Milford chronicle., 1895-02-01

you I.ePto Congress devoted to the
x 1cial problem that his Demo
Cratic Congress has been struggling
with for two years, and in his mes
sage he admits that the Carlisle
scheme would not fill the require
ments for relief even if it could be
passed.
The proposition which the Presi-
dent now makes is for Congress to
authorize an issue of bonds BY the
Secretary Of the Treasury for the
double purpose Of maintaining the
gold reserne and to redeem, for can.
collation., United States legal tender
notes and treasury notes issued fol
the purchase of silver under the act
which was repealed in 1893 These
bonds, the President thinks, should
be made payable on their face in gold
because they would be sold for gold
and they ought to be in denomina-
tions OF twenty and fifty dollars and
their multiples and run for fifty years
at rate of interest not exceeding
three per cent. He thinks that the
present generation will have enough
to pay IS there will fail due in 1904
bonds amounting to one hundred
millions OF dollars and in I 9O7 bonds
amounting TO nearly six hundred mil
lions of dollars. to say nothing of,
five hundred millions Of treasury
notes which should be paid in gold.
The President does not see that the
question is one which can be cured
by an increase in our national rev.
enues, and that there need be no fear
that we cannot pay our current ex-
penses with such money as we have.
There is now.he says, in the treasury
"a comfortable surplus of more than
sixty-three millions Of dollars, but it
is not in gold and therefore does not
meet our difficulty"
His message was favorable to the
ideas of the capitalist influence of
New York, while the Populists and
silver people are opposed to its rec
concentrations, and if the various
opinions expressed are a criterion,
the present Democratic Congress
will die ridiculed by is enemies and
damned by its friends as the most
incompetent session of Congress ever
held.
Mr.. Cleveland is welded to his
free trade idol yet, Notwithstanding
the loss that policy has cost the
country ip gold and business, for in
his message he says "that an in
crease in the revenues would not re-
lieve the situation This is ridicu-
lous; for if the government is in re-
eeipt of sufficient revenue to pay its
running expenditures there would be
no necessity to borrow money to
maintain the gold reserve. The sit
uation is expressed tersely by the
Morning Neaos when it says;
"The reduction OF customs duties
and the injury done to business has
crippled investments and made i'm
possible the payment of dividends
upon millions OF dollars invested in
enterprises.
Back of all the troubles of to-day
are the threats against the McKin-
ley tariff act and the passage, after
mouths of weary delay and suspense,
Of the existing act, which fails to
produce the revenues expected The
to-day is serious and there
is absolute necessity for something
10 be done; but the Democratic party
cannot get rid of the responsibility
which rests upon its shoulders. With
, majority in both Houses it finds it
impossible to agree upon any mea
Ire. We do not fancy that the
United States is even bordering {
lpon bankruptcy, and it will surely
ind a way out of the present diff
,ulty. 1t begins to look as if the
inancial plank of the Republican
platform of 1892 would have to be {
aiken as the basis of future legisla-
ion.