Daily Texarkana Democrat., 1893-08-09
The Presidents Message.

WASHINGTON, Aug. 8.-The following
is the full text of President Clevelapd's
message as read in the house and SEN
ate of the extra session.
To the Congress Of the United States:
The existence Of an alarming and extraordi-
nary business situation, involving the welfare
and prosperity OF all our people, has constrained
me to call together In extra session the peoples
representatives In congress, to the end that
their wise and patriotic exercise Of the legisla-
tive duty with which they solely are charged,
present evils may be mitisated and dangers
threatening the future may be averted
Our unfortunate financial plight Is not the
related 10 our natural resources, nor Is
which frequently checked national growth
and prosperity. With plenteous crops wi h
tbundant promises OF romunerative produc-
zion and manufacture, with unusual invitation
to safe investment, and with satisfactory as
sltsnce TO business enterprise, suddenly Anan
ciSl distrust and fear have sprung upon US on
every side numerous moneyed institutions
not Immediately available TO meet demands (
frightened depositors Surviving corporation
and individuals are content to keep In hand
money they are usually anxious to loan,
and those engaged in legitimate
business are surprised to find that the securi-
t!es they offer for loans, though heretofore
satisfactory, are no longer accepted Values
supposed to be hxed are fast becoming CON
tectural, and loss and failure have invaded
Every branch Of business I believe these
thinss are principally chsrgeable to congress
Nonal legislation touching the
Purchase and Coinage Of Silver
BY the general government, This legislation
IS embodied in the statute passed on the l4th
day OF July, 1890, which was the elimination
OF much agitation OF the. subject In.
volved and which may be consi dered
truce after long struggle oinst between sea
those intending to be more conservative. I'm
doubtedly the monthly purchases by the gov:
trnment OF 100000 ounces OF silver enforced
under that statute were regarded by those In
guaranty Of It's increase in price. The result
however, has been entirely diferent fol. I'm!
medlatsly following q 'Gpssrnodlo and slight
rise the price OF silver began TO fall after the
passage 6f the act, and has since reached the
Lowest Price Ever Known.
This disappointing result has led to q renewed
aud persistent effort In the direction OF free
silver coinage Meanwhile yet only all 81 the &c,
were constantly accommodating bnt the, result
10 which Its execution Must Inevitably lead is
becoming pslpabls to all who give the least
heed to financial subjects. This law provides
}hst In payment for 100000 ounces Of silver
commanded to purchase monthly there shall
be Issued treasury notes redeemable on de,
fnsnd IN hold or SILVER coin At the discretion OF
the esecretary Of the treasury, and that
Said Notes May 10 Rsissued.
II ia, hewevsr, declared in the act to be
'the established policy OF the United states to
maintain the two metals on q parity with each
oh, OF T. the rsSsSS sES I' s Ss a
60 controls the action OF tho secretary of the
treasury as to prevent his exercise Of tho dis
crstion pominally vested In him. II by such
action tho parity between gold and silver may
bs disturbed, manifestly the refusal by ths
X demanded would necessarily, result in their
discredit and depreciation as obligations pay
able on y In silver and would destroy the
Parity Between tho Two Metals
by establishing discrimination In favor OF
gold UP to the 18th day OF July, 1893 these
fotcs had been Issued in payment OF silver pull
lion purchases TO the amount OF more than
$1,000 ooo, while all but very small qun,hht,ty q,haHy
usefulness In the treasury. Many OF the notns
given In It's purchase have been paid in gold
This Ia illustrated by the statement that De,
tween May lsss and July 49, iS's ,oT notes slive. Q,
f suiIloa am %snountsd 70 little more Than VI !cS
bo,6oO wore paid by the treasury In gold for
'AF Redemption Of Such Notes
The policy necessarily adopted OF paying these
noted Id gold has not spared the gold reserve
az tl00 900 0d1 long ago aet aside ny the govern,
ment for the redemption OF other n9tes i tor
this fund has already been subjected 70 the
payment OF new obligations amounting
To about booO0,00O on account OF silver
purchases and has as consequence for the
the Hrst time since It's creation been encroecnea
upon. We have thus made a depletion OF our
goid easy, snd have tempted other and more
epprecistivo nations TO add 10 their stock
That the opportunity we have oner
ed has not been neglected is
shown By the large amounts OF gold whlcn
have been recently drawn from our own treas
ury and exported to increase the financial
Strength Of Foreign Nations
The excess Of exports Of gold over Its imports
for the year ending June 30, 1898, amounts t9
more than ts7, 10000, Between the ist OF July
isoG, and the 10th day OF July, lSp3, the goi9
coin and bullion In our treasury decreassa
period the silver coin and bulioh, "a on sno
treasury Increased more then si'hVov No
600. Unless government ponss ,a 70
10 be constantly issued and soia 10
rsplenIsh our exhausted gold only 70 %
again exhausted, II is apparent that the opera per-.
Ton q the silver purchase chase iaW direction tS%
~ A. .,hatttution of silver for ROld IN