Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1895-01-31

The President to-day sent to
Congress the following special
message on the financial ques-
ton:
To the Senate and House Of Repre-
sentdtiUes:
In my last annual message L
commended to the serious con-
sideration Of Congress the CON
dition Of our national finances,
and in connection with the sub
iect endorsed the plan of cur
rencv legislation, which at that
time seemed to furnish protec-
ton against the impending dan
ger.
This plan has not been approx
| ed by the Congress. In the mean
time, the situation has 50 changed
and the emergency now appears
so threatening that | deem it my
duty to ask at the hands of the
legislative branch of the Gov
eminent such prompt and etfec-
tive action as will restore conf
dence in our financial soundness
and 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 a
safeguard against the depletion
of the gold reserve then IN the
Treasury. [ am now convinced
that it's reception by the Congress
and our present stage of financial
perplexity, ne~cessitates addi-
tional or different legislation"
The President lays down the
proposition that we are suffering
the results of a false financial
policy ana that the real trouble
, which confronts US consists in a
lack of confidence. widespread
and constantly increasing, in the
continuing ability or disposition
{ Of the Government to pay lis
obligations.
: The only way, he says, left
open to the Government for pro
8 curing gold is by the issue ano
l sale of its bonds paying speciti
cally in gold.
!, THE most dangerous and irri
/; tating feature of the situation,
Mr.. Cleveland says, is found il
, the means by which the Treasur,
is despoiled of the gold thus oh
I tanned without canceling a singh
S Government obligation AM
r solely for the benefit of thos
who find profit in shipping
- abroad, or whose fears Undue
y them to hoard it at home. W
}; have outstanding about $685. 90
d Of currency notes Of the Gov
eminent, for which gold may b
~ demanded; and curiously enoug
the law requires that when pre-
' scented, and in fact, redeemed an
paid in gold they shall be rel:
N sued. Thus the same notes ma
se do duty many times in DRAWN
gold from the treasury; nor ca
the processes be arrested as Ion
as private parties can profit
Id otherwise e an advantage
er repeating the operation.
n. 1.-The financial events of tt
last year suggest facts and CO.
ditions which should certain
arrest attention. More tia
S172, 900, 900 in gold have bee
in drawn out of the Treasury du
n. ing the year for the purpose
shipment abroad or boarding
home. While nearly S103. O0O,0
an Of this amount were drawn o
IS. during the first ten months OF tt
re year, a sum aggregating mo
an than two thirds of that amour
:. being about 800. 900, 900 W;
drawn out during the fOllowil
Oh Two months, thus indicating
marked acceleration of the d
20 pleting process with the lapse
Lre time. The obligations up
which this gold has been draw
from the treasury are still OF
no standing and are available
he use in repeating the exhausti
to operation with shorter intervs
as our perplexities accumula'
!, Conditions are certainly s
pervening, tending to ma
bonds which may be issued
ties replenish our gold less use
yer for that purpose. An adequs
40. gold reserve is in many circu
stances absolutely essential
the upholding of our high !
IN tional character.
ICY Our gold reserve has ag;
de reached such d stage Of dim
as ution as to require its speedy
enforcement. The aggravatio
that must inevitably follow pr
OF ent conditions and methods v
in certainly lead to misfortune a
MT: loss, not only to u natio'
vas credit and prosperity and
financial enterprise, but to thu
7iy of our people who seek empl'
ment as a means of livelihc
ad- and those who seek only capi
ing as their daily labor.
1T will hardly do to say t
a simple increase of our revel
re will cure u troubles. The
is prehension now existing {
act constantly increasing as to
of financial ability does not r
AGO upon the calculation of our r
euue. The time has passed wi
US the receipts of investors abr
!, OF and our people at home W
e fixed upon the revenues of
m Government. The changed C
ditions have attracted their