The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-21
President Cleveland Addresses a Message
10 Congress on this Grave Matter.
NECESSITY FOR IMMEDIATE ACTION.
The Depietion OF the Gold Reserve
Another Season OF EcrpicNisS
Cnuscd by Fatnes Financial opera
tiotis-E'he Cure for the Trouble
Asks Immediate Ala OF Congress.


cial situation:
To the Congress:
IN my last annual message. the evils
OF our present financial system were
plainly pointed out ana the causes and
means of the dcplctiC-<, OF Government
stated that after all the efforts that had
Deen made by the executive branch OF
me Government TO protect our sold re-
serve by he issuance of bonds amount
ing TO more than SIG. 100000. such re-
s:r'vc then amounted to but little more
than $i9,0O0OO0 or about SIG. .0OO.O00 had
bcen Withdrawn from such reserve dur
ms the month next previous of the date
Withdrawals for shipment In the imme.
diatc future were predicted.
The contingency then feared has
reached us and the Withdrawals OF gold
since the communication referred and
others that appear inevitable, threaten
such a depletion in our Government
gold reserve, as brings us face 10 face
with the necessity OF further action for
It's protection. This condition is intsn-
siiicd by the prevalence In certain quar-
terS of sudden ana unusual appruEcn-
sion and timidity in business circles.
We are in the midst Of another season
OF ItrpicNity caused by our dangerous
and fatuouS financial operations. These
may be expected To rrcur with certainty
as long as there is no amendment in our
financial system. If in this particular
Instance our prcdicamcni Is Mt ali in
iiucncGd hy u recent inSistcncc upon the
position wc shall occupy In our relation
10 certain questions concerning our for
ciSh policy. this furnishes Il signal and
impressive warning that even the pa
triotic sentiment Of our people Is not
an adequate substitute for n sound
financial policy.
OF course there can be no doubt in any
thoughtful mind Of the solycncy CT our.
nation, nor can there be any just APP
| 4 .tNn tt,,,t
Will he satisfied with less than an honsis:
payment Of our public obligations III
the recognized money ut the world
w" should no; overlook The fact. how
ever, that aroused fear is unraasonins
and must be taken into account in all
efforts To avert public loan and the
sacrifice OF cur peoples interests.
The real and sensible cure for our
recurring troubles can only he effected
by n complete change in our financial
scheme. PENDING that the executive
branch of the government will not re-
lax its cfTerts nor abandon IL dctcrmi-
nation TO use every means withn iia
reach to maintain before the world
hesitation in exhibiting lis confidence
in the resources of our country and The
constant patriotism Il our people.
In view however, Of the peculiar sit
uation now confronting us, | have ven
turcd 10 herein express the carnes:
hope that the Congress in default of the
Inauguration of II beti"r system ~
finance will not take . recess from its
lahors before ii has by legal enactment
or declaration don" something no,
only 10 remind lie apprrhcnsivc among
cur people that the resources OF this |
government and a scrupulous regard |
for honest tiLaling. afford = sure guar
antcc Of unqucstioncd safety and sound-
ness. but To rcasSurc the world that with |
these factors and the potr'o'ier, ~ "''r
citizens, the ability and determination |
OF CUR nation 10 mcr, in any circun-
stances every obligation il incurs do not |
admit of question.
/ ask at the hands of the Congreat |
SuCh prompt aid as ii alone has the |
liver la give to prevent in time Of |
fear and apprehension any sacrifice Of
the peoples interests and the public !
funds or the impairmcn, of our public |
crcdi: in an effort by executive action
To relieve the dangers of the present
emergency.
(SigncU GROVER CLEVELAND.
Executive Mansion, Dec. 20 1895.
This message, which the President
sent to the Senate this afternoon wa:
the Cabinet. Friday is one Of the rcsu-
lar scmi-weekly Cabinet days and the
President and those members of his
official family who were i'm town as
scmblcd in the Cabinct-room at the
usual hOnr-l1 O'Clock. Those present
besides the President were Secretaries
Oiney, Carlisle. Attorney General TTar-
mon Postmaster General Wilson and
Secretary Morton. The absentees We're
Secretaries Lamont. Herbert. who was
in 4 railroad train between Washington
aNd New York. aud Smith who wns
detained at home by the dangerous in
ness of his little daughte,i Reports
of the serious condition Of affairs in
Wall street had been coming i'm for an
hour and after the Cabinet assembled
these We're sent as fast as received to
the Treasury officials. who dispatched
the information te Secretary Carlisle
at the White House
Eefor" the session had 1astnd 49,,
hours. Il decision had been reached to
send To Congress The message trans
mitted later.
AZ 80 o'clock It was decided by the
assembled officials TO take recess in
order to give the President an opportu.
nifty To draft the message. No inkIinG
of what had hcen going on inside the
Cabinct-ronm had reached the outside
world. and the fact that the recess
came at the usual hour for adjourn
incnt, naturally allayed any curiosity
that might have arisen had tn. ses-
sion continued longer. Mr.. Cleveland
set TO work In preparing the document
and probably had all his ideas in pre-
sentable shape when his official asso-