The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-01-29
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4 SPECIAL MESSAGE
President Cleveland Sends a
Vigorous Communication
to Congress.
THE GOLD RESERVE THE THEME.
Our Creditin Serious Dangero OF
Goingt TO the Dogs--His Rec
concentrations.

WASHINGTON, Jan. 29.-The president
has sent to congress the following spe.
cial message ON the financial question.
TO the Senate and House of Repre-.
sentatives:--In my last annual message
I commended to the serious considera-
ton OF congress the condition OF our
national finances, and in connection
with the subject Endorsed the plan OF
currency legislation which at that time
seemed to furnish protection against im~
pending danger. This plan has not
been approved by the congress In the
meantime the situation has SO changed
and the ~emergency now appears $
threatening, that 1 deem it my duty TO
ask at the hands Of the Legislative branch
of the government such
Pronpt and Elective Action.
as will restore confidence in our finan-
cial soundness and avert business disas-
ter and universal distress among our
people. Whatever may be the merits
the plan outlined in my annual message
as a remedy for ills then existing. m
as a safeguard against the depletion OF
the gold reserve then in the treasury, /
am now convinced that its reception by
the and our present advanced
stage of financial perplexity necessitates
additional If different legislation, With
natural resources unlimited in variety
and productive strength. and with q
people whose activity and enterprise
seek only q fair opportunity TO achieve
national success and greatness, our
progress should not be checked by 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. Il
is hardly disputed that this p~redicament
confronts MS today. Therefore, no one
i'm any degree responsible for the max
ing and execution of Our laws should
fail to
s@@.. see = Patriotic Dnty
i'm honestly and sincerely attempting 10
relieve the situation. Manifestly this
effort viii not succeed unless il Is made
untrammelled By the prejudice OF par
tisanship. and with q steadfast deter
mination to resist the temptation to ac-
complish party advantage. We may
well remember that if we are afflicted
with financial difficulties, all our people,
in all stations of life, are concerned, and
surely those who suffer viii not receive
the promotion of party interest as an ex-
cuse for permitting our present troubles
to advance to a disastrous conclusion.
1t is of the utmost Importance that we
approach the study of the problems pre.
sented al free as possible from che
tyranny of preconceived opinion, to The
end that i'm common danger, we may be
able to seek with unclouded vision .
safe and reasonable protection.
There Il Lack Of Condolences.
The real trouble which c~onfronts ri
consists i'm d lack of confidence wide
spread and constantly increasing In the
continuing ability or disposition Of The
government TO pay it's obligations ii
gold. This lack of confidence grows II
some extent out Of the palpable and ap
parent embarrassment attending th,
efforts Of the government under exist
ing laws toprocure gold, and to agreate
extent ont OF the impossibility OF eithel
keeping II In the treasury or cancelinl
obligations by its expenditure after it i
obtained. The only way left open Il
the government for procuring gold i
by the issue and sale of bonds. Tn
only bonds that can be so issued wer
authorized nearly rs years ago, and ar
not well calculated to meet q presen
needs.
Among other disadvantages they ar
made payable lin coin, instead of speci
ically In gold, which i'm existing condi
tions detracts largely and i'm an increas
ing ratio from their desirability as In
vestments. Ii ID by no means certain
that bonds OF this description can mucI
longer be disposed of at a price credit
able to the financial character of on
I government. The most
Dangerous and Irritatins Feature
of the situation, however, remains to b
mentioned. It is found in the mean
by which the treasury is despoilediof iii til
gold thus obtained without cancGlling
single government obligation, and solel
for the benefit. of those who find prof
in shipping it abroad, or who's
fears induce. them to hoard it d
home. We have outstanding abou
$500, 600, 900 of currency notes Of til
government for which gold may be d.
manded; and curiously enough, the la1
requires that when presented and /
fact redeemed and paid lin gold, the
shall be reissued. Thus the sa1sle n0tt
may do duty many times In DRAWN
gold from the treasury, nor can ii
process be arrested as LONG ali pfiva'
parties who profit or Otherwise ZEE 4
advantage in repeating the operation
More than 900. OQ0. 900 in these not,
have already been redeemed
esoad add notwithstanding snf