The San Francisco call., 1895-12-21
Withdrawals of Gold Threaten a
Depletion in the Re.
serve.
CAUSES a GREAT PERPLEXITY.
Lawmakers Asked Not to Adjourn
Until the National Finances
Are Strengthened Out.

WASHINGTON, D. c., Dec. 20.-The
following special message was received
from the President to-day on the subject
of bonds:
''To Congress: In my last annual mes
sage the evils of our present financial
system were plainly pointed out and the
causes and means of the depletion of Gov
ernment gold were explained. 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 $l62, 900, 600, such
reserve then amounted to little more than
SIS, ,0Oo, 900; that about Sic, 900, 900 had been
withdrawn from such reserve during the
month next previous to the date. of that
message, and quite large Withdrawals for
shipment in the immediate future were
predicted.
''The contingency then feared has
reached US and the Withdrawals OF gold
since the communication referred to, and
others that appear inevitable, threaten
such depletion in our Government gold
reserve that brings US face to face with the
necessity of further action for its protec-
ton. This condition is intensified by the
prevalence in certain quarters of sudden
and unusual apprehension and timidlty IN
business circles.
I'VE are in the midst of another season
OF perplexity caused by our dangerous and
fatuous financial operations. These may
be expected to recur with certainty as long
as there is no amendment in our financial
TE l. H. x>o&oy A,,r
predicament is at all influenced by
recent lrsistence upon the position we
should occupy in our relations TO certain
questions concerning our foreign policy,
this furnishes signal and impressive
warning that even the patriotic sentiment
of our people is not an adequate substitute
for sound financial policy.
"Of course there can be no doubt in any
thoughtful mind as to the complete
solvency of our Nation; nor can there be
any 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
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 re-
curing troubles can only be effected by
complete change in our financial system.
Pending that the executive branch of the
Government will not relax its efforts nor
abandon its determination to use every
means within its reach to maintain before
the world American credit, nor will there
be any hesitation in exhibiting its conf
dence in the resources of our country and
the constant patriotism of our people.
SIN view, however, of the peculiar situa-
ton now confronting US l have ventured
herein to express the earnest hope that
the Congress, in default of the inaugura-
ton of better system of finance. will not
take recess from its labors before it has,
by legislative enactment or declaration,
done something, not only to remind those
apprehensive among our people that the
resources of this Government and scru-
pulous regard for honest dealing afford a
sure guarantee of unquestioned safety and
soundness, but to reassure the world that
with these factors and the patriotism of
our citizens the ability and determination
of our Nation to meetin any circumstances
every obligation it incurs do not admit Of
question.
II ask at the hands of Congress such
prompt aid as it alone has the power to
give to prevent in a time OF fear and appre-
hension any sacrifice of the peoples inter-
ests and the public funds or the impair
ment of our public credit in an effort by
executive action to relieve the dangers of
the present emergency.
'GRovER CLEVELAND.
Executive Mansion, December 20, 1895. ="
OPPOSE MORE BONDS.