The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-09
THE MESSAGE,

President Cleveland Urges Prompt and Un-
conditional Repeal of the Silver Law.
WAsHINGToN. Aug. S.-FollcwlnR il Pros
ident Clevciand's message. as read in both
houses of Congress-. at 12:45 o'clock this
afternoon:
To the Congress of the United States;
The existence of an alarming and ex-
traOrdinary business situation. involving
the welfare and prosperity of oil our peo-
pie. has constrained me to call together In
extra session the peoples representatives
in Congress. to tho end that by their wise
and patriotic exercise of the legislative
duty. with which they solely are charged.
present evils may be mitigated and dan
gers threatening the future may be averted.
Our unfortunate financial plight is not
the result Of untoward events nor of con-
ditlons related to our natural resources;
nor is IL traceable to any of the Affections
which frequently check national growth
with abundant promise of remunerative
production and manufacture, with unusual
invitation to safe investment and
with satisfactory assurance to ousi-
ness enterprise, suddenly financial
distrust and fear have sprung
up on every side. Numerous moneyed in
stituti0ns have suspended because their
abundant assets were not Immediately
available to meet the demands of fright
ened depositors Surviving corporations
and individuals are content to keep In
hand the money they are usually anxious
10 loan, and those engaged In legitimate
business are surprised TO IND that the Sc
curities they offer for loans. though hereto
fore satisfactory. are no longer accepted.
Values. supposed to be fixed. are fast be-
coming cOnlectural, and loss and failure
have invaded every branch of business.
L believe these things are principally
chsrgeable to coDgressi0nsl Legislation
touching the purchase and coinage of sill
YER by the general government. This
legislation Is embodied in statute
passed on the 14th day or July:
1880. which was the elimination OF
much agitation on the subject involved,
and which may be considered q truce. after
the long struggle. between the advocates OF
free silver coinage and those intending to
be more conservative. Undoubtedly the
monthly purchases by the government OF
100000 ounces of silver enforced under
that statute were regarded by those inter-
ested IN silver production as certain
guaranty of it's increase in price. The re-
suit however. has been entirely diherent,
for Immediately following spasmodio and
slight rise. the 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 to re-
newed and persistent effort In the direc-
ti0n OF free silver coinage.
EVIL EFFECTS OF THE LAW.
Meanwhile, not only are the evil effects
of the operation of tho present law con-
stantly accommodating. but the result to
whIoh It's execution must inevitably lead
Is becoming palpable to all who give the
least heed to financial subjects. This law
provides that in payment for the 4.500. 900
ounces of silver bullion which the Secro-
tary of tho Treasury is commanded to pur.
chase monthly. there shall be issued treas
ury notes redeem able on demand in gold or
silver coin, ut the discretion of the Secre-
tary of the Treasury. and that said notes
may be reIssued. IL Ia. however. declared
In tho act TO be "the tabIished policy of
the United States to maintain the two
metals on parity with each other on the
present legal ratio. or such ratio as
may be provided by law" This declara-
ti0n 30 controls tho action Of the Secretary