The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-01-29
BEGGING FOR BONDS
President Cleveland lmplOreS the Aid
Of Congress.
GOLD is HIS ONLY HOPE
The Very Extra raordinary Appeal
Which Was Issued From the
White House Yes
terday.
OLD is HIS ONLY HOPE


to-day sent congress the following mes
sage:
To the Senate and House of Represent
atives: In my last annual message
commended to the serious consideration
of congress the condition of our national
finances, and, in connection with the SUBJ
Ject, endorsed plan of currency legisla-
tion which at that time seemed to furnish
protection against the impending danger.
This plan has not been approved by con-
gress. In the meantime the situation has
changed so that the emergency now APP
pears SO threatening that / deem it my
duty to ask at the hands of the legislative
branch of the government such prompt
and effective action as will restore confl-
dence in our financial soundness, and
avert business disaster and universal dis
tress among our people.
Whatever may be the merits of the plan
outlined in my annual message as a rem
edy for the ills existing and as a safeguard
against the depletion of the gold reserve
then in the treasury, am now convinced
that its reception by congress and our
present advanced stage of financial per-
pleXlty necessitate additional or different
legislation. With natural resources un-
limited, with great productive strength
and with a people whose activity and en-
terprlse seek only fair opportunity to
achieve national success and greatness,
our progress should not be checked by a
false financial policy and needless disre-
gard of sound monetary law, nor should
the tim.dity and fear whlcn they e1gea-
der stand in the way of our prospect y.
1t is hardly disputed that a predlcament
confronts us to-day. There fore, no one
in any degree responsible for the making
and execution of our laws should fail 10
see a patriotic duty in honestly and SIM
cercly attempting to releave the situation.
Manifestly this effort will not succeed un-
less it is made ungrammelled by prejudice
and partisanship and with a steadfast de-
termination to resist the temptation to ac-
cept party advantage. We may we'll re-
member that if we are affected with
financial di fiiculties all our people ir all
stations of life are concerned, and surely
those who suffer will not regard the pro-
motion of party interests as an excuse for
permitting our present troubles to ad-
vance to a disastrous conclusion. II is
also of the utmost imnortance that we APP
proach the study of the problems present
as free as possible from the tyranny of
preconceived opinions, TO the end that in
the common danger we may seek with un-
ciouled vision a safe and reasonable pro-
lection.
The real trouble which confronts us con-
sists in lack of confidence, widespread
and constantly increasing, in the contin-
ued 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-
rassments attending the government
under existing laws in procuring gold,
and, to a greater extent, out of the impos-
sibility of either keeping it in the treasury
or cancelling obligations by its expendi-
ture after it is obtained.
The only way left open to the govern
ment to procure gold is by the issue and
sale of bonds. The only bonds that can
be issued were authorized nearly % years
ago, and are not we'll calculated to meet
our present needs. Among other disad-
vantages they are made payable in coin,
instead of specifically in gold, which,
under existing conditions, detracts largely
and in an increasing ratio from their de-
as investments. 1t is by no
means certain that bonds of this descrip-
ton could much longer be disposed of at
a price credItable to the financial charac-
ter of our government.
The most dangerous and irritating fea-
ture of the situation, however, remains to
be mentioned. 1t is found in the means
by which the treasury is dcspoiled of the
gold thus obtained without cancelling a
single government obligation, and solely
for the benefit OF those who find profits
in shipping it abroad or whose fears in
duce them to hoard it at home. We have
about S50J,00O 900 in the cur
rency of the government for which gold
may be demanded, and, curiously
enough. the law requires that, when pre-
sented and in fact re leemed aud paid in
gold. they be reissued. Thus the same
notes may do duty many times drawing
gold from tho treasury, nor can the pro-
cess be arres ed as long as private parties
who profit thereby see any advantage in
repeating the operation. More than
s3J0, 10000 of these notes have already
been redeemed in gold, and notwithstand-
ing such redemption, they are all OUT
standing. Since the 17ih Of January, 1884,
our bonded interest bearing debt has been
500, 10000 for the purpose of
obtaining gold to replenish our coin re-
serve. Two issues were made, amounting
10 S5O,0)0,000 each, one in January and the
other in November. As result of the
lrst issue there was realized something
more than S5S,00J,000 in gold. Between
that issue aud that succeeding in Novem-
Der, comprising a period of about 10
nearly Sl03, 10000 in gold were
Drawn from the treasury. This made the
second issue necessary, and upon that
more than S5s,0J0,0O0 in gold was again re-
allzed. Between the date of this second
ssue and the present time, covering a pc
rod of only about two months, more than
.6},00o,00) in gold were expended without
any cancellation of government obliga-
ions or IN any permanent way benefiting
1Ir people or improving our pecuniary
situation.
The financial events OF the past year
suggest facts and conditions which should
certainly arrest attention. More than
,i7-.Jlo.0) in gold have been drawn out
Of the treasury during the year Tor tne |
purpose Of shipping abroad or boarding
n home. While nearly SlJ3. .O)l.OJO of the |
same was drawn ont during tho first 10