The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1893-04-25
YHE FINANCIAL SITUATION
President Cleveland Makes a Public
Statement,
THEPRESIDENT AND CABINET
HArmeaious n he Matter The sirane Credit Of ths
United s,Aiss and the Coed ssass oftAs Pc
Pic are Al Hand to Save o.,

WASHINGTON. April a5.--All The talk
Is about the financial situation. Specu-
lntion Is rife. Tho New York bankers
want 20 confer, but this administration
DOES not seem 10 be IN n comforting
mood. There hns been report current
for the last twenty hours that a
representative 81 the New York banks
hrs5cen lurking IN Washington waiting
70 see the secretary Of the treasury, but
he has not turned up, The New Workers
want to be recognized Even IL they
do not procure the Issue 81 bonds they
want 10 be talked to and ticlsled with
the notion that they arc the monetary
leaders Of the western world II Is am
nounced in dispatch from New York
that the secretary % the treasury will
probably meet the metropolitan Imam
ciers>whcn he goes over 10 the naval
review, but IL would be like Carlisle TO
fool en-.
Tho financial situation has renewed
talk 81 an extrn session ~ congress.
Respectable arguments have been made
for an extra session before summer sets
in, so that the secretary Of the treasury
may be clothed with authority 10 issue
bonds bonds bearing ; per cent inter
est. The lowest rate nt which be can
issue bonds under the present law Is 4
per cent, and al That rate the bonds
must run thirty years That WIS tried
though IN the last congress. and the
silver men opposed the proposition for
n 3 per cent. bond. arguing that the
power to issue bonds would put into
the hands of the gold bugs clubs
TO battle silver with.
To n reporter the president said;
"'The inclinations on the pnrt 81 the
public 70 accept newspaper reports
concerning tho intentions Of those
charged with the management Of our
national finances seems 70 justify my
emphatic contradictions OF, the state
ment that the redemption IL any kind
Of treasury notes except In gold has ut
any time been determined upon or com
templated by the SECRETARY Of the trcns-
ury OF any other member 81 the present
administration The president and his
cabinet are absolutely harmonious IN
the determination 10 exercise evenly
power conferred upon them 10 main-
tain the public credit, III keep the pub
Ito faith md to preserve tire parity be-
tween gold and silver and between
NIL financial obligations Of the govern
ment
While the law Of 1890 forcing the
purchase Of fixed amount IN silver
every month provides that the secretary
Of the treasury, III his discretion, may
redeem IN either gold or, silver the
treasury notes given III payment 81 sill
yer purchases, yet the declaration Of
the policy Of the government 70 main
tain the parity between the two metals
seems so clearly 20 regulate this diserc-
tion as 70 dictate their rcdemrtion In
gold.
a0f course, pcrplcxities and Difficult
ties have grown out Of m unfortunate
financial policy which we found ia
vogue, and embarrassments have arisen
from ill-advised financial legislation
confronting Us at every turn; but with
cheerful confidence among the people
and a patriotic disposition to cooperate,
threatened dangers will b averted
pending Legislative return to d better
and spnnder financial plan,
The strong credit Of the country,
sim unimpaircd, and the good sense u
our people which has never failed in
time Of need, are at hand TO save as
from disaster"
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