The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-12-26
AMERICA CAN HONESTLY PAY IT'S
PUBLIC OBLIGATIONS.
prc.,dent Cleveland Impresses This
VpOn the Minds of Citizens-He
Recommends, However, That the
Financial Policy he hanged
The senate Passes TIE House
Commission B~iII-Panic On the
New Yerk stock Market.
Washington. Dee. 22.-The following
message was sent to congress by
President Cleveland to day:

To the Congress: In my last annual message
the evils Of our present financial system were
pla My pointed out and the causes and means OF
the depletion OF government gold were explained,
II was therein stated that after all the efforts
that had been made ny the executive branch or
the government 10 protect our gold reserve ty
the issuance of bonds, amounting to more than
Sl62 ,oOO. 0O0, such reserve then amounted 10 hm!
little more than $40, 0oO, 900; that about Sl6,-
600, 600 had been withdrawn from such reserve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 withdrawal OF gold since the communication
referred TO, and others that appear inevitable,
threaten such a depletion in our government gold
reserve as brings us face to face with the neces-
sity of further action for It's protection. This con
dition is intensified by the prevalence In certain
quarters Of sudden and unusual apprehension and
timidity in business circles.
We are in the midst OF another season OF per-
pleIity caused by our dangerous and fatIious
financial operations. These may be expected to
recur with certainty as long as there Is no amend.
ment in our financial system. IL in this particular
instance our predlcament Is at all Influenced by
g recent insistence upon the position we should
occupy in our relation to certain questions con
ceruing our foreign policy. this furnishes n signal
and impressive warning that even the patriotic
sentiment Of our people is not an adequate sub
stitute for a sound financial policy.
America Is solvent.
OF course, there can be no dorbt in any
thoughtful mind as to the complete solvency OF
our nation, or can there be any just apprehension
that the American people will be satisfied with
less than an honest payment Of our public obliga.
tons in the recognized money Of the world. We
should not overlook the fact. however, that
aroused fear is un:easoning, and must be taken
into account in all efforts 10 avert public loss
and the sacrifice of our peoples interests.
The real and sensible cure for our recurring
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 witnin its reach 10 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 orr people.
In view, however. Of the peculiar situation now
confirming MS, | have ventured 10 herein express
the earnest hope that the congress. IL Iefauls Of
the inauguration of a better system of finance,
will NOT take a recess from its la5o:s before it
has, by legislative enactment or declaration,
done something not only 10 remind those apprehcn-
sivc among our people that the resources Of this
government and a sCclpuloCs regard for honest
dealing AFFORD a sure guarantee of Gnqn"Stio1edi
safety and soundness, but tn reassare the world
that with these factors ard the patriotism OF our
citizens the ability and determination of our ma
ton to meet in any circumstances every obliga-
tion Il incurs do no, admit OF question,
! ask AT the hands Of congress such prompt aid
as IL alone has the power 10 give to prevent, in
a time OF fear End apprehension. any sacrifice Of
the peoples interests and the public funds or the
impairment OF our mbllc credit in an effort bv
present contingency. Grover Cleveland.
Executive Mansion. Dee. 20. 1895.
slump in Wall street.
New York Dec. 22-The stock mar.
ket was wildly excited. The break
away anne to most people in the
street as a total Surprise, nothing be,
ing in sight oVc night TO pUrteud any
extraordinary yel0pments. Before
the opening, however, matters began
70 assume a questionable shape in
the Judgment Of Wall street veterans.
The first quotations "2ceiyed for
American securities from london cre-
ated a sensation and prepared the
bankers and brokers for z stormy day.
The prices recorded showed declines
extending to , per cent and the Lon
don market rel Jrted decidedly
ragged" Each successive cable in
dictated still lower figures. and it was
finally reported that many ',jOhberS"
on the London seek exchange had re-
fused to accept orders. The unfavOra-
bic news was conceded with prepara-
TORS by the gold shipping houses for
saturdays exports to Europe. The in
itial trading was highly sensational
and declines We're made all along the
line. extending to I IL per sent. Like
the London selling. the bulk of the
sales represented liquidation. Before
midday, breaks. extending to 1G II in
Lead. preferred. had been made. In
the time specified three failures were
reported on the New York stock OK
change and one on the consolidated
exchange. Only enc. that of :. s.
Sands 4 Co, was Of financial i'm
p%OrtanCe. Two or three failures also
occurred IN Boston.
Another Bond Issue.
Washington. Dec. 30. - The news
that there had been Il big Ciump In
stocks on both the New York and Lon
don exchanges and that the gold with
dra walls for export today would ap-
proXimate $1,000. 600. and possibly
more, created something of a sensa-
ton among treasury officials. At
about noon Assistant Secretary Curtis
had a 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 SEES
sion. He was shown into the presi-
dents room. where lie vas ioiued i'm
mediately by Secretary Ca.llsie. The
substance of Mr.. Curtis information
vas laid before the president and the
cabinet. What measures, ii any, will
be taken at once by the. government
TO allay the panicky situation is prob
lematical. but there now :. Ems to be
10 reasonable dobt hat in case OF cOr
tinued large Withdrawals OF gold, evtn
for another week, the president will
send a message to congress urging the
gravity of the situation as a reason 81
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 aII.ounced. The
present situation is not regarded ma
terially different from those which
have preceded other issues, nor are the
L nnnIlifinnc ronarlnI nc mania "a