Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-20
tx RA!!
A MEssAGE.
The President ConOmu-
nicatesw with Congress
HODAY'S FINANCIAL ALARM
Congress Asked Not to Take a
Recess
WITHOUT TAKING SOME ACTION
To Relieve the Treasury's Pre-
dicament
To Relieve the Treasury's Pre-
dicament
AND RESTORE CONFIDENCE
Effect of the War Furry on the Gold
Reserve.

Soon after the adjournment of the regular
| meeting of the cabinet, about 80 o'clock
| this afternoon, the news from Wall street
| of the panicky state of the stock market
was such that the President recalled the
| members for further consultation, with
| a view to taking immediate action to avert
| a panic. if possible.
TelephOninG the Senate.
The session lasted until $50 o'clock, and
| at its conclusion the President sent spe-
| cial message to the Senate, calling atten-
| ton to the necessity of immediate legisla-
| ton for the protection of the national credit.
| Several telephone messages We're sent to
the Senate during the afternoon informing
the Vice President of the Forthcoming
| message and asking that the Senate defer
| its adjournment, so that there might be
| no delay in its receipt.
Text of the Message.
| the text of the message was as follows:
TO THE CONGRESS:
In my last annual message the evils of
| our present financial system were plainly
| pointed out and the causes and means of
the depletion of government gold were ex-
planned 1t was therein stated that after
all the efforts that had been made by the
executive branch of the government to pro-
tect our gold reserve by the Issuance of
bonds amounting to more than s162,O00,-
600; such reserve then amounted to but
little more than $4,000. 600; that about s15,-
100000 had been withdrawn from such re-
serve during the month next previous to
the date Of the message, and that quite
large Withdrawals for shipment in the
immediate future We're predicted.
The Contingency Has Arisen.
The contingency then feared has reached
US, and the Withdrawals of gold since the
communication referred to, and others that
| appear inevitable. threaten such a deple-
ton in our government gold reserve as
brings us face to face with the necessity
of further action for it's protection. This
condition is intensified by the prevalence
in certain quarters of sudden and unusual
apprehension and timidity in business
circles.
We're in the midst Of the season of per-
plexity, caused by our dangerous and
fabulous financial operations. These may
be expected to recur with certainty as
long as there is amendment in our
financial system. If in this particular in
stance our predicament is at all Influenced
by a recent insistence upon the position
we should occupy in our relation to GER
tain question concerning our foreign pol
lie I'm ches
| warning that even the patriotic sentiment
of our people is not an adequate substitute
for a sound financial policy.
OF course, there can be no doubt In any
| thoughtful mind as to the complete SOL
vency Of our nation, nor can there be just
| apprehension that the American people will
be satisfied with less than an honest pay
ment Of our public obligations in the recog-
nized money of the world. We should not
| overlook the fact, however. that aroused
fear Is unreasonng, 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 recur-
| ring troubles can only be effected by a
| 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 con-
fidence in the resources of our country and
the constant patriotism of our people.