The Camden chronicle. (Camden, Tenn.) 1890-current, 1895-02-08

HE APPEALS TO CONGRESS TO
DO SOMETHING
TO Save the Country's Credit--Bonds
Suggested as the Only Remedy.

question:
TO the Senate and House Of Representa-
tives:
In my last annual message, recon-
mended to the serious consideration Of
the congress the condition Of our ma
tional finances, and in connection with
the subject Endorsed the plan Of currency
legislation which, at that time, seemed
to furnish protection against impending
danger. This plan has not been APP
proved by the congress. In the mean
time the situation has so changed and the
emergency now appears so threatening,
that deem 1t my duty to ask at the
hands Of the legislative branch of the
government such prompt and effective
action as win restore confidence in our
financial soundness and avert business
disaster and universal distress among
our people. Whatever may be the merits
the plan outlined in my annual mes
sage as a remedy for evils then existing
and as a safeguard against the depletion
Of the gold reserve then In the treasury,
am now convinced that its rejection by
congress and our present advanced stage
Of financial perplexity, necessltates add
tlonal or different legislation.
OUR GREAT RESOURCES UNLIMITED.
With natural resources unlimited in
variety and productive strength, and
with people whose activity and enter
prise seek only a fair opportunity to
achieve Irrational success and greatness,
our progress should not be checked by
false nancial policy, and a needless dis
regard of sound monetary laws nor
should the timidity and fear which en-
gender stand in the way OF our prosper
fly. It Is hardly disputed that this pre-
dicament confronts US today. Therefore,
no one in any degree responsible for the
making and execution Of our laws
should fail to see patriotic duty in hon
estly and sincerely attempting to relieve
the situation. Manifestly, this effort will
! not succeed unless it Is made untrammel-
! led by the prejudice OF craftsmanship and
! with q steadfast determination to resist
| the temptation to accomplish party ad-
/ vantages. We may well remember that
! II we are threatened with financial diff
culties, all our people, in every station OF
! life are concerned and surely those who
suffer will not receive the promotion Of
/ party interests as an excuse FOR permit
ting our present troubles to advance to
a distastrOus conclusion. It Is also OF the
utmost Importance that we approach
the study of the problems presented as
free as possible from the tyranny Of pre-
conceived opinions, to the end that in a
common danger we may be able to seek
with unclouded vision a safe and reason.
able protection.
THE REAL TROUBLE EXPLAINED.
The real trouble which conironts us
consists in a lack Of confidence wide
spread and constantly increasing, in the
continuing ability or disposition of the
government to pay its obligations in
gold. This lack OF confidence grows to
some extent out Of the palpable and ap-
parent embarrassment attending the
efforts of the government under existing
laws to procure gold and to a greater
extent out OF the impossibility of either,
keeping 1t in the treasury or cancelling
obligations by it's expenditures after it is
obtained.
TO ISSUE BONDS THE ONLY REMEDY.
The only way left open to the govern
ment for procuring gold is by the issue
and sale Of bonds.
The only bonds that can be so issued
were authorized % years ago, and were
not calculated to meet our present needs.
Among other disadvantages they are
made payablein coin instead of specifical-
ly in gold which in existing conditions
detract largely and in an increasing ratio
from their desirability as investments.
1t is by no means certain that bonds OF
this description can much longer be dis
posed of at a price creditable to the
financial character of our government.
The most dangerous and irritating fea-
ture Of the situation, however, remains
to be mentioned.
TEE MOST DANGEROUS FEATURE.
1t is found in the means by which the
treasury is despoiled OF gold thus OBJ
tanned without cancelling a single gov
eminent obligation and solely for the
benefit OF those who find profit in ship
| ping it abroad or whose fears induce
them to horde 1t at home. We have out
standing about $500, 100000 Of cur
rency notes of the government for which
gold may be demanded, and curiously
enough the law requires that when pre-
sented and in fact redeemed and paid in
gold, they shall be re-issuod These
same notes may do duty many times in
drawing gold from the treasury, nor can
this process be arrested slong as private
parties profit or otherwise see an advan.
tage in repeating the operation. More
than $30o,o00,o00 in these notes have
already been redeemed in gold, and not
withstandlng such redemption, they art
all still outstanding.
Since the seventeenth day of January
1894, our bonded interest bearing deb