Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1895-02-02
PRESIDENTS MESSAGE.
Mr.. Cleveland Urges Congress to
Relieve the Treasury.
The Depletion of the Treasury Reviewed.
Suggests Another Bond Issue and
Recommends That All Import
Duties BE Paid In Gold.

Suggests Another Bond Issue and q
Recommends That All Import
Duties BE Paid In Gold.
Washington, Jan. 2S-The President
today sent TO Congress the following
special message on the financial questions:
To the Senate and House of Represents
atiyes: In my last annual message
recommended to the serious consideration
of the Congress the condition of our
national finances and in connection with
the subject indorsed the plan of currency
legislation which at that time seemed
to furnish protection against impending
danger. This plan has not been approved
by the Congress.
In the meantime the situation hiss
so changed that the emergency now ap-i
pears so threatening that deem it my
duty to ask at the hands of the legislai-
i've branch of the government spess
pronpt' and effective faction as wifi
restore confidence in our financial sound
ness and avert business disaster and
universal distress among our people.
Whatever may be the merits of the plan
outlined in my annual message as a rem
edy for ills then existing and as II safe
guard 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 finan-
cial perpleXity necessitates additional or
different legislation.
With natural resources unlimited in
variety and productive strength and with
a people whose activity and enterprise
seek only Il fair opportunity to achieve
national success and greatness our prog
rcss should not be checked by n false
financial policy and needless disregard
of sound monetary laws, nor should the
timidity and fear which they engender
stand in the way Of our prosperity.
1t is hardly disputed that this predica-
ment confronts us today. Therefore, no
one in any degree responsible FOR the
making and execution of our laws should
fail to see Il patriotic duty in honestly
and sincerely attempting to relieve the
situation. Manifestly, this effort will not
succeed unless it is made untrammcled
by the prejudice of partsanship and with
steadfast determination to resist the
temptation to accomplish party advan-
tagc. We may well remember that if
we are threatened with financial difficult
ties all our people in every station of
life are concerned, and surely those
who suffer will not receive the promotion
Of party interests as an excuse for permit
ting our present troubles to advance to a
Il t., al. of ba
utmost importance that we approach the
study Of the problems presented as free
as possible from the tyranny of pre-
conceived opinions. to the end that in a
commcn danger we may be able to seek
with uncloudcd vision a safe and reason.
able protection.
The real trouble which confronts us
consists in lack of confidence. wide.
spread and constantly increasing, in the
continuing ability or disposition of the
government TO pay its obligations in
gold. This lack of confidence grows tc
some extent out Of the palpable and
apparent embarra ssment attending the
efforts of the government under existing
laws to procure gold, and to Il greater
extent out of the impossbilty of either
keeping it in the Treasury or cancelina
Obligations by its expenditures after it is
obtained.
The only way left open TO the govern
ment for procuring gold is by the issue
and sale of bonds. The only bonds that
can be so issued were authorized nearly
twenty-five years ago, and not well calcu
lated to meet our present needs. Among
other disadvantages they are made pay
able in coin instead of specifically il
gold, which in existing conditions de
tracts largely and in an increasing ratio
from their desireablity as investments
1t is by no means certain that bonds OF
this description can much longer be dis
posed of at Il price creditable TO the tinan
cial character of our government.
The Drain of Gold.
The most dangerous and irritating feat
ure of the situation. however remains tt
be mentioned II is found in the mean.
by which the Treasury is despoiled of tn,
gold thus obtained without cancelin.
a single government obligation and solely
for the benefit of those who find prof
in shipping it abroad or whose fears in
duce them to hoard it Mt home. We hav,
outstanding about $500.O00,000 of cur
rency notes of the government for whicl
gold may be demanded; and curiousl,
enough the law requires that when pre
scented and in fact redeemed and paid il
gold they shall be reissued. These sam,
notes may do duty many times in draw
ing gold from the Treasury; nor can th,
process be arrested as long as there nr,
private parties who profit by it o
otherwise see an advantage in repeatn.
the operation.
More than 3OO,O0OO0O of dollars il
| these notes have already been redeeme,
in gold, and Notwithstanding such re
dcmption they are al still outstanding.
| Since the 18th day of January, 1894
our bonded interest bearing debt has in
creased 100000, 600 for the purpose o
obtaining gold, to rcplenish our coin re
serve Two issues were made, amount
Ing to fifty millions cach-onc in Januar,
| and the other in November. As rcsul
| of the first issue there was realize,
something more than ffty-eisht millions
of dollars in gold; between that issu,
and the succeeding one in November
comprising period of about ten months
nearly one hundred and three millions o
dollars in gold were drawn from tn
Treasury. This made the second issu
necessary, and upon that more thai
| fifty-eight millions in gold was agail
realized. Between the date of the secon,
issue and the present time, covering
| pcriod of only about two months. NOR