The Dickinson press. (Dickinson, Stark County, D.T. [i.e. N.D.]) 1883-1927, 1893-08-12
TIE PRESIDENTS MESSAGE
THE FINANCIAL QUESTION DEALT
NTH At LENGTH.


The sherman LAW Must he Repealed
Says the Pre~ilcnt-The People. de-
n,and u sound and Stable Currency
Tariff Reform Will Come Later.
Washington, Au.. S-'Ihe president 5
message WAS delivered to congress as
>,.an as the two bodies We're called to-
y,,hcr ut noon. Its reading waS pro-
cce,leu with l, is rs follows:
To the Congress of the United States:
The existence of an alarming. an extra
ordinary business situation. involving the
welfare and prosperity of all our people
has constrained me tn cal! together Ill eN-
tra session the peoples representatives III
congress. to the end that through Il wlSr
ans! patriotic exercise of the legislative
duty with which they solely are ch:'rsed.
preSent evils may I've mitsatcd and dam
gers threatening the future may be
1Ncrtctl.
Our Unfortunate Financial Plight
is not the results uf untowaru events nor
of conditions related to our natural r'S
sources: nor is it traceahlc TO amy ot the
a,.iir,iuuS which frequently check ma
p!,ant,ous crops. with abundant promise
nf remuncrativc production and manl-
i;.t,,rr; with unusual invitations TO
Saf. investment with satisfactory as
SnrancrS tn business enterprise. suddenly
financial ,li>truSt and fear have sprung
urun every side. Numerous m"nryed
institutions have suspended because their
abundant assets We're not immediately
available I" meet the demands "t frl.t-
teitrd d,p,SitorS: surviving corporations
and individuals ar. too content I" Keep
in litu,l the money they are usually amy
ions to loan. and those engaged i'll lesltl-
mate business are surprised I" hhu that
the securities they offered for loans.
though heretofore satisfactory. are no
longer accepted Values supposed I" he
fixed are fast becoming c"ujrrtural ana
loss and failure have invaded every
branch of business believe these things
are principally rlargrahlr to congrrSSion-
nj legislation touching the purchase ana
coinage of silver by the general govern
mrnt.
This legislation is embodied in sta
tute paSSr, on the l-itll day of July. ISM,
which WAS the elimination "t much aSi-
t;tion on the subject involved. anu when
may h. considered Il truce after ths long
struggle between the advocates "t Tree
silver coinage and those intending To pe
more conservative.
l-ulnul,r,lly the monthly purchases
hv the government of -i.5MMm ounces
Of silver forced under that statute We're
regarded by those interested in silver
production as i, certain guaranty ot IT'S
Increase in price. The result. however.
has been entirely different. for lmmr'ii-
atcly following Il Sp,Sinodir and slight
rise the price of silver began to fall after
the passage nf the act and has Siil'e
reached the lowest point ever known.
This disappointing result has lrd to- re-
ncwcd and persistent effort IN the uifec-
tion of fire." silver coinage.
Meanwhile. not only are the evil et-
fccs of the operation of the present law
constantly arc,imnlating. but tn" result
To which its execution must inrvi,aniy
lead is hrromim. palpahlr To all who give
I'll" least heed to financial subjects.
This law provides that i'll ,In,ym"n,, i, "l
The l.IW.OGO ounces of silver hhliioli
which the secretary of the treasury Is
commanded to purchase monthly. there
,hnll hr issued treasury notes. redrrm-
able, on demand. in gold or silver com.
at tn. discretion of the secretary OF me
treasury. and that the said notes may he
rcisSurd. Ii is. however. declared III
the act to he ''thc established policy OF
the United States to maintain the two
meals upon Il parity with e;irh otnrr
upon the lrprtrsralrtr .oiocl lviransrodX
ratio as may he provided by law
This declaration so controls the action
of ,L,. secretary of the treasury as to
prevent his exercising the discretion nom
iuolly vested in him. if by such action the
parity hctwcc gold and silver may he
disturbed. Manifrstly refusal by the
secretary TO pay thrs" treasury notes Ill
gold, if demanded. would necessarily
Result in Their Discrcdit.
and depreciation as ubli.nti"nS payable
only in silver, and would destroy lhe
tnhliShing IL discrimination i'll favor OF
gold. ,,o. .,,a
notes had been issued in payment OF Sil.
yer bullion purchased to the amount OF
mor. than one hundred and forty seven
millions of dollars. While all but a very
small quantity of this bullion remains IN
coined and without usefulness III 'he
Treasury, many of the notes given IN IT'S
nnrcLnsr have been paid in gold. This is
illustrated 10y the statement that h''wc"il
The lst day of May. 1882. and the lotll
day of July, 1883. the notes of this kind
issued in payment for silver bullion
amounted to IL little more than S''4.'hn,
OW, aud that during the same period
about S4nimu.OO We're paid by the treas
ury in gold for the redemption OF sucli
notes.
The policy necessarily adopted of pay
ing these notes in gold has not spared
The gold reserve of S1Oo.NDOD long ago
set aside by the government for the re,
tlumution Of other notes. for this. fund
has already been subjected to the pay
nrnt of new obligations amounting To
about Sl5OtNH.taD on account "f silver
purchases. and has as Il consequence, Tor
the first ,iine since its creation. been en-
crnaclrd upon. We have thus made the
depletion of our gold easy. and have
,ions to add it To their stock. That tn"
npportunity we have afforded has not
been neglected is shown by the large
amounts of gold which lav" been recent
| lv drawn from our treasury and exported
to increase. the financial strength OF for.
ci.n nations. The excess of exports OF
gold over it's imports for the year ending
JW.UOO. Between the 1st day of July,
1880. and the 15tl: day of July. lS!G',
the gold coin and bullion in our treasury
decreased more than S1:2.WH.WO. while
during the same period the silver coin and
bullion in the treasury increased NOR"
than S147.0OO.NW. lulcss government
bonds are to he constantly issued and sold
to rrplrliSh our exhausted gold. only to
to be again exhausted. it is apparent that
the oprration of the silvrr-purchalsn law
now in force leads in the direction of the
entire substitution of silver for gold in
the government treasury and that this
must be- followed by the payment OF all
government obligations in dcprcriated
silver.
Gold and silver Must Part Company
and the government must fail i'll lis eS-
t.,ll s1,u,ly IN III :,)p