The Union times. [volume] (Union, S.C.) 1894-1918, 1895-12-27
MESSAGE OF EMERGENCY.
The President Again Appeals Tor
Financial Legislation.
HE ASKS IMMEDIATE ACTION.

! In Time OF Fear and Apprehension, He
Says, He Asks Such Prompt Aid as Com
grcss Alone Has the Power to Give to
Prevent Any Sacrifice of the Peoples In
terests or Impairment OF Public Credit
| President Cleveland mas again appealed to
| congress for the enactment of legislation for
the relief OF the Treasury and the mantcn-
| ance of the National credit. The heavy with
irawals of gold and the belief that, owing to
| the furry over the Venezuelan situation and
| she disposition on the part OF foreign inves-
| tors 10 unloah American securities. these with
drawals would continue for some time.
brought the Administrative face % face with
the necessity for action without a moment 3
delay. The President sent message to
Congress putting the situation before that
body, aud plainly saying there ought TO be
no recess Tor the holidays. or for any other
purpose, until some action has been taken to
correctthe evils Of our system of finance and
insure the confidence OF the world in the
credit OF the Government and the soundness
Of the Treasury. Hs makes no specific rec
ommen iations, further than calling atten-
ton to those made in his last annual mes
sage His message on the subject ia. fol-
lows:
To the Congress:
In my last annual message the oi..s of our
present financial system were plainly pointed
put and the causes and means of the dsp,e-
lion OF Government gold were explained
Nt was therein stated that after all the efforts
nat had been maize by the executive
'ranch 0' the Government to protect
our gold reserve by the issuance of
ponds amounting to more than S162, 900 600
such reserve then amounted to but little
more than $4,000. 900; that about GIG. OOO-
OO had been withdrawn from such reserve
nurinS the month next previous to the date
OF that message, and that quite large with
drawa!s for shipment in the immediate
fuiure were predicted.
The contingency then feared has reached
us, and the Withdrawals of gold since the
communication referred to unI-,.I,urs that
in our Government gonI .,Iuch u dsH}e tn,, inn
us face to face with the necessity OF further
action for its protection. This condition IL
intensified by the prevalence, in certain quar-
.ters of sudden and unusual apprehension
and timidity in business circles.
We are in the midst of another season Of
perpleXities. caused by our dangerous and
fatuous financial operations. These may be
expected to reour with certainty rs long rs
there is no amendment in our financial sys-
TEN. If in this particular instance our pre-
dicament is at all influenced by u recent in
sistence upon theposition we should occupy
in our relation to certain questions concern
ing our foreign policy. this furnishes u sig
nal and impressive warning that even the
patriotic sentiment of our people is not an
adequate substitute for n sound financial
policy.
OF course there can be no doubt in any
thoughtful mind as TO the complete solveucy
ot our Nation, nor can there be any Just APP
prehension that the American people will be
satisfied with lessSthan an honest payment
pf our public obligations in the recognized
money of the world. We should not over
look the fact. however. that aroused fear ls
unreasoring and must be taken into account
1 n d
sacriiicn of our peoples interests.
The real and sensible cure for our recur-
ring troubles can only be- effected by com
plete change in our finan ,ial scheme. Pend
inS thai the executive branch of the Gov
ernment will not relax its efforts nor abandon
its determination to use every means within
ats reach to maintain before the world
American credit. nor will there be any hesi-
tation in exhibiting its confidence in the
resources OF our country and the constant
patriotism of our people.
In view, however. of the peculiar situation
nov confronting US. / have ventured TO
heis' n express the earnest hope that the Con-
Sre2s, in default of the inauguration of n
bei,er system OF finance, will not take re-
cess from it's laOorS before it has, by legis-
lative enactment or declaration. done some
thing not only TO remind those apprc-
h"nsvc among our people that the re-
sources OF this Government and 4 scrupulous
regard Tor honest dealing, afford sure
| Sua:Gntee Of unqucstioned safety and sound
ness. hut to reasSure the world that with
! .hcSc factors ana the patriotism OF our citi-
| T"nS. the ability and determination OF our
! Nation TO meet in any circumstances every
| obligation il incurs do not admit OF ques-
| ton.
ask ut tho hands of the Congress such
| prompt aid as it alone has the power TO give
! to prevent in n time Of fear and apprehen-
! son any sacrifice of the peoples interests
! .id the public funds or the impairment OF
/ our public credit in an effort bv executive
| action to relieve the dangers Of the present
J emergency. GROVER CLEyEItED.
! executive Mansion. December % 1925.