Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-29
CLEVELAND'S IDEA.
The President 10 Congress on The
Financial Situation.
AUTHORIZATION OF BOND ISSUE.
Redemption and Cancellation Of Notes
Payable in Gold.
DENOMINATIONS OF $40 And S5O'
The Rate Of interest Not TO tHeeed
Three Per Cent
NO OTHER COURSE OPEN
Tho Conntry's obligations Must lie Met
H.. Honor Prosc.vcd-Silvcr oues-
,ion Not InVolFed'
DENOMINATIONS OF $40 And $780,
The Rate Of interest Not TO 6Hceeo
Three Per Cent
NO OTHER COURSE OPEN

cnr-.,.s to-day O. message on tue "''''
,isl situation. substantially withdrawihs
ti. ..t..r, from tho plan outlined In the
,,-u.,e DID and outlining the only pohcy
,.nI., .e.rrs % him now possible 10 main
t..u nc gold reserve. The message was
as follows.
T, tle Sauate ana House OF Represen-
,..ir,.. ln my last annual message
commended 10 the serious constellation
0f Congress the condition Of our na-
t.r.I finances. and in connection with
that euh.rct. endorsed plan Of currency
LEGISLATION which at that time seemed to
flrusn pro. - on against impending dnn-
rrr This plan has not been approved
l, Cona.ces. IN the mean time the STU
auln has SO changed and the emergency
now appears So threatening that l deem
it my au;y 20 ask. al the hands Of the
legislative branch Of the government
such prompt and effective action as Will
restore confidence in our financial sound
ness and avert business disaster and
universal distress among our people
Whatever may be the merits Of the
plan outlined in my annual message as
"a remedy for Ills then existing and as
safeguard against depletion Of the
gold reserve '"'" }" 'nV
am now convinced that l's iecep''oh oy
the Congress and our present advanced
stage OF financial pcrpieNty necessitate
additional or different legislation.
with natural resources unlimited in
variety ana productive strength, and
with people whose activity and Sntcr-
4 ..,,., ,,.,, ,rt,, f,,r or,,rt,,ri,y IN achieve
..', ...'.......,.. ,.,,. ,ro
'''''''''' "'-
I. sreSs shou'o h'' oe 'i''N71 'S d I"''o
financial policy ana needless disregard
Of sound monetary laws. nor should tho
,lmi5ifv and f.ar which they engender
4 ,,.rt il, ,ba ,,,,. ~ our nr,.rerifv
!, is hardly disr,,tel that This nrodlca-
,,.,.,., clrf,o,,,s ms TO-DAY. fberof,ra no
~. ir srv d.r,ae r.-cons,lla for the
,,,tfir- and execution ~ o,,r laws should
81 f,u ~ CO q r.trio,ic dutv In boneetlv
and sircorei,, a,t.r,,tip,, f. rcli.yo the
ftuation. Manife.tlv this effort viii not
q e,cc..I rrl... il ia made ,ntrour,olln1
H. the preiudlce Of nartisanship and with
4steadfast determination 10 resist the
Examination to accomrllsh marty alvan-
s&fare We may well rarn.r1 her that If We
~ re threatened with financial difficulties
#, III our peorle I'm ovcrv station of life
"a. 10 correrre1 AMI s1relv those who
"a ,cfar viii NOT rccoi,e tromotion ~ marry
sp,,rss,s as orcuea for pormittjnq our
n ,...,, t,,,biee g., sd,s,.. ~ a dieos-
~, ,o,,, ,orll,,sio, 7, H. s,,, ~ ,,,e ,,,,ros,
n ..,.., -. - ..,,'.1..,i. ~ -.
y - ,t' ,,,~h hi.,,,, ,,,,',.,,,.I 80 f,oo as
X,os,ble frlr, ,he t,,,rn, 80 rreconceived
#i,,tl-s -, .,., "a +t,e, a., ,,.,,,,..,, A.
o. We nav be aila IN soc,r Win nm
s&elouded vision safe and reasonable pro-
"a lection
81 THE REAL TROUBLE.
# The real trouble which confronts ia
t4 consists I'm lack Of confidence. Widespread
s and constantly increasing. in the con-
b tlnuiuC ability or disposition OF the gov
q ernmeut to pay its obligations in gold
This lack Of confidence grows To some
8 extent out Of the palpable and apparent
embarrassment attending the efforts Of
i The government under existing laws 70
4 procure gold and 10 n greater extent out
Of the impossihility of either keeping
u IN the treasury or canceling obhga-
4 uonS BY It's expenditure after II Is OBJ
d tanned
The only way left open 70 the govern
q mont Tor procuring gold IS by the issue
4 ana sale OF us bonds' ana the only bonds
i that can D" 50 issued were authorized
Il nearly twenty-five years ago and are
not wei calculated 10 meet our present
needs Among other dlsddVahtaees' they
4 epecincally iu gold. which I'm e~istiDr
conditions dctracts LARGELY ana I'm in
4 Croaring ratio from their dcslrabultv rs
4 Investments. II is by no means certain
4 that bonds Of this description can much
longer be- disposed OF at q price creditahle
70 the financial character Of our govern
ment
RAIDS OK THE GOLD pTSEpVr,
81 ,I,,. MO-, l,r,,..,,.. .,,., ,......,,.... o..
~. ~ ,t. sI,,i, -, ',.'s -,
a. be- mentioned II is f.,,"d i'm tr. ,,,s,,,s
81 yyb,ch ,r.. ,rr,,s.,,.,, ts 3,',,(,i', 49,,
q ga th,,s o,,.t,..., ,,,l.t,,,,. l..,,...,,t,
81, ,,,,..',,,,,, o,'i,...i'.,, ,,
,lstor ,ha Lsne6t ~ o.. ,,an rrJ 80,
an sb,rping II abroad or v,b0ea f.ars
'4ln1rc,.' flar, to b,.rd u a, bnp,e
" ~. b,v. o,,t .t.ndir,.. st,o,,, 0vo b,,,1rod
,,,I,il,,. - ,,,,r,,., ,,,.. lr ,h-, '.'.,.,,,,-
,nc,, for which rcil mn. Ia ,e,,,.'r,,..,,.
81 ,,,,,,.,s,,. ,,',,,,,h ,i,, Ian. -,
49, ,,ha, ,'~...ent.I and ia f,ct ~
4 -, .ti -, ~. -,
.