Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-01-29
THE PRESIDENTS MESSAGE.
Currency Legislation an Immediate
Necessity.
THE WORK OF GOLD spBCULAToRs
Is the Constant Depletion Of the Treas
ury.
THE WORK OF GOLD spEoULAToR


tNN"y helt 10 congress- W. 70. LOWING
special message on tn, ~ aues-
ton;
To the Senate and House OF ~ ~.
atives: W IL u
In my last annual message %.
mended to your serious considerA
the condition OF our n..-
tonal finances, and In con
nection with the subject lndorsed a
connection with the subject Endorsed a
plan of currency legislation which at
that time seemed to furnish protection
against impending danger, This plan
has not been approved by congress. In
the meantime the situation has so
changed that the emergency now ap-
pears so threatening that / deem It my
duty to ask at the hands OF the legisla-
tive branch of the government such
prompt and effective action as will re-
store confidence In our financial sound
ness ana avert business disaster and
universal distress among our people.
Whatever may be the merits OF the
plan outlined In my annual message as
a remedy for the ills then existing,
and as n safeguard against the deple-
ton Of the gold reserve then In the
treasury, I am now convinced that it's
reception by congress and our present
advanced stage Of financial perpleNity
nccessltates additional or different leg
islatlon.
With natural resources unlimited in
variety and productive strength, and
with n people whose activity and en-
terprise seeks only fair opportunity to
achieve national success and greatness,
our progress should not be checked by
a false financial policy and a needless
disregard Of sound monetary laws nor
should the timidlty and fear which they
engen1ar stand In the way OF our pros
perity. II Is hardly disputed that this
predicnmcnt confrontH us today. There
fore no one In any degree responsible
for the making and execution Of our
laws should fail to see the patriotic
duty IN honestly and sincerely attempts
Ing to relieve the situation. Manifestly,
this effort can not succeed unless 1t f.
made untrammeled by the prejudice OF
partisGnshlp and with n steadfast de-
termination to resist the temptation to
accomplish party advantage.
We may well remember that II We
are threatened with financial dinlculties
all our people In every stage Of life are
iuntfiufus Nlll purely llVH' WIN thAAAA
! viii not receive the promotion Of party
interest MS an excuse for permitting
] our present troubles to advance to q
/ disastrous conclusion.
II Is also Of the utmost Importance
that we approach the study or the
problems presented as free AS possible
from the tyranny OF prcconcciyed
opinions, to the end that In the common
danger we may be able to seek with
uncloudcd vision safe and reasonable
| protection
Tho real trouble which confronts us
| consists IN a lack Of confidence, wide
spread and constantly increasing, in
continuing the ability or disposition OF
! the government to pay Its obligations
I'm gold. This lack of confidence grows
to some extent out Of the palpahle and
| apparent embarrassment attending the
| efforts OF the government under exist
/ ing laws to procure gold, and, to II
/ greater extent, out Of the impos9ibility
| OF either keeping It In the treasury or
| cancelling obligations by It's eNpendi7
! ture after It Is obtained.
The only way left open to the govern
| ment 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
/ well calculated to meet our present
/ needs. Among other disadvantages,
they are made payable In coin instead
| Of specifically I'm gold, which, In the
I existing conditions dctrActs largely
| and In nm increasing ratio from their
\ desirability as Investments. II - by
| no means certain that bonds of THIS
| description can much longer be us
I Dosed Of Mt price creditable TO the
l financial character e our r"vo"n ''.' 3
Tho mcst dangerous and ircitatlns
feature of the situation, however, re-
10
the means by which the treasury ~ de-
spoiled or gold This Is obtained with
! out cnncelling a single government oD-
llPation. and solely for the benefit or
those who ind profit In shipping u
abroad or whose fears induce them 10
hoard II AT home. .-,o am
We have outstanding about SbOO,ooV'-
900 In currency notes OF the govern
ment for which gold may be demand-
/ "a. and, curiously enough, the law re-
ouires mat when presented, and, IN
| fact redeemed md paid In gold, they
shall he re-ssued- These same
notes may do duty many times In draw
ing gold from the treasury nor Gun
the process be arrested so long as prl-
waite parties may proit or otherWla ~.
advantage in repeating the operation.
More than $500. 100000 In these noies
| have already been redeemed IN fold'
and. Notwithstanding such fedemptlvh'
they are sim outstanding. -,
since the 18th day Of January, lssi,
.. our bonded and Understanding dept
has been Increased s1OOooo,o0O for the
purpose Of obtaining gold 10 replenisn
onr coin reserve. Two issues We're
made. amounting TO s5o,00O.o0o each
one in January and the other W ~, NO
yembcr. AZ result Of the first issue,
there was realized aomethlng more
than $4,000. 600 in gold, Between that
issue and the succeeding one IN NJ ~.
vember. comprising period of anou,
ten mohths. nearly SiOs,0oo.o0o In gold
was drawn frcm the treasury t XVI
made a second issue necessary hl1
,ipon that more than i5s,OOo,oOp In goiu
was again realized Between the aaIe ,
OF this second issue and the pI, ,si,,
lime covering period Of only neou.
Two months, more than S69,0ohVpv IN
roid have been drawn from the treas
nv These large sums OF gold weIs
,,,,,,e,dod without any cancellation OF
government obligations or IN say per =,
manent way benfnuns our pa,plu u
improving our pecuniary situation,
The financial events ~ the last ysA'