The Coconino weekly sun., 1895-02-07
SPECIAL MESSAGE.
The President Sends a Communi-
 cation to Congress.
. The Necessity for Prompt Financial Legis- lation Set Forth-All Parties Urged to Unite Upon Measures That
 VIII Afford Relief.

To the Senate and House of Representatives: In my last annual message commended to the serious consideration of congress the condition of our national finances and in connection with this subject ildorsed the plan of currency legis- iation which at that time seemed to furnish protection against impending danger. This plan has not been approved by congress.
 In the meantime the situation has so changed and the emergency now appears so threaten irg that deem it my duty to ask at the hands of the legislative branch of the government such prompt and effective action as will restore confidence in our financial souadness and avert business disaster and universal distress among sour people.
 Whatever may be the merits of the plan out lined in my annual message as . remedy for ills then existing and as n safeguard against the depletion of the gold reserve then in the treasury. am now convinced that its rejection by tho congress and our present advanced stage of financial perplexity necessitates additional ,or different legislation.
 With natural resources unlimited in varied productive strength and with people whose activity and enterprise seek only fair oppor- tunity to achieve national success and great ness, our progress should not be checked by false financial policy and needless disregard of sound monetary laws nor should the timidity and fear which they engender stand in the way of our prosperity.
 It is hardly disputed that this predicament ,confrontS us to-day. Therefore, no ono in any degree responsible for the making and execu- 'tion of our laws should fail to see patriotic duty in honestly and sincerely attempting to re- lieve the situation. Manifestly this effort will mot succeed unless it is made untrammeled by the prejudice of partisanship and with stead 1aSt determination to resist the temptation to accomplished party advantage. We may well remember that if we are affected with financial difficulties all our people in all stations of life are concerned and surely those who suffer will not receive the promotion of party interests as an excuse for pc mitting our present troubles to advance to disastrous conclusion.
 The only way left open to the government for procuring gold is by the issue and sale of bonds The only bonds that can be issued were authorized nearly twenty-five years ago and arc 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 largely and in an increasing ratio from their 'desirability as investments. It is by no means certain that bonds of this description can much longer be disposed of at price credit able to the financial character of our govern ment
 The most dangerous and irritating feature Of Nhe situation, however remains to be mem tioned. It is found in the means by which the treasury is despoiled of the gold thus obtained without cancelling single government obliga- Sion and solely for the benefit of those who find profit in shipping 1t abroad or whose fears in- 'ducc them to hoard 1t at home.
 We have outstanding about 500, 900 of currency notes of the government for which gold may be demanded, and curiously enough the law requires that when presented and in iact 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 as long as pri- vate parties who profit by 1t or otherwise see an advantage in repeating the operation. More than $500 OJ0,01) in the notes have already been redeemed in gold and. notwithstanding such redemption, they are still outstanding
 Since the l7th day of January, 1894, our bond- ed interest bearing debt has been increased Si0O0O0,OO0 for the purpose of obtaining gold to replenish our gold reserve. Two issues were made, amounting $50, 900 each-one in Janu- ary and the other in November. As result of the first issue there was realized something more than S5s,OOO,OOO in gold. Between that issue and the succeeding one in November com prising period of ten months nearly SlO3, ,0OO 900 in gold were drawn from the treasury. This made the second issue necessary and upon that more than siS SOOO,00O in gold was again realized. Between the date of this second issue and the present time, covering period of only about two months. more than s69, )O0O in gold were expended without any cancellation of govern ment obligations or in any permanent way
 
 narv situation.
 The financial events of the past year sug- gest facts and conditions which should certain ly arrest attention. More than sl72, ,0O0 in gold have been drawn out of the treasury dur ing the year for the purpose Of shipping abroad or boarding at home. While nearly Sl03,OO ,0OJ of the same were drawn out during the first ten months of the year, sum aggregating more than two-thirds of that amount, being about O0,0O0, was drawn out during the following two months thus indicating a marked acceleration of the depicting process with the lapse of time. The obligations upon which this gold has been drawn from the treas ury are still outstanding and are available for use in repeating the exhausting operation at shorter intervals as our perplexities accumu- late.
 Conditions are certainly supervening to make the bonds which may be issued t.. replenish our gold less useful for that purpose
 An adequate gold reserve is in all clrcum- 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 stage of dimiDution as to require it's speedy reinforcement
 The aggravations that must inevitably follow present conditions and methods will certainly lead to misfortune and loss not only to our na- tional credit and prosperity and to financial enterprise, but to those of our people who seek employment as means of livelihood and to those whose only capital is their daily labor.
 It will hardly do to say that simple increase of revenue will cure our troubles. The appre- hension now existing and constantly increasing as to our financial ability does not rest upon q calculation of our revenue. The time has passed when the eyes of investors abroad and our people at home were fixed upon the revenues of the government. Changed conditions have attracted their attention to the gold of the gov- 'ernment. There need be no fear that we can not pay our current expenses with such money as we have. There is now in the treasury a comfortable surplus of more than S63, ,000,O 900, but it is not in gold and therefore does not meet our difnculty,
 Whatever ideas may be insisted on as to sil- yer or bimetalliSm, a proper solution of the question now pressing upon us only requires a recognition of gold as well as silver, and a concession of it's importance, rightfully or wrongfully acquired, basis of na- -tional credit-a necessity in the honorable discharge of our obligations payable Tn gold and badge of solyency. l do not understand that the real friends of silver desire condi- tion that might follow inaction or neglect to appreciate the meaning of the present exi- Shnuld reqult in the pntirp