Waterbury evening Democrat., 1895-01-29
MR. SPRINGER'S BILL.
Will Congress Carry Out the
 Presidents Suggestions9
HOUSE DEMOCRATS ARE DIVIDED.

cusslon At W asnsuStOn-Atp hohu the Balance of Power.
 WASHINGTON, Jan. 2a-The financial question and the presidents special mes sage on that sub eot monopoliZes discus sion, public and private, today.
 There is some doubt whether the house committee on banking and currency will agree to report to the house today the bond bill which was introduced by Chairman Springer to carry into effect the recom- mendations of the presidents message. The Democrats of the committee are di- yided in their views on all finanU ial legis- lation, and some of them are irrevoCably opposed to bond issues.
 Ono member who favors the presidents plan says that he does not believe moro than four or five Democrats on the com init co will vote for it. The balance of power accordingly rests with the Repub- licans in the committed. as it does in the house.
 Chairman Springer believes that the Re publicans will vote to report the biIl and will aid the Democrats in the house to pass it. Representative Hit, one of the Republican leaders, says that his party is for the bill by a majority of 16 to l.
 The presidents message was as follows:
 The Presidents Message.
 ITO tho Senate and House of Representa-
 tives:
 "In my last annnal message I com mended to the serious consideration of the congress the condition of our national Chances. and in connection with the sub Ject indorsed the plan of currency legisla- tion which ae that time seemed to furnish protection against impending danger. This plan has not Teen approved by the congress In the meantime the situation has so changed and the emergency now appears so threatening that l deem 1t my duty to ask at the hands of the legislative branch of the government such prompt and effective action as will restore cOnf- I dencc in our 1lnan, ial soundness and avert business disaster and universal distress among our people
 ! "Whatevcr may be the merits of the | plan outlined in my annual message as Q remedy for ills then existing and as safeguard against the depletion of the gold reserve then in the treasury, l am now ! convinced that its reception by the con gross and our present advanced stage of financial perplexity necessitateS additional or different lcgislation.
 The real trouble which confronts us consists in n lack of confidence widesprrad and constantly increasing in the cOntinu- 1 ing ability or disposition of the govern ment to pay its obligations in gold. This | lack of confidence grows to some extent out of the palpable and apparent embar- | rassment attending the efforts of the gov ernment under existing laws to procure gold and to a great extent out of the i'm possibility of either keeping 1t in the treas, ury or canceling obligations by its ex- penditure after it is obtained The Present Drawback.
 "The only way left open to tho govern nent for procuring gold Is by the issue I 10 S,fs hn NVNlr- hr,,.I Is- t1oT can be so issued were authorized nearly 25 | years ago and are not well calculated to | meet our present needs. Among other dis | advantages they are made payable in coin Instead of specifically in gold, which in ex isting conditions detracts largely and in 1 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 a price Credltable to the financial character of our govern ment Tho most angerous and irritating feature of the situation. however. remains to be mcuti,ned. It is found in the means by whi, n Inc treasury is dCspOiled of the | gold thus obtained without canceling n Einglo government obligation and solely for tho benefit of those who find profit in shipping it abroad or whose fears induce them to hoard it at home. We have out standing about $500. 900, 900 of currency notes Ol EnC EONSTnili6nb LOT WHICH SOlu may be demanded. and curiously enough the law requires that when presented and. In fact, 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 tho process be arrested as long as private parties for profit or otherwise sec m advantage in repeating the operation Moro than $500, 900. 900 in these notes have already been redeemed in gold, and notwithstanding such rcdemp ton they are all still outstanding. Since tho 17th day of January. lS94, our bonded interest bearing debt has been increased SlO0, 900, GOO. for tho purpose of obtaining Sbld to replenish our coin reserve. Two is- sues were made, amounting to $50, 900, GOO eaoh-one in January and the other in No vember. As a result of the first issue there was realized something moro than 600, 0o0 900 in gold
 The Second Bond Issue.
 Between that issue and the succeeding one in November, comprising period of about ten months nearly Sl03, 900. 900 in gold were drawn from the treasury. This made the second issue necessary, and upon that more than S5S, 000. 900 in gold was again realized. Between the date of this sec,'nd issue and the present time, covering a period of only about two months, more than S69, 00O 900 in gold have been drawn from the treasury. These large sums of gold were expt nded without any canCella- tion of government obligations or in any permanent way bcneflting our people or improving our pecuniary situation.
 "The financial events of the past year suggest facts and conditions which should certainly arrest attention.
 More tLnn SIP. 900, 900 in gold have been drawn out of the treasury during tho year for the purpose of shipment abroad or hoarding at home.
 While Learly S103 0OO, GOO of this amount we drawn out during the first ten months ut the year. a sum aggregatin 2 moro than two-thirds of that amount. be- ing about s69. OO0 900. was drawn out auring 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 treasury arc still outstanding and arc available for use in repeating the exhausting operation with shorter intervals our perplexities ac- cumulnto.
 FutiIIty of Present Bonds-
 Conditions are certainly supervening tending to make the bonds which may be issued to replenish our gold less useful for that purpose.
 An adequate gold reserve is in all cir cumstances absolutely essential to tho up holding of our public credit and to the maintenance of our high national charac- ter.
 "Our gold reserve has again reached such a stage of diminption as to require its speedy re-enforcemeht
 "Tho aggravations that must inevitably follow present conditions and methods that will certainly lead to misfortune and loss. not only to our national credit and prosperity and to financial enterprise but to those of our people who seek employ ment as O means of livelihood and to | khnmA NEhoaa nnlY canifnI in fhnir daily la-