The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-06
MUCH TO LEARN.
Mr.. Cleveland's Kindly
Patronage.
STEADILY A FOE TO SILVER.
When the President VIII Call an
Extra Session and What Every
body Else Should Do.
Special to THE MORNING CALL.

WASHINGTON, June 5.-The President
said this evening, in reply to direct ques-
ton by a representative of the Ass socated
Press, that he intended to call an extra
session of Congress not earlier than the
Ist nor later than the 18th of September,
unless uneXpected contingencies should
necesstate an earlier meeting.
The President further said: while
there has been no mystery nor secrecy in
regard to my intention in this matter
think it not amiss that our people should
be informed authoritatively that the time
is at hand when their representatives in
Congress should be called upon to deal
with the financial condition, which is the
only menace to the country's welfare and
prosperity.
ut is well for the people to take up the
subject for themselves and to arrive at
their own conclusions as to the merits of
a financial policy which obliges US to pur-
chase idle silver bullion with gold taken
from our reserve. 0Ge does not need the
eye of financier to see that this gold thus
subtra ted from the Governments stock
is eagerly seized by other nations for the
purpose Of strengthening their credit at
our eXpense.
. I'll does notneed theart of statesmanship
to detect the danger that awaits upon
continuance of this operation. Already the
tmidity of capital is painfully apparent,
anu none of Us can fail to see that fear and
apprehension in monetary circles will Glti-
mately bring suffering TO every humble
home in our land.
Il think between now and the meeting
of Congress much depends upon the action
of those engaged in financial operations
and business enterprises. Our vast na-
tional resources and credit are abundantly
sufficient to Justify them in the utmost
faith and confidence, it. instead Of being
frightened, they are conservative, and if,
instead of glOOmily anticipating immediate
disaster, they will perform their patriotic
duty and at the same time protect their
own interest. The things just now needed
are GOODNESS and calmneSs in financial
circles aud study and reflection among our
people"
The following is from an inside source,
and bears directly upon the action Of the
Cabinet tomorrow: 1.-The Government
does no. mediate any action looking to an
increase in The gold reserve. The treasury
WI continue TO pay out gold as now until
q 4 ess meets, and che burden of taking
eGiion on the matter will be placed upon
Congress"
General John c. New, late Consul-Gen-
eral at London. speaking in regard to the
financial situation. said to-day: Il have
no knowledge of the policy IF the admin
Strauou, but it ought to occur to anybody
that the gold stringency is due to The pol
icy Of purchasing silver bullion and paving
gold for it, Tor Issuing silver certificates
amounts to the payment direct Of gold for
silver. The inevitable result of such a
policy. if pursued, must be to place the
United States on silver basis. In Great
Britain there is considerable unrest in
financial circles, and fluctuations in prices
of all kinds of securities. This is due to
overproductiOn. participation in different
kinds of promotiYe schemes and other local
causes. and also to the bank failures in
Australia, which, as every body knows,
directly affect the financial situation in
Great Britain"
OHe million dollars in gold has been
withdrawn from the sub-treasury in New
York for export tomorrow. This leaves
the net gold in the treasury $50. .334. 800
A gen Dtleman who is in position TO know
something about the financial policy OF
the administration said to reporter TO-
1av that his understanding was that Car
liSle would go on using the gold reserve
until it was mucn further reduced and rely
upon Congress In extra session to relieve
the situation.
CHICAGO. June 5.-For the first time in
some months the Chicago sub-treasurv
has been drawn on to assist the depleted
gold reserve in the East. To-day $1,000
900 in gold was shipped by express. There
are still S7OOO0o0 in gold here, aud the
amount is continually being Increased by
Chicago banks deDositing gold for cur
rency.