Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1893-08-16
The Congress Should Act and Do
1t Quickly.
His Entire Message Devoted to the
Financial Question.
Industrial and Financial Evils Attributed
10 the silver Act OF 1890 why Conn-
dsnce l. Lost-The Tarin Reform,
Though Fully Pledged. Must
Wait Awhile.

WAsHISGroS Aug s-The congressional
committee waited upon the president shortly
after noon received message aud forthwith re
/ turned 20 the capitol Congress WAS in SEES
sion, and received the message which was As
+. follows:
wAsHINGroN Aug s-To the Congress OF
/ the United States. The existence OF an alarm.
| ing and extraordinary business situation in
! volving the welware and prosperity OF all our
people, has constrained me To call together I'm
| extra session the peoples representatives, in
| congress, TO the end that through a wise and
patriotic exercise OF the legislative duty with
which they solely are charged, present evils
| may be mitigated and dangers threatening the
! future may be averted
Our unfortunate financial plight Is not the
| result OF uutoward events. nor OF conditions
/ related TO our natural resources nor Is IL
trsceable 10 any OF the Affections which fire.
| 1uently check ma tional grow tn and prosperity
/ With plenteous crops, with abundant promise
| u remunerative production and manufacture
| with unusual invitation 10 safe investment
1nd with satisfactory assurance 10 business
! enterprise, suddenly financial distrtnt and fear
iave sprung mp on every side
Numerous moneyed institutions have sus-
! pended because abundant assets we're not
| immediately available 70 meet the demands OF
| frightened dcpositors Surviving corporations
! and individuals are content to keep in hand the
| money they arc usually anxious to loan aud
those engaged in legitimate business are sur
| prised 70 md that the securities they offer for
| loans, though heretofore satisfactory are no
| longer accepted Values supposed 20 be fixed
are fast becoming coniecural, and loss and
failure have invaded every branch Of business.
THE SHERMAN ACT.
1 believe these things are principally charge
able 70 congressional legislation touching the
purchase and coinage Of silver 10y the general
government
This legislation is embodied in 8 statute
passed July "a, lsp1, which was the elimination
| OF much agitation on the subject involved, and
rpf Ia
I struggle between the advocates OF free silver
coinage and those intending 70 be more cOnserv-
I alive.
Undoubtedly the monthly purchases by the
government OF 4,5O0OlO ounces OF silver. enc
forced under the statute. were regarded by
those interested in silver production as % Ger
tain guarantee OF its increase ia price The re-
suit, however. has been entirely different FOR
immediately following spasmodic and slight
rise the price Of silver began 10 fan after the
passage OF the act and has since reached the
lowest point ever known This disappointing
re7ul has led 20 renewed aud persistent ehort
IN The direction Of free silver coinage.
Meanw lille not only are the evil effects OF the
operation OF the present law constantly ac-
cumulltng, bu, the result 90 which us sNecu-
| ton must inevitably lead IS becoming probable
20 AZ who give the least heed 20 financial SUD
iects
This law provides that in payment for the
$4,000 ounces 90 silver bullion, which the sec
rotary Of the treasury IS commanded % pur-
chase monthly there shall Doe issued treasury
notes redcemab.c on demand iu
GOLD on SILVER coIS.
At the discretion OF tho secretary az the treas
ury, aud that said notes may be rcissued j.
/ is, however. declared iu ;he act 10 Doe THE es-
| tahl.shed policy OF the United States 90 main
tain the Two metals Cn % parity with each other
/ upon the present legal ratio OF such ratio AS
may be provided by law
This declaration So controls the action OF the
I secretary OF ths treasury as 90 prevent his exc
I crc.slng The discretion uOm.uauy vested i'm
I him, 10 oy such action the parity bctwecn gold
| and silver Say be- disturbed AlauifcstIy O re-.
I fusal by Ne secretary 20 pay these treasury
notes ia gold. ~ demanded. would necessarily
result lu theta disCredit and depreciation oh
l legations payable only in silver and would de-
stroy the parity between the Two metals by
| establishing discrimination in favor Of gold
Up 90 July Is. 1893 these notes had been is.
I sued IN payment 90 silver bullion purchased.
/ 20 the amount % i45tdLO Oo while all but "a
/ very small quantity OF This bullion remains IN
/ coined and without usefulness in the treasury
/ many u The notes given iu its purchase have
! been paid 100 gold. This Us Illustrated by the
/ statement shat between May !, 1872 aud July
/ - 1875. Tho notes 81 This kind issued in paw
msnt ioT silver bullion amounted TO a little
I more than ga. 600 900 and shat during the same
/ period about ifs o0Jr"1 was paid by the treas
/ lrv in gold for tho redemption OF such notes
The policy necessarily adopted OF paying
notes ln gold has not spared the gold reserve of
] $4,000 uI. Ions ago set aside rv the govern
mert f.r The REDEEM tior OF other notes FOR fhIa
. FUND mas already ION ruuisCfcI to thc payment
OF me-" oa. cations amounting t0uuolt one hum
ofeu arI Nfiy million dollars. ur account 81 Sill
vcr purchases, and has. a. % c1rstq reuca fs-
The arst slime since If- creation been cacraacaed
upon.
We have 'hu' ma1o Tho depletion % our goii
easy an. hove tempted other arI more luurn.
. r.Irrs nations Co., ada 10 fo tHrIr stock TF4f
enc opportunity wa have offered BIOS .at .aer
h.f.. shown .T ffe large amounts OF