Iuka reporter. (Iuka, Miss.) 1888-1894, 1893-08-17

PRECEDENT Cleviand Reviews the Sit.
uation and Recommends tho
Prompt Repeal of the
Sherman Act

| WASHINGTON, Ang. sS.-The follow
ing is the Presidents message, which
| was sent to both houses of Congress
| today:
To the Congress of the United States;
The existence of an alarming and
extraordinary business situation, in.
volving the welfare and prosperity OF
all our people has constrained me Il
call together iii extra session the PEG
ple's representatives., in Congress, t
the end that through wise and pa
triotic exercise of the legislative dut,
with which they solely are charged
present evils may be mitigaled ant
dangers threatening the future may b,
avoided.
i Our unfortunate financial plight il
not the result of untoward events, MOI
| of conditions related to our natura
resources, nor is it traceable to any Of
the affections which frequently check
national growth and prosperity with
plenteous crops, with abundant prom.
Use of remuncrative production, and
manufacture, with unusual Invitation
to safe investment and with satisfac.
tory assurance to business enterprise,
suddenly financial distrust and fear
have sprung up on every side.
Numerous moneyed institute
have suspended because abundant
sets were not Immediately available to
meet the demands of frightened de.
positors. Surviving corporations and
individuals are content to keep in
hand the money they are usually anx-
ious to loan, and those engaged in lc-
| climate business are surprised to find
that the securities they offer for loans,
though heretofore satisfactory, are no
longer accepted.
| Values supposed to be fixed are fast
becoming conjectural and loss and
failure have invaded every branch OF
business. believe these things are
principally
CHARGEABLE TO CONGRESSIONAL LEGIs-
LATION
| Touching the purchase and coinage
Of silver by the general government,
This legislation is embodied in stat
ute passed on the 14th day of July,
1890, which was the elimination of
much agitation on the subject involved,
and which may be considered truce
after a long struggle, between The adj
vocates of free silver coinage and
those intended to be more conserva.
tive.
Undoubtedly the monthly pur.
chases by the Government of four
| million and five hundred thousand
ounces of silver enforced under that
statute were regarded by those inter-
ested in silver production as a certain
guaranty of Its increase in price.
The result, however, has been ell.
tirely different, for Immediately fol-
lowing spasmodic and slig hit rise the
price Of silver began to fall after the
passage of the act, and has since
reached the lowest point ever known.
The disappointing result has led re.
newed and persistent effort III the di-
rection of free silver coinage. Mean
while not only are
THE EVIL EFFECTS
of the operation of the present law
constantly accumulating, but the re-
suit to which its execution must inev-
itably lead, is becoming palpable to al
who give the least heed to fine ucia
subjects. This law provides that IN
payment for the 1880, 900 ounces OF
silver bullion, which the Secretary Of
Treasury is commanded to purchase
monthly, there shall be issued treasury
notes redeeinable on demand in gold
or silver coin at the discretion of the
Secretary Of the Treasury, and the
said notes may be reissned.
1t is, however, declared in the act
to be ssthe established policy of the
| United States 70 maintain the two met
! ais on q parity with each other urcn
the present legal ratio or such ratio as
may Le provided by law" This dec
| laration SO controls the action of the
| Secretary of the Treasury us to pre-
/ vent his exercising the discretion nom.
! inallv invested in him. If, by such &C
| ton. the
| PARITY BETWEEN GOLD AND SILVER
may be disturbed, manifesily "a refu.
| sal by the Secretary to pay these treas.
ury notes ia gold, if demanded would
necessarily result in their discredit,
and depreciations as obligations pay
| able only in silver, and would destroy
The parity between the two metals by
establishing discrimination in favor
of geld.
Up to the 18th day of July, 1898,
these notes had been issued in pay
ment Of silver bullion purchases to
the amount of more than one hundred
and forty seven million dollars, while
all but very small quantity of this
bullion remains uncoined and without
usefulness in the treasury. Many of
the notes given in its purchase have
been paid in gold.
This is illustrated by the statement
that between the first day of May
1892, and the 10Th day of July 1898,
the notes Of this kind issned in pay
ment for silver bullion, amounted to
little more than $54 200, 900, and that
during tile same period about $49,-