The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-02-02
AN APPEAL.
re sends a Special Message In which He
Asks That the treasury Be Re-
neyed by the Issuance of
Long-Term Bonda-

n message on the financial situation,
substantially withdrawing his support
from the plan outlined In the Carlisle
bill, and outlining the only policy
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 tho president
refers 10 his recommendations on the currency
question % congress In his annual message nnd
their unfavorabie reception the changed con-
dition OF Affairs and the present ex-
istence OF an emergency which de-
manded prompt legislative action 10 restore
confidence in our financial soundness aud
avert business disaster and universal distress
among our people. lie states his conviction
that additional or different legislation from
that recommended in his annual message 10
now demanded. The progress OF people
whose Internal resources are so limited
aud energies so vigorous should not be checked
by "a false financial policy and needless dis
regard OF sound monetary laws The prcsi-
dent then emphasizes the duty OF our law
makers -'untrammellcd by the prejudice OF
craftsmanship" 10 sincerely attempt TO relieve
the situation"
Duc 10 Lack OF Confidence.
The real trouble which conironts US consists
In lack OF confidence widespread and con-
stanty increasing in the continuing ability or
disposition of the government 10 pay us OBJ
legations In gold This lack OF confidence grows
20 some extent out OF the papable and
apparent embarrassment attending the eff
forts OF the governments under existing laws
20 procure gold and 20 a greater extent out OF
the imposslbility OF either keeping II IN the
treasury or canccling obligations by us ex-
pendituro after IL Is obtained
The only way left open 20 the governments
for procuring gold Is by the issue and
sale OF bonds The only bonds that can
be ISSUED were authorized nearly twenty-five
years ago and are not well calculated 20 meet
our present needs. Among other dis
advantages. they are made payable In
coin instead OF specifically in gold,
which, IN existing conditions, detracts
largely and In nm Increasing ratio
from their desirability as investments
il ia by no means certain that bonds
orthis doscriptioLcan much longer be disposed
OF a price oreditable TO the financial charao-
ter OF our government
Most Dangerous Feature.
The most dangerous and irritating feature
OF the situation, however remains 10 be mem
stoned 10 is found In the means by which
the treasury Is despoilod OF the gold thus
obtained without canceiing q single gov-
| eminent obligation and solely for the benefit
OF those who ind profit In shipping Il abroad
/ or whose fears induce them 20 hoard II at
home We have outstanding about 500 ,0O0O 900
I OF currency notes Of the government for
| which gold may 90 NenAnltNt anu NNEibAnl9
enough the law requires that when presented
/ md In fact. redeemed and paid la gold they
| shall be reissued. Thus the same notes may
i DO duty many times IN drawing gold from the
treasury, nor can the process be arrested az
4 long as private parties profit or otherwise sec
an advantage IN repeating the operation.
/ Redeemed Iiut Not Retired.
| More than $500 900 900 in these notes have al
ready been redeemed in gold and not
/ withstandlng such redemption they are all
/ still outstanding Since the nth day Of Janu-
Il ary 1894. our bonded interost+bearing debt
| has been increased s00OO00O0 Tor the pur-
| pose OF obtaining gold, TO repensh our coin
| reserve. Two issues were made amounting
4 90 $50 COO coo cach-on in January ana the
/ other In November. As result 81 the FIRST
! issue there was realized something more than
\ SOS 600 600 In gold. Between that issue ana the
/ succeeding one in November, comprising a
/ period OF about ten months nearly sos OOOOOO
I I'm gold was drawn from the treasury.
Ghis made the second issue. necessary, and
uron that more than $4,000 900 In gold was
again realized Between the date OF this
second issue and the present time cover
/ ing IA period OF only about two months,
i moro than s0g,OO0.OJO in gold has been
drawn from the treasury Those large sums
OF gold were expended without any eancelia-
tion OF government obligations or In any per-
mauent way bononting people OF improving our
\ pccuniary situation.
facts and conditions which should certainly
I arrest attention More than sl72, 900 O0Oi In gold
] has been drawn out OF the treasury during
the year for the purpose OF shipping
abroad or boarding az home. while near
| ~ Si03OOOoO0 OF the same was drawn
out during the FIRST ten months OF the year. a
sum aggrcrating more than two-thirds Of that
| amount, being about 500 900 600, was drawn out
( during the following two months, thus indieat-
ing marked ncceleration OF the depicting
process with tho lapse OF time.
simple Process of Looting.
The obligations upon which this gold has
been drawn from the treasury are still out
standing and are available for use in repeat.
ing tho exhnustlng operation with shorter
intervals as our porploxitics accumulate
Conditions are certainly superyening tending
20 make the bonds which may be issued u
replenish our gold less useful for that pur.
pose.
An adequate gold reserve is IN oil circum.
stances absolutely essential 70 the upholdina
OF our public credit and 10 tho maintenance OF
our high national character our gold re-
serve has again reached such stage OF dim
mutton as TO require It's speedy reinforce
mcnS The aggrayatons that must inevitably
follow present conditions and methods vii
Corta!Iily load 20 misfortune and loss not only
TO ou- national credit and prosperity and {,
financial enterprise, but TO those Of oui
people who sock employment az a means d
their daily labor.
IL viii hardly do TO say that simpl,
Increase OF revenue Will cure onr troubles
Tho apprehension now existing and con
stantly increasing as % our financial abilitl
does not rest upon n calculation OF our rev
enuo. The time has passed whom the eye
OF investors abroad and our people az hom'
were fixed upon the revenues OF the govern
mcnL Changed conditions have attracte,
their attention 70 the gold OF the government
There need be- no fear that we cannot pa,
our current expenses with such money as WI
have
A Slap Rt the silver Men.
There r. now IN the treasury n comfortable
surplus OF more than fd3OO1OOO but II is no
gold and therefore does not meet our diniculty
l cannot SEQ that differences Of opinion
concerning the extent TO which silye
ought 20 DO coined or used in our currenc
shOu ldintorfcro with the counsols OF thos
whose duty 10 is 90 rcctify evils now apparen
IN our financial situation They have 70 con
slider the question OF national credit and IN
consequences that will follow from It's col
I