The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-02-02
NATIONAL HONOR.
The President Sends Special
Message tn Congress.
The Financial Condition That Confront'
the Country A Popular Loan Ia Small
Bonds AdvOcated--Main AininE
the Gold Reserve.

The Financial Condition That COnfrOnts
the COuntry "A Popular Loan Ia Small
Bonds Advocated--Main ~ininE
the Gold Reserve.
The Financial SituStiOH.
WAsHiNGTON, Jan. .0.-The president
yesterday sent To congress the follow
ing special message on the financial
question:
To the Senate and House OF Representatives:
In my last annual message commended to ths
serious consideration OF congress ths condition
OF our national finances and ia connection with
this subject tndOrsed the plan Of currency legis-
laiion which st that time seemed to furnish
protection against impending danger. This
plan has not been approved by congress.
In the meantime the situation has so chang Cd
and the emergency now appears so threaten
ing that deem IL my duty to as.s at the hands
OF the legislative branch ot the government
such prompt and effective action Us win restore
confidence In our financial soundness and avert
business disaster and universal distress among
our people.
Whatever may he the merits Of the plan out
lined la my annual message Ne o remedy for
ills then existing ana Is . safeguard against
the depletion OF the GOLD reserve then In the
treasury. am now convinced that its rejection
by the congress ana our present advanced stage
Of financial perplexity necessitates additional
or different legislation.
With natural resources unlimited in varied
productive strength ana with people wnoss
activity and enterprise seek only fair oppOr-
tunity to achieve national success ana great
ness. our progress should not he checked by .
false financial policy and . needless disregard
OF sound monetary laws nor should the timidity
and fear which they engender stand In the way
OF our prosperity.
II is hardly disputed that this prsdicament
confronts US to-day. Therefore. no one in any
degree responsible for the making and execu-
tion Of our laws should fail to see patriotic
duty In honestly and sincerely attempting to re-
lieve the situation. Manifestly this effort will
not succeed unless ft Is made untrammslsd by
the prejudice Of partissnship aud with stead
fast determination to resist the temptation TO
accomplished party advantage We may we'll
remember that II We are affected with financial
dimculties all our people In all stations OF life
are concerned ana surely those who suner will
an excuse for pc, mitting our present troubles
to advance to disastrous conclusion.
The only way left open to the government for
procuring gold Is by the tssue and sale Of
bonds. The only bonds that can be issued
were authorized nearly twenty-five years age.
and are not we'll calculated to meet our present
needs. Among other Disadvantages. they are
made pay able In coin instead OF specifically in
| gold which. In existing conditions, detrscts
largely and In an increasing ratio from their
"
certain that bonds Of this description osu
much longer be disposed OF at q price credit
able to the financial character Of our govern
meht.
The most dangerous end Irritating feature OF
| the situation. however, remains to be meu-
| toned. 1t Is found In the means by which the
| treasury Is despoiled or the gold thus obtained
without caneellin: single government obligs-
tion and solely for the beneft Of those who 6nd
profit In shipping It abroad or whose fears In
| duce them to hoard IL at home.
We have outstanding about 500. 100000 of
| currency notes OF the governments for which
! gold may be demanded. ana curiously enough
| the Law requires that when presented and ia
| fact redeemed and paid In gold they shall he
reissued Thus the Same notes may do duty
| many times in drawing gold frsm the treasury.
nor can the process he arrested as long ~ pri-
| vate parties who profit by It otherwise see
| an advantage In repeating the operation. More
| than $500 0.0)0,0O In tn CSC notes have already
| been redeemed In gold and. notwithsta nding
such redemption. they arc stiii outstanding.
| Since the I!th day OF January. ls9s. our bond
ed Interest bearing debt hAs been increased
si00 900 90 for the purpose OF obtaining gold to
| replenish our gold reserve. Two issues were
made. amounting 90. .OO0. 0o0 esch-one in Jasu-
/ ary and the other IN November. As . result OF
/ the nrst issue there was realized something
more than IS 100000 In gold. Between that
issue and the succeeding one In November. COM
prisins period Of ten months nearly eiOo 900 00l
| In gold were drawn from the treasury. This
made the second issue necessary and upon that
1 pa,wsa, ~. ra,~ os ,sss s..o.s iss,. 80 ~
| asas.u, 80 a"...,, "rss.s - 80, - ~.
two months. more than 5000 go In gold were
expended without any cancellation OF govern
ment obligations or In any permanent way
D,.~u stsna,sn, "1a VI '"i""''"s e"' p'"'
Ta. cnarc,.i ., n, IN. 49,, ,.
,as, s..,. . "a .nor,sinns It,, ss",;r ..,,.tn.
~ 80, .,,.n,S"n 49, ,S.n ssyo 90 c,n =,
,a hav. nson 49, r,,, =, ~. ,.".s,'r A., =.
10 ~. 80 -. -. ,,,,s,s.,.o ~, .S,a.s. ,n.d
hna,,n' s ~ Tcss .., s,cs ~ ~
-, 49,. 80, -. -. ~, S.y - -,
r,s. y, ~ -. .'.,' .t. -
~. 49, ,-"-,si..: - ~, .,.n, s.s,1a
ahn,,, An ocn ofso 49,. c,,, a.sias
| , 80. 49,
| ,.S ...s..., ~ 49, AS-,.sss~ ~a
,si,h ~. n, ,.. ~ tn. Th. osss:a,s.n. 49,,
| h,.s ,st. .,~Sn r.. 49, 1-.... r.ee-,L. -.
nrv ars stiii out.,.ndin, and are svsiishis 70,
usc IN reo.sttn. The .rh.ns,fn~ oc.rCeio. a,
| shor,er infary.i. a. onr uernler,tiss sccnmn
ia,e
C,ontitions are certainly su nervenins To max,
The bonds which NAV be issued 20 renlenisi
| our oold less usesui for that purnose
An ADEQUATE soId reserve II In al, circum
J | STANCES absolutely sssential To the uuholdins
OF our pubiic credit and 10 the mainteuance q
|, our ht,h ma al oh rsoesr Our-solA ras.rv,
ha, sgain rssehed SUCH a stare OF diminutio,
| nc 10 rao,ir. ia .n.edv r.in,orc.m.nt
IN. ae,r,va,ions tbst must inavit ! hlv solIo~
, | n,a.snt cnnaitions AND Yusthoa. vtll c.rt.inI,
Lead 10 mfsfortans nd ioss not only To our M
tIonai credit and urosperity and 10 fnsncia
| .n,arnr,Ss hut 10 those ~ our naonle Who go
, | amn,ovmane a. a inaans az uv.Iihond and a.
| thase whose onlv "a nital fa their 'dsfiv Labor
II will hardly DO 10 sav thna \ s,mpie inoresa
| of rsvsnus Win cure our tronble. Tha annre
nsnsion nov .xistins ana con,tant,v inoreasin,
D "a ,o our an.nciaI .hf,i,y aoss nat r.s, n,,or
ca,cr,s,,on N our revenue Ths Tins haa ns a.
, whsn ~. .y.s M invsstor, ahro.d ana on
, kneon,a a. hon, vsrs tred unan she revenue
y | of ,he ~ovArnmaot Chan1ad conditions nav
a,trac,sd thsir Attention ~ tha soIa M the GOV
| ernment I,here n.ed he M fear that we can
as We have There is now In the treasury
h", 4, 10 no, IN .aId ana th.rsfors noes no
; meet our difncuity.
Whatever IDEAS may be insisted on as to sill