Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-12-26
ASKED TO ACT.
Cleveland Sends Congross spe-
cial Message on Finance s..

clal message On f1n0nce.
a Critical Condition I'm wall Street, and
the Standing Of the Gold Reserve
Calls Out the Document-sss,
Needed Legislation.
Washington, Dec. Pin the senate
lat. 1880 p. m. Friday the borrowing spe-a
cial message was received from the
president on the subject of bonds:
ITO THE CONGRESS-: In my last annual
message the evils Of our present fnan-
cial system were plainly pointed out a.d
the causes and means Of the depletion OF
gold were explained. It was therein stated
that after all the efforts that had been
made by the executive branch of the gov
eminent to protect our gold reserve by
the issuance of bonds amounting to more
than s162, 100000. such reserve thensamount-
ed to but little more than $79sO0O;0O0: that
such reserve during the month. next pre-
vious to the date Of that messa ge.and that
| quite large Withdrawals for shipment In
the Immediate future were predicted.
1.-THE contingency then feared ! has
reached us. and the withdrawalsgof gcld
since the communication referred to and
others that appear sinev itable;@t threaten
such depletion in our government gold
reserve as brings us face to face with
| the necessity Of further action for it's pro-
lection. This condition ia intensified by
the prevalence in certain quarters of sud
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 op-
erations. These may be expected to recur
with certainty as long as there Is no
amendment In our financial system. II in
this particular instance our predicament Is
at all Influenced by q recent insistence upon
| the position we should occupy in our re-t
lations to certain questions concerning our
foreign policy. this furnishes signal and
impressive warming 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 sol
yency 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. Weshoutd
| not overlook the fact, however. that
aroused fear Is sunreasoning 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 complete change in our financial
| scheme. 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 confidence in the resources
of our country and the constant patriotism
| Of our people,
I'm view, however of the peculiar situ-
alton now confronting us. have ventured
to herein express the. earnest hope that the
congress-, In default Of the Inauguration Of
q better system of finance, will not take a.
recess from its labors before it has by leg
tslative enactment or declaration done
something not only to remind those appre
hensive among our people that the re-
sources of this government and scrupu-
lous regard for honest dealing afford a sure
guarantee Of unQuestiOned safety AMI
soundness. but tocreassufe 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 doSnot 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 a time of
fear and apprehension any sacrifice Of the
peoples 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. 3
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 as 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
of the local stock market it was known
there that prices for American secur-
tiles in London had broken anywhere
from etc four per cent. The result
was 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 so per cent, and q 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.
E Before the cabinet session had lasted
two hours,a decision had beenSreached
to send to congress the message trans
mitted later. At 1880 o'clock the as
se1nbled officials took recess in order
to give the president an opportunity to
draft the message Mr. Cleveland inn
mediately set to work, and probably
had all his ideas in presentable shape
when his official associates returned
an hour later. BY this time it had be.
come known that the gold withdraw
ais amounted to $3.4OO,OO0, bringing
down the gold reserve to $69, 288, $50,
very nearly to the figure which was
reached at the time of the first bond
issue in February, s1S94. It. was 4:4O
o'clock when the cabinet meeting adj
journed. Twenty minutes before that
Clulc UMF. ". II. Iuuc1ls dSSlSLdut ScClC-l
tary to the president, had started from
the white house for the capitolwith a
copy Of the message to be delivered to
the senate. d
Not Trust. Y Ri
8. Pittsburgh, Pa, Dec. 90 The manu-
sfacturers of plumbers brass goods OF
the country formed a national prgani-.
zation in Pittsburgh Thursday The
organization is not called a trust by
the persons present, who state that the
consolidation of interests is for mutual
benefit only. There was large attend
ance.
Fortune for an Iowa Family.
DUBUQUE, 40 !, Dec. a q O. : y "A family
named Bergman, residing in Dubuque,
have been notified that they are heirs
to an estate il Aus tralia worth, 81 ,00o,-
0oO
Nearly 90 l,fSit fsi,a frn;lys.aa Il illee,.