Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-02-02

day message on the financial situa-
ton, substantially withdrawing his
support from the plan outlined in the
Carlisle bill and outlining the only pol
Icy which seems to him now possible to
maintain the gold reserve. The mes
sage was as follows
70 the senate and house OF representatives:
In my last annual message 1 commended to
the serious consideration OF the congress the
coalition Of our national flnanScs, I'D in con-
nection with the subject indorsed the plan OF
currency legislation which at that time Scemed
to furnish protection against impending dam
ger. 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 II my duty to ask at
the hands OF the Legislative branch Of the gov
ernment 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 out
lined in my annual message n remedy for ills
then existing and safeguard against the
depletion OF the gold reserve then in the treas
ury, am now convinced that it's reception by
the congress and our present advanced stage OF
financial perplexity, necessltates additional,
or different legislation
With natural resources unlimited in variety
and productive strength, and with people
whose activity and enterprise seek only fair
opportunity to achieve national success and
greatness, our progress should not be checked
by false financial policy and needless disre-
gard 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 us to-day. Therefore no one in any
degree responsible for the making and cxecu-
tton OF our laws should fail to see patriotic duty
in honestly and sincerely attempting to relieve
the situation. Manifestly any effort will not
succeed unless 1t is made untrammeled by the
prejudice OF partisanship and with steadfast
determination TO resist the temptation to
complish party advantage.
We may we'll remember tho II we are threat
ened with financial difficulties Ill our people in
every station OF life concerned; and surely
those who suffer will not receive the promotion
OF party interests as an excuse for permitting
our present troubles to advance to n disastrous
conclusion. 1t is also OF the utmost Importance
that We approach the study of the problems
presented as free rs possible from the tyranny
OF preconcieved opinions to the end that in
p common danger we may be able to seek with
unolouded vision a safe and reasonable protec-
tion.
The real trouble which confronts us consists
in a lack OF confidence, widespread and con-
stantly increasing, in the continuing ability or
disposition Of the government to pay its obli-
cations in gold. This lack of confidence grows
TO some extent out of the palpnble and appar-
ent embarrassment attending the efforts OF the
government under existing laws to procure
bility OF either keeping it in the treasury or
cancelling obligations by its expenditure after
1t is obtained.
The only way left open TO the government for
procuring gold is by the issue and sale OF its
bonds. The only bonds thnt can be issued
were authorized nearly twenty-five years ago
aud nre not well calculated to meet our present
needs. Among other disadvantages they are
made payable in coin instead OF specifically In
gold which, in existing conditions, detracts
increasing frOn hai r
desirnbllity as Investments. 1t is by means
certain that bonds of this description much
longer be disposed OF at q price creditable to
the financial character OF our government.
The most dangerous and Irritating feature OF
the situation, however remains to be mem
toned. II is found in the means by which the
treasury is despoiled OF the gold thus obtained
without canceliing n single government obliga-
tion and solely for the benefit of those who
find profit In shipping IL abroad or whose fears
induce them to hoard 1t ut home. We have
outstanding about five hundred millions OF cur
rency notes OF the government for which gold
may be demanded; and, curiously enough the
low requires that when presented, and in fact
redeemed and paiu In gold they shall be reis-
sued. Thus the same notes may do duty many
times in drawing gold from the treasury nor
can the process be arrested Us long as private
parties, for profit or otherwise, see an advant-
age In repeating the operation.
More than three hundred millions OF dollars
in these notes have already been redeemed in
gold. and notwithstanding such redemption
they still outstanding. Since the 18th day
of January 1894 bonded interest bearing
debt has been increased 800 900 900 for the pur
pose Of obtaining gold to replcnish our coin re-
serve
The financial events of the past year suggest
facts and conditions which should certainly ar
rest attention:
More than one hundred and seventy two mil
lions OF dollars In gold have been drawn out OF
the treasury during the year for the purpose of
shipment abroad or boarding Mt home. While
nearly one hundred and three millions OF this
amount were drawn out during the first ten
months OF the year, n sum aggregating more
than two-thlrds OF that amount, being about
sixty millions, were drawn out during the fol-
lowing two months, thus indicating u marked
acceleration OF the depicting process with the
lapse OF time
The obligations upon which this gol6 has
been withdrawn from the treasury nre still out
standing and are available for use in repeating
the exhausting operation with shorter inter-
vnls as our perpleNities accumulate. Condi-
tlons certainly supervening. tending to
make the bonds which may be issued to replen-
ish our gold less useful for that purpose
An adequate gold reserve is in all oircum-
stances absolutely essential to the upholding
of our public credit and to the maintenance OF
our high national character.
Our gold reserve has again reached such q
stage OF diminutiOn as to require its speedy re-
enforcement.
AhO oiiiiS htla pasSeu WuSh buS eyes Vi iuftsl-
ors abroPd and our people Mt home were fixed
upon the revenues OF the government. Changed
conditions have attracted their attention to the
gold OF the government. There need be no fear
that we cannot pay our current expenses with
such money as we have There is now in the
treasury comfortable surplus OF more than
sixty-three millions OF dollars, but 1t Is not In
gold and therefore does not meet our dificulty.
cannot see that differences OF opinion con-
cernng the extent to which silver ought to be
coined or used in our currency should inter-
fere with the counsels of those whose duty it is
TO rectify evils now apparent IN our financial
situation They have TO consider the question
of national credit and the consequences that
will follow from It's collapse. Whatever ideas
may be insisted upon Us to silver or bimetal-
iism proper solution OF the question now
pressing upon us only requires recognition OF
gold as well as silver, and concession OF Its
importance rightfully or wrongfully acquired,