The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-01-29
Asks AID FROM CONGRESS
The President Sends Strong Mes
sage on the Financial Problem.
OUTLINES NEW PLAN OF RELIEF
Comedies That the Carlisle Measure Is
Dead, but Asks for Non.partisan
Consideration of Grave
National Emergency.
By the United Press.

stantially Withdrawing his support from
the plan outlined in the Carlisle bill
and outlining the only policy which
seems to him now possible to maintain
the gold reserve. The message was as
followS
The Message in Full.
To the Senate and House of Representa-
tiveS.
In my last annual message l commended
to the serious consideration of the con-
gress the condition of our national
finances, and in connection with the SUD
Ject, indorsed the plan of currency legls-
lation which at that time seemed TO fur-
nish protection against impending danger,
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 1t my
duty to ask at the hands of the legisla-
tive branch of the government such
prompt and effective action as VIII restore
confidence in our financial soundness ana
avert business disaster and universal dls-
tress among our people.
Whatever may be the merits of the plan
outlined in my annual message as rem
edy for i'll that existed, and as SAFE
guard against the depletion of the gold
reserve then in the treasury, | am now
convinced that its reception by congress
and our present advanced stage of flnan-
Cial perpleXity necessitates additional or
different legislation.
with natural resources unlllnlleu III va
riety and productive strength and with a
people whose activity ana enterprise seek
only fair opportunity to achieve ma
tional success and greatness, our progress
should not be checked by false financial
policy and needless disregard of sound
monetary laws, nor should the tin~ylty
and fear which they engcnder stand in
the way of our prosperity.
Plea For Non. Partisan Action.
1t is hardly disputed that this predica-
ment confronts us today; Therefore, no
one in any degree responsible for the max
ing and execution of our laws should fail
10 see a patriotic duty in honestly and
sincerely attempting to relieve the situa-
ton. Nanifestly this effort Will not sue
ceed unless it is made untrammelled by
the prejudice of partisanship and with a
steadfast determination to resist the
temptation to accomplish party advan-
tages. We may well remember that II we
are threatened with financial difficulties,
all our people in every station of life are
concerned: and surely those who sutler
will not receive the promotion of party m
terestS as an excuse for permitting the
present troubles TO advance to a disas-
trous conclusion. 1t is also of the utmost
importance that we approach the study
of the problems presented as free as possi-
BILE from the tyranny of pre-conceived
opinions, to the end that in common
danger we may be able to seek with un-
clouded vision safe and reasonable pro-
lection.
IHG NGui
The real trouble which confronts us
consists in a lack of confidence, wide
spread and constantly increasing, in the
continuing ability or disposition of the
government to pay its obligations in gold.
This lack of confidence grows to some eN-
tent out of the palpable and apparent eu-
barrassment attending the efforts of the
government, under existing laws, to pro-
cure gold, and to a greater extent out of
the impossibility of either keeping it in
the treasury or Cancelling obligations by
its expenditures after it is obtained.
The only way left open for the govern
ment for procuring gold is by the issue
and sale of United States bonds. The only
bonds that can be so issued were author
iZed nearly twenty-five years ago, and
are not well calculated 10 meet our pres
ent needs. Among other advantages they
are made payable in coin instead of specie
especially in gold. which in existing con
ditions detracts largely and in an increas-
ing ratio from their desirability as invest
ments. 1t is by no means certain bonds
of this description can much longer be
disposed of at a price creditable to the
financial character of our government.
The Treasury Is Drained.
The most dangerous and irritating fea-
ture of the situation, however, remains
TO be mentioned. 1t Is found in the means
by which the treasury Is despoiled of the
gold thus obtained without cancelling q
single government obligation, and solely
for the benefit of those who lind proht II
SulIplfS IL dDlOdN' VI NHOSt ltuio iIuus'
them to hoard 1t at home. We have out.
standing about five hundred millions oi
currency notes of the government fol
which gold may be demanded; and cu
riously enough, the law requires that whef
presented and In fact redeemed and PAID
in gold, they shall be reissued. Thus 'he
same notes may do duty many times In
drawing gold from the treasury; nor car
the process be arrested as long as private
parties for profit, or otherwise, see an ad
vantage in repeating the operation. More
than three hundred millions of dollars IN
these notes have already been redeemed
in gold, and, Notwithstanding such re-
demption, they are all still outstanding.
How the Gold Flows Ont.
Since the 18th day of January ]. 1894 oul
bonded interest bearing debt had been in
creased 500, 900 for. the purpose of OBJ
tanning gold to replenish our coin reserve
Two issues were made amounting to S5O
100000 each-one in January and the Other
in November. AS a result of the first is
sue, there was realized something NOR,
than 900 on the gold. Between tha
issue and the succeeding one In Novem
Der, comprising a period of about tel
months, nearly $l03, 900 600 in gold Were
drawn from the treasury This made tn,
second Issue necessary and upon thu
more than $S,OO0. 900 in gold was again re
allied Between the date of this secont
issue and the present time, covering {
period of only about two months, NOR,
than s69.000,O0O in gold have been draw
from the treasury. These large sums O
gold were expended without any cancela
ton of government obligations, or In any
permanent way benefitting our people o.
Improving our pecuniary situation.
Inpairs the Bonds Usefulness.
The events of the past year sugges
facts and conditions which should Ger
tainly arrest attention. More than Sl22
OOO, 900 have been drawn out of the treasur,
during the pear for the purpose of ship
ment abroad or boarding at home, Whil
arl, n
drawn out during the first ten months o
the year, a sum aggregating more THAI
two-thirds OF that amount, being abou
$50, 600 900. was drawn ut during the fol
marked acceeration of the depicting pro
cess with the lapse of time The obliga
tions upon which the gold has been draw,
from the treasury are still outstanding
and are available for use in repeating Tn
exhaustlng operation. with shorter inter
walls, as our perplexities accumulate. Con
ditions are certainly supervening tendin
TO make the bonds which may be sure L
replenish our gold less useful for that pui
pose.
Gold Reserve Needs Rcplcnishing.
An adequate gold reserve Is in all cir
cumstances absolutely essential to the ur
holding of our public credit and to tn
maintenance of our high national cha,
acter. our gold reserve has again reache
such stage of diminution as to requir
its speedy reinforcement
The aggravations that must inevltabl
follow present conditions and method
which viii certainly lead to misfortun
and loss, not only to our national cred
and prosperity and to financial enterprls,
hut to those of our people who seek EN-
ployment as means of livelihood and (
those whose only capital IL their daily ID
Dor. IL will hardly do TO say simple In
crease in revenue will cure our trouble,
The apprehension now existing and cor
stantly increasing as to our financial abb
lily does not rest upon a calculation OF OH
revenue. The time has passed when tn