The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-29

The message which thu President sent
TO congress yesterday states the financial
situation very clearly. The credit OF the
nation is in peril. and unless congress
provides relief for the treasury at once
the government may have difficulty in
paying its obligations.
The President would not have sent this
message to congress II he had not been
satisfied that the condition Of the gov
ernments finances warranted it. He is
not an alarmist. neither is he DESTROYS
OF influencing congress to accept his
financial views. He has only one pur-
pose in view. and that is the saving OF
the nations credit.
That this is true is shown by the fact
that he abandons the Carlisle plan for
relieving the treasury and reforming the
currency which he Endorsed in his mes
sage to congress at the beginning Of the
present session. and now recommends
radically different plan-a plan which UNI
dOubtedly has the approval Of some OF
the ablest hnanciers Of the country. The
plan which he now urges congress TO
adopt would continue the national bank
ing system and provide for a larger use
OF silver. It is a question. however.
whether 1t will command the approval
of majority Of congress. Tt
viii very likely be antagonized
by the silver men aud those who
favor state banks Of issue. Perhaps II
the President had recommended legisla-
ton authorizing the Secretary OF the
Treasury to issue per cent gold bonds
to an amount sufficient to maintain for
the present the gold reserve ana the ap-
pointment of a commission to report a
plan for the settlement OF the currency
question that recommendation would
have stood a better chance Of being
adopted than the one lie has made. SIN.
there are excellent reasons for the course
he has seen lit to pursue. one of the
reasons Is the necessity for the speedy
retirement of,the legal tender notes. AS
long as these notes are outstanding it
viii be very difficult matter. in the
present state of the public mind. to keep
gold In the treasury.
And there ought not to be any great
objection to retiring those notes. A ia
yorite argument Of the sivertes is that
It Is folly to replace the legal tender notes
with interest bearing bonds. but as the
President points out. the notes have al
ready cost the country a vast amount
ia interest. and if they are not retired
they viii cost It a great deal more
II Is the duty Of congress to look ar
the financial situation squarely and hon
esty. however much it may dislike to
do so 1t is a situation that Is fun Of
danger The President does not state
1t too strongly when he intimates that
the country Is Threatened with a fnan-
cial disaster which would paralyze bust
ness ana the Industries and make the bur
dens OF the laboring classes harder to
bear.
This being the condition OF AFFAIRS
congress should address itself at once
to the task of providing the necessary
remedial legislation. The patriotic men
Of congress should put aside schemes for
party success. get together and agree
upon a plan for saving the nations credit
There was great rejoicing when by the
borrowing of SlOO. OOO, 900 in gold payments
in gold were resumed. Should not then
every possible effort be made TO main
tain gold payments