The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-29
THE PRESIDENTS SPECIAL MESSAGE


At last. and slowly, but, it is to be
hoped, not too late, the President has
reached wise conclusion. His special
message sent to Congress yesterday is
full of significance in the evidence it
affords of his appreciation of the i'm
pending financial crisis. It is signifi-
cant, first, in its wide departure from
the views expressed in the Presidents
message of December last, when he
gave his unqualified approval to the
Carlisle currency plan, and, second. in
the unusual earnestness with which it
recommends remedial legislation to re-
lieve the present necessities of the gov
eminent and maintain it's credit. The
whole tenor of the message shows that
the President has had his eyes opened
to the folly of currency tinkering when
the vital need of the government is pro-
lection against the depletion of it's gold
reserve and escape from conditions
which are rapidly carrying it towards,
if not bankruptcy, at least ruinous
impairment of it's credit
A fair and candid judgment of the
message compels the admission that its
prevailing spirit is one of devotion to
sound financial principles and an earn
est desire to adopt right methods, re-
gardless of party or political considera-
tions. The President puts to Congress
as patriotic duty that of honestly and
sincerely trying to relieve the. situation.
and he makes very plain the disasters
that are likely to follow if this is not
I'M ho
see-saw operation by which the govern
ment is made to redeem greenbacks over
and over again in gold, thus continually
depicting its reserve and impairing its
credit are not new, but they are strong
ly put. Referring to the operation of
the vicious law by which the greenbacks
are required to be reissled after being
redeemed in gold, he says: More than
300, 000, 900 of dollars in these notes have
already been redeemed in gold, and not
withstanding such redemption they are
all still outstanding" He might have
added that under the present system
these same notes might be presented
and redeemed in gold a thousand times.
absorbing the reserve faster than the
government could reDlenish it, and
would still be outstanding as the basis
of new demand for gold.
continuance of this policy could
have but one ending, viz, the elimina-s
ton of gold from our currency system
and the placing of the country on a silk
yer basis. No person having the well
fare or honor of the country at heart
could desire this. The President does
not desire it. He says: while am
not unfriendly to silver, and while /
desire to see it recognized to such an
extent as is consistent with financial
safety and the preservation of national
honor and credit. l am not willing to
see gold entirely abolished from our
currency and finances. To avert this
and other disastrous results he urges
Congress to pass a, bill authorizing
large issue of per cent longtime gold
bonds for the purpose of maintaining
the gold reserve and the government
credit and retiring and canceling the
greenbacks and the silver treasury notes
issued under the law of 1890. He would
make the bonds payable in fifty years,
for the excellent reason that I'VE of the
present generation have large amounts
long bonds are most salable" The
bonds could, of course. be deposited by
national banks to secure circulation, and
the President recommends that they be
allowed to issue circulation up to the
face value of the bonds.
A bill embodying these features was
introduced in the House yesterday. 1t
ought to be promptly passed, but there
is reason to fear it will not pass at all.
The Journal hopes it will receive the
solid support of the Republicans in both
houses, and if it is defeated let the re-
sponsibility rest wholly on the Demo-
Gratis. If this Congress fail to pass the
bill or one embodying the same general
features the President should call an
extra session of the next Congress and
trust to their patriotism and intelli-
gence to rescue the government from it's
perilous position.