Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1895-02-05

wAsHuoros. Jan. 28-The President
today cent 70 congress the following
message.
To the Senate aud House OF Rerpoaen.
tatives;-In my last annual message
commended TO the serious consideration
Of congress the condition Of our national
finances, and IN connection with the sub
iect Endorsed the plan Of currency lseis.
lation which az that time seemed 10 fnr.
nish projection against the impending
danger. This plan has net been approv-
ed Of by congress. In the meantime the
situation has 90 changed that the emor-
genoy % appears % threatening / deem
It my duty to ask az the hands OF tho leg
i~slatIve branch Of tho government such
prompt and effective action as viii re-
store condolences in u financial sound
ness ard avert business disaster and uui-
versal distress among a people. What
ever may be the merits Of tho plan out
lined IN my annual message as a remedy
for The ills existing, and as a safeguard
against the depletion Of the gold reserve
then 10 the treasury. 7 nm convinced
that It's reception by congress and our
present advanced stage Of financial per-
plexity, necessitates additional OF differ
ent legislation.
With natural resources unlimited ! q
variety aud productive strength and with
a people whose activity and enterprise
seek only a fair opportunity to achieve
national succes and greatness, our pro
gress should not be checked by false
financial policy and needless disregard
Of sound, monetary laws, nor should the
timidity and fear they engender stand / n
the way Of our prosperity. Il lie hardly
disputed that this predicament c~onfronts
US today. Therefore no one 10 any de-
gree responsible for making and execut-
ing u laws should fail to see their pa
triotic duty In honestly and sincerely At
tempting 10 relieve the situation. Man
ifestly this effort should not succeed IN.
less il is made untrammeled by the pref.
udice Of p~artizanship and with a stead
fast determination to resist the tempta-
ton o accept such party advantage. We
may well remember that IL we are affect
ed with financial difficulties, all u peo-
pie IN all stations Of life are concerned
and those who suffer will not receive the
romotion Of party interests as an ex-
cuse for permitting the present troubles
to advance to a disastrous conclusion.
II is also Of the utmost Importance we
approach the study Of the problems pre-.
sented as free as possible from the tyr.
amy Of p~reconceived opinions to the end
that in the common danger we may be
able to seek with unclcuded vision a
safe and reasonable protection.
The real trouble that c~onfronts us
consists in the lack OF confidence, wide.
spread and constantly increasing, IN con.
tlnuing the inability or disposition Of
the government to pay it's obligations 10
gold. This lack Of confidence grows e
some extent Of palpable and apparent
embarrassments attending the govern
ment under the existing laws to procure
gold and 10 q greater extent, outvSft m
impossibility Of either keeping Il in the
treasury or c~ancellIng obligations by It.
expenditures after It is obtained. The
only way left open TO the government ol
procuring gold is by the issue and sale
Of bonds. The only bonds that n IL
issued were authorized nearly Or wear.
ago and are not we'll calculated 10 mae,
the present needs. Among the disad.
vantages they we're made payable in coin
Instead Of specifically in igoId, which in
existing conditions detr8cts laroelv IN
increasing ratio from their d~esirabilit,
rs investmentslt-S by no means Ger
tam That bonds Of this description car
be much longer disposed OF at a price
c~reditable to the financial character Of
our government.
The most dangerous and Irritating
feature Of the situation, however. re.
mains to be mentioned. Il is found II
the means by which the treasury is des
poiled Of gold thus obtained wthou,
%cancelling a single government obliea.
ton aud solely for the benefit Of those
who find profit in shipping it abroad, OF
whose fears induce them 70 hoard Il Al
home We have outstanding about eco.
OO0,OO0.of currency notes Of the govern
ment, for which gold may be demanded
and o%uriously the law requires when pre-.
scented, and In fact redeemed and paid
! n gold they be reissued. Thus the same
notes may do duty many times, drawing
gold from the treasury, nor can the pro.
cess DO arrested as long as private par.
ties who profit or otherwise see any al.
vantage 10 repeating the operation.
More than three hundred million dollars
Of these notes have already been redeem.
cd 10 gold, and Notwithstanding such 70.
domptlon they ara still out standing.
Since the l7lh Of January, 1894, our
bonded interest bearing bebts have been
increased ~el00sOO0OOO for the purpose Of
obtaining gold 70 replenish our coin re-
serve. Two issues we're made amount
ing 10 $5O.O00O00 each, one Ia January
and the other 10 November. Asa result
Of the fret issue there was realized
something more than d~ity-eight million
dollars 10 gold. Between that issue aud
lho succeeding one In November. COM
pFiaiug 3 period Of about ten montba.
nearly d hundred and three million
doliirs 10 gold were drawn from The
treasury. Ihia made the second issue