The Forrest City times., 1895-02-01
APPEAL TO CONGRESS-.
Message From the President on
 the Financial Dilemma.
Forget Partisanship, and Strive Only to Maintain the Honor and Credit of the Nation. Is the Gist
 of the Message.

WASHINGTON, Jan. 2S.-The preSi- dent sent to both houses of congress a message on the financial question, withdrawing his support from the plan outlined in the Carlisle bill, and out lining the only policy which seems to him now possible to maintain the gold reserve. The message is as follows:
 To THE SENATE AND HOUSE OF REPRE- sENTATTvEs-In my last annual message I recommended to the serious consideration of the congress the condition of our national finances, and in connection with the subjects indorscd the plan of currency legislation which at that time seemed to furnish protection i. against impending danger. This plan has : not been approved by congress. In the meantime 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 gov ernment such prompt and effective action as VIII restore confidence in our financial sound ness and avert business disaster and universal dis tress among our people. Whatever may be the merits of the plan outlined in my annual message as a remedy for ills then existing as a safeguard against the depletion of the gold re- serve then in the treasury. am now convinced that its reception by the congress and our present advanced stage of financial perplexity necessitates additional or different legislation
 
 and productive strength. and with a peo- pie whose activity and enterprise seek only fair opportunity to achieve national success and greatness our progress should not be checked by a false financial policy! and a needless disregard of sound monetary laws nor should the timidity and fear which they engender stand in the way of our prosperity. ~
 It IS hardly disputed that this predicament confronts us to-day. Therefore no one in any degree responsible for the making and execu- ton of our laws should fail to sec q patriotic duty in honestly and sincerely attempting to relieve the situation. Manifestly this effort will not succeed unless 1t is made untra;n meled by the prejudice of partisan hip and with steadfast determination to resist the temptation to accomplish party advantages We may we'll remember that if we are threat ened with financial difficulties all our people in every station of life are concerned: and surely those who suffer will not receive their promotion of party interests as an excuse for permitting our present troubles to advance to . disastrous conclusion. It is also of the utmost importance that we approach the study of the problems presented as free as possible from the tyranny of preeonceived opinions to the end that in common danger we may be able to see with unclouded vision a safe and reasonable protection.
 The real trouble which confronts us consists ef a lack of confid nee, widespread and con stantly increasing, in the continuing ability or disposition Of the government to pay it obliga- tions in gold. This lack of confidence grows to some extent out of the palpable and apparent embarrassment attending the efforts Of the government, under existing laws. to procure gold and to great extent out of the impossibility of either keep ing. 1t in the treasury or canceling obligations by it's expenditure after it is obtained.
 The only way left open for the government rirarrr rS1lh ia hx-% Aa bonds. The only bonds that can be issued were authorized nearly twenty-five years ago, and are not well-calculated to meet our present needs. Among other disadvantages they are made payable in oininstead of specifically in gold, which. under existing conditions detracts largely and in an increased ratio from their desirabflity as investments It is by no means certain that bonds of this description can much longer be disposed of atta price creditable to the fnan- cial. character Of our government The most dangerous and irritating feature of the situa- non- however, remains to be mentioned. It is fo.4nd in the means by which the treasury is dspossessed of the gold thus obtained without cancelling single government obligation, and solely for the benefit of those who find profit in shipping it abroad, pr whose fears induce them 10 hoard 1t at home. We have outstanding bout sSoOOo0,0OO of currency notes of the government for which gold may be demanded; and ouriously enough, the law requires that when presented and, in fact redeemed and paid in gold they shall be re- issued. Thus the same notes may do duty many times in drawing gold from the treasury: nor can the process be arrested as long as pri- vate parties for profit otherwise. see an ad- vantage in repeating the operation. More than SO, Oo0 in these notes have already been re- deemed in goh, and notwithstanding such re- demption they are all still outstanding Since the l7th day of Jannry, 1891 our bonded inter eSt-bearing debt has been increased sl0O 600, 900 for the purpose of obtaining gold to replenish our coin reserve. Two issues were made amounting to s5O,0000O0-one in January and the other in November. As a result of the first issue there was realized something more than s5s,0o),0o0 in gold. Between that issue and the succeeding one in November comprising a period of about ten months. nearly sl03 900, 900 in gold were drawn from the treasury. This made the second issue neces- sary, and upon that more than s5s. .O00. 900 in gold was again realized. Between the date of this second issue and the present time. coyer- ing period of about two months, more than s69, ,o00000 in gold have been withdrawn from the treasury. These large sums of gold were expended without any cancellation of govern ment obligations in any permanent way benehtting our people or improving our pe- cuniary situation
 The financial events of the past year sugges- facts and conditions which should certainly ar rest attention. More than SIP 600 600 in god have been drawn out of the treasury during The year for the purpose of shipment abroad or hoarding at home While nearly loS 600, 900 of this amount were drawn out during the first ten months of the year, a sum aggregating more than two thirds of that amount, being about S69 600 000, was drawn out during the following two months, thus indicating a marked aeceleration of the depicting process with the lapse Of time.
 The obligations upon which this gold has been withdrawn from the treasury are still outstanding, and are available for use in re- beating the exhanssing operation at shorter in- tervals as our perplexities accumulate..aCon-s ditions are certainly supervening tending to