The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-16

sents7r that the most important step was
restoration OF the government credit by
reulenssning the stock Of gold Details Of
what was proposed were given. and the
assurance offered that the utmost efforts
would be made 10 procure for the treasury
Il 80 90 ounces OF gold
The letter 70 the president, TO which ne
circular ailudes. follows:
View York. rs Madison Avenue. Jan.
4 1856. To the President Washington
City-Sir: IL Is with great hesitation that
/ venture 70 address you in relation 10 the
present financial situation As you are
aubtless we'll aware. financial affairs Gre
approaching a serious crisis. and The ten
sion today is extreme: and while no oct
ward evidences have developed, We are Ike
IL al any moment to reach the point ard
consesIuences which il viii IhSn ue too
late to remedy. The gravity OF the sstga-
ton must be ny excuse. The most import
ant step al tae moment IS the restoration
Of the government credit BY replacing the
geld reserve in the treasury oeyoad ques-
ti8n This much accomplished, confidence
both al home ard abroad IN the stability OF
our currency wiz oe restored. After my
recent visit TO Washington CITY, / became
convinced that any legislative action 20 m
prove the methods at the disposal Of the
executive was unlikely. in fact impossible.
Il therefore took steps 10 ascertain
whether Il would be possible 10 obtain the
cooperation of PARTIES al home and abroad
10 an extent that would enable me 70 nego-
tiate a contract with the government for
the sale Of II. .sa8. 90 ounces Of gold. approx
mating S2la 0s3 60. on about the basis OF
the contract Of February 6, lss5. In this
effort / have been successful. and am now
IN a position TO make such a contract Tor
the full amount / DO not hesitate 10 al
firm. in fact urge. that such a contract
F.a E.lr Taa host rer-
ests u the government and the people, and
would be followed BY less arrangement OF
the money market, q trade, in fact of all
interests, including tareign exchanges, all
Of which until recently were in such an in
easingly prosperous condition. and urge
your serious consideration OF such con-
tract At the same time ! recognize the
effect of the legislation which has been
proposed. and the discussions thereupon in
both houses Of congress, all Of which might
lead you to hesitate 10 make a private
contract. and consequently. in view OF tae
gravity of the situation. ! feel bound 10
say that If. after a conference, in which
| can more fully lay the matter before you,
and without expressing any confidence IN
such a mode of procedure in the face or
previous failures Of similar attempts, but
recognizing as l do that the responsibility
OF the decision lies with you, l pledge TO
YOU every influence and effort in my power
u assist the government in its endeav0r
to make successful negotiation by public
advertisement. which shall result in the
sale to the treasury OF II. 10000 ounces Of
United States gold coin (s2o0 0o0,o0), and
further, l will, as far as ! possibly can,
take such steps as viii enable the syndi-
cate which / represent 10 join in making
the negotiation successful 70 its full
amount Awaiting the indications Of your
pleasure. | remain. respectfully yours,
u. PIERPONT MORGAN"