The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1895-02-07
URGES A BOND ISSUE
Cleveland to Congress- On tho
Monetary Situation.
WANTS QUICK AND POSITIVE ACTION.
Declare. What IIo Believes to be the Only
Available Kennedy, However Much
He May Regret the Necessity.
Not CnfricndIy to Silver.

Not CnfricndIy to Silver.
WAsHI,GToN. January 29.-Presidcnt
Cleveland transmitted to congress yes,
tcrday a special message on the fnan
cial question urging the Immediate &C
ton Of congress, and on lines specified:
In the opening paragraph the Dresi
dent SAYS:
In my last annual message, / recommended
to the serious consideration Of the COngr. - the
condition Of our national finances. and in con-
ncction with the subject iHdoracd the plan Of
currency legislation which, at that time. sacm-
ed to furnish protection against impending
danger. The plan has not beer approved Ivy tho
congress In the meantime the situation has
SOChanged and the emergency now appears 50
threatening. that deem IL my duty to ask At
hands OF the Legislative branch OF the govern
mcnt such prompt and effective action as will
restore confidence in our financial soundncSs
and avert business diastcr and universal dis
trcs> among our people.
In am now convinced that its rejection by
congress and our present advanced stage OF
financial pcrplcxity ncccesitates additional or
different legislation
Lack of Confidence the Trouble.
After reviewing our natural resour-
i've strength" the message continued
The real trouble which confronts US consists
In lack Of confidence. widespread AMI con-
stantly increasing. in the continuing ability or
disposition of the government to pay it, obIi-
cations in gold. This lack Of confidence rows
To some extent out of the palpablc and d pU-
rent embarrassment attending the c.!uIt-. Of
the government under existing laws to p.o-
cure gold and to a greater extent out of the
impossiblity Of either, keeping it in the treas
ury or canCelling obligations by its ,xp.uti-
lures after 1t is obtained.
The only way left open to the govt rIIulcn.
for procuring gold is by the issue and sale OF
bonds
An adequate gold reserve Is in al circu.:I-
stances. absolutely essential to the uphUldI..
OF our public credit. and 10 the maintenance OF
our high national character. Our god reserve
has reached such state of dimiuutIoI u, to
require its speedy enforcement.
After giving statistics of the money
now in the treasury, not in gold,
wherefore, does not meet our difficult
y, the president says that silver is not
the issue, and adds:
Whatever Ideas may DC insisted upon as to
silver or btmetaliSm, the proper solution Of the
question now pressing upon US only requires u
recognition OF gold aS we'll as silver and
ceSsion of its Importance, rgstfully wrong
fully acquired. basis Of national credit. u
necessity OF an honorable disc arge of our OBJ
legations payable i'll gold aud Il badge OF SOL
vcncy
What the President Urges.
He further reviews the demands made
by the friends of silver and claims that
he is not unfriendly to the white metal
but is not willing 10 see gold entirely
abolished from our currency and
finances The message reads:
in my opinion the secretary OF the treasury
should be authorized to issue bonds of the
government for the purpose of procuring and
maintaining Il sufficient gold reserve and for
the redemption and canoe l8t ion Of the United
States legal tender notes and the treasury
notes issued for tho purchase of silver under
the law of June l+th. Iss1
The principal and interest of these bonds
should be payable on their face in gold be-
cause they should be sold only for gold or its
representative and because there would now
be difficulty in favorahlv disposing of bonds
not containing this stipulation.
suggest that the bonds be issued in denom-
nations OF twenty and fifty dollars. and their
multplies. and that they bear interest at u
rate not exceeding per cent per annum I do
not why they should not be PAYABLE fifty
years from date.
The president concludes his message
with an avowel of reluctance to issuing
more bonds in present circumstances,
but believes it necessary to checking
of a suspicion of our disinclination or
disability to meet every national obi
CATION.
HAD A DEPRESSING EFFECT.
Tho Uncertainty as to the Outcom me of the
Financial Situation on Trade.
NEW YORK February 2.-Bradstreets
says:
Special kilograms from many OF the more i'm.
portant points OF distribution throughout the
country make i, plain tina; the uncertainty a,
to the outcome OF the financial situation ba sec
on the rapid Withdrawals OF gold from the trea
sury has had . depressing effect on genera
trade. Mercantile collections at the best ar,
characterized as fairly satisfactory but in mos
instances are slower than usual ut this season
This is emphasized by the fact that Baltimor,
Iobbers are waiting results OF sending out bill.
for last falls business before determining as u
credits to be granted.
In textiles there Is little change or prospec
OF early Improvement. General lines OF fame,
printed fabrics going from jobbers' hand.
fairly well. and print cloths are a shade bette,
than a week ago. Every eastern city reportins
specifies moderate volume OF business @,
that general trade is quiet with a hand I,
mouth demand. Providence reports fair out
LOOK for WOODEN goods manufactures and man
Ufacturlng jewelers.. bat the only line in Phila
dclphia reporting any like activity Is dry good.
At PittSburg there Is encouragement be
cause OF the outlook for iron and steel AT III,
south a better distribution OF shoes clothing
rubber goods and groceries i satisfactory,
conspicuous 1T Chattanooga and Galveston I,
mark trade at those point exception 10 tn,
rule throughout the South Atlantic and Gul
states The movement; 4 hardware and DR.
goods from New Orleans has increased bu
trade in general Is OF oa!y moderade proper
tons
knights of the Maccabees.