Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-12-21
ADMITS FAILURE.
Democratic President Calls
On Republican Congress
10 Aid in Extricating Country from
Awkward Financial Situation,
Into Which II Has Been Plunged by Demo.
cratic Inconpetency.

Washington, Dec. 20 The President
at 40 Z. NJ, sent the following impor
tant message to Congress on the financia
situation:
To the Congress:
In my last annual message the evils o
our present financial system We're plainl,
pointed out and the causes and means %
the depletion of government gold were ex
planned
1t was therein stated that after al
efforts had been made by the executive
branch OF the government to protect ON
gold reserve by the issuance OF bonds
amounting to more than s162. 600 900.
such reserve then amounted to but little
more than SIS, 1000. 600. and that about
SIG, 100000 had been withdrawn from
such reserve during the month next pre-
vlous to the date of that message, and
that quite large Withdrawals for shipment
IN the immediate future were predicted.
The contingency then feared has
reached lis and the Withdrawals of gold
since the communication referred TO and
others that appear inevitable, threatens
such a depletion in our government gold
reserve as brings US face to face with the
necessity of further action for its pro
lection.
This condition is intensified by the
prevalence in certain quarters OF sudden
and unusual apprehension and timiditv
in business circles. We are in the midst
of another season of perplexity caused by
our dangerous and fatuous financial
operations. These may be expected 10
recur with certainty 50 long As there is no
amendment in our financial system
If in this particular instance our pre-
dicament is at all influenced by the recent
insistcuCe upon the position we should
occupy in our relation to certain questions
concerning our foreign policy, this fur
uishes signal and impressive warning
that even the patriotic sentiment of our
people is not an adequate substitute for a
sound financial policy.
OF course there can lie no doubt in any
thoughtful mind as to the complete sol
Vency of our nation, nor can there be any
just apprehension that the American PEG
pie will be satisfied with less than an
honest payment Of our public obligations
in the recognized money of the world,
We should not overlook the fact, how
ever, that the aroused fear is unreason-
able, and must be taken into account in
all efforts to avert public loss and the sac
rifice of our peoples interests.
The real and sensible cure for oar re
curing troubles can only lie effected by
change in our financial scheme.
Pending that, the executive branch of
government Will not relax its efforts nor
abandon the determination to use every
means within its reach to maintain before
the world the American credit nor will
there be any hesitation in exhibiting its
confidence in the resources Of our country
and the constant patriotism of our people.
In view. however Of the peculiar situa
ton now confronting us. | have venturcd
TO herein express the earnest hope that
Congress in default of the inauguration
Of a better system of finance will not take
a recess from its laborS before 1t has by
legislative enactment or declaration done
not only to remind those ap-
prehensivc among our people that the re-
sources of this government afford a sure
guarantee of its un1uestioned safety and
soundness, but reassurc the world that
with these factors and the patriotism of
our citizens, the ability and dcterInina
ion Of our nation TO meet in any circum
stances every obligation it incurs, do not
admit Of question.
ask at the hands Of Congress such
aid rs it alone has power to give
to prevent. in the time Of fear and appre
any sacrifice Of the peoples in
5ercsts and the public funds or impair
ncnt of our public credit in an effort by
Executive action to rclicsc the dangers Of
he present emergency.
tSigned) GROVER CLEVELAND.
Executive Mansion, Dec. 20. 1895.