The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1895-01-31
THE BOND MESSAGE.
President Cleveland BcgS Congress 10
Grant Relief.
CONDITION OF THE TREASURY
Gold Running Ont and the Public
Credit Mcnaccd.
RECOMMENDS F1FTY.YEAR BONDS

The following special message on the financial
question:
In my annual message commended to tho
serious consideration OF Congress the condi.
lion OF our National finances. and in connec.
ton with the subject indorsed the plan OF
currency legislation which at that time SEEM
ed to furnish protection against impending
Danger. This plan has not been approved
by the Congress. In the meantime the situa-
lon has 80 changed that tho emergency now
I appears so threatening that | deem IL my
| iuty 90 ask at the hands OF the legisla-
tive branch Of the government such prompt
/ gad elective action rs Will restore confidence
/ Ia our financial soundncss and avert business
disaster aud universal distress among our
people Whatever may bg the merits of tho
plan outlined IN my annual message rs n
. remedy for Ills then existing aud az n safe
| suutd against the depletion Of the gold re-
serve then Ia tho trca'ury,l avn now convinc-
'i that It's reception Ny the Congress aud our
present advanced stage OF financial perplexity
: neccssi;atcs additional or different lcgisla-
/ ton.
With natural resources unlimited In variety
| and productive strength aud with a people
/ whose uctivity md enterprise seek only fair
/ opportunity 10 achieve national success and
greatness, our progress should not be checked
/ 10y false financial policy and needless dis
/ regard Of sound monetary laws, nor should
The tmidity and fear which they engender
/ stand IN the way Of our progress.
Il Is hardly disputed that this predicament
| conlronts us to-day. Therefore. no one In
| any degree responsible for the making and
/ execution OF our laws should fail TO see q pa
| iri0tc duty IN honestly and sincerely attempt
| my 20 relieve the situation. Nauifcstly this
! ni!Or, will not succeed unless II Is made un-
/ trammclcd ly the prejudice of partisanship
/ and with steadtast determination to resist
| tho temptation % accomplish party adyan-
| lagc. We may we'll remember that II we are
threatened with financial difficulties all our
| peoplr In every station u life are concerned
/ and surely those who suffered will not receive
| he promotion Of party interests as an excuse
| TT permitting our present trouble 10 advance
| 90 disastrous conclusion. II IL also Of the
utmost importance that we approach the
| study ~ the problems presented rs FREQ as
/ possible from the tyranny Of preconccived
| opinions to the end that ina common danger
We may hc able 10 seek with uncloudod
vision a safe and reasonable protection.
LACK OF CONFIDENCE.
The real trouble which contronts us con-
sists in a lack OF confidence, widespread and
constantly increasing, In the continuing
| ability or disposition Of the government TO
pny its obligations In gold. This lack OF con-
! lldence grows 10 some extent out otthc palp-
able and apparent embarrassment attending
tho efforts Of the government under existing
laws to procure gold. and TO greater extent
out OF the impossbility OF either keeping 1t in
sho treasury or cancelling obligations by its
expenditure alter II Is obtained.
The only way left open TO the government
Tor procuring gold is By the issue and sale OF
eonds. Tho only bonds that can be SO Issued
were authorized nearly rs years ago, and arc
not well calculated TO meet our present needs.
Among othor disadvantages they aro made
payable In coin instead ofspecincaly In gold,
which In existing conditions detracts largely
and In an increasing ratio from their desirable
NY as Investments. IL Is by no means certain /
hat bonds OF this description can much longer
bedisposcd,ei at price creditable TO the ilnau-
,ia! character OF Our government.
THE DANGEROUS FEATURE.
Tho most dangerous and irritating foaturo
OF III" situation however. remains to be mem
toned. II is found in tho means by which |
The treasury Is Gcspullcl Oi the gold thus OBJ |
iaInci without canccllng single govern |
mont obligation ami solely for the benefit of |
those who IND profit iE shipping II abroad or
whose fears induce them - hoard IL at home. |
We have outstanding about five hundred M!l- |
lions oi currency notes Of the government |
for which gold may be demanded: and curl |
Ously cnough,taa law requires that when pre- !
tcnicl, aud IN fact redeemed and PAID in |
gold they shall be re.s-u'l, Thus the samo |
notes may do duty many times In drawing |
gold 'tun th treasury: nor can tho process |
bo "'T's Ell ar loas US private parties who |
pro"t, 90 Otherwise secs un advantage In re- |
prn'iu. the operation. MJrn than ,hrcc hun |
lrrI million, of du,lars ~ these notes have |
already been redeemed ~ gold, aud notwlth- |
standing such redemption, they aro still out |
-taai,ur.
SINCE the 18th day Of January. ls0i, our /
bounded iu'orr-;'h"ar.n: debt mas brrn in /
creased 100000 .uo for ,hcpurpo,c OF obtain !
m go!I tu r'p,Huish uur coin reserve. Two !
issues ""g' muir. amounting to il.ty millions |
'arA-pD" ~ January AMI the other In No |
NrMu'r \. u rgsGi. OF the lirst issue thcre |
was rca.l a something more than Nity-risht |
t. ID o. Il4f,p