The Caucasian. (Clinton, N.C.) 188?-1913, 1893-08-17
PRESIDENTS MESSAGE
Sherman Law DESCRIBED a. the
Cause Of All the Trouble.


e
oaT osia R-.-rs~ vns.sra~s TEE, tNs
rr~..~Ty ..A .,r~"-a So i@-'~..~ ne
Faa.~stsi str..s'a az o,Ast Maltese.
w. C.nast s~.t.ia rt.s ass.,
wAau~uruS. Aas The tclle~ts,s =.
. cory % the communication 90 The H.s Al
Affairs ut the ,,iun t,s1s sr,irsi D., she
president cf th. tngt~si state, And fsaA tr,
hosh housr~ Of congrv%a yret er,lay aflsr
noon
To Tug CoNunr~S ~ TtE tNrrsn
sTArIs--Th~ eNi.trHcc - an alar-ugas anA
i extraordinary huslneNa situation. tnyulv.
ins the welfare and at=srtfN - EIi aut
people, has cofstFainrsl rss Co call ',s.vthr
In extra ~-ssiun the Ts-oplr's rvVrs ss~uIAiisc.
In congress 10 tho eu.i that tiruush a wtsr
and patriotic eNcrrt>r ot thr is...latl,~
duty. with ~hich ,h-, soivly Af, ,harEvSt,
present evils m>y h. p.itgs gated AnL dan.
gers threatening the tutuw tnay ~
ASrTted
C.0.~ "a the TE,sst-
Our untott up=s~ financial pllaht ~ rnt
| the result of sntovarsi rYcsts upt ~ Goa
ditions related 20 unt natural rv.l,ur,s..
nor ). u trsccAhle to any ot the ss'l..ii.us
&
ard prusperitv With pl.ut~nna c,ff,,.
with abundant promise ~ rcuiaurta 8
/ production aud manu- 'a,turr with uu
4 usual Invitation tn -air investment aud
with satisfactory assurance 10 husinc>. cn-
terpriSr, suddenly financial disiru-t and
fear have sprung az GA every sldr Nuurr
ous muneyed tnSiil lntious have rusfpadr,i
because abundant R~.rts srrr rut lns
nediately available TO meet Demands of
1 frightened dcpo~itor-. Surviving ccr}slt-
ationS and individuals are r,,utruI 80 hrrp
In hand the money they are usually aiN.
ious Ia loan, and those ruRsrc~l "a ',Fiii.
mate business are surprised So uafH tlai
/ the securities they offer !ur lnAus though
heretofore satisfactory. are no longer sc.
! cepted NSlurr supposed 90 lr uh,d are
fast becoming conJ"riural. and los aud
failure have Involved every hranch uf
busness
] believe these 'hings are principally
chArgrable 10 congressional Legislation
touching the purchase aud coinage ~
silver by the general government
E,ii. Of the sherman Law.
This Legislation L. cu,lo,iird In "a statute
passed on the Itth day II July. iSs.
| which was the culmiuaticn of much agi
tatiou on the subicc, involved. and which
struggle, hrtwcon tho ndvrcatc. 81 fire.
silver coinage aud those intending to be
! more conservative
| Undoubtedly the monthly purchase by
the government ot 4tr0ON ounces -
! silver, enforced under that statute, was
regarded 10y those intvTestcd Ia silver ptu.
duotion A. certain guaranty of its in
crease ia price. The result, however, has
becu entirely different, for Immediately
/ following a spssnodic and slight ri-c the
price Of silver began 10 fall after the pas.
sage Of the act, and has since reached the
lowest point ever known. This diyappuint
Ing result has led TO renewed and per
sistent effort In the direction of free silver
coinage.
Meanwhile. not only are the evil effects
Of the operation of tho present law con.
stantly accnmulatina, but the result tn
which it's execution must inevitably lead
Is becoming pslpsble 20 all who give the
least heed To financial subjects
To Preserve sh. Pa rity.
This Law provides tina, in payment for
the $4,000 ounces of silver bullion
which the secretary Of the treasury IL com.
manded TO purchase monthly, there shall
DO issued treAsury notes redcenable on dc.
mand In gold or silver coin. -; the discre-
note. may be rei.sucd II i. however. de-
clsred iu the act to be the est nblished
policy Of the United States to maintain
the two metals on a partly with each
other upon the present legal ratio. or such
ratio as may he provided by law " This
declaration 80 controls tho action of the
secretary of the treasury as TO prevent
his exercising the discretion nomi.
nally vested In him II by such
action the parity between gold aad
silver may be disturbed Manifesily. "A
refusal hy the secretary of the treasury 10
pay these treasury notes In gold. II de-
manded. would necessarily result In their
dlscrcdit and depreciation as obligations
payable only Ia silver, and would destroy
the parity between the two metals by es.
tablisbing n discrimination Ia favor of
gold.
Gold for >nv~.
Up 20 the 18th day of July, isa3. th~S.
notes had been issued in payment 81 silver
bullion purchases IN the amount Of more
than SltT, ,OJn 600 While all but = very
small quantity Of this bullion remains un-
coined and without usefulness In the
treasury, many of the notes given Ia it,
purchase have been paid la gold
This Is illustrated by the statement that
between the lat day 81 Msv, 1872. aud the
18th day Of July. 1893. the notes of this
kind issued la payment for silver bullion
amounted to /. little more than 50 90 100.
and that during the same period about
60. .0IO, 600 we're pHid by the treasury In
gold for the redemption Of such notes.
The policy necessarily adopt ed of paying
these notes in gold has no, spared the gold
reserve Of slOO 0Dt. .tpr long a0o set aside by
the goveruin-ut Tor the redemption Of
g. .Rs Ia...F.
subjected to the payment of urw ohligs-
tions amounting 10 about sIJi1jO. 90 on
account OF silver purchases. and has. a. a
conSequenc". for the first lime since Its
creation. been sucruHchtd upoa
G..,d Reserve DrpI.tI"s.
We have thus made the depletion of our
gold Easy, and have tempted other aud
Tnore sppreciative nations to add 1t to their
.tocx That the opportunity we have Of
fered has not been neglected in shown hy
; tie ial ge amounts of gold which have been
. recently drawn from our treasury aud ex'
port ed 10 increase the financial strength Of
for.ign nn'iou- The excess uf exports OF
/. gold over Is imports for the year ending
June 80. 1895. amounted TO more than ss7. :.
5C0Uo0.
Be. wen July I. 1890. and July i5 1870
. the gold coin and bullion in our treasury
decreased more than sI32,UD,Oo while
during the same period the silver coin and
bullion In the treasury increased more
; than s147, 10000 Unless government
, bonds ere 70 be constantly issued and sold
to replenish our exhausted gold. only TO b
= again exhausted, il is apparent that tks
!, operation of the silver purchase law nov
0 In force leads to the direction Of the eptirs
. substitution Of silver for the gold in th'
government treasury. and that this mus
be followed hy the payment OF all govern
ment obligat ons In deprecated silver
Gold and Silver Part Company.
} At this stage gold and silver must part
e company and the government must fall In
Its established policy TO maintain the two
:. metals on a parity with each other. Given
d over to the exclusive use OF currency
greatly deprecated according TO the stand
II ard of the commercial world we could nc