Oakes weekly Republican. (Oakes, Dickey County, D.T. [i.e. N.D.]) 1883-1898, 1893-08-11
PRESIDENTS MESSAGE.
Congress Listens to an Argument For
Repeal


dents message to congress is as followss
rs the Congress Of the United States!
The existence of an alarming and extra
ordinary business situation, involving the
welfare and prosperity of all our people,
has constrained me to call together hl
extra session the peoples representatives
in congress, to the end that through wise
and patriotic exercise of the legislative
duty with which they solely are charged,
present evils may be mitigatcd and dan
gers threatening the future may be
averted. Our financial plight is not
the result of untoward events, nor of
conditions related to our natural re-
sources; nor is it traceable to any of the
Affections which frequently check national
growth and prosperity With plentcous
crops, with abundant promise of re-
muncrative production and manufacture,
with unusual invitation to safe Investment
and with satisfactory assurance to bust.
ness enterprise suddenly financial distrust
and fear have sprung up on every
side Numerous moneycd institutions
have suspended BECAUSE abundant assets
were not Immediately available to meet
the demands of the frightened depositors.
The surviving corporations and individ
ilhls are content to keep in hand the
money they are usually anxious to loan
and those engaged in legitimate business
are surprised to find that the securities
they offer for loans, though heretofore sut-
isfactoi;y; ai'e no longer accepted:
Chargeabic TO Legislation.
i believe these things are principally
ehargcable to Congressional legislation
touching the purchase and eotnageof sill:
YER by the general government:
Mi. Cleyeland next reviews the Sher;
man law and its effect upon the inan-
ces of the country. He says the pro.
vision of the law to the effect that the
treasury department shall not dis
criminate against silver has made the
depletion of gold in the treasury easy.
Silver certificates to the value Of mil
lions have been redeemed in gold, and
if the purchase of silver is to proceed
other millions will go i'll the same way.
Must Part Company.
At this stage gold and silver must part
company and the government must fail in
Its established policy to maintain the two
metals on q parity with each other. Given
over to tile exclusive use of currency
greatly deprecated according to. the
standard of the commercial world, we
could no longer claim q place among ma
| tions of the first class, nor could our gov
ernment claim performance of its oblfRa-
ton, SO far as such an obligation has been
imposed upon IL, y Pc.
| the people, the best and safest money.
| If, as many of it's friends claim, silver
ought to occupy a larger place in our cur
rency and the currency Of the world
through general International eD=operatiui,
and hgtceiii lit; it is obvious that TIN;
United States viii ibt III iii il position td
gain II hearing in favor OF such an arrange
ment so long rs we are willing to con-
tinue our attempt to accomplish the re.
suit single handed
Resulted In Lack Of Confidence.
The knowledge in business circles among
cur own people that our government car
hot make its fiat equivalent to intrinsic
value, nor keepih force our money bn d
parity with superibr money ,by its own iii
dependent efforts; lids ressulted Iii such !
lack of confidence 1T home in the stability
of currency values that capital refuses its
aid to- new enterprises, while millions are
actually withdrawh from channels OF
trade and commerce to become late and
unproductivc in the hands of timid own
ers. Foreign investors, equally alert not
only decline to purchase American securi
ties, but make haste to sacrifice those
which they already have. It does not meet
the situation to say that apprehension ir
regard to the future of our finances Il
groundless, and that there is no reason fo,
lack Of confidence In the purposes of the
| pfivhtuihpnt lii thn ,iii.h,iSaa
Should Not BE bisresardcd:
f,he yesy sxistencs of this appfehensiop
hid 1aek Of soi.fit'ehea, htwevef taused, Ii
i ihGh;iGe which ought not for u moment tt
be disregarded. Possibly if the undertak
Ing we have in Hand; were the maintenance
of n specific krbwli luiintity III silver at /
bsilty with gold, our ability to do ST
might be estimated and gauged, and per
haps III view of our unparalleled growth
AUD resources, might be flvorably pnsset
upon: But when our avowcd endeavot il
to nnnta:n such parity in regard to al
amount of silver increasing ut the rate o
$50, ,OOO00 yearly, with 10 fixed tcrmina
tion to such increase, il can hardly be salt
that Il problem is presented whose solution
Is free from doubt.
Entitled to a Sound Currency.
The people Of the United States are ell
titled to sound and stable currency, Gn
to money recognized as such OIL every eS
change and in every market of the world
Their government has no right to injur
them by financial experiments opposed t
the policy and practice of other civilize
states, nor is it justified in permitting II
exaggerated and unreasonable lelianc
on our national strength and ability t
jeopartize the sounlness Of the people
money.
Tie effect of financial depression I"
the lahoring class, Mr.. Cleveland says