The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1895-01-30
President Cleyeland's Message to Con-
gresse

United States to maintain the integrity
of the national finances. Authority for
large bond issue is asked. The amount
os bonds suggested is $500, 900 600 and
specific request for power to issue gold
bonds is made. The message asks that
the secretary Of the treasury be empow-
cred to issue these bonds to an amount
not exceeding the total Of $500, ,00O, 600 for
the purpose Of recouping the gold reserve,
of strengthing our finances or OF replen-
ishing the treasury in case the present
monthly deficiency of revenues continue.
Attention is called to our monetary
system and special reference 1s made TO
the silver question.
In the outset the president refers to his
endorsement of the Carlisle currency
plan in his last message, and says he is
now ssconvinced that its rejection by Con-
press and the present advanced stage of
financial perplexity, necessitates addi-
tional or different legislation" BE urges
upon Congress to consider the emergency
free from prejudice and partisanship.
He points out that the people who are
suffering "will not receive the promotions
of party interests as an excuse for per-
mittiug the present troubles to advance
to its conclusion" He says: "The real
trouble which confronts US consists in the
lack of confidence, widespread and con-
stantly increasing, in the continuing
ability or disposition Of the government
to pay its obligations in gold." The only
way left open TO the govern nment for pro-
curing gold is by the issue and sale OF
bonds. The only bonds that can be 80
issued were authorized twenty-five years
ago and not calculated to meet the pres
yent needs"
"The most dangerous feature of the
situation" the president says s'is the
means by which the treasury is despoiled
of the gold thus obtained without cam
and solely for the benefit of those who
find profit in shipping it abroad, or whose
fears Induce them to hoard it at home."
He relates how currency notes redeema-
Bile in gold do duty many times in draw
ing gold from the treasury, process
which, under the present law it is i'm
possible to stop. Three hundred million
of these have been redeemed in gold, yet
all are still outstanding. Since last jan
uary the bonded debt has been increased
q hundred million in efforts to preserve
the reserve. In the same time hundred
and seventy-two millions in gold have
been withdrawn from the treasury. The
obligations upon which this gold was
drawn from the treasury are still out
standing and available for use in repeat
ing the exhausting operations With short
or intervals"
AS the perplexities accumulate the
conditions certainly supervening, are
tending to make the bonds which may
be issued to replenish the gold less useful
for. that purpose. He declares that an
adequate gold reserve is obviously essen
tial to the upholding Of the public credit
and the maintenance Of the high national
character. he says it is not question Of
revenue. There need be no fear that we
can not pay current expenses with such
money as we have There is now in the
treasury the comfortable surplus of more
than S63 1000, 900, but it is in gold, and
therefore does not meet the difficulty.
He insists that the question of the extent
to which silver may be coined does not
enter into the present emergency which
credit. He says: "Whatever ideas may
be insisted upon as to silver or bimetal-
ism, the proper solution of the question.
now pressing upon Us only requires
recognition Of gold as we'll as silver and
q concession of its importance, rightfully
or wrongfully acquired, as basis of
national credits the necessity Of an hon.
orable discharge of obligations payable in
gold and badge OF solvency."
=. s.While am not unfriendly to silver
and while I desire to see it recognized to
such an extent as is consistent with finan-
cial safety and the preservation of the
national honor and credit, am not will
ing to see gold entirely abolished from
our currency and finances. In my opin-
ion the secretary Of the treasury should
be authorized to issue bonds for the pur-
pose of procuring and maintaining a
sufficient gold reserve and for The re-
demption and cancellation of United
States legal tender notes, and treasury
notes issued for the purchase of silver
under the law OF 1890. We should be
relieved from the humiliating process of
mediately and repeatedly drawn out, Of
giving obligations for purposes not relat-
ed to our government or our people. The
principal and interest Of these bonds
should be payable on their face in gold"
He suggests that the bonds be fifty year
and three per cent. Of small denomina-
tions; that legal tenders be received on
payment and cancelled; that national
banks use them as basis of circulation
up to their face value; that banks be
allowed to issue notes of less than ten
dollars that silver certificates Of above
ten dollars be replaced by certificates of
less than ten that customs duties be
made payable in gold. These provisions
the President says, 'need not interfere
with any currency scheme providing for
increase of the circulating medium
through the agency Of national or State
banks since they can easily be adjusted
to such scheme says in conclusion
"I desire to frankly confess my reluctance
to issuing more bonds in the present cir
cumstances and with no better results
than have lately followed that course. I
can not, however, refrain from adding to
the assurance of much anxiety to CO.
operate with the present Congress in any
measure of relief the express
sion of my determination to leave moth
ing undone which furnishes hope for
the situation or checking any
suspicion ofour nclination or inability
to meet with the strictest honesty every
national obligation"
Springer introduced in the house bill
to carry the presidents recommends
tions into effect.