The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-01-28
HALF A BILLION
In Bonds Will Be Required to
Carry Ont
Presidents Plan Recommended
in Urgent Message
TO CONGRESS TODAY
Begging That Some Action be
Taken for Relief.
Legal Tender and TreasuryNOtes
to be Replaced
BY GOLD BONDS ONLY.
National Banks to be Allowed
to Use Them
AS a Basis Of Circulation to
Their Par Value.
SILVER Is IGNORED.
The White Metal Receives No
Consideration
As a Basis Of Circulation to
Their Par Value.
SILVER Is IGNORED.
The White Metal Receives No
Consideration
In the Presidents Plan for Cur
rencV Reform.

WASHINGTON, Jan. 28-The presi-
dent today sent to congress the follow
ing message on the financial question:
To the Senate and House of Representatives:
"In my last annual message l COM
mended to the serious consideration of
congress the condition of our national
finances and in connection with the sub
ject endorsed the plan of currency iegis-
lation, which at that time seemed to fur
nish protection against impending
danger This plan has not been ap-
proved by the congress.
In the meantime the situation has SO
changed that the emergency now ap-
pears so threatening that deem it my
duty to ask at the hands of the legisla-
tive branch of the government such
prompt and effective action as will
restore confidence in our financial
soundness and avert business disaster
and universal distress among our people.
Whatever may be the merits of the plan
outlined in my annual message as a
remedy fer ills existing and as a safe
guard against the depletion of the gold
reserve then IN the treasury, | am now
convinced that its reception by the con-
gress and our present advanced stage of
financial perplexity necessitates addi-
tional or different legislation.
With natural resources unlimited in
variety and productive strength and
with people whose activity and enter
prise seek only fair opportunity to
achieve national success and greatness.
our progress should not be checked by
false financial policy and a needless dis
regard of sound monetary laws nor
should the timidity and fear which they
engender stand in the way of our pros
perity.
A Condition Not Theory
1t is hardly disputed that this predica-
ment confrClts US today. Therefore. no
one in any degree responsible for the
making and execution of our laws should
fail to see a patriotic duty in honestly
and sincerely attempting to relieve the
situation. Manifestly this effort will not
succeed unless it. ia made untrammeled
by the prejudice of partisanship and with
a steadfast determination to resist the
temptation to accomplish party advau-
tage.
We may well remember that if we a re
affected with financial difficulties. all our
people in all stations of life arc
concerned and surely those who
Suner VIII not receive the
promotion Of party interests as an excuse
49, ROA AAAbSAA& DE0S6Ub troubles TO a0-
vance to disastrous conclusion. Il is
also of the utmost importance that we
approach the study of the problems pre-
sented as free as possible from the tyran
ny OF preconceived opinions to the end
that IN common danger, we may be
able to seek with unclouded vision. i
safe and reasonable protection.
Lack of Confidence
The real trouble. which confronts ms
consists in 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 extent out of the palpable and ap-
parent embarrassments attending the
government, under existing laws to pro-
cure gold and to a greater extent out of
tue lmposslbility of either keeping in
tne treasury or cancelling obligations bv
It's expenditure after it is obtained.
The only way possible to the govern
ment lor procuring gold is by the issue
ana SAFE OF bonds. The only bonds that
can De issued were authorized nearly
twenty-five years ago, and are not we'll
calculated to meet our present needs
Among other disadvantages they are
made payable in coin, instead of specifi.
cally IN gold, which in existing condi-
tions, detracts largely, and in an in
creAsing ratio, from their desirability as
Investments 1t is by no means certain
that bonds of this description can much
Longer be disposed of at price credita-
Die to the financial character of our gov
ernment
The most dangerous and Irritating
feature of the situation. however rs,
mains to be mentioned 1t is found in
the means by which the treasury is de-
spoIieo OF the gold thus obtained. with.
out cancelling single government obi
CATION, ana solely for the benefit of those
who find profit in shipping it abroad. or
whose fears induce them to hoard it al
home.
Bonds Have Done No Good.
We have outstanding about five hnn.
ored millions of currency notes of the