Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-01-29
lib TRBASURY'S
VERY SAD PLIGHT.
Gold Running Out and the Public
Credit Menaoei.
The Silver Men are ImplOrsd to Show
Some Consideration
Il IL ~
For the Honor end Credit of the
Nation in Her Hour of Need.

Nation in Her Hour Of Na8d.
President Cleveland Makes an
Urgent Appeal to Congress to
Grant Relief in a Special Mes
ssge-FeatCres OF the Financial
Situation Called to the Atten-
ton of Congress-The Heavy
Burden Of Greenbacks Upon
the Treasury-Reesons Why
Bonds Should be Paid in Gold.
WASHINGTON, January 2S. The Pres
dent to-day sent TO Congress the fol-
lowing special message on the financial
question::
10 he Senate and House Of Representa-
tiUcs:
Ia my last special message I COM
mended 70 TIE serious consideration OF
Congress the condition Of our National
finances, and ia connection with the
subject Endorsed the plan Of currency
Legislation which at that time seemed
20 furnish protection against the i'm
pending danger This plan has not
been approved oY the Congress In the
meantime the situation has so changed
that the emergency now appears so
threatening that l deem il my
duty TO ask at TIE hands Of the legisla-
tive branch OF the government such
prompt ana effective action as will re
store confidence IN our financial sound
ness and avert business disaster 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 aud as a
safeguard against the depletion OF the
gol1 reserve then 10 the treasury l am
now convinced that its reception by the
Congress and our present advanced
stage OF financial perpieXity necessitateS
additional or different leg is,atIOn.
With natural resources unlimited iE
variety and productive strength, ana
with people whose activity aud enter
prise seek only a fair opportunity 10
achieve national success and greatness,
our progress should not DO checked By
A0Ae1 ~ 44NAAA hNAter eAA4 q 4eNN-tNr'
disregard Of sound monetary laws. nor
should the timiiity and fear which
they engender stand in the way OF our
prosperity.
II is hardly disputed that this predic-
ament cOnirOnts us to-day. Therefore,
10 one 10 any degree responsible for tho
making aud execution OF our laws
should fail 20 see a patriotic duty Ia
honesty and sincerely attempting 20 re-
ieve the situation. ManiieSgiy this ef-
fort will not succeed unless IL is made
untrammelisd By the prejudice OF par
tisanShip aud with q steadtast deter
minstion 10 resist the temptation 70 &C
ccmplsh party advantage. We msy
we'll remember that n we are threat
ened with financial difficulties
all our people 10 every station Of life
are concerned, and surely those who
suffer will not receive the promotion OF
party interests as an excuse for permit
ting our present trouble 10 advance 10
q disastrous conclusion. IL is also OF
the utmost importance that we ep-
proach the study OF the pr0molems
presented as free as possible from the
tyranny OF preCOnceiyed opinions 20 the
end that ia a common danger We may
be able 10 seek with uuclouded vision a
safe and reasonable protection.
LACK ~ CONFIDENCE.
The real trouble which conironts us
consists 10 q lack OF confidence, wide
spread and constantly increasing, In the
continuing ability or disposition OF the
government 20 pay It's obligations Ia
gold. This lack OF confidence grows 10
some extent out Of the palpable and APP
parept embarrassment attending the
efforts OF the government under exist
ing laws 10 procure gold, aud 10 a
g-eater extent out OF the impOssibility
OF either keeping 10 in the treasury or
capcelling obligations by It's eXpendi-
tpre after Il is obtained.
The only way left open 10 the gov
ernment for procuring gold Is by the
tssue and sale OF bonds. The only bonds
tbat can be so issued were authorized
UaarIv TWENTY-FIVE years ago, and are
NOT well calculated 10 meet our present
,ea6s Among other Disadvantages
tbey are made payable in coin Instead
of specifically in gold, which IN eXiStlng
co,ditiops detracts largely and 10 an
Increasing ratio from their deSiraoility
,siovestmeuts. 10 IS by 20 means GER
tsin that bonds Of this description eau
much longer be disposed Of at price
srsdi,able 10 the financial character OF
our government. -..-.
THE DANGEROUS FEATURE.
The most dangerous and irritating
featDre of the situation, however, re-
r,eins N be mentioned. Ii IS found IN
tba means bv which the treasury is des-
noiled of The gold thus obtained with
ant scaDcelling @ single government
Obligatiop and solely for the benefit OF
tbose who hud profit Ia shipping 10
broad or whose fears induce them TO
Soard IL az home. We have outS;and.
IT, about five huUdret millions OF
n,,r-enev notes of the government Tor
which gold may be demanded; and curl
80 enougD. the law requires that
o.beD nr1seured. and ia fact redeemed /
60 -sf8 iu gold they shall be reiSsued. |
Srb,s the same notes may do duty sew /
- tlmes In drawing gold from the /
t-sos,,rv. nor can the process be arrest /
"a a long as private parties v DO proht |
- otherwise see an advantage IN repeat |
g. fbe operation. More than three |
hnodrsd millions OF dollars 10 these /
- nave already been redeemed IN 1
80 end Notwithstanding such reoemp- |
,tor they are still outs'audi1g
Sioce the 17th day OF January lo94'
- Bonded intereSt-bearing deot has J
-. t,craased 500. 100000 for the pur-