The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-09


WASHINGTON, Aug. S.-The House was
called to order promptly at noon. After
prayer and the routine business of
opening the days business recess was
taken till 12:45. When business WAS
resumed the Presidents message was
presented to the House and read as
follows:
ITO the Congress of the United States:
The existence of an alarm.
ing and extraordinary business sit.
uation involving the welfare and
prosperity OF all our people has
constrained me to call together in extra
session the peoples representatives in
Congress- to the end that through wise
and patriotic exercise of the legislative
duty, with which they are solely
charged. the present evil may be miti.
gated and dangers threatening the
future may be averted.
Our unfortunate financial plight is
not the result of untoward events nor
OF conditions related to our natural
resources; nor Is 1t traceable to any of
the Affections which frequently check
national growth and prosperity. With
Of remunerative production and manu-
facture, with unusual invitation to safe
investment and with satisfactory assur-
ance to business enterprise, suddenly
financial distrust and fear have sprung
up on every side.
Numerous moneyed institu tions have
suspended because abundant assets were
not INN ediately available to meet the
demands of frightened depositors. Sur.
viving corporations and individuals are
conten, to keep in hand the money they
are usually anxious to loan, and those
engaged in legitimate business are sur
prised to find that the securities they
offer for loan, though heretofore salts
factory, are no longer accepted
Values supposed to be fixed are fast
becoming conjectural, and loss and fail
ure have invaded every branch of bust
moss.
81 believe these things are principally
chargable to Congressional legislation
touching the pnic and coinage of
silver by the general government This
legislation is embodied in statute
passed on July Ia, 1890, which was the
elimination of much agitation on the
subj CT involved, and which may be
considered truce after long struggle
between the advocates of free silver
coinage and those intending to be more
conservative.
undoubtedly the monthly purchases
by the Government of $500, 600 ounces
OF silver, enforced under that statue,
wore regarded by those interested in
silver production as a guaranty Of its
increase in price. The result, however,
has been entirely different. for immedi-
ately following spasmodic and slight
rise the price of silver began to fall after
the passage of the act and has since
reached the lowest point ever known.
This disappointing result has led to
renewed and persistent effort in the
direction of free silver coinage. Mean
while, not only are the evil effects of
the operation Of the present law con-
stantly accommodating, but the result to
which it's execution must inevitably
lead is becoming palpable to all who
give the least heed to financial subjects.
This law provides that in payment
for the four million and five hundred
thousand ounces OF silver bullion which
the Secretary of the Treasury is com
manded to purchase monthly there shall
be issued Treasury notes redeemable on
demand in gold or silver coin, at the
discretion OF the Secretary of the Treas
ury, and that said notes be reissued. 1t
is, however, declared in the act to be
the established policy of the United
States to maintain the two metals on
parity with each other upon the present
legal ratio or such ratio as may be pro-
vided by law
"This declaration so controls the &C
tion OF the Secretary of the Treasury as
to prevent his exercise Of the discretion
nominally vested in him, If by such act
ma ri n hot nd oil n
be disturbed.
"Manifestly a refusal by the Secre-
tary to pay these Treasury notes In gold
II demanded would necessarily result in
their discredit and depreciation
as obligations payable only in silver
and would destroy the parity between
the two metals by establishing dis.
elimination in favor of gold"
up to the 18TH day of july, 1898,
these notes had been issued in payment
OF silver bullion purchases to the amount
of more than one hundred and FORTY.
seven millions of dollars. While sll but
very small quantity of this bullion re.
mains 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 state.
ment that between the 1st day of Nav,
1892, and the 18th day Of July, 1893. the
notes OF this kind sued in payment for
silver bullion amounted to a little tore
than ffty.four millions of dollars, and
that during the same period about nine
millions of dollars were paid by the
Treasury in gold for the redemption Of
such notes.
THE GOLD RESERVE IMPAIRED
The policy necessarily adopted of
paying these notes in gold has not
spared the gold reserve of one hundred
millions of dO1lara 10ntr aOo ont ooid Al h,