Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-12-26
SPECIAL MESSAGE
AMERICA CAN HONESTLY PAY IT'S
PUBLIC OBLIGATIONS.
President Cleveland Impressen Thfs
Upon the Minds of Citizens-He
Recommends, However, That the
Financial Policy he Changed
The senate Passes the House
Commission BiII-Panic on h
New York stock Market,
Washington, Dec. 22.-The following
message was SEM TO congress by
President Cleveland today:

message was sen 70 congress by
President Cleveland today:
| To the Congress: In my last annual message
| me evils OF our present financial system were
| plainly pointed out and the causes and means OF
| the depletion of government gold were explained.
~ was therein stated that after all the efforts
| that had been made ny the executive branch of
| the government to protect our gold reserve by
the issuance of bonds, amounting to more than
StuI'ooV,coo' such reserve Then amounted to but
llttle mere than SIS, 000, 900; that abou; SIG.
| 100000 had been withdrawn from such reserve
| During the month next previous to the date Of
that message, aud quite large Withdrawals for
| shipment In the immediate future were p~Tedlete1.
! The contingency then feared has reached us. and
the withdrawal of gold since the communicates
| referred Ia; and Others that appear inevitable,
| threaten such a depletion Ia our government gold
reserve as brings us face to face with the neces.
! sity OF further action for its protection. This con-
dition is intensified by the prevalence in certain
| quarters OF sudden and unusual apprehension and
| timidlty in business circles.
| We are In the midst of another season OF per-
| piertty caused by our dangerous and ~fatious
financial opers;ions. These may be expected TO
recur with certainty as long as there is no amend.
ment IN our financial system. IL In this particular
| instance our pradicament is at oil influenced by
! a recent i~nsistence upon the position we should
occupy In our relation TO certain questions con.
corning our foreign policy, this furnishes a signal
and impressive warning that even the patriotic
sentiment Of our people is not an adequate sub
stitute for a sound financial policy.
| America Is Solvent.
OF course, there can be no doubt in any
thoughtful mind as to the complete solvcncy of
| our nation, or can there be any just apprehension
that the American people will be satisfied with
| less tnan an honest payment of our public obliga-
| tions 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 aud 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 win not
| relax Its efforts nor abandon its determination to
| use every means wi.din its reach 10 maintain
| before the world American credit. nor will there
/ be any hesitation IN exhibiting its confidence in
me resources OF our country and the constant
patriotism Of or people.
In vlew, however. Of the peculiar situation now
contributing US, l have ventared 70 herein express
the earnest hope tuat the congress. In defaul; Of
the inauguration OF n better system of finance,
viii not take " recess from its labors before ID
has, by legislative enactment or deciara tion,
done something not only to remind those a]pprehen-
sive among our people thst the resources OF this
government and a scvuruloGs regard for honest
dealing afford a sure guarantee of unpuestioned
safety and soundness, but to reassure the world
that with these factors and the patriotism OF our
citizens the ability and determination OF our ma
tion 10 meet in anS circumstances every obliga-
4 tion it iucurs do not admit Of question.
ask at the hands of congress such prompt aid
as 10 alone has the power to give to prevent, in
a time Of fear and apprehension. any sacrifice OF
Tie peoples interests and the public funds or the
executive action to relieve the dangers Of the
present contingency. Grover Cleveland.
slump in Wall Street.
New York, Dec. 22.-The stock mar.
ket was wildly excited. The break
away came to most people In the
street as a total surprise, nothing be,
ing in sight over night to portend any
extraordinary developments. Before
the opening, however, matters began
to sur a questionable shape in
the judgment of Wall street veterans.
The first quotations received for
American securities from London Gre
ated a sensation and prepared the
bankers and brokers for a stormy day.
The prices recorded showed declines
extending to 5 per cen and the Lon
don market reported decidedly
ragged" Each successive cable in
Dictated still 10 wer figures, and 1t was
finally reported that many "jobbers"
on the London stock exchange had re-
fused to accept orders. The u%nfavora-
bic news was conceded with prepara-
tions by the gold shipping houses for
Saturdays exports to Europe. The in
itial trading was highly sensational
and declines were made all along the
line, extending to 4 1-2 per sent. Like
the London selling, the bulk of the
! sales represented liquidation. Before
midday. breaks. extending 10 10 IL IN
1 ALShus DiSlCiiVh, hau oCth Iiabts III
the time specified three failures were
! reported on the New York stock cx-
. change aud one on the consolidated
| Sands & Co, was Of financial i'm
p%ortance. Two or three failures also
| occurred IN Boston.
Another Bond Issue.
Washington, Dec. %. - The news
that there had been a big slump in
| stocks on both the New York End Lon
don exchanges and that the gold with
drawals for export to-day would ap-
proxlmate $4,000, 900. and possibly
more, created something OF a sensa-
ton among treasury officials. At
about moo Assistant Secretary Curtis
had a conversation with New York
parties owe the long distance tele-
phone. and at It's conclusion hurriedly
left the department for the White
House, where the cabinet was In SEES
sion. He was shown into the presi-
dents room, where he was joined i'm
mediately by Secretary Carlisle. The
substance of Mr.. Curtis information
was laid before the president and the
cabinet. What measures, IL any, will
be taken at ono by the government
to altay the panicky situation Is prob
lematical, but there now seems TO be
no reasonable dobt that In case OF con-
tinued large Withdrawals of gold, even
for another week, the president Will
send a message to congress urging tho
| gravity of the situation as q reason OF
immediate and favorable action on the
! recommendation aireacy made that
the secretary OK the treasury Issue
| more bonds to preserve the integrity
of the gold reserve. In the absence
| cf prompt legislation I'm this direction,
| IL Ia not doubted that another bond
| issue under the am authority as the
preceding ones will be aLhounced. The
| present situation Is not regarded ma
terially different from those which
| have preceded other issues. nor are the
/! conditions regarded as any more IA
| vorable for a speedy termination OF
| the outflow of gold. Already the re-
serve has reached n point In its do yn-
w-ard course considerably below $780,
q 40 $500