Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-12-26
!. ASKED TO Act
Cleveland Sends Congress q Spe-
cial Message on Finance.

1 Cldl M0 S5d80 Oh 13lubuO0essas
A Critical Condition in Wall Street, and
| the Standing of the Gold Reserve
| Calls Out the Document
! Needed Legislation.
-. IL tzfr.Isy-- ~ =. s&tt IS
Washington, Dec 21.-In the senate
ut 1880 p: m. Friday the following spe-.
cial message was received from the
president on the subject of bonds:
ITO THE CONGRESS-: In my last annual
message the evils Of our present fnan-
cial system were plainly pointed out a ID
| the causes and means Of the depletion Ct
gold were explained. twas therein stated
that after all the efforts that had been
made by the executive branch Of the gov
| eminent to protect our gold reserve by
the issuance Of bonds amounting to more
than S162 000,0O0 such reserve then amounts
ed to but little more than $79O0O,OOO; that
about SIS 900, 900 had been Withdrawn from
such reserve during the month next pre-
vious to the date Of that MESA ge, and that
quite large withdrawals for shipment IN
| the immediate future were predicted.
THE contingency then 4 feared has
i reached us. and the Withdrawals of geld
| since the communication referred to and
| others that appear inevitable threaten
| such a depletion in our government goll
reserve as brings US face to face with
| the necessity Of further action for it's pro-
lection. This condition is intensified by
| the prevalence in certain quarters of sud-
den 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 or
| erations. These 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 Influenced by a recent insistence upon
| the position we should occupy in our re-
| lations to certain questions concerning our
foreign policy. this furnishes signal and
| impressive warning that even the patriotic
| sentiment of our people is not an adequate
substitute for q 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 any
| Just apprehension that the American peo-
! pie will be satisfied with less than an honest
payment of our public obligations in the
| recognized 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
| interests. The real and sensible cure for
our recurring troubles can only be effected
by a complete change in our financial
scheme. Pending that, the executive
branch Of the government will not rela Y
| it's efforts nor abandon it's determination
to use every means within it's reach to
maintain before the world American
credit, nor will there be any hesitation in
exhibiting It's confidence in the resources
of our country and the constant patriotism
| Of our people.
In view, however, of the peculiar stu
| alton now confronting us, l have ventured
to herein express the earnest hope that the
| congress- In default of the Inauguration of
| better system Of finance, will not take a
recess from it's labors before it has by leg
| islatiVe enactment or declaration done
something not only to remind those appre.
hensive among our people that the re-
| sources of this government and scrupu-
| lous regard for honest dealing afford sure
! guarantee of unquestioned safety AMI
soundness, but to -reassure the world that
with these factors and the patriotism Of
| our citizens the ability and determine ton
of our nation to meet in any circumstances
every obligation it incurs do not admit Of
any question. / ask at the hands OF the
congress such prompt aid as it 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 public credit In all
! effort by executive action to relieve the
| dangers of the present emergency.
GROVER CLEVELAND.
| Executive Mansion. Dec. 20. 1897
The Cabinet Meets.
| The message was the outcome of a
session of the cabinet. Reports of
the serious condition of affairs in Wall
street had been coming in for an hour,
and after the cabinet assembled these
were sent as fast as received to the
treasury officials, who dispatched the
information to Secretary Carlisle at
the white house.
Thedealings at the New York stock
exchange had been attended with I'M
usual excitement. Before the opening
of the local stock market it was known
there that prices for American secur-
tiles in London had broken anywhere
from one to four per cent. The result
was great rush to sell stocks. Local
operators, who had become weakened
financially by the recent break in the
industrials, were forced to sell, and
thus add to the depression. sRumors
Of heavy withdrawals of gold for en-
port to Europe also had demoraliz-
ing influence. Again money which
had been ruling at two per cent. and
under to stock exchange borrowers
suddenly rose so per cent, and a num-
Der of banks began to call in loans
This helped to swell the amount of
offerings of long stock and three stock
exchange firms were forced to the
wall. At the consolidated exchange
there were also two small failures.
+ Before the cabinet session had lasted
two hours, decision had been reached
to send to congress the message, trans
mitted later. At 1880 o'clock the as
se1nbled officials took recess in order
to give the president an opportunity to
draft the message Mr.. Cleveland i'm
mediately set to work, and probably
had all his ideas in presentable shape
when his official associates returned
an hour later. By this time it had be-
come known that the gold withdraw
ais amounted to $3.4OO,OOO, bringing
down the gold reserve to 500, 2Ss, $50,
very nearly to. the figure which was
reached at the time Of the first. bond
issue in February, 1884, It was 4:40
o'clock when the cabinet meeting adj
journed. Twenty minutes before that
time Mr.. o. L. Pruden, assistant secre-
tary to the president, had started from
the white house for the capitol with a
copy of the message to be delivered to
the senate. sfF5.
Not Trust.
! Pittsburgh, Pa, Dec. 20. The manu-
,facturers of plumbers brass goods OF
the country. formed a national organi-
zation in Pittsburgh: Thursday. The
organization is not called trust by
the persons present, who state that the
consolidation of interests is for mutual
benefit only. There was large attend
ance.
Fortune for an Iowa Family.
+ 6 DUBUQUE, Ia, 6 Dec. n 9.- "A family