The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1895-02-01
President Cleveland Asks for
an Adequate Bond Issue.
Relief for the Menacing Monetary
Condition of Our Country Wanted.
Notes TO tho Amount OF s5oo,ooo.-
600 Should Bo Converted Into
Bonds and Cancelod,


WAsmNGToS, Jan. ea-Thc president
sent 10 both houses Of congress Monday |
q message on the financial situation as
follows
In my last annual message coum,nded 10 |
the serious consideration u The conFlcsa the |
condition ui national finances and in ruuncc-
tion with the suhiccis iudOsscd thc plan oi
curfchcy lrrlslatipn witch ut that time SEEMED
10 furnish protection against imlcndinF dan- |
ser This plan has not been approved by The !
congress In the meantime the situation has
20 changed aud the rmrrFcnc, nov appears 80
threatening that deem u my duty 10 ask ~
tho hntds of the legislative branch ~ the FOy-
crnmcnt such ptump, and cnccutr attun as
will restore eonhdento in our financial sound
hess and avert business disaster and universal
distress among our people.
Whatever may BE- tbs meritii ot the plan out.
llncd IN my annual message a. rcneiy iuf MS
then existing and ne a safeguard nfaihs, the
depletion u the gold reserve then in the trcas-
uFy. am nov eony inccd that ~ reception hy
the congress aud our present advanced stage.
oi financial pefplcrity ncecssitatr additional
or dinorent legislation
Win natnral resources unlimited Ia variety
and productive stfength. and with a pcople
whose activity and enterprise seek ouly y fair
opportunity TO Aehiogc national succcss and
BY false financial policy And a hcoi.e,s dis-
regard Of sound monetary laws nor should the
timidity aud fear which they checndcr siand 10
the way OF ouf prosperity
II a. hardly disputed Tint this prndcanfnt
eonfrnuts us to-day Therefore, no one ia ary
degree respohsiblo Tor The making ana vSGru.
tion Of laws should tail 70 soc pitrintic duty
IN hobcstiy aqd sincerely attempting 60 tcr
liovc the situation Mauiicstiy this rn0rt Will
the prejudice o. partisaushir and wiih astcad-
fast determination 70 resist the temptation 70
accomplish party advantages
We may we'll romumlrr that n W. are threat
cned with nnAhcial dlflpulrrs nll uuf people
10 every station % lie arc roarc5ucd and
surely those wig snrrr VIII not rccciEc lIg
pTouiotiun u party ihier,zts a. an excuse Tor
permitting our pfo sput trlnblcs 20 advance 10
disastrous rnnelusion. Il is also of The ut
most Importance that Ne approach ibc siudy
uf The problems presented A. free ns p1ssihir
from thc tyranny 0f prUc0ucClyed opinions
W the end that Ia common DANGER Wy mAy
h. able h. seek With uuciuuAci ylsioh a
safe AMI reasonable protection Tho real
trouble which eonfrunts ~ consists 10 a lack
~ canndcpce, viIesprad and constantly in.
aslnE IN the continuing ability OF dispasi-
tlt oi the govern cni a. pay ~ obligations
iar, D. This hack u confidence grows 10 some
ct,ch out % the palpahe aud aptarnt cn-
bsrfssamunt attending The Efforts ~ the G0y-
drrmcnt under existing laws 60 rrnugr6 gold
and in d greater extent out ~ The imtus sitlut}
~ tiihrr Keel piBg u 10 the TREASURY Or cancel
inr Obligations by its expenditure after Il iH
obtaiuci
The onlY way lan open to The government
for procuring gold q hy the issue and sale of
H. bonds The ony bonds that can b. so
issued erru authorized Hrarly tvcniy.atc
years ago and art not scll calculated % meet
our present nccds Among other dsad-
yaHtarrs thry aru mHdc 81 abic In foiu
instead 81 specifically IN rold. which la c1ist-
iuF conditions drtrarts iarvr'y ani iu nn
Increasing ratio from their dcsirahllltY o. In
vcstnotts u l. w NO means certain that
bonds of this description con much LONGER
he dsiased of ht psicC )c c.cdiIablt 10 the
inanfiai character ~ our government
The most dangerous and Irritating feature
of The situation toWttct remains 90 lCI
mentioned II g. ttuua In tho means by
which the troy sur, j. dc, polcd Of the gold thus
obtained without cauguhHg single govern
? mcht obligation and s0lcl, Tor The bcnefl ~
ihose who md profit in shipping ID abroad or
Wh0sr fears iudu them to hoard " ~ humr
We have outstanding about nyc hundred mill
lions of currency notes ~ the government Tor
which rold may h. dcmandcd and curiously
Enough the law requires that Nhea they afr
Presented and In fact redeemed and paid In
rold. they shall be rc-l-sucd Thus the same
notes may DO duty several times Ia drawing
goit from The treasury nor can the process be-
arrested as long a. private parties for profit or
otherwise see an advantage In repeating the
operation
More than s5ll o0o,oo0 Ia these notes has al
ready been redeemed In gold and. notwith-
standing such redemption, they are still out
standing Since January u, lsoi our bonded
intercst-bcarlng debt has been Increased tl00-
10000 for the purpose OF obtaining gold to rc-
penish our coln reserve Two issues were
made, amounting 10 60OoOOo0 each onu 10
Jenuarv and the other Ia November Asarc-
suit Of tho nrst issue there was realized some
thing more than s'S0D00 In gold
Between that Issue and the sutcot ding one
In November, comprising period " about 10
months nearly tlO oooOoo Ia gold WAS drawn
from the treasury, This made The second
issue Necessary and upon that mo thnu sis
0p.o00 In gold wcs ggaiu realized Between the
date Of this second issue nld the present time
covering period of only about two months
more than ~ oooOl1 Ia sold has been drawn,
from the trcasury. These large sums Of gold
were expended without any cancellation uf
government obligations or In ans permanent
way benenttns our people or impruv ng our
poauniary situation
The financial events Of the past year sur-
rests facts and conditions WhicH should GER
talnly arrest attention More than tliaO1l OO0
In gold has been drawn out OF the treasury
during the year Tor the purpose VI shipment
abroad or ho lrdinv at homo
While nearly ilo3 10000 Of this amount was
drawn out during the lrst thrco months OF the
year sum argicgitlng more than Wo.thirds
of that nmOuat hciag about iclNnO,0. was
drawn out during the following two months
thus indicating u marked Accclcrat on Of
Tue depicting process, with the lapse Of
time
The obIgation3 upon which this gold has
been withdrawn from the treasury are stlll
outstanding aad are available Tor use In re-
h eating the exhaustive operation with shorter
Z Fsniervals as our pcrplcxitlcs accumulate.
Is will hardly 10 10 Jay that smpo In
rreasc OF revenue wilt cure our troubles The
Ipprchension now existing and constantly IN
rraslng as to our financial ability docs not
best upon calculation OF our revenue The
mo has passed when the eyes Of Investors
nhroad and our people ut home wurO nXed
pom the revenues Of the government
hanged conditions have attracted their
t.'ntlon 10 tue gold Of the govern
ncnt There need be no fear that We
FAn not pay our current expenses with
tnch money as we have 4 ere is now In
tho troasury a comfortable surplus of more
ihan tdaOol Ool hut Il is not In the gold. aud
lorcforo does noi meet our dinculy can
OF see that differences of opinion concerning
1 tue ext.sit To when silver ought 10 be coiuod
nr used In our currency should interfere with
the counscls OF those whose duty II Is
10 rectlfy evils now apparent In cur funn-
eal situation They have To consider the
.uestlon Of national credit and the consc-
,aonccs that will follow from is collapse
Whatever ideas mny he insisted upon ~
in silver or hmctalism, u proper solution
4 VI the question now pressing upon only re-
.4nlrea recognition OF po'd aA well US silver
l,ud q roncusslon OF iis Importance, rightiully
n wrongfuily acquired, ~ basis Of national
Itedlt Necessity Ia the honorable discharge
| 4 our Oblira iOni piynhln In rold and bauno
NJ Nulyoncy do not unurrttnud that the real
lends VI silver t1slrr u condition that might
follow innrtlnn or neglect 10 appreciate the
luoanlan Of Tic present cslr'ney u u should
lunult IN tlln untlfc hnnnhmCnt Of rold f'om
Inf financial and currency ARRANGEMENTS
llrHldra The treasury notes, which certainly
|itfaln be- paid IN rold amounting 10 nearly
! I1Qooopp. there elll ialldue lnlpoi ipooQooo