The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1893-08-19

President C2srsldRd.
The Message.
Tb THE Confines OF THE UNITED STATES
The existence of an alarming and extraor-
binary business situation. involving the wei
fare and prosperity of all our people. has con
strained me to call together in extra session
the peoples representatives in congress- TO
the end and that through a wise and patriotic
exercise of the Legislative duty with which
they solely are charged. present evils may lie
mitigated and dangers threatening the future
may be avcrted.
OUR UNFORTUNATE FINANCIAL PLIGHT
Our unfortunate financial plight IS not the re-
suit Of untoward events nor Of conditions re-
lated to our natural resources; nor is it tracea-
lie to any OF the Affections which frequently
check national growth and prosperity With
plenteOus crops. with abundant promise or re-
n.unerative production and manufacture, with
uhusuHl invitation to safe investment and with
satisfactory assurance to business enterprise.
suddenly financial distrust and fear
have sprung up on every side
Numerous moneye1 institutions have
suspended tecause abundant assets were
not Immediately available to meet the demands
Of frightened depositors. Surviving corpora
tions and individuals are content to keep in
hand the money they are usually anxious to
loan. and those engaged in legitimate business
are SurprlSeu 10 Iltiu lHt SCNNI lli'S th'g
bffer for loans though heretofore satisfa tory,
are no longer accepted. Values. supposed to
lie fixed. are fast becoming conjectural, and
loss and failure have invaded every lranch OF
business.
THE SOURCE OF DIsTRCST.
believe these things are principally charge
al le to congressional legislation touching the
purt hase and coinage Of silver ly the general
government This legislation is embodied in
a statute passed on the liih day Of July, lSsO
which was the elimination Of much agitation
on the subject involved. ard which may he
considered a truce, after a long struggle, he-
tween the advocates of free silver coinage
and those intending to lie more conservative
DISAPPOINTING RESULT.
Undoubtedly the monthly purchases " the
government OF 45O0.OOO ounces Of silver en-
forced under that statute, were regarded by
those interested in silver production as a GER
tain guaranty OF its increase in price. The re-
suit however. has been entirely different. for
Immediately following n spasmodic and slight
rise the price OF silver legan 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.
EvtI. EFFECTS ACCUMULATISG.
Meanwhile not only are the evil effects OF the
operation Of the present law constantly accu
mulating, hut the result to which its execution
must inevitably lead is lccoming palpahle TO
all who give the least heed to financial sub
jects. This law provides that in payment for
the 10000 ounces of silver bullion. which the
secretary of the treasury is commanded to pur-
chase monthly there shall tie issued treasury
notes redeematle on demand in gold or silver
COIN at the discretion Of the secretary of the
treasury, and that said notes may lie reissued
NO DISCRETION LEFT THE SECRETARY.
1t Is. however declared IN the act to he the
established policy OF the United States 10
maintain the two metals a parity with each
other upon the present legal ratio or such ratio
as may he provided by law" This declaration
so controls the action of the secretary of the
treasury as to prevent him exercising the dis
cretion nominally vested in him. IL by such
action the parity tetween gold and silver
may be disturbed. Manifestly refusal by
the seSr retary to pay these treasury notes
in gold il demanded. would necessarily result
in their discrcdit and depreciation as obliga-
tions payable only in silver. and would destroy
the parity between the two metals ry establish
ing a discrimination in favor Of gold.
THE GOLD DRAIN EXPLAINED.
Up to the fifteenth day OF July. 1893. these
notes had teen issued in payment OF silver
bullion purchases TO the amount OF more than
sI45 1900 While all hut n 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 ty the state
ment that between the lst day OF May. 1892,
and :he 18th day of July, 1899, the notes Of
this kind issued in payment for silver bullion
amounted TO q little more than S54.0o0.G0. and
that during the same period about si9,00O,0oO
wore Maid out in gold for the redemption Of
will s0stes.
no uOtbhcy necessarily adopted OF paying
,ipn antes in gold has not spared the gold re-
tlO0 900 900 long ago set aside ty the
reap tlent for The redemption Of other notes.
fund has already Eeen subjected TO
'nee d rent OF new obligations amounting to
lanfic f5OtOOO0O on account of silver pur-
nd as consequence has. for the first
tlcal aOte its creation, teen encroached upon.
thus made the depletion OF our gold
have enabled other and more apprc-
nations to add 1t to their stock.
nay talk o opportunity we have offered has not
oceans sIected is shown by the large amounts
vino 81, <hich have been recently drawn from
,o,h;,r ,sury snd exported to increase the
strength of foreign nations.
nay trayekPoRTs AND IMPORTS OF GOLD.
this sphcess of exports OF gold over its imports
views froIear ending June 30. 1893. amounted to
there's pen ss7. 10000 Between the first day of
!, and the fifteenth day Of July 1893,
lay talk coin and bullion in our treasury de-
oxygen esm more than SIZE. 10000. while during
,tbinr so period the silver coin and bullion in
,o,,o ,,, ury Increased more than sii7.o0O,0oO
N INEVITABLE CONSEQUENCE
government tonds are to re con-
issued and sold TO replenish our ex-
old only to be again exhausted IL is
oSc whOthat the operation OF the silve pur-