The National tribune. [volume] (Washington, D.C.) 1877-1917, 1895-01-31
PRESIDENTS MESSAGE
AIR. Cleveland Calls Special Attention
to the Finances.

The following is the text of the Presidents
message:
To the Senate and House of Representatives:
In my last annual message commended to
the serious consideration of the Congress the
cond ition OF our National finances, and IN con-
pection 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 approved by Congress.
In the meantime. the situation has so changed,
and the emergency now appears so threatening,
that deem il my duty to ask at the hands OF
the legislative branch of the Government such
prompt and effective action rs will restore COR
fideDce in our financial sonndness and avert
business disaster and universal distress among
our people.
Whatever may be the merits of the plan out
lined in nv annual message a remedy for Ills
then existing and safeguard against the
depletion of the gold reserve then in the Treas
ury am now convinced that its reception by
the Congress and our present advanced stage of
financial perplexity necessitates additional or
different legislation.
With natural resources unlimited in variety
and productive strength, and with people
whose activity and enterprise seek only fair
opportunity to achieve National success and
greatness our progress should not he checked
by false financial policy and needless disre-
gard OF sound monetary laws, nor should the
IN way of our prosperity.
liz is hardly disputed that this predicament
Confrouts us to-day. Therefore no one in any
degree responsible for the making and execution
OF our laws should fail to see patriotic duty
IN honestly and sincerely attempting TO relieve
the situation. Manifestly the effort viii not
succeed unless il is made untrRmmeled by the
prejudice of pHrtisanship and with a stead
fast determination TO resist the temptation to
accomplish party advantage. We may well re-
member that il we are threatened with fnan-
cial difficulties all our people in every station
of life are concerned and surely those who
sufer will not receive the promotion of party
interests as excuse sor permitting our pres
ent troubles to advance TO disastrous conclu-
sion. Ii is also of the utmost Importance that
we approach the study of the problems pre-
sented as free as possible from the tyranny Of
preconceived opinions. TO the end that in
common danger we ray be able to seek with
ppclouded vision a safe and reasonable protec-
tion.
LACK OF PUBLIC CONFIDENCE.
The real trouble which confronts US consists
an lack of confidence. widespread and
stantly increasing. in the continuing ability or
disposition of the Government TO pay its obligs-
tions in gold This lack of confidence grows
20 some extent out of the palpsble and appar-
ent embarrassment attending the efforts OF the
Government. under existing laws, TO procure
sihiiity OF either keeping it in the Treasury or
cancelng obligations by its expenditure after
1t is obtained.
The only way left open to the Government
for procuring gold is by the issue and sale of
as bonds The only bonds that can be so issued
were authorized nearly 25 years ago. and are
not well calculated to meet our present needs.
Among other disadvantages. they are made
payable in coin instead of specifically in gold,
which In existing conditions detracts largely
an6 In an increasing ratio from their desra-
bility as investments. 1t is by no means GER
tain that bonds of this description can much
longer be disposed of at a price creditable TO
the financial character of our Government.
The most dangerous and irritating feature of
the situation. however, remains to be mention
ed. It is found in the means by which the
Treasury is despoiled OF the gold thus obtained,
without cauceling a single Government obli-
cation and solely for the benefit of those who
fpd profit in shipping it abroad, or whose fears
induce them TO hoard il at home. We have
outstanding about Fl We hundrsd millions of cur
rency notes Of the Government, for which gold
may be demanded; and, curi0usy enough, the
Law requires that when presented and in fact
redeemed and paid in gold. they shall be re-
issued. Thus the same notes may do duty
many times in drawing gold from the Treas
pry; nor can the process be arrested long as
private parties for profit or otherwise
advantage ip repeating the operation. More
than three hundred millions of dollars in
these notes have already been redeemed in gold,
aDd notwithstanding such redemption they
still outstanding. Since the 18th day of JAM
nary, 1894 our bonded interest bearing debt has
been increased 100000 900 for the purpose of
obtaining gold 20 replenish our coin reserve
Two issues were made. amounting 10 $50 000000
each-one In January and the other in No
vember. AS a result of the first issue there
was realized something more than $5s. 00o0
&c gold. Between that issue and the succeed
ing one in November, comprising period Of
about 10 months, nearly $l03.eso.0o0 in gold
were drawn from the Treasury. This made
tbe second Issue necessary, and upon that more
than $5s.000,o00 in gold was again realized.
Between the date of this second issue and the
present time, covering period OF only about
two months, more than $50 00000 in gold
have been drawn from the Treasury. These
large sums OF gold were expended without any
cancellation of Government obigstisns or in
any permanent way benefting our people or
improving our pecnniary situation.
The financial events Of the last year suggest
facts and conditions which should certainly ar
rest attention.
THE WITHDRAWAL OF GOLD.
More than SI72 0o0, 600 in gold have been
drawn out Of the Treasury during the year for
she purpose Of shipment abroad or boarding
at home.
While nearly sI03. 100000 OF this amount
were drawn out during the first 10 months Of
the year, sum aegregating more than two
thirds Of that amount, being about $50 000-
000 was drawn out during the following two
months, thus indicating a marked acceleration
of the depicting process with the lapse Of
time.
The obligations upon which the gold has been
drawn from the Treasury are still outstanding,
and are available for use in repeating the ex-
hausting operation with shorter intervals, as
our perplexities accumulate
Conditions are certainly supervening tend
ing 10 make the bonds which may be issued to
replenish our gold less useful for that purpose
An adequate gold reserve is in all circumstances
absolutely essential TO the upholding Of
public credit and TO the maintenance Of our
high National character.
Our gold reserve has again reached such
stage Of diminution as to require its speedy re-
enforcement.
The aggravations that must inevitably follow
present conditions and methods will certainly
lead 10 misfortune and loss, not only 10 our Ma
tional credit and prosperity and 10 financial
enterprise. but 10 those Of our people who seek