Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1893-08-10
The Messare,

| 10 tine congress- pI tlc Cutteu STATES. I.
| The existence of an alarming and extra
| ordinary business situation, involving
| the welfare and prosperity OF all our peo-
| pie, has constrained me TO call together
| in extra session the peoples representa-
| tiyes in congress, to the end that through
a wise and patriotic exercise OF the legis-
! lative dnty with which they solely are
! charged, present evils may be mitigated
| and dangers threatening the future may
| be averted.
Our unfortunate financial plight is not
! the result Of untOward events nor of con-
ditions related to our natural resources; f;
| nor is it traceable to any OF the a Affections
| which frequently check natural growth
| and prosperity. With plenteous crops,
with abundant promise OF remunerativc
| production and manufacture, with unusual
invitation to safe investment and with
| satisfactory assurance to business enter
prise, suddenly financial distrust and fear
| have appeared upon every side. Numer-
| Gus moneyed institutions have suspended
business with abundant assets which
| were not Immediately available to
| meet the demands of frightened
| depositcrs. Corporations and individuals
| arc content to keep in ha n the money
| they are usually anxious t. loan, and
| those engaged in legitimate business are
| surprised to find that the securities they
| offer for loans, though heretofore satis-
| factory. are no longer accepted. Vaiues
| supposed to be fixed are fast becoming
| conjectural, and loss and failure have iu-
vaded every branch OF business
| Principally chargeabls to Silver.
| believe these things are principally
| chargeablc to congressional legislation
| touching the purchase and coinage of sill
yer by the general government.
This legislation is embodied in statute
assed on the l4tn day of July, 1880 which
was the elimination of much agitation on
l. H.
| considered truce, after a long struggle,
| between the advocates of free silver coin
| age and those intending to ee msrc conserv-
ative. Undoubtedly the monthly purchases
] by the government of 400 900 ounces of
| silver, enforced under that statetc, were
| duction as certain guarantee OF its in
| crease in price. The result however, has
been entirely different for, Immediately
| following n spasmodic aud slight rise, the
price OF silver began to fall after the
| passing OF the act and has since
known This disappointing result
has led to renewed and per-
| sistent effort in the direction of free sil
yer coinage. Meanwhile not only are the
evil effects OF the operations of the pres
l cnt law constantly accumulating. but the
bly, lead is becoming palpable to all who
give the least heed to financial subjects.
! This law provides that in payment
ment for the 4, ,50O, ,000 ounces of silver bull
ion which the secretary of the treasury Is
| commanded to purchase monthly, there
on demand in gold or silver coin, at the
/! discretion Of the secretary OF the trea-
| sury. and that said notes may be re-is-
4 sued 1t is, however, declared in the act
to be ''the established policy of the United
/ States to maintain the two metals on a
Ia .:s1. a. Al.
legal ratio or such ratio rs may be
| provided by law" This declaration so
controls the action of the secretary of the
| treasury as to prevent his exercising the
discretion nomtnailv vested in him, If by
such action the parity between gold and
| refusal by the secretary to pay these
treasury notes In gold, II demanded,
would necessarily result in their discredit
/ and depreciation rs obligations payable
| only In silver, and would destroy the
/ parity between the two metals by cstab-
fishing discrimination in favor of gold.
! Up to the 18th day Of July. 1893, these
notes had been issued in payment OF sill
yer bullion purchases 10 the amount OF
more than $l47 900 600. While all but q
very small quantity OF this bullion re-
mains uncoined and without useful
1 fulness in the treasury, many of
the notes given 10 its purchase have been
1 paid In gold. This Is illustrated bv the
| statement that between the fst day OF
May, 1892. and the 18th day OF July, 1894,
the notes OF this kind issued III payment
/ for silver bullion amounted TO little
more than S54, ,000. 90. and that during tho
Same period about &40, ,OCO, 600 were paid
/ by the treasury q gold for the redemp.
tfon " such notss.
4 Enosoacasd on III Cold Rsssrva.
| Ths policy 1eressaEily adopted of pay.
! {ur these notes lii rold hAa not ararod tile
~ the eOser1ment ~ the re43u nti0n 81
esAs< Iois NJ i,i asl ~ slis1a sssa