The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-24
WHOSE PANIC?
Kansas Statesmen at Washing
ingtOn Say the President
Himself Was the Cause Of the
Present Scare.
NOT ANOTHER BOND
viii Senator Baker Vote For,
He Says.
Curtis Ridicules CleveIand's
Greenback Suggestion.
NOT ANOTHER BOND

FROM the State Journals Special Correspondent.
WASHINGTON, Dec. 24-The members
OF the Kansas delegation in congress do
not seem of a mind to be brow beaten
into support of the presidents financial
policy any more than others of the Re-
publican party. The belief of many is
that the president Intentionally brought
a panicky condition of the stock and
money markets in order to scare congress
into supporting his theory of finance.
The feeling of appreciation over the
patriotic sentiment of the Venezuelan
message has been more than offset by the
belief engendered by his subsequent
hasty message that the whole thing was
perfdious scheme.
While the Kansas members have not
abated from their communication of a
vigorous and dignified course of this
country in the Venezuelan matter they
are firm against the policy of pluuging
the country deeper into debt
| Several members of the delegation ex-
press themselves in decided terms upon
what ought to be done in the present
emergency.
Representative Kirkpatrick believes
still, as ne has previously expressed him
self, that the whole trouble is with the
revenues. He is also inclined to the be-
lief that the present situation shows more
| plainly than anything else could. how
| perilous is an entire dependence upon
gold. He says:
"The quick andRpatriotic response of
both branches of congress to the special
message of the president calling for
funds to sustain a commission charged
with the duty of ascertaining and deter =
mining the true boundary between
VI Il.
manifest determination on the part of
the United States to uphold and maintain
the Monroe doctrine, and check British
aggression, necessarily created feverish
| condition of the markets in both coun-
tries
1.-The president evidently thought the
! present an opportune time to force con-
gress to carry out his pet financial
scheme, aud assuming that the con-
ditions were alarming in the extreme
thrust his sensational message upon con-
gress protesting against the usual holi-
day adjournment and again urging the
issuance of gold bonds as the only pana-
| ceG for our financial ills.
"With the present feverish condition
of our markets, and the unnecessary
alarm on the part of the president as well
as his hastv and sensational message is
calculated to bring upon the country a
panic of such gigantic proportions as to
! leave wreck and ruin in its path.
"That congress will take care Of the
nations credit have no doubt, but that
| it will not subscribe to the presidents
| bond theory am equally certain, am
now more convinced than ever of the
| folly of tying all of our hopes to gold and
| gold alone.
sIf gold is to take wings and fly from
the country on the mere suggestion that
| this government is to stand for its rights
against British aggression, it would seem
that we should not place our sole reliance
on gold The truth is our financial trou-
| bles are not due to the legal tender
notes and silver certificates of which the
president complains. The evil can be
| found in the unwise and unpatriotic free
trade policies of the Democratic party
crystalized into law in the so-called Will
SON German bill.
"Under the provisions of this law our
revenues have fallen of, exports dimin-
ished, and our imports increased until
the balance of trade against us is
astounding. As necessary and natural
result our gold has gone out to meet
these trade balances, thus diminishing
| our reserve until relief was sought by
| the issuance of one hundred aud sixty
| two millions in bonds and the end is
not yet.
s'The remedy is not gold bonds. we
| must increase our revenues until thev
are ample to meet our current expenses,
so adjust our tariff laws as to diminish
instead of increasing oar exports, thus
bringing the balance of trade in our
favor.
when this is done raids on our gold
will cease. 1t may be that the conditions
brought upon the country by the unwise
legislation of the Democratic party will
| precipitate the issuance of additional
| bonds to tide Us over our present diff
culties until relief can be obtained; but !
cannot yield my assent to the president's
suggestion.
"If we must issue bonds, make them
payable in coin as heretofore, and they
will find. a ready sale in our own coun-
try if not sought by the capitalists OF
the world. But l have no fears of their
finding a market"
Senator Baker believes that each one
of President Cleveland's messages has
had the tendency to disturb the country
and bring on panic. In regard to the
| issuance of more bonds as a remedy he
says:
81 shall not vote for the issue of one
! more bond. I am in favor of taking that
| power away from the president Let us
| raise mere revenues to run the govern.
ment and that will settle the difficulty
Representative Curtis considers the
| idea that the retirement of the green
backs would help the situation pure non,
sense. Such move at this time would
certainly and immeasurably aggravate
the situation.
He says; "The trouble simply is that
there are not revenues enough. Mr..
Cleveland knows that it is pure nonsense
to lay it on to the green backs If he
doesn't the sooner he finds it out the bet
ter for the country. Treasury notes have