Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-01-31

WASHINGTON, Jan. 90. The presi.
dent to-day sent to congress the fol-
lowing special message on the inan-
clal question:
10 the Senate and House of Repre-
sentatives: In my last annual mes
sage commended to the serious con-
sideration of congress the condition
of our national finances and in con-
nection with this subject Endorsed the
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 meatime the situation has
so changed and the emergency now
appears so threatening that / deem
it my duty to ask at the hands of the
Legislative branch Of the government
such prompt and effective action as
cial soundness and avert business dis
aster and universal distress among
our people.
Whatever may be the merits of the
plan outlined in my annual message
as remedy for ills then existing and
as safeguard against the depletion
of the gold reserve then in the treas
,ury, am now convinced that its re-
lection by the congress and our pres
emit advanced stage of financial per-
plexity necessitates additional or diff
ferent legislation.
ALL PARTIES EQUALLY CONCERNED.
With natural resources unlimited in
varied productive strength and with
people whose activity and enterprise
seek only fair opportunity to
achieve national success and great
ness, our progress should not be
checked by false financial policy
and a needless disregard of sound
monetary laws nor should the timid-
ity and fear which they engender
stand in the way of our prosperity.
1t is hardly disputed that this pre-
dicament confronts us to-day. There.
fore, no one in any degree responsible
for the making and execution of our
laws should fail to see a patriotic
e tempting to relieve the situation.
Manifestly this effort will not sue
coed Unless it is made untrammeled
by the prejudice of partisanship and
with steadfast determination to
resist the temptation to accomplish
party advantage. We may we'll
remember that if we are affected
with financial difficulties all our peo-
pie in all stations of life are con-
cerned and surely those who suffer
will not receive the promotion of
party interests as an excuse for per-
uniting 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 preconceived
opinions to the end that in common
danger we may be able to seek with
unclouded vision a safe and reason
able protection.
LACK OF CONFIDENCE WIDESPREAD.
The real trouble which confronts
us is lack of confidence, widespread
and constantly increasing, in the con-
tinuing ability or disposition of the
government to pay it's obligations in
ROlus 4 Dlo AdCh VI COnnlClASO kAOWO
to some extent out of the palpable
and apparent embarrassment attend
ing the efforts of the government, un-
der existing laws, to procure gold,
and, to a greater extent, out of the
impossibility of either keeping it in
the treasury or fulfilling obligations
by it's expenditure after it is obtained.
The only way left open to the gov
eminent for procuring gold is by the
issue and sale of bonds. The only
bonds that can be issued were author
ICED nearly twenty-five years ago, and
are not well calculated to meet our
present needs. Among other disad-
vantages, they are made payable in
coin Instead of specially In gold,
which, in existing conditions, detracts
largely and in an increasing ratio
from their desirability as invest
mentS 1t is by no means certain that
bonds of this description can much
longer be disposed of at price cred
table to the financial character of
our government
The most dangerous and irritating
feature of the situation, however, re-
mains to mentioned. 1t is found
in the means by which the treasury
is despoiled of the gold thus obtained
without cancelling single govern
ment obligation and solely for the
benefit Of those who find profit in
shipping it abroad or whose fears in
duce them to hoard it at home.
WEAKNESS OF PRESENT METHODS
We have outstanding about $780,
OOO 900 Of currency notes Of thu gov
eminent for which gold may be de-
manded, and curiously enough the
law requires that when presented and
in fact redeemed and paid in gold
they shall be reissued. Thus the
same notes may do duty many times
in drawing gold from the treasury,
nor can the process be arrested as
long as private parties who profit by
it or otherwise see an advantage in
repeating the operation. More than
$500, 900, 900 of these notes have al
ready been redeemed in gold and, not
withstanding such redemption, they
are still outstanding.
Since the 18th day Of January, 1894
our bonded interest bearing debt has
been increased Sl00, 900, 900 for the
purpose OF obtaining gold to replen-
ish Cur coin reserve. Two issues
were made, amounting to $50, 900, 600
each-one in January and the other
In November. As a result of tie first