The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-02-08
Is CLEvELAND'S PLAN
leEcIAL MpssAon on rlnAsvp
0DHT 70 OoHoRlSS.

The Prssiasnt Urges the Passage %
NH fer the lssaing s4 TArss fsf
Cent Beads, the Prlneipal aaA In.
eeesst to bs Ra1A In Geld.
Washington, Jan. 30.-The president
sent to congress the following special
message on the financial question:
To the Senate and House Of Representa-.
uvee: 10 my last annual message COM
mende0 to the eesaous conslderation Of con.
sress the condltion Of our national finances.
and In connection with the subject endorsed
the plan Of currency legislation which at
that time seemed to furnish protsctt.n
against impending danger. This plan ass
not been approved By the congress-. In the
meantime the situation has - changed and
the emefssoey now appears 20 threatening,
that deem Il my duty to ask at the hands
OF the legislative branch Of the government
such prompt and effective action 90 will
restore confidence In our financial sound.
ness and avert business disaster and uni.
versal distress among our people. Whatever
may be the merits Of the plan outliped In
my annual message a. remedy for illa
then existing. and % safeguard against
the depletion Of the gold reserve then In the
treasury. am now convinced that its recep.
tion BY the congress and our present ad.
vanced stage Of financial perplexity necessi.
tates additional. II not different. legislation.
With natural resources unlinit Vi In va .ie,j
and productive strength and with people
fair opportunity to achieve national success
and greatness. our progress should not be
checked BY false financial policy and 0
needless disregard Of sound monetary laws,
nor should the Mmidity and fear which they
engender stand In the way Of our prosper.
ity.
1t 10 hardly disputed that this predica.
ment confronts us to-day. Therefore, nc
one In any degree responsible for the max.
Ing ana execution Of our laws should fail to
see patriotic duty In honestly and sincere.
~ attempting to relieve the situation. Man.
ifestly this effort will not succeed unless II
is made untrammeied By the prejudice Of
partisanship and With q steadfast deter.
mination to resist the temptation to &C.
complish party advantage. We may well re.
member that II we are afiicted with nnan.
cial didiculties, all Of our people. In all sta.
lions Of life. are concerned. and surely
those who suffer will not receive the pro.
mo..on Of party Interest a. an excuse for
permitting our present troubles to advance
most importance that We approach the study
Of the problem presented ~ free a. possible
from the tyanny OF preconceived opinions,
to the end that. In q common danger. we
may be able to seek with unclouded vision
Safe aad Reasonable Peoteotl0n.
The real trouble which coufronts Us con.
slsts In q lack Of confidence. widespread
and constantly Increasing. IN the continu.
ing 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 apparent embarrassment
attending the efforts Of the government IN.
der existing laws 70 procure gold. and to q
greater extent out Of the imposslbility Of
either keeping It In the treasury or can.
er 1t ID obtained. The only way left open
to the government for procuring gold ID
BY the issue and sale Of bonds The only
bonds that can be % issued were author.
ICED nearly twenty-five years ago. and are
not well calculated to meet our present
needs. Among other Disadvantages they
are made payable In coin. instead Of spe.
eincally In gold. which In existing centi.
tlons detracts largely and In an Increasing
ratio from their desirabliIty as Investments
1t 10 BY no means certain that bonds Of
this description can much longer be dis.
posed Of at price creiitable to the dnan.
cial character Of our government
The most dangerous and Irritating feat.
ure OF the situation. however, remains to
be mentioned. 1t 10 found In the means by
which the treasury IL despoiled Of the gold
thus obtained without canceling q single
government obligation. and solely for the
beneht OF those who 6nd proht In shipping
1t abroad or whose fears induce them to
hoard It at home. We have outstanding
government for which gold may he de.
manded; and curlously enough the law re-
Quires that when presented and In fact re.
deemed and paid In gold, they shall be re.
issued. Thus the same notes may do duty
many times In drawing gold from the treas.
ury; nor can the process be arrested a.
long % private parties who profit Or other
wise SO an advantage In repeating the
operation. More than 1900. 900 In these
notes have already been redeemed in gold,
and notwithstanding such redemption, they
are all still outstanding.
The Gold Reserve Diaapperrs.
Since Jan. II. 1904, our bonded interest.
bearing debt has been increased 500 Co.,.
GOO fer the purpose Of obtaining gold, {,
replenish our coin reserva. Two issues we're
made, amounting TO $hO.OOO OOo each, one
In January and the other In Novem mber. As
result Of the nrst Issue there was real.
ixed something more til n &5S 10000 OF
dollars In gold. Between that isale and the
succeeding one In November, comnris.ns q
period Of about ten months. neary ElOD.-
100000 in gold were drawn from the treas.
and upon that more than Ss8.OOO.OOo In
gold was again realised. Between the dats
Of this second Issue and the present time.
covering period Of on:y about two months,
more than 100000 Ia gold have been
drawn from the hsafury. These large
sums Of gold we're expended without any
cancellation Of government obligations or
In any permanent way beued ting cur Jeo-
pie or improving our pscuniary situation.
The financial events ef the past year su,.
eest flcts ald conditions which should Ger.
ta'nly arrest attention. More than xl72,:
10000 In gold have been drawn out Of the
Treasury during the year for the purpose
Of shipping abroad or boarding aS home.
While nearly &1t1. .OOO, 900 Of the came were
drawn. out during the arst ten months OF
the rear. sum agxrssating more than
two.:hirds Of that annual, tein4 about
fco.COc.0O0. was drawn out during the TO-
lowing two months. thus indicating q
marked acceleraticn Of the depicting pro-
cess With the lapse Of tins. The Cd isation.
the treasury are still outstanding. end IRE
available for use In repeating the exhaus.
tive operation within shorter mt rvals. Per.
plsxities accumulate and conditions IRE Ger.
tainly supsrvenins. tending to make the
bonds which may be issued to repisnish
our gold less useful fer that purpose. An
adequate gold rs'ervs q in ali tireum:
stances absolutely essential to the uphold.
ing Of our public credit and to the main.
tsnanee Of our high national charaets-.
Our gold reserve has again reached such q
stage Of diminutiss q to require
Its Speedy Reinforcement.
The ssgravationa that must inevitably fol.
low present conditions and methods
will certainly lead to misfortune and
loss, not only to our national credit and
prosperity and to financial enterprise, hut
to those Of our people who seek employment
= means OF livelihood and to those whose
only capital y their daily labor. It will
hardly Do to say that simple increase Of
revenue will core our troubles. Tho apprs-
hsnaon aow existing and constantly in.
ereasing as to our financial ability does not
rest upon calculation Of our revenue. The
time has passed when The eyes Of Investors
abroad and eur people at home were fixed
upon the revenues Of the government.
Changed eonditIeas have attracted their at.
tsntioo to the gold Of the government
There need bs no fear that We cannot pay
our current expenses. with such money o.
We have There 10 BOW in the treasury q
comfortable surplus Of more than 16S.00Q.
eoo but It 10 not IN gold. and therefore
loes not meet our di@culty. ! cannot zee
that dinsrsncs Of opinion concerning the
extent to which silver ought to be coined or
used IN our currency should interfere with
the eounssls of those whose duty It 10 to rec.
dfy evils now apparent in our financial situa.
tion. They have to consider the question Of
national credit, and tAA consequences that
will follow its collapse. Whatever ideas
may Be insisted on - to silver or bimetal.
ism. proper solution Of the question now
pressing upon Us only requires Q recogni-
sion Of its importance. rishtfully or wrong.
fully acquired, - . basis Of national credit
necessity In the honorable discharge Of
our obligatione, payable In gold and badge