Courier Democrat. (Langdon, N.D.) 1891-1920, 1893-08-17
THE PRESIDENTS MESSAGE

LILY III OlDIN . M UNNSN Il
THE FIN: NCIAL QUESTION DEALT
NllH AT LENGTH.
ThE Sherman Law Must De Repealed
Says the Prcsidcnt-Thc People De-
mnnl Il Sound and Stable Currency
Tariff Reform Will Come Later.
Washington, Aug. S.-The presidents
message was delivered to congress as
soon as the two bodies were called TO-
gethcr ut noou. Its reading was pro-
ceeted with 1t is as follows:
To the Congress Of the United STATES:
The existence of an alarming. an eA'r'-
ordinary business situation, involving the
welfare and prosperity of all our people,
has constrained me to call together Ill OK
ira session the peoples representatives IN
ongrcss. to the end that through a Wise
and patriotic exercise of the Legislative
duty with which they solely are charged
present evils may be mitiGatcd ana Dan
gers threatening the future may be
averted.
Our Unfortunate Financial Plight
is not the results of untoward events nor
of conditions related to our natural re-
sources: nor is it trnceable to any OF the
Affections which frequently check ma
tonnl growth and prosperity. W TN
plcanteous crops, with abundant promise
of reinunrrntive production and manu-
facturr: with unusual invitations 10
safe investment with satisfactory as
Surances to business enterprise, SUDDEN!
financial dstruSt and fear have sprung
upon every side. Numerous moneyed
institutions have suspended because their
abundant assets were not lmlncula!eif
available to meet the demands or frlSh-
tened dcpoSitor;: surviving corporations
and individuals are too content to keep
in hand the money they are usually anN-
ious to loan. and those engaged in lcgiti-
mate business are surprised to find that
the securities they offered for loans,
though heretofore satisfactory. are no
longer accepted. Values supposed to be
fixed are fast becoming, conjcct'ral. ana
loss and failure have invaded every
branch of business. | believe these things
are principally chargcahlr to congrrSslon-
al legislation touching the purchase ana
coinage of silver by the general govern
mrnt.
This legislation is embodied in sta
tutc nossel on the 14th day of July. 1870,
which was the elimination of much h%i-
tatjon on the subject involved. and winch
NAV hn considered truce after the long
struggle between the advocates or 1ree
silver coinage and those intending to DC
more conservative.
Undoubtedly the monthly purchases
hy the government of 4.3WO.O(O ounces
of silver forced under that statute were
regarded by those interested III SILVER
production as a certain guaranty ol i,s
increase in price. The result. however,
has been entirely different. for immedl-
ately following IL SpnSmodic and slight
rise the price of silver began to fall after
the passage of the act and has since
rra cl!rl the lowest point ever known.
This disappointing result has leu to re-
newcd and persistent effort i'll the dlrec-
ton of free silver coinage. =,
Meanwhile. not only are the evil cl-
frcts of the operation of the present law
constantly accommodating, but the result
to which its execution must inevltanly
lead is becoming palpablr to all who give
the least heed to financial subjects.
This law provides that i'll payment, OF
the 4,5OO,GOO ounces of silver bulllon
which the secretary of the treasury IS
commanded to purchase monthly, there
shall be issued treasury notes. redeem
able. on demand, in gold OF silver com,
ut the discretion of the secretary or tne
treasury, and that the said notes may pc
rcissued. 1t is, however. declared IN
the act to be the established policy OIL
the United States to maintain the two
| meals upon a parity with each other
| upon the leprtesralctragn,o ioelvransrod3
uDon the present legal ratio. or such
| ratio as may be provided by law:
This declaration so controls tho action
of the secretary of the treasury as 10
prevent his exercising the discretion nom
inally vested in him, if by such action me ne
parity between gold and silver may pc
disturbed. Manifestly Il refusal by the
secretary to pay these treasury notes III
gold, if demanded. would necessarily
Result in Their Discrcdit.
and depreciation as ob!ign tons payable
only in silver, and would destroy the
parity between the two metals by esc
Publishing d discrimination i'll favor Oh
gold. 400, .,,so
notes had been issued in payment OF sl.
yer bullion purchased to the amount or
more than one hundred and forty seven
millions of dollars. While all but a very
small quantity of this bullion remains IN
coined ard without usefulness IN the
treasury. many Of the notes given IN ITS
purchase have been paid i'll gold. This is
illustrated By the statement that between
the LIST day Of May. 1892. and the ioth
day of July. 1893. the notes of this kind
issued in payment for silver bullion
amounted to a little more than So4.ooO,
600, and that during the same period
about $49OOO.0OO were paid by the treas
ury in gold for the redemption of such
notes.
The policy necessarily adopted of pay,
ing these notes in gold has not spared
the gold reserve of S1OO.00O.0OO long ago
set aside by the government for the re-
demption Of other notes. for this fund
has already been subjected to the pay
ment of new obligations amounting to
about S15O.OOO.GOO OH account of silver
purchases. and has as Il consequence. for
The first time since its creation. been en-
croached upon. We have thus made the
depletion of our gold easy. and have
tempted other and more appreeiative ma
tions to add it to their stock. That the
opportunity we have afforded has not
been neglected is shown by the large
amounts OF gold which have been recent
" drawn from our treasury and exported
to increase the financial strength of for.
eisn nations. The excess of exports, of
gold over its imports for the year ending
June 80, 1893. amounted to over ST.
100000. Between the LIST day of July,