Cortland
Evening Standard, Saturday,
December 21, 1895.
Panic on Wall Street.
NEW YORK, Dec.
21.—The Evening Post in its financial article says:
"The
needless and wicked war scare, with which Wall street and the country at large
have been amusing themselves since Tuesday, reaped its financial harvest yesterday,
and the harvest was a rich one. Such wholesale wreck of values as took place on
the Stock Exchange has not been witnessed since the Black Wednesday of July,
1893.
"The crash in American prices began in Europe. Before New York could even bid for
them, the mass of securities which went out in the weeks of reviving credit seven
months ago to the investors of Germany, Holland, France and Great Britain were
pouring at reckless sacrifice upon the markets.
"Instantly
on the fall of the chairman's hammer here, collapse of the utmost violence began
and the market soon developed the alarming fact that foreign brokers, arbitrage
houses, local speculators and American investors in and out of town were
engaged in panicky competition to realize their holdings before the worst
consequences of the Venezuela performance should be upon us. Stocks with an
international market by no means monopolized the crash. Northwest, a property owned
almost wholly in America, broke 8 points in the early hours, Rock Island 9 1/2,
New Jersey Central 9, Missouri Pacific 7 3/4, Consolidated Gas 18,
and so on through the list."
 |
| Grover Cleveland. |
PRESIDENT'S MESSAGE.
An Urgent Appeal to Congress For
Financial Legislation.
Following
is the message sent to congress by President Cleveland:
To the
Congress:
In my last
annual message the evils of our present financial system were plainly pointed out
and the causes and means of the depletion of government gold were explained.
It was therein stated that after all the efforts 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 $162,000.000, such reserve then amounted to but
little more than $79,000,000; that about $16,000,000 had been withdrawn from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 a depletion
in our government gold reserve as 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 apprehension and timidity
in business circles.
We are in
the midst of another season of perplexity caused by our dangerous and fatuous
financial operations. These may be expected to occur with certainty as long as
there is no amendment in our financial system. If in this particular instance
our predicament is at all influenced by a recent insistence upon the position
we should occupy in our relation to certain questions concerning our foreign policy
[relations with Great Britain over the Venezuela boundary dispute], this furnishes
a signal and impressive warning that even the patriotic sentiment of our people
is not an adequate substitute for a sound financial policy.
Of course
there can be no doubt in any thoughtful mind as to the complete solvency 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 people's
interests.
The real
and 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 will not relax its efforts nor abandon
its determination to use every means within its reach to maintain before the
world American credit, nor will there be any hesitation in exhibiting its
confidence in the resources of our country and the constant patriotism of our
people.
In view,
however, of the peculiar situation now confronting us, I have ventured to
herein express the earnest hope that the congress, in default of the
inauguration of a better system of finance, will not take a recess from its
labors before it has by legislative enactment or declaration done something 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 reassure the world that with these
factors and the patriotism of our citizens the ability and determination of our
nation to meet in any circumstances every obligation it incurs do not admit of
question.
I ask at
the hands of the congress such prompt aid as it alone has the power to give to prevent,
in a time of fear and apprehension, any sacrifice of the people's interests and
the public funds or the impairment of our public credit in an effort by
executive action to relieve the dangers of the present emergency.
GROVER
CLEVELAND.
Executive Mansion,
Dec. 20.
Santa Claus Arrived Yesterday.
Santa Claus
appreciated the fact that the sleighing is poor and that it will be slow
getting around this year and so took an early start and called upon the primary
department of the First M. E. church yesterday afternoon. Over one hundred children
were on hand to greet him and the meeting was a very cordial one on both sides.
A large Christmas tree was well loaded with gifts for all and Santa Claus
distributed them to the great delight of the children. A couple of hours were
passed very pleasantly.
Justice Court.
The case of
P. Garrity against J. Garrity was tried before Justice T. H. Dowd yesterday and
a judgment rendered in favor of the plaintiff for $11.80.
The case of
Ophelia E. Squires against John Ireland was called this morning, a jury drawn
and the case adjourned to Jan. 3, 1896.
Six O'clock Tea.
Dr. and
Mrs. F. J. Cheney entertained about thirty-five of their friends last night at
an elaborate and elegant 6 o'clock tea at their beautiful home on Church-st.
Quotation cards were distributed before tea and the matching together of the
severed pieces determined the arrangement of ladies and gentlemen at the
tables.
After tea
had been served the ladies withdrew to the parlor, the curtains were drawn and
pencils and paper were distributed to the gentlemen who were instructed to
describe the costume of the lady each took to supper. This was very unexpected
and there was some rapid thinking. Miss Genevieve Cheney, who had charge of the
doors leading to the parlors in a very hard-hearted way resisted most tempting
bribes for "just a peep." The ladies were wholly unaware of the cause
of the excitement which seemed to have suddenly possessed the gentlemen in the
other room. When the allotted time had expired the company came together again,
the descriptions were collected and were read, the particular lady being
described standing up in an open space in eight of all.
The
descriptions caused no end of merriment and the costumes said to be worn by some
of the ladies were really quite remarkable. After all had been read the ladies
voted on the descriptions to see which was best and most accurate. Several votes
were taken but the final decision was in favor of Mr. M. A. Case, who was
awarded an appropriate souvenir. The next time it is altogether probable that
the gentlemen will carefully scrutinize the attire of their ladies.
A very
pleasant social hour followed.
Contributions Asked to a Good
Object.
The
following subscription paper which is being circulated by several of our
citizens speaks for itself:
WHEREAS, Our
former townsman, Mr. George Galpin, has departed this life under circumstances
so sad and distressing, and leaving an invalid wife and three young children
dependent during his life upon his daily labor for their support, and
WHEREAS, the
widow of the deceased is a hopeless invalid afflicted with an incurable disease,
and almost the only property left by the deceased after a life time of industry
is a little home incumbered by mortgage to two thirds of its value,
Now,
therefore, for the purpose of providing a fund for the funeral and burial expenses
of the deceased, and for relieving in some degree the financial needs and distress
of his unfortunate family, we hereby agree to contribute the several sums set
opposite our names.
George
Galpin had a host of friends in Cortland, and his tragic death was a shock to
all who knew him. The condition in which his family is left ought to appeal to
the general sympathy. It would be a kind and fitting thing if money enough
could be raised to remove the burden from his little home, and give his wife
and children a roof to cover them.
Contributions
may be left at the STANDARD office, or with Mr. B. B. Morehouse, and it is hoped
that there will be a generous response. With
Christmas day at hand, there is no stronger call for
a good gift than here.
BREVITIES.
—New advertisements
to-day are—L. N. Hopkins, page 6; The National Bank, page 7.
—One tramp
occupied the cooler at the police station last night. He claimed to be on his
way from Syracuse to Penn Yann.
—Each
outgoing train yesterday afternoon and this morning on both roads carried many
Normal students going to their homes for the Holidays.
—Jewett,
the jeweler, furnished the rings for the graduating class at the
Normal. The rings are flat bands with the figures
'96 raised on top.
—The north
window of Ament & Brazie's bookstore contains a drawing attraction in the
form of Santa Claus who is making much fun for onlookers,
—The Mercy
and Help department of the Homer-ave. Epworth league will be in attendance at
the church Christmas morning to receive and distribute supplies for the poor
and presents for needy children.
—The Central
school football team was photographed yesterday.
—Y. M. C.
A. Bible class at 8 o'clock to-night.
—The
Sunday-school of the First M. E. church had planned to take a sleigh ride on
Christmas day. The little ones are now wondering how many horses they will have
to put on each sleigh in order to make it slip easy in this [little snow] going.
—A man
about 65 years of age, a stranger, had a slight fainting spell on the walk in
front of the American hotel this morning. He was taken inside and
Dr. C. E. Bennett summoned, but before the doctor
arrived the man had revived and was able to proceed on his way.
—Final
argument is being made today before Judge Forbes in Canastota in the celebrated
case of Elvira B. Gates and others, plaintiffs, against Byron H.
Bierce, S. E. Welch, The National bank of Cortland
and others, defendants. Counselors Wright, Benedict, Courtney, Tuttle, Knox and
Dickinson are in attendance.
—In
connection with the recent presentation of the ''Mikado" mention should be
made of the excellent work done by Miss Carrie D. Halbert at the piano. Miss
Halbert was present at all the rehearsals and all the public presentations and
played right through the evenings. The physical exertion required for this was
by no means slight, and her most excellent accomplishments assisted in no small
degree in making the opera the musical success which it was. The management
desire particularly to express their thanks to her for her faithfulness and for
her excellent work.
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