The Irish standard., 1895-02-02
SATURDAY, FEBRUARY Q. 1895.
THE LAST MESSAGE.

As was expected the president has
again conferred with Congress upon tho
currency question. He has done so in
his own bold and PLAIN way. There was
10 mincing of words, no manoeuvering
for party advantage. He appeals to the
patriotism of Congress and asks them to
lay aside party prejudice. The measure
which he thought would be adequate at
the beginning OF the session he admits
would be futile at this stage. He now
asks Congress to authorize the secretary
Of the treasury to issue bonds payable in
gold bearing interest at three per cent
and payable in fifty years. The govern.
ment would be able to sell these bonds
for gold and put the gold thus acquired
in it's treasury. The president is at
present authorized to sell bonds payable
in COIN, but two sales OF these kinds Of
bonds have already been made and still
the gold cannot be kept in the treasury.
tCoin bonds'' cannot be sold abroad and
New York bankers who purchase them
Immediately get their gold back by COL
lecting greenbacks and demand notes
and presenting them for redemption.
President: cleveland realizes that radi-
cal step must be taken or the country
forced to silver basis He understands
fully the temper of the mon with whom
he is dealing and probably expects no
relief from this Congress. He prefers,
however, to place himself squarely on
the right lside by rising above partizan-
ship and calling upon Congress to save
the credit of the country. He does not
propose to leave any loophole by which
Congress will be able to escape. Un
doubtedly the views Of the president are
sound for they are commended by bank.
ers all over the country. His move is
one to preserve the gold standard and
the credit and good faith of the United
States. The east and the substantial
business interests of the country are
with the president. Unless something is
done or something happens to inspire
confidence, it is very probable that we
will be on a..silver basis before the end Of
February.
The message was received in the House
with applause from both the right and
the left, but in the Senate the presidents
own party sullenly listened to demand,
the responsibility of which it confidently
expected to avoid. Not even Demo.
orat moved to refer the message, that
task was left to Senator Sherman. Sena-
tors voorhees,, Harris and Jones could
not conceal their wrath and petulantly
refusedKto have anything to say or do
with tho question. 1t is improbable that
the Republicans will aid in securing the
relief sought because they are playing
for party advantage and would sooner
see the country suffer than see any meas
ure pass which would benefit the pres
ent administration.
There is perhaps no final solution OF q
money question, but it is certain that the
measure now before Congress is the
most substantial one proposed up to this
time. We do not profess any special in
sight into this perplaxing question, but
We venture to say that Southern and
Western inlationists may soon see q
pubic demonstration Of the fact that the
United States government cannot any
moro manufacture money than can pri-
vate business man pay his obligations
out by non-existing assets. There is an
apprehension abroad now that the
United States with all its wealth and re.
sources will not pay it's obligations in
gold and on demand. At once there is q
run on the treasury just as there would
be on banking house that might hap.
~ pen to be under shadow. Our people
are beginning to see that good faith and
prosperity 90 hand in hand no matter
whether in the case Of q government OF
of an individual.