The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-12-26

AMERICA CAN HONESTLY PAY IT'S
PUBLIC OBLIGATIONS.

Upon the Minds of Cttizens-He
Recommends, However. That the
Financial Policy Be Changed
The Senate Passes the House
Commission B1ll-Panic on the
New York Stock Market.
Washington, Dec. 22.-The following
message was sent to congress by
President Cleveland to-day:
To the Congress- In my last annual message
tne evils or our present financial system We're
plainly pointed out and the causes and means Of
It was therein stated that after all the efforts
that had been made by the executive branch OF
the the Mt to protect our gold reserve by
$l62 900 900, such reserve then amounted to but
ntt eod more than $1oooooo0 that about $l6,
during the month next previous to the date OF
that message, and quite large Withdrawals for
The contingency then feared has reached us, and
the Withdrawal of gold since the communication
referred TO-, and others that appear inevitable,
threaten such depletion in our government gold
reserve as brings us face to face with the neces-
Sly OF further action for its protection. This
quarters of sudden and unusual apprehension and
timidity in business circles. ~ - w..
we are in the midst of another season Of per.
Ple1lty caused by our dangerous and fatuous
financial operations. These may he expected to
recur with certainty as long as there is no amend
instance our ,predicament is at all influenced by
recent insistence upon the position we should
% poc TO ns frusss ssoa
and M warning that even the patriotic
stftute for a sound financial policy.
America Is Solvent
OF course, there can be no doubt in any
thoughtful mind as to the complete solvency Of
fhnroh no ,i,1ct o,,c;oy
that the American people viii be satisfied With
less than an honest payment Of our public obliga-
should not overlook the fact, however, that
into hnS account in al efforts to avert public loss
and the sacrifice OF our peoples interests. H..
me Inc real and sensible cure for our recurring
eFo9nles can only be effected by complete
the executive branch of the government will not
relax its efforts nor abandon its determination to
before the world American credit nor will there
be any hesitation in exhibiting its confidence in
the geSources of our country and the constant
1n:liew, however, of the peculiar situation now
confA9nting u.s. have ventured to herein express
the Inauguration of better system of finance
Will, not take recess from its labors before ii
done something not only to remind those apprehen.
s1ve among our people that the resources Of this
government and scrupulous 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 ma.
tion to meet in any circumstances every obiisa.
ton It incurs do not admit of question.
/; ask KAT, at the hands of congress such prompt ao
as 1t alone has the power to give to prevent in
a time of fear and apprehension. any sfe-i:ice oil
the the peoples interests ana the public ls the
enecu5ve action to relieve the dangers Of the
Slump in Wall Street. 1
New York, Dec:*..22.-The stock mar
ket was wildly excited. The break
away came to most people in the
street as total surprise, nothing be-
ing in sight over night to portend any
extraordinary developments. Before
the opening, however, matters began
to assume a questionable shape in
the judgment of Wall street veterans.
The first quotations received for
American securities from London Gre
ated q sensation and prepared the
bankers and brokers for a stormy day.
The prices recorded showed declines
extending to per cent and the Lon
don market reported decidedly
ragged" Each successive cable i'll
dlcated still lower figures, and it. was
finally reported that many '.jobbers''
on the London stock exchange had re-
fused to accept orders. The lnfavora-
BILE news was conceded with prepara-
tons by the gold shipping houses for
Saturdays exports to Europe. The in
1tlal trading was highly sensational
and declines. were made all along the
line, extending to 4 1-2 per sent. Like
the London selling, the bulk of the
sales represented liquidation. Before
midday, breaks, extending to 16 IL in
Lead, preferred, had been made. In
the time specified three failures We're
reported on the New York stock cx-
change and one on the consolidated
exchange. Only one, that of S. s.
Sands & Co., was of financial i'm
portance. Two or three failures also
occurred IN Boston.
Another Bond Issue. i
Washington, Dec. %. - The news
that there had been a big slump in
stocks on both the New York and Lon
don exchanges and that the gold with
draWals Tor export to-day would ap-
proximate $4O0O,OO0, and possibly
more, created something Of a sensa-
ton among treasury officials. At
about noon Assistant Secretary Curtis
had conversation with New York
parties over the long distance tele-
phone, and at it's conclusion hurriedly
left the department. for the White
House, where the cabinet was in ses-
sion. He was shown into the presi-
dents room, where he was Joined i'm
mediately by Secretary Carlisle. The
substance of Mr.. Curtis information
was laid before the president and the
cabinet. What measures, if any, will
be taken at once by the government
to allay the panicky situation is prob
lematical, but there now seems 70 be
no reasonable >dobt that in case of con-
tinued large Withdrawals of gold, even
for another week, the president will
send message to congress urging the
gravity Of the situation as reason Of i
immediate and favorable action on the
recommendation already made that
the secretary Of the treasury issue
more bonds to preserve the integrity
Of the gold reserve. In the absence
Of prompt legislation in this direction,
it is not doubted that another bond
issue under the same authority as the
preceding ones will be announced The
present situation is not regarded ma
terially different from those which
have preceded other issues, nor are the
conditions regarded as any more IA
yOra BILE for a speedy Termination Of