The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1895-02-01
APPEAL TO CONGRESS-
MESSAGE OF THE PRESIDENT ON
THE FINANCIAL EMERGENCY.
Says Another Bond Issue Is the Only
Way to Prevent a Constant Drain
of Gold-Sces Very Good Cause for
Alarm.
National Integrity Of Stake.

National Integrity at Stake.
The President on Monday sent To both
houses of Congress a message on the
financial situation, substantially with
drawing his support from the plan out
lined i'm the Carlisle bill and outlining the
only policy which seems to him now pos
sible to maintain the gold reserve. The
message is as follows:
"To the Senate and House of Repre-
sentatives: In nay last annual message |
commended to the serious consideration
of the Congress the condition of our ma
tional finances, and, in connection with
the subject, Endorsed the plan of currency
legislation which at that time seemed to
furnish protection against impending dan
ger. This plan has not been approved by
the Congress. In the meantime the situa-
ton has SO changed and the emergency
now appears so threatening that | deem
1t my duty to ask at the hands of the leg
islative branch of the government such
prompt and effective action as will restore
confidence in our financial soundncss and
avert business disaster and universal dis
tress among our people.
plan outlined in my annual message Us a
remedy for ills then existing, and as a
safeguard against the depletion Of the
gold reserve then in the treasury, | am
now convinced that its reception by the
Congress and our present advanced stage
of financial perplexity necessitates addi-
tional or different legislation.
Party to Be Laid Aside.
"With natural resources unlimited in
variety and productive strength and with
a people whose activity and enterprise
seek only n fair opportunity to achieve
national success and greatness, our prog
ress 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.
at is hardly disputed that this predica-
ment confronts us to-day. Therefore no
one in any degree responsible for the max
Ing and execution of our laws should fail
to see patriotic duty in honestly and sim
cerely attempting to relieve the situation.
Manifestly, this effort will not succeed un-
less IL Is made untrammeled by the preju-
dice of partisanship and with n steadfast
determination to resist the temptation to
accomplish party advantages. We may
we'll remember that if we are threatened
with financial difficulties all our people in
every station of life are concerned, and
surely those who suffer will not receive
the promotion of party interests rs an ex-
cuse for permitting our present troubles
to advance to q disastrous conclusion. 1t
is also of the utmost Importance that we
oh ha or of nrnhlnnS
sented as free as possible from the tyran-
ny of preconceived opinions, to the end
that in common danger we may be able
to seek with Enclosed vision safe and
reasonable protection.
Distrust a Great Trouble.
"rhe 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 it's obligations III
gold. This lack of confidence grows e
some extent out of the palpable and ap
parent embarrassment attending the ef-
forts of the Government under existing
laws to procure gold, and to a greater ex-
tent out of the impossibiity of either
keeping it in the treasury or canceling
obligations by its expenditure after it is
obtained.
1.-The only way left open to the Govern
ment for procuring gold is by the issue
and sale of it's bonds. The only bonds
that can be so issued were authorized
nearly twenty-five years ago and are not
well calculated to meet our present needs.
Among other disadvantages they are
made payable in coin instead of specif-
cally in gold, which, in existing condi-
tons, detracts largely and in an increas-
ing ratio from their desirability as invest
ments. 1t is by no means certain that
bonds of this description can much longer
be disposed of at price creditable to the
financial character of our Government
1.-THE most dangerous and irritating
feature of the situation, however, re-
mains to be mentioned. 1t is found in
the means by which the treasury is de-
spoiled of the gold thus obtained without
canceling q single Government obliga-
ton, and solely for the benefit of those
who find profit in shipping it abroad, or
whose fears induce them to hoard ii at
home.
The Stubborn Facts.
1--WE have outstanding about $500, O00,-
600 of currency notes Of the Government,
for which gold may be demanded; and
curiously enough the law requires that
when presented and in fact redeemed
and paid in gold they shall be reissued.
Thus the same notes may do duty many
times in drawing gold from the treasury
nor can the process be arrested as long
MS private parties for profit or otherwise
see an advantage in repeating the opera
ton. More than $300,O00,000 in these
notes have already been redeemed In
gold, and Notwithstanding such redemp-
ton they are all still outstanding.
"Since the 18th day of January, 1894
our bonded Understanding debt has
been increased $100,000,000 for the pur.
pose of obtaining gold to replenish our
| coin reserve. Two issues were made
amounting to $5O,O0O,000 each-one in
January and the other in November. As
n result of the first issue there was real
lied something more than $5S,00O,000 in
| gold. Between that issue and the sue
ceding one in November, comprising q
period of about ten months, nearly $103,.
| COO, 900 in gold were drawn from the