The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-21
kMESSAGES ON THE FINANCES.
CLEVELAND URGES CONGRESS TO
TAKE ACTION.

sfautly Recurring Monetary
TroubIes-The Senate Adjourns
without Taking Any Action on the
Message.
washington, Dec. 20.-President Cleve-
land this afternoon at 4:2O o'clock sent
the following important message to con-
gress on the financial situation:
To the Congress-In my last annual
message the evils of our present finan-
cial system were plainly pointed out and
the causes and means of the depletion
of the government gold were explained.
1t was therein stated that after all the
efforts that had been made by the execu-
tive branch of the government to protect
our gold reserve by the issuance of bonds
amounting to more than S79,O00000, that
about SIG, 200 900 had been withdrawn from
such reserve during the month next pre-
vious to the date of that message and
that quite large Withdrawals for ship
ment in the immediate future were pre-
dicted.
The contingency then feared has been
reached, and the Withdrawals 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 necessity of further action for its
protection. This condition 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 perplexity, caused by our dangerous
and fatuous financial operations. Inese
may be expected to recur with certainty
as long as there is no amendment IN
our financial system. If in this particular
instance our predicament is at all in
nuenced by a recent insistance upon the
position we should occupy IN our rela-
lion to certain questions concerning our
foreign policy; this furnishes signal ana
Impressive warning that even the patrl-
Otic sentiment of our people IS not an
adequate substitute for sound hnanclal
Of course there can be no doubt in any
thoughtful mind as to the complete sol
vency of our nation, nor can there be any
Just apprehension that the American peo-
pie viii be satisfied with less than an
honest payment of our public obHgatlonS
in the recognized money or the world. we
should not overlook the fact, however,
that aroused fear is unreaSonlng ana
must be taken into account in all efforts
to avert public loss and the Sacrif1ce OF
our peoples interest.
The real and sensible cure for our re
curing troubles can only be enected by
a complete change in our financial
scheme Pending that the executive
branch of the government viii not redax
its efforts nor abandon Its determination
maintain before the world American
credit, nor will there be any hesitation
in exhibiting its confidence in the re-
sources of our country and the constant
patriotism of our people.
In view, however, of the peculiar situa-
ton now confronting US, have ventured
to herein express the earnest hope that
the congress, in default of the inaugura-
ton of a better system of finance, will
not take recess from its labors until it
has by legfslativee enactment or declara-
ton done something not only to remind
those apprehensiVe among our people that
the resources of this government and a
Ecrupulous regard for honest dealing, af
ford a sure guarantee of unquestioned
safety and soundness, but to reassure the
world that with these factors and the pa
trlousm OF our citizens, the ability and
determination of our nation to meet in
any circumstances every obligation 1t in
ours do not admit of question.
/ ask at the hands of the congress such
prompt action as it alone has the power
90 give to prevent in a time of fear and
apprehension. any sacrifice of the peoples
interests and the public funds, or the
impairment of our public credit in an eff
fort by executive action to relieve the
dangers OF the present emergency.
Executive Mansion, Dec. 90 1895.
The message was the outcome of a pro-
longed session of the cabinet. Friday
is one of the regular semi-weekly cabinet
days, and those members of his official
family who We're in town met in the
cabinet room at the usual hour-11 O'Clock.
Those present, besides the President,
We're Secretary Olney Secretary Carlisle.
Attorney General Harmon, Postmaster
General Wilson and Secretary Morton.
The absentees were Secretary Lamont,
who is in New York; Secretary Herbert,
who was in a railroad train between New
York and Washington, and Secretary
HOke Smith, who was delayed at home
by the dangerous illness of his little
daughter. Reports of the serious cohdi-
llon Of affairs in Wall street had been
coming in for an hour and after the cab
met assembled these were sent as fast as
received to the treasury officials, Pho
dispatched the information to Secretary
Carlisle at the white house.
Before the session had lasted two hours
q decision had been reached to send to
congress the message transmitted later.
AT 1:30 O'Clock 1t was decided by the
assembled officials to take a recess in
order to give the President an opportuni-
" to draft the message. No inkling of
what had been going ON inside the cabi-
net room had reached the outside world,
ana the fact that the recess came at the
usual hour for adjournment naturally
auayed any curiosity that might have
arisen had the session continued longer.
4lr Cleveland set to work in preparing the
document and probably had all his ideas
IN presentable shape when his official
associates returned, an hour later. BY
this time it had become known that the
gold Withdrawals amounted to 50, 900,
bringing down the gold reserve to $69.-
2SS,0s0, very nearly TO the figure which
was reached at the time of the first bond
issue in February, 1894. The reserve at
..tat tlule ufODPeu 10 sbosoJ1sUVV AT the
llne of the second issue, in August, 1894,
i stood at s52, 500, 900, and when the third
$1,000
it was 4:40 o'clock when the cabinet
meeting adjourned. Twenty minutes be-
lore that time p. L. Pruden, assistant
secretary TO the President. had started
rom the white house for the capitol
WIN a copy of the message, to be div
ed TO the Senate
The message was received with wide
hfeaq establishment on all sides. Al
cough its purpOrt became quickly known
s44 circulated rapidly through the hotels,
1efe many public men reside sur
IIistd We're they that at midnight few
'4Al4 be found who cared to express an
-.ihlon Tor publication either upon its
lts or as 10 the course which con-
would probably pursue Privately,
inhean members OF the House severe
sHuelsed the President IL was con-
4ta 10y a number Of these gentlemen
al the message was ili-advised and un-
shafN. that It's effect would be 70 add
ilH gravity of the situation and that
ss ls in no position 81 the present
AH9ta the relief desired. Leading re-
Gus say that no measure safisfac-
tS them can either pass the Senate
give the Pres idenfs sanction on