The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1895-01-31
THE SPECIAL MESSAGE
SENT TO CONGRESS MONDAY BY
PRESIDENT CLEVELAND.
Extracts eff the Message-The Real
Trouble-More Gold Needed
The Presidents Plan.

The Presidents Plan.
The following extracts are given OF
| the special message sent to Congress
Monday by President Cleveland:
| We may well remember that if we
| are threatened with financial difficult
ties, all our people, in every station of
| life, are concerned, and surely those
who suffer will not receive promotion
of party interests as excuse for per-
| hitting our present troubles to ad-
vance to a disastrous conclusion. 1t
is also of the utmost Importance that
we approach the study of the problems
presented as free as possible from the
tyranny of preconceived opinions, to
the end that in common danger we
may be able to seek with unclouded
vision safe and reasonable protection.
THE REAL TROUBLE.
The real trouble which confronts US
consists in lack of confidence, wide
spread and constantly increas ng, in
the continuing ability or disE' sition
of the government to pay its obliga
tions in gold. The lack of confidence
grows To some extent out of the palp
tending the efforts of the government
under existing laws to procure gold
and to a greater extent out of the
impussibllity of either keeping it in
the Treasury or canceiling obligations
by its expenditure after it is OBJ
tanned.
The only way left open to the gov
ernment for procuring gold is by the
issue and sale of its bonds, and the
nr1 u hf,p IL. haf f.nr ba iC,t1
authorized nearly twenty-five years
ago and are 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 increasing
ratio from their desirahility as invest
ments. 1t is by no means certain
that bonds OF this description can
creditable to the financial character
of our government.
RAIDS ON THE GOLD RESERVE.
The most dangerous and Irritating
feature of the situation, however, re-
mains to be mentioned 1t is found
in the means by which tue Treasury
despoiled of gold thus obtained
without cancelling single govern
ment obligation, and solely for the
benefit of those who find profit in
shipping it abroad, or whose fears in
duce them to hoard it at home.
MORE GOLD NEEDED.
Our gold reserve has again reached
such stage of diminution as to re-
quire its speedy rein torcement.
The aggrayations that must inevita-
bly, follow present conditions and
methods will certainly lead to mis-
fortune and loss not only to our
national credit and prosperity, and to
financial enterprise, but to those of
our people who seek employment as a
means of livelihood, and to those
whose only capital is their daily
labor.
While l am not unfriendlv to silver,
and while | desire to see it recognized
to such extent as is consistent with
financial safety and the preservation
of national honor and credit, l am not
willing to see gold entirely banished
from our currency and finances. To
avoid such a consequence, L believe
Thorough and radical remedial legisla-
tion should be promptly passed. I,
therefore, beg the Congress to give the
subject immediate attention.
THE PRESIDENTS PLAN.
L. InaU the secretary or Une IreaSu-
ry be authorized to sell fifty year, 3
per cent. bonds, principal and interest
payable sin gold" instead of sin coin,"
as under the present law.
2. He would make this popular
Loan. e., the bonds should be issued
in denominations of $40, $50, and their
multiples.
3. That the Secretary of the Treasu-
ry in his discretion may receive for
these legal-tender and Treasury-notes
aud shall then retire these notes.
4. These bonds and all other United
States bonds, except 2 per cent. bonds.
which sell at less than par, to be used
up to their face-value by national
banks as security for circulation.
5. National banks to issue DO notes
under SO. Silver certificates to be
issued of denominations under $40.
6. Duties or imports to be paid in
gold. All other dues to the govern
ment to be paid in any other form of
currency.