Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-01-31

There is ring Of the typical Cleve-
land courage and sincerity in the mes
sage upon the financial condition Of the
country which the President sent to
Congress Monday. 1t described the
situation, in plain and pnmistakable
terms. 1t pointed ont remedy, and in
the face Of the misguided sentiment that
silver is the panacea for all national
financial evils, to which doctrine too
many members Of Congress are COM
mitted, tho President courageously met
the issue with convincing declaration
of his financial faith. lie gave no credit
to the silver heresy, but pointed out, as
he sees it, the path to renewed pros
perity and a maintenance of the faith
and credit Of the nation.
Nothing could be clearer than the
Presidents citation of the necessity OF
redeeming and cancelling the legal
tender notes now outstanding. Under
the present condition OF affairs they are
redeemed aud reissued, the result being
a continual drain upon the gold reserve
in the Treasury. The situation in this
respect-with the recent bond issues for
the purpose Of replenishing the gold
reserve as an example-was accurately
described by an editorial printed in
EVERY EVENING on November 22d, as
follows:
The bankers have taken the gold but oil
the United States Treasury to use in buy
ing the bonds with which the Treasury
desired TO increase its gold supply. The
bankers have found way to put the gov
ernment in the position Of the sea captain
whose ship sprung a leak. The captain
kept atoat by his pumps, hut he swort
afterwards that he had to pump the who'll
Atiantie Ocean through his ship twice.
Certainly, in the withdrawal of NOR
that sire, 100000 in gold from the Treas
ury during the past year, for shipmen
abroad and boarding at home, despit
the bond issues ordered for the purpos
of maintaining the reserve, the Atlanti
ocean of gold has been pumped at lcas
one and three-quarters times throug
the Ship Of State in the effort to kee
her afloat.
The recommendations of Presiden
Cleveland to Congress, briefly statet
are as follows:
The authorization of the issue of 50.yes
per cent bonds in denominations of 5.
and $50 and their multiples, payable /
gold, in order to maintain a sufficient COL
reserve, and to take up and cancel leg;
tender and Treasury notes.
Government bonds bearing over , pr
cent interest should be made u legal S
curity for the issue Of circulating NOTES
national banks upto their face or par yulu
National bank notes hereafter issued
be only of the denomination Of $40 an
upward, and silver certificates to be her
after issued to be Of denominations und
$40.
Duties on imports to be hereafter pa
in gold.
y 1t remains to be seen in what spil
Congress will receive the recommend
tions of President Cleveland. He b
pointed out the dangers that confro
the country-perils that menace t
welfare of all :he people, particular
those who depend upon their labor /
their living. Congress may avert the
evils by adopting the course that t
President has so clearly defined. II
tails to act the consequences can not
foretold. II is the hope of the peol
that wisdom and common sense W
prevail with Congress, and that il "
speedily apply the remedy.