The daily morning journal and courier., 1895-01-29
MESSAGE TO CONGRESS.
PRESIDENT CLEYELAND DISC USSIgS THE PRESENT FINANCIAL CRISIS.

Suggests Issuing Bonds in Denominations
 of SEQ and $50 and Their GIultiples at Interest Not to Exceed Three Per Cent,
 Payable in Fifty Years.
 Washington Jan 2S.-President Cleve-
 land sent message to congress to-day urging the necessity of prompt action to relieve the condition of the treasury which is growing worse daily.
 The president says the only bond that can be issued is a coin bond, and it is doubtful if a sufficient amount of those could be sold at fair price to meet the emergency.
 The financial events of the past year suggest facts and conditions which should certainly arrest attention. More than one hundred and seventy-two mill lions of dollars in gold have been drawn out of the treasury during the year for shipment abroad or hoarding at home.
 The obligations upon which this gold has been drawn from the treasury are still outstanding and are available for use in repeating the eXhausting opera ton with shorter intervals as our per pleXities accumulate.
 An adequate gold reserve in all cir cumstances is absolutely essential to the upholding of our public credit and to the maintenance of our high national character.
 Our gold reserve has again reached such a stage of diminution as to require speedy reinforcement. The conse- quences that must inevitably follow pre- sent conditions and methods which will certainly lead to misfortune and loss, not only to our national credit and pros perity and to financial enterprise, but to those of our people who seek employ ment as means of livelihood and to those whose only capital is their daily labor
 It will hardly do to say that simple increase of revenue will cure our trou- bles. Apprehension now existing and constantly increasing as to our financial ability does not rest upon calculation of our revenue.
 The time has passed when the eyes of investors abroad and our people at home are fixed upon the revenue of the government. Changed conditions have attracted their attention to the gold of the government.
 There need be no fear that we cannot pay our current expenses with such money as we have. There is now in the treasury comfortable surplus of more than sixty-three million dullars, but 1t is not in gold and therefore does not meet our difficulty.
 In my opinion the secretary of the treasury should be authorized to issue bonds for the purpose of procuring and maintaining sufficient gold reserve and for the redemption and cancella- ton of United States legal tender notes and treasury notes issued for the pur- chase of silver under the law of July IA, 1890.
 The principal and interest of these bonds should be payable on their face in gold because they should be sold only for gold or its representative, and because there would now probably be difficulty in favorably disposing of bonds not containing this stipulation.
 l suggest that bonds be issued in de- nominations of twenty and fifty dol lars, and their multiples. and that they bear interest at the rate not exceeding 3 per cent. per annum.
 do not see why they should not be payable fifty years from their date. We of the present generation have large enough amounts to pay if we meet our obligations and long bonds are most 
 These bonds under existing laws could be deposited by national banks as se- curity for circulation, but banks should not be allowed to take out circulating notes of less denomination than ten dollars.
 Silver certificates in denominations of ten dollars and upwards should be l 'eplaced by certificates of denominations | under ten dollars.
 As a constant means for the main- l tenance of a reasonable supply of gold | in the treasury our duties on imports | should be paid in gold allowing all | other dues to the government to be paid | in any other form of money.
 These provisions will not interfere with any currency scheme providing for m increase In the circulating medium through the agency of national or state |
  5ress, since they can easily be adjusted | 70 such scheme.
 Objection has been made to the is- iuance of interest bearing obliga tions Or the purpose of retiring non-interest bearing legal tender notes. In point of act, however these notes have burden d us with a large load of interest and t is still accommodating.
 Immediately after the reading of the message MT. Springer IFasented to the louse a bill embodying the suggestions If the president. Debate began at once md continues
 In the senate the message was re- erred to the finance committee after objections to it's consideration were made by the silver advocates.
 HIGH SCHOOL NOTES.