The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1895-12-27
message ON FINANCE.
President Cleveland Urges Congress ts
Act ut Once.

President Cleveland Urges Congress to
Act ut Once.
The news that there had been big
slump i'm stocks on both the New York
and London exchanges and that gold
Withdrawals for export for one day APP
proXimated at least $500, 600, created
something of sensation among the
treasury officials at Washington.
cabinet session was held at the White
House and President Cleveland sent
the following message TO congress:
To the Congress:
In nv last annual message the evils of our
present financial system were plainly pointed
out. and the causes ana means OF the depletion
OF government gold were explained. ~ was
therein stated that after all the efforts that
mad been made by the executive branch OF the
government TO protect our gold reserve by the
issuance OF bonds. amounting to more than
-ld!.OJ0O0J. such reserve then amounted 10 but
little more than 7J0J0,00J, that about slG.OJO.-
90 had been Withdrawn from such reserve
during the mouth next previous 10 the uate or
that mes sage ana that quite large Withdrawals
Tor shipment IN the Immediate future were
predicted.
The contingency then feared has reached us.
and the Withdrawals OF gold since the COM
munication referred 10, and others that appear
inevitable. thrcatcn such "A depletion in our
government gold reserve IS brings Us race 10
face with tile necessity OF further action for
its protection. This condition Is intens med bv
the prevalence In certain quarters OF sudden
anu unusual apprehension ana tlmidlty IN Isl-
ness circles.
We are in the midst OF another season OF
perplexity caused by our dangerous and fat
uous financial operations. These may be ex-
pected to recur with certainty ~ long as there
Is no Amendment IN our financial system III
Ia this particular instance our predcament Is
at all Influenced by "a recent lnSistGuce upon
the position we should occupy in our relation
10 certain questions concerning our foreign
policy tnis furnishes a signal and impressive
warning that even the patriotic sentiment OF
our people IS not an adequate substitute Tor
sound financial policy
OF course there can be no doubt in any
thoughtful mind rs TO the complete solvency
CT our nation. nor can there by any Just appre-
heusion that the American people will be salts
ned with less tGan an honest payment OF our
p bile obligations in the recognized money OF
the world. We should not overlook the iact
however. thai aroused fear is unrcasOntng and
must be taken into account after AL efforts To
avert pubiic loss ana sacrifice of.our peop.e
interests.
The real and sensible cure for our recurring
troubles can only be effected ~ complete
change in our financial scheme. Pending that
the executive branch OF the government viii not
relax its efforts nor bgndon ITS determination
10 use every means within Its reach To main
tain before the world American credit, nos Will
there be any hesitation in exhibiting its CONT
dence ia the resources OF our country and the
constant patriotism OF our people.
IN view, however, OF the peculiar situation
now confronting US. i have ventured TO herein
express the earnest hope that the congress in
default OF the inauguration of a better system OF
finance viii not take "A recess from It's labors
before 10 has by Legislative enactment or de-
claraton done something not only to remind
those apprehensivc among our people that the
resources OF this government ana II scrupulous
regard for honest dealing. afford "a sure guaran-
tee OF unquestloned safety and soundness. but TO
reassurc the world that with these factors and
the patriotism OF our citizens the ability and
determination Of our nation to meet in any cir
cumstance every obligation II iacurS do mol
admit of question.
/ ask at the hands OF the congress such
prompt aid as 1t alone has power TO give to pre-
vent in "a time OF fear and apprehension any
sacrifice OF the people : interests ana the public
funds or the impairment OF our paOlic credit in
an effort by executive action TO relieve the
dangers OF the present emergency
GROVER CLEVELAND.