The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1895-02-16
THE PRESIDENT LsB THE EMERGENCY

hoAoAA tsPuealiVu WhA ~c aSsePeo~. -"
fairly stating the relative attitudes OF
the executive aud the legislative de-
partments, toward the prevailing emer-
geney:
The definite aud conclusive defest
Of financial legislation in the House on
Thursday relsgated 10 the President
the duty and responsibility of coming
10 the eountry's relief. 1t changed
nothing, for there has no, been at any
time more Than remote and shsdswy
possibility of remedial action by the
Fifly-third Congress. Ii simply con-
firmsd the expectation entertained by
nine intelligent persons out OF every
ten, and thus defined the area OF ths
governments operations and Of the
peoples anxiety. There Is no longer |
a question of receiving help from Con-
gress. The administration is he only
factor let in the equation.
Fortunately, we are not tortured by
any doubt as to what the President
eau and will do in such an emergency.
lie has again made II vnmistakably
clear that he intends to vindicate the
national credit at all costs aud by every
means at his disposal; that he pro-
poses to maintain the gold supply in
the Treasury SO long as the law
authorizing him to Issue bonds fer
that purpose remains upon the statute
book. Whether he will convene the
Fifty.fourth Congress 10 extra session
Immediately upon the dissolution OF
the F'ifty-thlrd, remains to be seen.
Assuredly he will do so II he regards
the occasion as OF sufficient gravity.
To do that IN case of necessity is as
much part Of bis plan as the issue OF
bonds whenever the condition of tho
Treasury calls for such all expedlent.
Whether hc will recognize such ne
cessly on the 5th ot next month, how
ever, Is question he slene can de-
eide. But the csustry may be assured
that neither the delinquency Of the
Fifty third Congress nor any delay in
the assembling of its successor will
deter Tho President fron the discharge
of What ho believes 10 be bis duty. He
realizes the obligations Of his exalted
office, he understands the needs OF the
country, and be will do Whatever may
be required for the country's honor,
welfare, and prosperity.
In that conviction the American
, people may dismiss their apprehen-
sions and await the future with con-
fideuce and courage Washington
Post.
"Congress having refused President
Clcveland's request for authority to
issus bonds on terms moro favorable
to the government than provided for
BY existing law, coupled with author
iiy to stop tho leak In tho gold reserve
which makes II necessary 10 issue
bonds at all, the President again
proves bis determination to protect
the credit of the government and the
money Of the people, despite the in-
competency, imsecility and impotency
. of the national Legislature.
In this manner the President has
again justified the confidence of the
people as Congress has again cllnchsd
Its claims on the country's condsmna-
, ton and contempt.
The third issue OF bonds made nee
essary by the inaction of Cengrsss In
failing to provide legislation for stop
|, ping the drain upon the gold reserve
|, differs somewhat from the two pre-
ceding Issues. When the other issues
were made Congress had not demon
strated Its lack Of common sense, GEN.
| mon intelligence or common honesty
to such degree as TO raise doubt In
: the minds of the lenders as to the re-
D demption in gold of the "coin" bonds
, for which the government receives
I gold. Consequently the present. issue
: of bonds can not be Heated at as low
$ a rate Of interest as those put out last
. yeai. For this additional expense the
= taxpayers must thank the free silver
/ extremists In Congress, who have
I vetoed oil financial legislation that
: does not provide for their hobby.
:, Mr.. Cleveland explains that the new
n bonds which will be paid for IN gold
: half of which is to come from abrcas
Z will be disposed of al q rate OF inter.
est of three aud three-fourths per
cent, with au agreement that within
ten days bonds payable expressly In
v gold, Instead of in "coin" drawing
e three per cent. interest may be sub
! stilutei. This provision Is evidently
made 10 al least give congress a chanc,
o TO come TO Its senses and authorize th'
It substitution Of the three per cent
;, bonds for the three aud three-quarte
o per cents, thus saving to the peopl
:, :, in this block one more than $4,000,
. 900.
Although regrctiing the necessity o
issusing bonds at allAa necessit,
10 which under an intelligent system O
1t currency would not have arisen--th
.. Courier.Journal, In common witt
l. patriotic Americans everywhere VIII
u. are not prejudiccd or crazed by fre
ii sllverism, commends the action OF tn
10 president in his resolute and effectiv
r stand for honest money aud goo
10 taitb.n-Courier-J ournal.