The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1895-12-26


den and unusual apprehension and timidity
in business circles. We are in the midst Of
another season Of perplexity caused by
our dangerous and fatuous financial OF
erations. These may be expected to recur
with certainty as long as there is no
this particular instance our predicament is
at all Influenced by recent insistence upon
the position we should occupy in our re-
lations to certain questions concerning our
foreign policy, this furnishes signal and
Impressive warning that even the patriotic
substitute for sound financial policy.
"Of course there can be no doubt in any
thoughtful mind as to the complete SOL
veney Of our nation, nor can there be any
Just apprehension that the American peo-
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. however, that
aroused fear is unreasoning and must be
taken into account in all efforts to avert
public loss and the sacrifice Of our peoples
interests. The real and. sensible cure for
our recurring troubles can only be effected
by a complete change in our financial
scheme. Pending that. the executive
branch of the government will not relax
its efforts nor abandon it's determination
to use every means within Its reach to
maintain before the world American
credit, nor will there be any hesitation in
exhibiting" its confidence in the resources
Of our people.
I'm view, however, Of the peculiar still
alton now confronting us, have ventuSed
to herein express the earnest hope that the
congress-, in default Of the inauguration OF
q better system Of finance, will not take
recess from it's labors before 1t has by leg
islative enactment or declaration d0no
something not only to remind those appre-
hensive among our people that the re-
sources of~this government and q scrupu-
lous regard for honest dealing afford a sure
guarantee Of unquestioned safety AMI
soundhess, but to reassure the world that
with these factors and the patriotism Of
our citizens the ability and determination
Of our nation to meet In any circumstances
every obligation 1t incurs>do not admit Of
any question. ask at the hands Of the
congress such prompt aid as It alone has
the power to give to prevent in q time of
fear and apprehension any sacrifice Of the
peoples interest and the public funds or
the Impairment Of our public credit In All
effort by executive action to relieve the
dangers of the present emergency.
GROVER CLEVELAND.
Executive Mansion. Dec. 20. 1885,
The Cabinet Meets.
The message was the outcome of
session of the cabinet. Reports of
the serious condition of affairs in Wall
street had been coming in for an hour.
and after the cabinet assembled these
were sent rs fast as received to the
treasury officials, who dispatched the
information to Secretary Carlisle at
the white house.
Thedealings at the New York stock
exchange had been attended with I'M
usual excitement. Before the opening
Rof the local stock market it was known
there that prices for American secur-
tiles in London had broken anywhere
from one to four per cent. The result
was q great rush to sell stocks. Local
operators, who had become weakened
financially by the recent break in the
industrials, were forced to sell, and
thus add to the depression. Rumors
Of heavy withdrawals of gold for ex-
port to Europe also had demoraliz-
ing influence. Again money which
had been ruling at two per cent. and
under to stock exchange borrowers
suddenly rose 80 per cent, and num-
Der of banks began to call in loans.
This helped to swell the amount Of
offerings of long stock and three stock
exchange firms were forced to the
wall. At the consolidated exchange
there were also two small failures:
Before the cabinet session had lasted
two hours, decision had been reached
to send to congress the message trans
mitted later. At 1880 o'clock the as
sembled officials took a recess in order
to give the president an opportunity to
draft the message. Mr.. Cleveland inn
anetliately, set to work, and probably
4 had all his ideas'in presentable shape
when his: official associates returned
IN hour later. BY this time it had be-
come known that the gold withdraw
ais amounted to $3.40O,Oo0, bringing
down the gold reserve to 500 ,2SS, OS0,
very nearly to the figure which was
reached at the time of the first bond
issue in February, 1894. 1t was 4:40
o'clock when the cabinet meeting ad-
journed. Twenty minutes before that
time Mr.. O. l.. Pruden, assistant secre-
tary to the president, had started from
the white house for the capitol with u
copy of the message to be delivered to
the senate. -. T.
Not . Trust.
Pittsburgh, Pa, Dec. 20.-The manu-
facturers of plumbers brass goods Of