He
significantly remarked that "in making these recommendations I am
fully alive to the responsibility incurred and keenly realize all
the consequences that may follow." The possibility of conflict,
thus hinted, was averted when Great Britain agreed to
arbitration, but meanwhile, American securities in great numbers
were thrown upon the market through sales of European account and
added to the financial strain.
* See "The Path of Empire," by Carl Russell Fish (in "The
Chronicles of America").
The invincible determination which President Cleveland showed in
this memorable struggle to maintain the gold standard will always
remain his securest title to renown, but the admiration due to
his constancy of soul cannot be extended to his handling of the
financial problem. It appears, from his own account, that he was
not well advised as to the extent and nature of his financial
resources. He did not know until February 7, 1895, when Mr. J. P.
Morgan called his attention to the fact, that among the general
powers of the Secretary of the Treasury is the provision that he
"may purchase coin with any of the bonds or notes of the United
States authorized by law, at such rates and upon such terms as he
may deem most advantageous to the public interest." The President
was urged to proceed under this law to buy $100,000,000 in gold
at a fixed price, paying for it in bonds. This advice Cleveland
did not accept at the time, but in later years he said that it
was "a wise suggestion," and that he had "always regretted that
it was not adopted.
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