The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-01-29
A SPECIAL MESSAGE
President Cleveland Sends a
Vigorous Communication
to Congress.
THE GOLD RESERVE THE THEME,
Our Credltin Serious Danger OF
Goingto the Dogs--His Rec
concentrations.

WASHINGTON, Jan. 29.--The president
has sent to congress the following spe,
cial message ON the financial question:
To the Senate and House of Repre-
sentatives:-Il my last annual message
commended to the serious considera-
ton of congress the condition Of Onr
national finances, and in connection
with the subject Endorsed the plan OF
currency legislation which at that time
seemed to furnish protection against inn
pending danger. This plan has not
been approved by the congress In the
meantime the situation has so changed
and the~emergency now appears so
threatening, that deem it my duty to
ask ut the hands OF the Legislative branch
of the government such
Prompt and EGeottve Action.
as will restore confidence in our finan-
cial soundness and avert business disas-
ter aud universal distress among our
people. Whatever may be the merits
the plan outlined in my annual message
as remedy for ills then existing. and
as safeguard against the depletion Of
the gold reserve then in the treasury, /
am now convinced that It's reception by
the congress and our present advanced
stage of financial perplexity necessitates
additional IL different legislation. With
natural resources unlimited i'm variety
and productive strength. and with q
people whose activity and enterprise
seek only q fair opportunity to achieve
national success and greatness, our
progress should not be checked by false
financial policy and a needless disregard
of sound monetary laws, nor should the
timidity and fear which they engender
stand in the way of our prosperity. 1t
is hardly disputed that this predicament
confronts as today. Therefore, no one
in any degree responsible for the max
ing and execution Of our laws should
fail to
= =ss..% See Patriotic Duty
in honestly and sincerely attempting TO
relieve the situation. Manifestly this
effort viii not succeed unless it is made
untrammelled by the prejudice of par
tisanship. and with steadfast deter
mination to resist the temptation TO ac-
complish party advantage. We may
well remember that If we are afflicted
with financial difficulties, all our people,
in all stations of life, are concerned, and
surely those who suffer will not receive
the promotion Of party interest rs an ex-
cuse for permitting our present troubles
to advance to q disastrous conclusion.
1t is Of the utmost Importance that we
approach the study of the problems pre-
sented as free as possible from the
tyranny of preconceived opinion, 10 che
end that in common danger, we may be
able to seek with unclouded vision q
safe and reasonable protection.
There 10 Lack Of Confidence.
The real trouble which confronts us
consists in ri lack of confidence wide
spread and constantly increasing in the
continuing ability or disposition of the
government to pay it's 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 exist
ing laws toprocure gold, and 10 . agreater
extent ont of the impossibility of either
keeping IL In the treasury or canceling
obligations by its expenditure after it il
obtained. The only way left open 30
the government for procuring gold Is
by the issue and sale of bonds. The
only bonds that can be so issued were
authorized nearly % years ago. and are
not wen calculated to meet our present
needs.
Among other disadvantages they are
made payable in coin, instead of speci-
fically i'm gold, which i'm existing condi-
tions detracts largely and in an increas-
ing ratio from their desirability as in
vestments. 1t is by no means certain
that bonds Of this description can much
longer be disposed of at price credit
able to the financial character Of our
government. The most
Dangerous and Irritating Feature
of the situation, however. remains to be
mentioned. II Is found in the means
by which the treasury il despoiled Of the
gold thus obtained without cancelling d
single governments obligation, and solely
for the benefit. of those who find profit
in shipping il abroad, or whose
fears induce. them to hoard it at
home. We have outstanding about
$500, ,000, 900 of currency notes of the
government for which gold may be de-
mandedi; and curiously enough, the law
requires that when presented and III
fact redeemed and paid in gold, they
shall be reissned. Thus the sal.ae notes
may do duty many times in drawing
gold from the treasury; nor can the
processSbe arrested as long as private
parties who profit q Otherwise see an
advantage IN repeating the operation.
More than $500. .oO0. 900 in these notes
have already been redeemed In
gold, ard notwithstanding such