The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-01-16

u,
and had 1t been possible to proceed fur,
ther doubtless n Very large amount
In bonds of small denomination would
have u permanent place in those cuun-
tries to the great advantage of every
interest
announcement orinyitation from Wash
inSton and realizing thai every days
delay was serious i'm The face of the
growing tension In iinancial affairs on
Saturday, January ith. sent by mes-
senser the following letter to the Prcsi-
dent:
New York, 2lo Madison Avenue,
january s. 1896
To the President. Washington. d. C.:
Sir.--lt is with great hesitation ,hat
venture to address you in relation to
the present financial situation
AS you are doubtless well aware, tlnau-
cial affairs are approaching IL serious
crisis aud the tension to-day is extreme;
ana while no outward evidences have
developed, we arc likely at any mo
mcnt TO reach the point and ruiSeuucu-
ces which IL will then bc too late TO
remedy. The gravity of the situation
must be my excuse.
The most important step ut the mo.
ment Is the restoration ur government,
credit by replacing the gold reserve In
the Treasury beyond question. This
once accomplished. confidence both nt
currency Will be restored.
After my recent visit to Washin-ton I
became convinced that any le.islntiye
action to improve the methods ut the
1is6osal If the executive WAS unlikely.
III fact Impossible. l therefore took
Steps 10 ascertalr whether il would he
POSSIBLE TO obtain the co-opcr, ton of
parties at home, and abroad To nm cy
tent that would enable mo to ncrotintc
for the sale of 11-500.0OO ounces of rold
approXimatinG $20O00U.0o0 on about thn
pasiS of the contract Of February & lSO5
IN 'hiS eiort haNe been successful and
am now in a position 10 make surh n
contract for the full amount
DO not hesitate to affirm that
sucn u contract would III every way bc
ior the bsst interests of the Govern
ihent ana people, and would be followed
ny esS arrangement Of the money mar
kct, cl trade, in fact OF all interests. in
cindinE foreign exchanges. all of which
uhtll recently Were In such an incrras-
iilE prosperous condition. and | urge
your serious consideration of such n
contract AZ the same time | recognize
lhe effect of legislation which has been
proposed, and the discussions there
upon In both Houses of Congress nil
OF which might lead you to hesitate Ia
make Il private contract; and consp-
quehtiy, in view of the gravity of the
situation, feel bound to say, if after
:, r'''. " S'''N' III WHICH c:lll more fully
ia% ~: matter bEofle you. and with,
out expressing any confidence I'm such
IL mode OF DrocedGrc i'm fact. of mo-
flouS failures of similar attempts but
recognizing, as do. that the RESPONSE
pliltE OF decision lies with you, | pledge
10 you every influence and effort in my
power 10 a*SiS, the Government in it's
enueaFor To make successful n ncpotin-
ton by public adveItisems wh;,h
snhll result in the sale by the Treasury
OF 500 o,0oo.O0O. and further | w,ill so far
as / possibly can, take such steps as
VIII enable the syndicate which | rem
resent to join in making the negO,la-
tloh successful 10 It's full amount.
Awaiting the indications OF your
pleasure, ] ann respectfully yours.
d. FllRPONT MORC;A ~"
ON Monday, january 9Th. the call for
public bids for bonds to The extent Of
500 OO00.000 WAS issud by the Secretary
OF the Treasury. The amount of bonds
thus offered made the syndicate con-
tract lowing Ia The T.iiannum therein
iiNeD available only to bid Tor all 4.
none. should he unwilling to make
such bid under present circumstances
as might thus seem - present for con-
sideration by the Secretary nf the
Treasury the throwing out of smaller
bids made in good faith under Il public
call. The only emergency made would
justify such course would he the fail
urc of the people to respond tn the
circumstances ! a; once, decided To dis
solve the syndicate. 1t has, however.
been necessary IL delay this action ~
interest required tie protection afforded
by the knowledge that the syndicate was
III .'., oA'steiict, pIcFaleu 10 MAKE inc ioan
:, Su.,e"' u""'t "ii c'i ruiist'iAcrS, bnt