A Safe and Removable Protection.
The real trouble which confronts us con.
slsts In lack Of confidence, widespread
and constantly increasing, IN the continu.
ing ability or dIsposition Of the government
to pay its obligations in gold. This lack
Of confidence grows to some extent out Of
attending the efforts Of the government un.
der existing laws to procure gold, AMI to a
greater extent out of the impossibllity Of
either keeping It In the treasury or can.
ceiling obligations BY Its expenditure aft
er It 10 obtained. The only way left open
to the government for procuring gold ID
by the Issue and sale of bonds. The only
bonds that can be 30 issued were author
lied 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 spe.
cihcally In gold. which In existing condi-
tions detracts largely and in IN increasing
ratio from their desirabliity as Investments.
1t Is by no means certain that bonds OF
this description can much longer be disa
posed Of at a price creditable to the fnan-
cial character Of our government.
The most dangerous and Irritating feat.
ure OF the situation, however, remains to
be mentioned. 1t is found In tho means BY
which the treasury is despoiled Of the gold
thus obtained without canccling single
government obligation, and solely for the
benefit of those who find profit in shipping
1t abroad or whose fears induce them to
hoard 1t at home. We have outstanding
about $500, ,OOO, 600 Of currency notes OF the
government for which gold may be de.
manded: and curiously enough the law re.
Quires that when presented and in fact re-.
deemed and paid In gold, they shall be re.
Issued. Thus the same notes may do duty
many times in drawing gold from the treas
ury; nor can the process be arrested as
long as private parties who profit or other
wise see an advantage in repeatinR the
operation. More than $500, ,O0O, 900 in these
notes have already been redeemed In gold,
and notwithstanding such redemption they
are all still outstanding.
The Gold Reserve Dlsappcur..
To
bearing debt has been increased 500 OOO,.
600 f'r the purpose Of obtaining gold, to
replenish our coin reserve. Two issues were
made, amounting to $5O,OOO OO0 each, one
in January and the other In November. AS
q result Of the first Issue there was real
fzed something more than s5S 100000 of
dolnrs In gold. Between that issle and the
ce succeeding one in November, com7risng q
period OF about ten months, near'y $1OO,.
100000 in gold were drawn from the treas.
ury. This md. Il second ssu neees -ary.
and upon that more than sa8,OOOOOo in
gold was again realized Between the date
of this second issue and the present time
covering period Of ony about two months,
more than $6OOO0, 900 in gold have bren
drawn from the treasury. These large
sums Of gold were expended without any
cancellation Of government obligations OF
In any permanent way bered tisg ur REQ.
pie or improving our peeuniary situation.
The financial events OF the past year sug.
gest facts end conditions which should Ger.
ia My arrest attention. More than $l72,-
COO, COO IN gold have been drawn out Of the
Treasury during the year for the purpose
Of shipping abroad or boarding ct home.
" ME nearly E=15.,r7o OF rne sam. were
drawn. ou. during the first ten month, OF
the year. sum ag' ':e .ating ,rore thyn
tw0-.hirds Of that am rnt, Icing about
s60. 1CO.OD, was drawn cut curing tie TO-.
lowing two months, thus indicating 4
marked acreleration Of the depicting pro-
cess with the lapse ef tim. The b isation,
upon which this gold has been drawn from
the frea a'ury are stiil stanLing. enl re
available FOR use IN repeating the exhnus-
tive operation within shcrLpr mt rvals. Per.
plcxities accumu'ate and omit ms re Ger.
ta.nly superycniag. tendi,g to make the
bonds which msx be issued to replcnisn
our gold less u=eul for that purpose. An
adequate gold re eve Is in ali circum.
stances absolutely essential to tie uphold.
ing Of cur public credit enl to the main
finance of our high national character.
Our gold reserve has again reached such .
stage Of dminution as to require
It3 Speedy Reinforcement.
The aggravations that must inevitably fol.
low present conditions and methods
Will certainly lead to misfortune and
loss. not only to our national credit and
AMI to financial enterprise, but
to those Of our people who seek employment
"a means of livelihood and to those whose
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