Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-21
ASKED TOSTAY HERE
The President Sends a Message to
Congress.
CRISIS IN The TREASURY
He Asks Legislators to Remain
and Consider the Situation.
EFFECT OF THE WAR FURRY

Yesterday was a day of excitement and
surprises in this city over the Venezuelan
situation and the panicky state of the
money market. The Senate was consider
ing the appropriation for the Venezuelan
commission, and the President and his cab
met were considering plan for the reform
of the currency system. The Senate pass
ed the commission resolution just as it
came from the House, and then adopted a
resolution for adjournment from today
until after the holidays In the closing
hours of the days session word was re-
ceived from the Executive Mansion that
the President had an important commune
cation to make in regard to the critical
state Of the finances, and advising a delay
in adjournment until its delivery. The cab
met held two sessions yesterday, SOME
thing without precedent since the war
The financial situation resulting from the
war scare was the question under consid-
Grafton, and the result of the deliberations
was indicated in the Presidents message
to the Congress. AS issusual with all I'M
portant happenings, the public of Wash
ington We're first appraised of the events of
yesterday afternoon by The Star, which is
sued extra containing the full text OF
the message and the action of the Senate
on the Venezuelan commission measure.
Full Text of the Message.
Following is the text of the message:
To the Congress:
In my last annual message the evils of ON
present financial system were plainly point
ed out and the causes and means of the de-
pletion of government gold We're explained.
1t was therein stated that after all the eff
forts 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 $lG2,0oe,oU0, such
reserve then amounted to but little more
n ONO Al INN M had
been withdrawn from such reserve during
the month next previous to the date OF that
message. and that quite large Withdrawals
for shipment in 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 our government gold reserve 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 apprehen-
sion and timidty in business circles
We are in the midst of another season of
perpeXity, caused by our dangerous and
fatuous financial operations. These may be
expected to recur with certainly as long as
there is no amendment In our financial sys-
tenn. If in this particular instance our pre-
dicament is at all influenced by recent in
sistence upon the position We should occupy
in our relation to certain questions concern
ing foreign policy, this furnishes a
signal and impressive warning that even the
patriotic sentiment of our people is not an
adequate substitute for 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 people
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 recur-
ring troubles can only be effected 10y COM
plete change in our financial scheme. Pend
ing that the executive branch Of the govern
ment will not relax its efforts nor abandon
its determination 10 use every means within
its reach to maintain before the world
American credit, nor vii, there be any hesi-
tation in exhibiting its confidence in the re-
sources of our country and the constant
patriotism of our people.
In view, however, of the peculiar situation
now confronting us, / have Ventured 10
herein express the earnest hope that the
Congress, in default of the Inaugural ZION of
a better system of finance, will not take a
recess from its labors before 1t has by legis-
lative enactment or declaration done some
thing not only to remind those apprehensive
among our people that the resources of this
government and a scrupulous regard for,
honest dealing afford a sure guarantee Of
unquestioned safety and soundness, but to
VIZ ~, tiht WIN tHesc
and the patriotism of our citizens, The
ability and determination of our nation TO
meet in any circumstances every obligation
ii incurs, do not admit OF question.
/ ask at the hands of the Congress such
prompt aid, as 1t alone has the power TO
give, to prevent in a time of fear and appre-
hension any sacrifice of the peoples in
terests and the public funds the impair
ment of our public credit In effort by ex-
ecutive action to relieve the dangers of the
present emergency.
(Signed) GROVER CLEVELAND.
Executive Mansion, December -, 1880