The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-21

Bring Us Face to Face With the
Necessity of Further Issue of Bonds
..Amesicaa Credit Must be Main
tanned Before All the World.
WASHINGTON, Dec. 20.-president
Cleveland sent the following special
message to Congress late this after
noon:
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 explained. 1t was therein
stated that after all the efforts that
had been made by the executive branch
of the government to protect our gold
reserve by the issuance of bonds
amounting to more than $l62 000,0 600,
such reserve then amounted to but
little more than $40 100000, that about
S16.0o0,oo0 had been withdrawn from
such reserve during the month next
previous to the date of that message
and that quite large Withdrawals for
shipment i'll the Immediate future
were predicted.
The contingency then feared has
reached us and the Withdrawals Of
gold since the communication referred
to, and others that appear inevitable,
threaten such depletion in onr gov
ernment gold reserve as brings Us face
to face with the necessity Of further
action for its protection. This condi-
ton is intensified by the prevalence IN
certain quarters of sudden and nnn-
sual apprehension and timldity IN
business circles. We are in the midst
of another season of perplexify caused
by our dangerous and fatuoas imam
cial operations These may be expect
ed to recur with certainty as long as
there is 10 amendment in our financial
system. If in this particular instance
our predicament Is at all influenced by
a decent insistance upon the position
we should occupy in our relation TO
certain questions concerning our for
eign policy. this furnishes signal and
imDressiye warning that even the pa
triotic sentiment of our people IS not
an adequate substitute for sound
financial policy.
OF course there can be no doubts III
any thoughtful mind as TO the COM
plete solyencv of our nation nor can
there be any just apprehension that
the American people will be satisfied
with less than an honest payment OF
our public obligations in the recogniz-
ed money of the world. We should
not overlook the fact, however, that
aroused fear is unreasoning and must
be taken into account in all efforts TO
avert public loss and the sacrifice Of
our peoples interest.
The real and sensible cure for our
recurring troubles can only be affect
ed by a complete change in our finan-
cial scheme. Pending that, the eXecu-
tive branch of the government viii not
relax it's efforts nor abandon its de-
termination to use every means with
ia It's reach to maintain before he
world American credit, nor will there
be any hesitation in accepting its con
fidence in the resources Of our coun-
try and the constant patriotism Of our
people.
In view. however, of the peculiar sit
uation now confronting us, have ven-
tured TO herein express the earnest
hope that the Congress, in default of
the Inauguration of better system
of finance, will not take recess from
its labors before it has by legislative
enactment or declaration done some
thing, not only to remind those appre-
hensiye among our people that the re-
sources of this government and scru-
pulous regard for honest dealing af-
fords sure guarantee of unquestion-
ed safety and soundness, but to re-
assure the world that, with these fac
tors and the patriotism of our citizens,
the ability and determination of our
nation 10 meet in any circumstances
every obligation it incurs do not ad-
nit OF question.
] ask at the hands of the Congress
such prompt aid as il alone has the
power TO give to prevent, in time OF
fear and apprehension, any sacrifice
of the peoples interest and the public
funds, or the impairment of our pub
lie credit, in an effort by executive ac-
tion to relieve the dangers of the pre-
sent emergency.
(Signed) GROVER CLEVELAND,
ExecutiyeMansion.