Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1895-01-31
COLOSSAL BOND ISSUE URGED
BY THE PRESIDENT.
SITUATION SERIOUS AND QUICK
ACTION ASKED.
F'ifty-Year, Three-P Percent. Obliga-
tlong Proposed Outstanding Bonds
Are Payable in Gold Hence Gold
Must Be the Basis of Our Financial
System.

Washington, Jan. 29.-President
! Cleveland sert a special financial
message to congress yesterday. After
stating chat the issuing Of bords md
not stemmed the outflow CT geld, he
says: that the most dangerous and
irritating feature of the situation, how
ever, remains to be mentioned. 1t Is
found In the means by which the
treasury is despoiled of the gold thus
obtained without cancelling a single
government obligation and solely for
the benefit of those who find profit In
shipping 1t abroad or whose fears In
duee them to hoard it at home. We
have outstanding about i've hundred
millions of currency notes OF the gov
eminent for which gold may be de-
manded; and curiously enough the law
requires that, when presented and in
fact redeemed and paid in gold they
shall be reissued. Thus the same notes
may do duty many times In drawing
| gold from the treasury: nor can the
| process be arrested so long as private
parties who profit or see an advantage
! in repeating the operation are enabled
10 do So More than $300000.0O0 in
| these notes have already been re
| deemed In gold, and Notwithstanding
such redemption they are still out
standing. Since January II, 1891 our
bonded interest bearing debt has been
| increased $100,000000 for the purpose
of obtaining gold to replenish our coin
reserve Two issues were made
amounting to $50onG,0O0 each, one in
January and the other in November.
As a result OF the first issue there
was realized something more than
$5S,000,000 in gold Between that is
sue and the succeeding one in Novem-
Der, comprising period Of ten months,
nearly Sl03,000,000 In gold were drawn
| froll the treasury. This made the sec
ond issue necessary, and upon that
more than S5S,000,0O0 in gold was
again realized Between the date of
this second issue and the present time,
covering period of only two months,
more than S69,000,O00 in gold have
| been drawn from the treasury.
| These large sums of gold were ex-
pended without any cancellation of
| government obligations or In any per-
manent way beneiiting our people on
| improving our pecuinary situation.
| The financial events of the past year
suggest facts and conditions which
should certainly arrest attention. More
than S172,000,000 in gold have been
drawn out Of the treasury during the
year for the purpose Of shipping
abroad or boarding at home. While
nearly S103,O00,000 of the same was
| drawn out during the first ten months
of the year, a sum aggregatihg more
than two-thirds Of that amount. be-
ing about $69000,000, was drawn out
during the following two months, thus
indicating marked acceleration OF
the depicting process with the lapse
of time.
The obligations upon which this gold
has been drawn from the treasury are
still outstanding and are available for
use in repeating the eXhausting opera
tion with shorter intervals as our
/ perpleXitied accumulate Conditions
are certainly superyening tending to
make the bonds which may be issued
to replenish our gold less useful for
that purpose. An adequate gold re-
! serve is in all circumstances, absolute
\ III essential to the maintenance Of our
! high national character. Our gold re-
serve has again reached slch Il stage
/ OF diminuitiom as to require it's speedy
reinforcement. The aggrayations that
must inevitably follow present condi'
\ tions and methods win certainly lead
4 us to misfortune and loss, not only to
our national credit and prosperity and
To financial enterprise, but to those
\ Of our people who seek employment as
whose only capital is their daily labor
1t will hardly do to say that simple
\ Increase Of revenue will cure oul
\ troubles The apprehension now ex
/ listing and constantly increasing as tc
our financial ability does not rest upon
il calculation of our revenue. The
4 time has passed when the eyes Of III
I veStOrS abroad ana our people at NOME
were fixed upon the revenues of The
government. Changed conditions have
attracted their attention to the golC
OF this government. There need bt
no fear that we cannot pay our eur
rent expenses with such money rs We
have There is now in the treasury
Il comfortable surplus Of more thar
So3Oo0.0oo. but 1t \ net in gold am
therefore does not meet the difficulty
cannot see, says the president con
tinuing, that differences of opinion
concerning the extent to which silver
ought rs 10 coined or used in our cur
sency should Interfere with the oonn
sells of those whose duty It is to rectify
evils now apparent IN cur tinaneia
situation. They have IS consider tn
question Of national credit and tn
consequences that will follow from III