Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-01-31
ON ACKNOWLEDGEMENTS
President Cleveland Sends an
Important Message to
Congress.
THEDANGER P0INTEDOUT
An Emergency Too Threatening to be
Longer DiSreSarded.
GOLD SUPPLY MUST BE KEPT UP
How the Coin Is Drawn From
the Treasury.
GOLD SUPPLY MUST BE KEPT UP
How the Coin Is Drawn From
the Treasury.
FACTS AND CONDITIONS PRESENTED

Abroad aud Hnarded at Home-rhe
President Details the Dangerous situa
tIon ana Suggests acknowledgement
Urged to Act. E"..
WASHINGTON, Jan. 28.-The Presi- |
dent to-day sent to Congress the follow
ing special message on the financial |
question:
To The Senate and House Of Representatives: |
In my last annual message commented |
to the serious consideration OF the Con-
gress the condition of our national |
finances, and in connection with the sub |
ject endorsed the plan of currency legisla' |
ton 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 and the emergency now
appears so threatening. that deem i my |
duty to ask at the hands of the legislative |
branch of the government such prompt |
and effective action ms will restore conf |
dence in our financial sOuudness and avert
business disaster and universal distress
among our people.
Whatever may be the merits of the plan
outlined in my annual message as Il
remedy for Ills then existing, and as
safeguard against the depletion of the
gold reserve then i'll the Treasury, am
now convinced that its reception by the
Congress and our present advanced stage
of financial perplexity necessitates addi-
Nonal or different legislation.
SHOULD AVOID FALSE POLICY.
With natural resources unlimited in
iariety and productive strength, and with
> people whose activity and enterprise
seek only fair opportunity to achieve
national success and greatness, our pro-
gress should not be checked by false
financial policy and a Needless disregard
of sound monetary laws, nor should the
tiDniIity and fpnr which thHV pnppnunr
stand in the way of our prosperity.
PATRIOTIC DUTY.
1t is hardly disputed that this predica-
ment corfronts us to-day. Therefore, no
one in any degree responsible for the max
ing and execution of our laws should fail
to see patriotic duty in honestly and sill
rerely attempting to relieve the situation.
Manifcstly. this effort will not succeed I'M
less it is made untrammelled by the preiu-
dice of craftsmanship and with a steadfast
determination to resist the temptation TO
accomplish party advantage. We may
well remember that il we are threatened
with financial difficulties, all our people,
in every station of life are concerned, and
surely those who suffer will receive the
promotion of party interests as an excuse
for permitting our present troubles to adj
vance to disastrous conclusion.
1t is also of the utmost Importance that
we approach the study of the problems
presented as free as possible from the
tyranny of preconceiyed opinions, to the
end that i'll u common danger we may be
able to seek with unclouded vision safe
and reasonable protection.
THE LACK OF CONFIDENCE.
The real trouble which confronts lis con-
sists in lack of confidence, widespread
and constantly increasing, in the continu-
ing ability or disposition OF the govern
ment to pay its obligations in gold. This
lack of confidence i&ws to some extent
out of the palpable and apparent elnbar'
rassment attending the efforts of the gov
eminent. under existing laws to procure
gold. and to greater extent ont of the i'm
possibility OF either keeping it IN the
Treasury or rancellng obligations by its
expenditure after it is obtained.
BOND ISSUE THE ONLY WAY.
The only way left open to the govern
ment for procuring gold is by the issu'
and sale Of its bonds. The only bond
that can be so issued We're authorized
nearly % years ago, and are not well cal
culated to meet our present needs, Among
other disadvantages they are made paya
BILE in coin instead OF specifically u gold
which in existing conditions detract
largely and in an increasing ratio iron
their desirability as Investments.
1t is by no means certain that bonds o
this description can much longer ue dis
posed of al a price creditable to the linai
Cial character of our government. The mos
DANGEROUS AND IRRITATING FEATURE
of the situation, however, remains IL b
mentioned. 1t is found in the means b
which the Treasury is despoied OF th
gold thus obtained without cancelling
single government obligation, and sOlel
for the benefit of those who iint! profit /
shipping it abroad or whose fears Undue
them to hoard it at home. We have GU
handing about S5UO,000O00 Of cnrrenc
notes OF the government for which gol
NAV be demanded; and curiCusly enoug
the law requires that when presented, an
IN fact redeemed in gold they shall be r.
issued. Thus the same notes may do dul
many times in
DRAWING GOLD FROM THE TREASURY;
nor can process be arrested as long as pI
waite PARTIES for profit or otherwise see a
advantage in repeating the operatlo
More than $500, 900 UDO in these notes ha'
already been redeemed in gold, and nc
withstanding such redemption they a
still outstanding. 100, .
bonded interest.bearing debt has been
creased 500, QUO, 900 for the purpose OF Of
taing gold to repleniSh our com reSerV
Two Issues were made, amounting
$4,000, 600 each, one i'll January aud u
other in November. As result OF u
first issue there was realized somcthll
more than SjSO1O,OOO in gold. Beiwe.
that issue and the succeeding one III
vember comprising period oil ABOUT
months, nearly SlO3, ,OUu IN Boid We
drawn from the Treasury. This made
second issue necessary, and upon u
more than S5S,0OO,0 900 was again rehil4eI
Between the date of this second iss
and the present time covering peTlou
only about two months more W
S69,0o0,0O0 in gold have been drawn ir'
the Treasury. These large sums OF Z!
were expended without any cance!lati
T.. of government Obligations or III
permanent way benetiting our people
imnroying our pecuniary situation. l
financial events of the past year SUE
facts and conditions which should
tainly arrest attention.
AN ENORMOUS DRAIN.
More than $l72U0U,UO0 in gold have b.
drawn ont of the Treasury during
wear for the purpose of shipment abr
or boarding at home. While nearly ~
con. 600 of this amount was drawn out y
ing the first 10 months of the year, 9 5
aperegating more than two-thirdS hl l
amount. being about SOS, uO0, OOa was ara
out during the following TWO months
Indicating marked accelleratlOn OF
depicting process with the lapse OF tihi'
The obligations upon when TINS 8
has been drawn from the Treasury
still outstanding and are available TOT
in repeating the eXhaustinS operation
shorter intervals. us our perplcNlues
cnmmulate Conditions ere certhi
superyening tending to make the 20
which may be issued to replenlsh our
less useful for that purpose
GOLD RESERVE ESSENTIAL.
An adequate gold reserve is in all