The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1893-08-12
SATURDAY, AUGUST IL. 1898.
THE PRESIDENTS MESSAGE.


Cleveland's brief message to congress on
the financial situation enables the ordin-
ary man to understand everything he
says on q very abstruse subject on which
there is considerable diversity of opinion.
The press and people, irrespective ct po-
litical affiliations, admire the tone and
style of the document. After few pre-
lirninary remarks about the depression
prevailing throughout the country in
financial and business circles the Presi-
dent bluntly says: II believe these things
are principally chargeable to congress
sional legislation touching the purchase
and coinage of silver by the general gov
eminent. This legislation is embodied
in a statute passed on the 18th day of
July, 1890, which was the elimination of
much agitation on the subject involved,
and which may be considered a truce, az
ter long struggle, between the advo-
Gates of free silver coinage and those in
tending to be more conservative He
then points ont the evils of the Sherman
bill, and says the people are entitled to a
sound and stable currency and to money
recognized as such on every exchange
and in every market of the world. lat
times like the present." he says, "when
the evils of unsound finance threaten MS,
the speculator may anticipate harvest
gathered from the misfortune OF others;
the capitalist may protect himself by
boarding or may even find profit in the
fuctuation of values; but the wage
earner-the ivs. to be injured by depre-
ciated currency and the last to receive
the bene6tof it's correction-is practically
defeuseless. He relies for work upon the
ventures of confident and contented cap
ital. This failing him, his condition is
without alienation, for he can neither
prey on the misfortunes of others, nor
hoard his labor" he therefore calls on
congress to act promptly in repeating the
purchasing clauses of the Sherman act to
afford relief to the people in their pres
emit distress. He does not suggest any
substitute and has nothing to say about
free coinage on q wider ratio, or about
temporary suspension of silver purchases,
or about any project for increasing the
volume Of currency. thinking perhaps |
that there is currency enough in the
country it those who have it would take
it from it's hiding places and put it in cir
He merely recommends the
unconditional repeal of the provisions OF
the Sherman act which have operated to
produce dlstrust and undermine conf
dence in the financial world.
Those in the silver states are of course
opposed to the cessation of monthly pur-
chases Of $500 600 ounces of silver by the
government, but it is to be hoped that
such legislation will be enacted at this
special session of congress as will pre-
vent the shutting down OF the silver
mines, and of turning adrift the thous-
snds who have been employed in operat-
ine them. The Presidents message
would indicate that he is a mono-metal-
list, as he favors the finances of the coun-
try to be conducted on purely gold
basis. The question is, is silver respon-
,ible for all the. trouble? Some Demo
Gratis think that If safety vaults were
abolished and the money stored in them
be set IN motion, confidence would be re-
stored and dull times would vanish.
Some Republicans, on the other hand,
think the country is going to the dogs on
of change of administration.
They say the manufacturers are in q
state of uncertainty as to tariff legislation
and hence the financial crash. Il
Mr.. Cleveland touched on the tariff in
his message, and said it was his purpose
10 call an extra session in September to
enter promptly upon the work OF reform
(which the true interests Of the country
clearly demands, which 30 large major
ts Of the people, as shown by it's suffrage,
desires. and expects, and to the accom-
nlishml ull 81 which every effort q the
=, BIT; "a ministr ation is pledged. He
Y 1iats tl,is subject "has lost nothing