Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-12-21
Al MESSAGES ON FINANcE.
The President yesterday evenin

seDU 10 congress JIG -louoWlnS moo-
sage:
message the evils of our present fnan-
cial system were plainly pointed out
and the causes and means of the deple-
ton of government gold were explain
ed. 1t was therein stated that after all
the efforts that had been made by the
executive branch of the government TO
protect our gold reserve by the issuance
of bonds amounting to more than 1892
OOO, 900, such reserve then amounting to
but little more than SIS, 0O0,0 900, that
about SIG, 600, 900 had been Withdrawn
from such reserve during the month
next previous to the date Of that mes
sage, and that quite large Withdrawals
for shipment in The immediate future
we're predicted.
"The contingency then feared has
reached US and the withdrawal of gold
snd since the Communication leferred to
others that appear inevitable. threat
en- such depletion in our gold reserve
as brings Us face to face with the neces-
sity of further action for its protection.
This condition is intensified by the
prevalence in certain quarters of sud
den unusual apprehension and timidity
in business circles.
"We are in the midst of another sea,
son Of perplexity caused by our dan
serous and fatuous financial opera
lions. These may be expected to re-
cur with certainty as long as there is
no amendment in our financial system.
If in this particular instance our pre-
dicament is at all influenced by q re-
cent insistence upon the position we
should occupy in our relation to Ger
tain questions concerning our foreign
policy this furnishes signal and i'm
pressive warning that even the patri
otto sentiment OF our people is not an
adequate substitute for sound fnan-
| cial policy.
"Of course there can be no doubt in
any thoughtful mind as to the COM
plete solvency of our nation, nor can
there be just apprehension that the
American people 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 arous
ed fear is unreasoning, and must be
taken into account In ali 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 complete change 10 our financial
scheme. Pending that the executive
branch of the government will not re-
lax its efforts nor abandon its determi.
| nation 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 country and the
constant patriotism of our people.
SIN view, however, of the peculiar
situation now confronting us 1 have
ventured to herein EXPRESS the earnest
hope that the Congress in default of the
Inauguration of a better system of f
nance, will not take recess from its
labors before it has. by legislative en-
actment or declaration, done something,
not only to remind those apprehensive
among our people that the resources OF
this government and the scrupulons re-
gard for honest dealing afford a sure
guarantee of unquestioned safety and
soundness, but to reassure the world
Chat with these factors and the patriot
ism of our citizens, the ability and de
termination of our nation to meet in
any circumstances every obligation il
incurs do not admit of question.
81 ask at the hands of 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 peo-
pies interest and the public funds or
the impairment of our public credit in
an effort by executive. action to relieve
the dangers of the present emergency.
GROVER CLEVELAND.
EXECUTIVE MANSION, Dec. 20, 1896
AS soon as the secretary of the SEN
ate finished reading the message Mr..
Cockrell moved that the Senate ad-
journ.
Mr.. Hawley, as the motion was put,
remarked to Mr.. Cockrell that this was
q rather cavalier manner of treating
the message, aud suggested that it be-
given careful consideration. Mr.. Cock.
rell replied that it would be given con-
sideration, but such matter required
time in which to consider it.
The message was received 10 q man
ner that might be termed frigid.
Many Senators left the chamber the
moment its reading was completed, and
refused to talk about it.
The message was the outcome of a
prolonged session of the Cabinet.
Those present, besides the President,
were Secretary Oluey, Secretary Car
Isle, Attorney General Harmon, Post
master General Wilson and Secretary
Morton. The ab5entess were Secretary
Lamont, who is in New York Secretary
Herbert, who was in railroad train be-
tween New York and Washington, and
Secretary Smith, who was detained at
home by the dangerous illness Of his
little daughter.
Reports of the serious condition OF
affairs in Wall street had been coming
in for an hour, and after the Cabinet
assembled these were cent as fast as
received to the treasury officials, who
dispatched the information to Secretary
Carlisle at the White House.
Before the session had lasted two
hours decision had been reached to
send to Congress the message trans
| mitted later.
By that time it had become known
that the gold Withdrawals amounted to
s., 400, 900. bringing down the gold re-.
serve to $69, 2SS, OSO; very nearly TO the