The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-01-30
URGES A BOND ISSUE
Cleveland to Congress on the
Monetary Situation.
WANTS QUICK AND POSITIVE ACTION.
Declares What He Believes to be the only
Available Remedy, However Much
He May Regret the Necessity
Not Unfriendly to Silver.

WASHINGTON, January sa.-President
Cleveland transmitted to congress yes
terday special message on the hnan-
cial question urging the immediate &C
tion of congress, and on lines specified
In the opening paragraph the pres1-
dent says:
In my last annual message, recommended
70 tho serious consideration Of the congress the
condition Of our national finances, and In con-
aeotion with the subject indorsed the plan OF
currency legislation which, at that time, seem
Cd to furnish protection against impending
Danger. The plan has not been approved By the
congress. In the meantime the situation has
80 changed and the emergency now appears so
threatening, that deem 1t my duty to ask at
hands Of the legislative branch Of the govern
ment such prompt and effective action as will
restore confidence in our financial soundness
and avert business diaster and universal dis
tress among our people.
In am now convinced that It's rejection by
congress and our present advanced stage OF
financial perp!c-ity, necessitstes addieional or
different legislation.
Lack or Confidenee the Trouble.
After reviewing our natural resour-
ces, unlimited in variety and product
i've strength" the message continued
The real trouble which confroots US consists
IN lack o. confidence, widespread and con-
stantly Increasing. IN the continuing ability or
disposition OF the government TO pay its ooli-
gssicns in gold. This lack OF confidence grows
TO some extent out Of the palpabIe and appa-
rert embarrassment attending the elerts OF
the government under existing laws TO pro-
cure gold and to greater extent cut OF the
impoSsibiltty OF either, keeping 1t in the treas
ury or calcelling obligations by its expendi-
lures after 1t IS obtained
The only way left open to the government
for procuring gold IS by the issue and sale OF
bonds.
An adequate gold reserve is. in al oireurn-
stances. absolutely essential to the upholdtnS
Of our public credit, and to the maintenance OF
our high national character. Our sold reserve
has reached such state OF dininution as TO
require its speedy enforcement
After giving statistics of the money
now in the treasury, not In gold,
therefore, does not meet our difficult
W" the president says that silver Is not
the issue, and adds:
Whatever ideas may be insisted upon as to
silver or bimetalism the proper solution OF the
question now pressing upon US only requires
recognition Of geld as we'll as silver and con-
cession Of It's importance rightfully or wrong
fully acquired. as basis Of national credit, q
necessity OF an honorable discharge Of our OBJ
legations payable in gold and badge Of SOL
vency.
What the President Urges.
He further reviews the demands made
BY the friends Of silver and claims that
he is not unfriendly to the white metal
but is not willing to see gold entirely
abolished from our currency and
finances. The message reads:
In my opinion the secretary Of the treasury
should be authorized TO issue bonds OF tho
government: for the purpose OF procuring and
maintaining q sufficient gold reserve and for
the redemption and cancellation OF the United
States legal tender notes and the treasury
notes issued for the purchase OF silver under
the law Of June l%sh. 1920.
The principal and interest OF these bonds
should be payable on their face IN gold, BE-
cause they should te sold only for gold or its
representative. and because there would now
be difficulty in favorably disposing OF bonds
not containing this stipulation.
suggest that the bonds be issued in demon
nations Of twenty and ffty dollars. and their
nultiplies and that they bear interest at 8
rate not exceeding per cent per annum. do
not sec why they should not be payable nifty
years from date.
The president concludes his message
with an avowel Of reluctance to issuing
more bonds in present circumstances,
but believes it necessary to checking
of q suspicion of our disinclination or
disability to meet every national obli-
cation