Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-01-29

WASHINGTON, Jan. 29-The presidents
message came 10 congress quicker than
even the wiseacres expected 1t is brief
and to the point; tells what the presi-
dent thinks should promptly be done. and
then how ia his opinion to do 1t. First,
rs to what is the matter with the United
States, the president says it is lack of con-
tidence. He prefaces the statement with
the admission that regardless of its mer-
its as currency plan the one he out
lined in his annual message is not
the remedy for the ills that we suffer. He
thought it SO at the time, but it was not
situation has grown SO threatening that
prompt action is necessary.
The Question Not q Partisan One.
The president says: with natural re-
sources unlimited in variety and pro-
ductive strength, and with a people whose
activity and enterprise seek only Il fair OPP
portunity to achieve national success and
greatness, our progress should not he
checked by Il false financial policy and a
needless disregard of sound monetary
laws, nor should the timidity and fear
w
our prosperity. 1t is hardly disputed that
this prediclment confronts us today. There
fo-c. 10 one in any degree responsible for
tine making and execution o. oar laws
should fail to see Il patriotic duty iii hon
csty and sincerely attempting to relieve
the situation Manifestly this effort will
not succeed unless it is made untram-
meled by the prejudice of partisanship
p1v y f.,St dot iy.a tn rS-
sist the temptation to accomplish party
advantage.
Cause of the Lack of Confidence.
The lack of confidence spoken of is de-
clared to be increasing and grows TO some
extent out of the palpable and apparent
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 it i'll
the treasury or canceling obligations by
its expenditure after it is obtained. The
only way to obtain gold is by the issue of
bonds authorized twenty-five years ago
not calculated to meet our present needs,
and made payable i'm ''coin"-that word
that under the "option" idea might mean
anything-instead of gold, which the
president says does not add to their de-
STABILITY in several particulars.
Then the president gets to the pith of
things in the following remarks: ''The
most dangerous and irritating feature of
the situation. however, remains to be
mentioned 1t is found in the means by
which the treasury is despoiled of the gold
thus obtained without cancelling n single
government obligation and solely for the
benefit of those who find profit in shipping
it abroad or whose fears induce them to
hoard it at home. We have outstanding
about $50 ,0)l 90 of currency notes of the
government for which gold may be de-
manded; and curiously enough the law
requires that when presented and in fact
redeemed and paid III gold they shall be
rcissued. Thus the same notes may do
duty many times in drawing gold froEl
the treasury; nor can the process be ar
rested as long as private parties profit or
otherwise see an advantage in repeating
the operation.
Redeemable adj Infinitum.
''More that )0,000,O00 OF these notes
have already been redeemed in gold, and
Notwithstanding such redemption they
are still outstanding. Since the 18th day
of JAN, 1891, our bonded interest bearing
debt has been increased 500, Co., 900 for the
purpose of obtaining gold to rcplenish
our coin reserve" This was done by two
issues, and between the date of the sec
ond issue and the present. covering
period of only two months, more than
s6s', 900, 900 in gold have been drawn from
the treasury. These large sums of gold
were expended without any cancellation
of government obligation or in any per-
manent way benefitting the people or I'M
proving our pecuniary situation"