Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1895-01-31
SPECIAL MESSAGE.
The President Asks for Legislation
on the Issue of Bonds.
lie Tells Congress That the National In
teSrity - at Stake Without Gold.
He says. Orr Credit wtn Re
Destroyed.


sent to both houses Of congress Monday
a message on the financial situation.
substantially Withdrawing his support
frem the plan outlined in the Carlisle
bill aud outlining the only nolicv
which seems to him now possible to
MAINTAIN the gold reserve. Following
is the main portion of the message:
The Message.
in the opening OF the message the president
refers 70 his recommendations on the currency
question 70 congress in his annual message and
their unfavoraoie reception, the changed con-
dltion OF affairs and the present ex-
istenee Of an emergency which de-
mauded prompt legislative action to restore
confidence in our financial soundness and
| avert business disaster and universal distress
among our people. He states his conviction
that additional or different legislation from
that recommended in his annual message IS
now demanded The progress OF u people
! whose internal resources are SO limited
aud energies vigorous should not be checked
| by - false financial policy and needless dis
| regard OF sound monetary laws" The presi-
dent then emphasizes the duty OF our law
makers, 'untrammelled by the prejudice o.,
partisanship," TO sincerely attempt TO relieve
| the situation"
| Dne 90 Lack of Confidence
The real trouble which confronts US consists
| in LACK OF confidence widespread and con-
stantly inc reasing In the continuing ability or
/ disposition OF the government TO pay It's OBJ
1 legations in gold, This lack of confidence grows
10 some extent out OF the palpable and
| apparent embarrassment attending the ef-
/ forts OF the government under existing laws
/ TO procure gold and to a greater tent out of
| the inposstbility OF either keeping it in the
| treasury or cancrling obligations by It's ex-
penditure after It is obtained
| The only cay left open to the government
| for procuring gold is ~ the issue and
safe o. bonds. The only bonds that can
De issued were authorized nearly twenty 1--we
/ ytaS AEo an..i are nos wei calculated TO meet
Or present needs Among other dis
advantages thee are made payable in
com .astela o. s9eetls9lly in gold,
| Which = e2Isting eondtioaS. detracts
| largely ami ID m increasing ratio
/ ff"M their Ie>rablitF as Investments
u IS by no neueS certain that bonds
Of ihs deScripaQnca "a much longer be disposed
Of az q pgice er 5tacle 10 tn financial charac-
ter 81 o8r government
4 aso-s l. 49, s.ss.is 4sstfsfrR
gh., rl,,...l t-e .o5 4,t,4 #r,tt,tf.,.. es.,,,..
81 tb,s sif.i., .re ,,..,st,a =. -.
toned il i fanaa n tae "a mas 81 Vaish
the trra..,trg & lsst,s.,t..., ~ ia ,ll -
obtsiaod W.sf.oaf eanesI,ns 4 sinfl.. s'as,7
,ro oDin.eta 81 aai s5.elv for ths ,sae..t
O. taa e5sl.s5 t..4.I ,a1J IA shi-,nslsi Il ,s5rs,
~ s. sear- s4tiee men y, hoard Il &,
Il IS .ae4 oat~saasi III ssoaat s5s3a3 DO
81 eft-seaey note, ~ Tn gogeenucut far
i hich eoa aa3y ns, a sraslls.3. a43 ea,rs5 usfy
enough tbe law require 8 i waea ifeSe8I5a
ana a fa-t redeemed ard paid in gold thav
shan hu reissaed Thus the same notes may
do siats Ha1y times Ia drawing gold from the
rs. nor can tie process be urreste, IS
lal.s IS private parties profit or otherwise see
Gn az vslt &c in repeating tae cpe ration
Fse.ieetned ffut Not Retired
Ne,s nan s.ass AZ, M +. ti,...e ,.e.s h,.t
rrsglv been redeemed in rola and ~
vithSt.ndinv Surb refcn tbs,. a.. "a,
SIM o,,.,fanaing since the nm d,,, NJ ls,,,'l
ary. 1884 our bonded interest," he.,,int, deh+
has been increased s.0000o00J for tue pur-
pose Of obtaining gold TO replenish our coin
reserve. Two issues were made amounting
TO 5000 00l each-one ia January and the
other IN November AS a result of the first
issue there VAS realized something more than
SOS go 900 in gold Between that issue and the
succeeding one in November. comprising
period OF about ten months. nearly SOB o0o 600
in geld was drawn from the treasury
This made the second issue nerrss,,r, and
up6a thaT more Than s5s CO0 ON il s,old ,rgs
again reali4ed BetUeen the 49, - go
second isSna ana The nresent ,tr,a cot.a,.
Inc A terfod ~ ofIy abo,5t fa5 ,Sss,.f4-
more man teq 400 Oa0 N yold ga. y.ss;:
fes1Tp rrou Tho treas,,rv .Ivbssa - 49,
- -sT 80 !. :. - sViiis
80 - - 81 ~. .A 9 a. -Sssa4sei
,,s, 80 l,ss s,f,,, = ..S -
~ Peol'e VI 'h' proving our
' lFt,a . . -1rsa,ion
w iN'Hs@4 efsl s % me isst year suggest
/ lses W. saNei''oas Nn1ch should certainly
arrest atteatoh. aoFo imam si'S.VVooO)l IN goId
l,AN 'etn Nta"H ~ y ne treasury curing
'ne se"' ~ putpose o. sh!pphs
.'ot"au ~ noai''.ns o. uoAe' hlle near
~ siu9VoV =" " the same was drawn
ous oufihs W. hrst zen months q me year
sum ag@te%at'as more man l"o-th4fas OF that
amount nelhs ABOUT s'sV'"'U' Vas drawn out
turing the IotioWlAS TWO months. tauS inuieAf-
/ ing th3thea AcceieraIsoa o. lhe depicting
process win tne lapse o9 TINE
Stmpts Process OF LootinE.
The obligations upon when this voia has
+ been draWa from the treasury Jfe stiIl out
Z standing and are aYaiiaa'e ior Use j repeat
+ ing the eNhHustins operation With shorter
intervals as our petpiexstles eecpmulate
i Ioniitlons ere cersAttss sapertcntHg ten5Gss,
+ te m8Ge the bonds which t4@y To ss1cl t3
+ reHicrlsh our gold loss useful oF tnat pur-
+ pose
An adequate gold reserve in All circum-
HaaT l.nnr 4#4af