Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-16
MONNIG'S.

subscriptions In Germany, France and
Holland. which would have resulted in
large amount of bonds being placed
In those countries
ION January 4th. believing that the
tension was growing daily and had
grown serious, ] addressed letter 10
the president calling his attention to
the matter and representing that the
most important step was the rostora-
ton of the government credit by re-
plenishing the amount OF gold. Details
OF what was proposed was given and
assurances offered that the utmost eff
forts would be made to secure for
the treasury il.5Oo,OOO ounces OF pure
gold
The circular concludes.
II feel perfectly satisfied that there
Is no question as TO the success of the
loan"
The following is the text of Mr.. Nor
gan's letter to president Cleveland;
New York, Jan. L. lSg6.--To the Prcsl-
dent, Washington: Slr-It Is with
great hesitation that / venture to ad-
dress YOU in relation to the present H.
nanciol situation. As you are doubt
lesBly well aware financial affairs are
approaching serious crisis and the
tension to-day Ia extreme. and whilst
no outward evidences have developed
we are likely at any moment TO reach
the point and consequences which It
Will be then too late to remedy. The
gravity OF the situation must be my ex-
cuse. Tho most important step OF the
moment In the restoration Of govern
ment credit by replacing the gold re-
serve in the treasury beyond question.
This once accomplished confidence
both at home and abroad In the sta
bility of our currency would be restor-
ed.
After my recent visit to Washing
ton | became convinced that any leg
latlve action to improve the methods
at the disposal OF the executive was
unlikely; In fact, impossible. ] there
fore took steps to ascertain whether 1t
would be possible to obtain the cooper
alton OF firms at home and abroad TO
any extent that would enable me to
negotiate n contract with the govern
ment for the sale of 100000 ounces OF
gold approxlmatlng $2OO.OOO,OO0 on about
the basis OF the contract of February.
1895. In this effort / have been success
full and am now In position to make
such n contract for the full amount.
do not hesitate to affirm, in fact
TO urge, that such contract would In
every way be for the best interests of
the government and olthe people ana
would be followed by less arrangement
of the money market, OF trade. In fact.
OF all interests. including foreign ex-
change, all OF which until recently
were In an increasingly prosperous
condition and / urge your serious con-
slderatlon OF such a contract
At the same time l recognize the eff
feet OF legislation which has been pro-
posed and the discussions In both
houses OF congress- all OF which might
lead you to hesitate to make n private
contract. and. consequently, In view Of
the gravity Of the situation, 1 feel
bound to say that II, after confer
ence in which can more fully lay the
matter before you, and without ex-
pressing any confidence In such mode
OF procedure In face Of previous fall
ures OF similar attempts, but recognize
ing as 1 do that the responsibility of
decisions lies with you. pledge to you
every influence and effort In my power
10 assist the government In It's en-
dcavor to make successful a negotia-
! tIon by previous agreement which shall
result In the sale to the treasury OF
II 800 600 ounces of United States gold
fs2OO. 000. 000) and further. / Will 80 far
ms / possibly can take such stems as
/ win Indicate the syndicate which I
represent willing to Join In making the
negotiations successful to itB fun
| amount
| Awaiting the Indications of your
Measure. remain respectfully yours.
| J. PtERPONT MORGAN.