The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1895-01-29

Ane BreSen5 Elan OF Issuing BONUS NOV
Well Calculated to Meet Our Present
Needs-The Delay of Congress in Enact
ing satisfactory Financial Legislation
Dangerous to the Nations Progress.
Burdened with Load of Interest.
WASHINGTON, Jan. 29.-The full text of
the message sent to congress by the presi-
dent on the financial situation is as fol-
lows:
To the Senate and House of Representa-
tives:
In my last annual message I commended
TO the serious consideration of the congress
the condition Of our national finances, and
in connection with the subject indorsed
the plan of currency legislation which at
that time seemed to furnish protection
against impending danger, This plan has
not been approved by the congress. In the
meantime tho situation has so changed
and the emergency now appears so threat
ening that 1 deer it my duty to ask at the
hands of the legislative branch Of the gov
ernment such prompt and effective action
as will restore confidence in our financial
| soundness and avert business disaster and
universal distress among our people.
Whatever may be the merits Of the plan
outlined in my annual message as rem
edy for ills then existing and as a safe
guard against the depletion of the gold re-
serve then in the treasury, ] am now con
vinced that its receT5 ion by the congress
and our present advanced stage of flnan-
cial perplexity necessitate additional or
different legislation.
With natural resources unlimited in va
/, ,f
people whose activity and enterprise seek
only a fair opportunity to achieve national
success and greatness, our progress should
not be checked by false financial policy
and a needless disregard of sound mon
etary laws, nor should the timidity and
fear which they engender stand in the way
of our prosperity.
Necessity for Non-Partisan Action.
: 1t is hardly disputed that this predica-
ment confronts us today, Therefore, no
one in any degree responsible for the max
: ing and execution of our laws should fail
to see "a patriotic duty in honestly and sim
: cerely attempting to relieve the situation.
g.. Manifestly, this effort will not succeed un-
4 less it is made untrammeled by the preiu-
dice of partisanship and with steadfast
determination to resist the temptation to
\ accomplish party advantage. We may
> well remember that if we are threatened
f with financial difficulties all our people in
4 every station of life are concerned; and
o surely those who suffer will not receive
I the promotion of party interests as an ex
cuse for permitting our present troubles
: to advance to a disastrous conclusion 1t
is also of the utmost Importance that we
| approach the study Of the problems pre-
d sented as free as possible from the tyranny
e of preconceived opinions to the end that in
: a common danger we may be able to seek
: with unclouded vision safe and reason
v | able protection
The real trouble which confronts us con
sists in a lack of confidence widespread
and constantly increasing in the contin-
uing ability or disposition of the govern.
. ment to pay its obligations in gold. This
: lack of confidence grows to some extent
= out of the palpable and apparent embar
rassment attending the effort of the gov
ernment under existing laws to procure
gold, and to greater extent out of the
y impossibility of either keeping it in the
: treasury or canceling obligations by its ex
= penditure after it is obtained.
The only way left open to the govern
. ment for procuring gold is by the issu,
: and sale of its bonds. The only bonds tha
can be so issued were authorized nearll
l twenty-five years ago, and are not wei
calculated to meet our present needs
Among other disadvantages they ar
Is made payable in coin instead of specifcall,
o in gold, which, in existing conditions, de
/ tracts largely in an increasing ratio from
It their desirability as Investments. 1t is b.
e no means certain that bonds of this de
h scription can much longer be disposed o
e at a price creditable to the financial char
q. acter of our government. The most dan
v gerous and irritating feature of the situa
!. tion, however, remains to be mentioned
20 1t is found in the means by which tn
treasury is despoiled of the gold thus OF
tanned without cancelling a single govern
ment obligation and solely for the benef
4 of those who find profit in shipping /
Ne abroad or whose fears induce them to hoar
10 it at home
n Our Outstanding Obligations.
n We have outstanding about $500, 900, 90
" of currency notes of the government fo
e. which gold may be demanded, and, curl
le Ously enough, the law requires that whel
presented and, in fact, redeemed-paid il
gold-they shall be reissued Thus tb
same notes may do duty many times i
n drawing gold from the treasury nor ca
II the process be arrested so long as privat
IL parties, for profit or otherwise, see an a(
Il vantage in repeating the operation. Nor
l. than $500, 100000 in these notes have a
s. ready been redeemed in gold, and, no
withstanding such redemption, they al
ne all still outstanding. Since Jan. II, 1S9
N our bonded interest bearing debt has bee
IN increased Sl00,0O0,00O for the purpose
n obtaining gold to replenish our coin +
Y serve. Two issues were made amountin
s5 to S50,00O,0O0 each-one in January an
N the other i'm November AS a result of Il
first issue there were realized somethin
more than S5S,0OO,OOO in gold Betwec
n that issue and the succeeding one in N
N gember, comprising period of about t.
p months, Sl03, 1000 in gold were draw
D. from the treasury. This made the secor
nj issue necessary, and upon that more tina
m sos 600, 900 in gold were again realized. B
ID tween the date of this second issue and q
t. present time, covering a period Of on
o about two months, more than $1,000, o.
aa Il