Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-08
10 lilo Conere,. Of Tho United States

70 the Congress Of the United states!
The existence Of an alarming and
extraordinary business situation, IN.
volvlng the welfarc aud prosperity Of
ali our people, has constrained mo TO
coll together in extra session the
ieople's representatives In Con-
rfoss, TO the oud that through the
wise and patriotic exercise Of the
legislative duty with which they
solely are charged, the present evils
may bs miugated and the dangers
threatening the future may bo ayeried.
Our unfortunate financial plight ia
not the TcEult OF any untoward
events, nor Of conditions related
10 our natural resources; nor
is n truceable to amy Of
tho iiic,lons which frequently check
the national growth and prosperity.
With plenteous crops, with an alum
dsut promise Of remunerative produce
lion and manufacture, with unusual
Invitation 10 safe investment
and with satisfactory assurance
to business enterprise, suddenly
financial distrust and fear have sprung
~ on every side. Numerous moneyed
Institutions have Suspended, because
abundant assets were not Immediately
available TO meet the demands Of
frightened depositors. The surviving
corporations and individuals are con-
tent TO keep In hand the money
they are usually anxious 10 loan, and
those engaged in legitimate business
are surprised TO ind that the securities
they offer for loans, though heretofore
satisfactory, are no longer accepted.
Values supposed to be nxod nre fast
becoming eonjocturAl, ana loss and
failure have invaded every branch Of
hufiness.
uRE's THE RUB.
believe these things are principally
ohargeable TO congressional legislation
touching the purchase and coinage Of
silver by the general government.
This legislation 10 embodied In n
statute passed on tho 4th day Of July,
1899, which was the elimination OF
much agitation on the subject IN.
v0lved, and which may DO considered
q truce after long struggle between
tno advocates Of free silver coinage
aud those intending TO DO more con-
sentative. Undoubtedly the monthly
purchases by the government OF four
million five hundred thousand
ounces OF silver, forced under
at statute were regarded by
thos, Interested In the silver pro-
yuudon Us u certain guaranty OIL It,
increase In price. The reault, how.
ever, has been entirely different; for
Immediately following the spasmodic
and slight rise tho 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 10
renewed and persistent effort In the
direction of free silver coinage.
Meanwhile, not only are the evil
effects OF the operations OF the present
law constantly accommodating, hut
The result 10 which Its execution must
Inevitably lead are becoming palp-
heed 10 financial subjects. The
law provides that in payment
Tor the four million Ave huadTsd lhou-
the secretary OF tho treasury 10 COM
manded TO purchase monthly, there
snail be Issued treasury notes rodeem-
able on demand In gold or silver coin
~ tho discretion Of the secretary OF the
NuN a aNs maj La
ieissued. II is, however, declared
In the act 20 DO "lhp cs.
hbllshed policy Of the United
states TO maintain the two metals upon
parity with each other upon the
lTotent legal or such ratio 40 may DO
provided by law"
This declaration 90 controls the hc.
Ton OF tho secretary Of the treasury nv
70 prevent his exercising the dis0re.
Ton nominnlly veAted In him, II by
such action the parity between gOld
Aag silver may bo disturbed. Mani
lettly the refusal by the secretary TO
pay these treasury notes In gold, II
demanded, would necessarily result ia
Wtlf dlacredit and depreciation NJ obli-
laIlona payable only In silver, aud
would destroy the parity between the
,No metal0b by establishing diacrlmlnR'
uon In favor Of gold.
now THE GOLD GOES.
Up TO the 10Th day OF July, 1893,
'hets notes had been Issued In pay
nentoi the silver bullion purchased,to
the amount Of more than Sl45 600.
p while All but very small quantity
u MS bullion remains uncOined anu
Without usefulness In the treasury,
many Of tho notes given la ita pur.
chase have been paid In gold. This IL
Illustrated by tho abatement that
oslween the lst duy OF May 1903, anu
ule 10Th day Of July 1893, The notes OF
.hit kind Issued In payment for silver
ullllon amounted TO little more than
@4,OOO,000, and that during the same
lerioi about $40 100000 were paid by
WetfoGsury In gold Tor the redemption
OF such notes, Tho policy nscessnsily
adopted, OF paying these notes IN
eoid has not spared tho
gOld reserve OF 500, COO, 900,