The Superior times. [volume] (Superior, Wis.) 1870-1912, 1893-08-12
CLEVELAND TO CONGRESS.
Inc Presidents Message Urging the Ro.
9e9I Of the Silver LaM.

y ~ "'iiNiH "l'h the
Hhanclal situation and urges the Immp-
diata rpnaaI of tho SLor,,,.,,, r;I,.~,,, -.
l,,,,, u " =, ii'''il 7liNti I'ul-
NiI''0' at. II II az lolIO"S:
To THE CONGRESS or THE UNITED STATES. The
existence OF an alarming and extraordinary hrI>.-
ness situation involving the welfare and pros
lciitE OF an our people. hdN constrained me to
call together in extra session the peoples repre-
sentatlNeS III Congress, 10 the end that through a
wise and patriotic exercise OF the Legislative
DUTY with which they solely are charged. pres
ent evils may be mitgatCd and dangers threat
enlng the future may he avcItcd.
Our unfortunate financial plight is not the re-
suit of untoward events nor of conditions re-
lated to our natural resources: nor is il trace
able TO any of the anlictions which frrGuent}v
check national growth and prosperItv With
PienteouS crops, with abundant promise
OF remuneratlve production and mauufact-
ITc with UNUSUAL invitation to safe
investment and with satisfactory assurance 10
business enterprise suddenly financial di>trlIst
and fear have sprung up on every side. Nu-
mefouS moncNCd institutions have suspended
because abundant assets were not imIncIiatIy
available to meet the demands of fright
ened dePositors; surviving corporations and
lndiNidualS are content to keep in hand
the money they are usually anxious to loan.
ana jhose engaged in Legitimate business are
snrPrlscd 70 ma that the securities they offer
ioI IoalS' iho'@I heretofore satisfactory, are u"
longer accepted. Values supposed 10 bee fixed
are lasi becoming conJectural, and loss and
failure i have invaded every branch Of business.
peilcve these things are principally charge
able 70 congressional legislation touching the
purchase and coinage of silver by the general
government ms legislation Is embodied in
saiuie passed on the l4th day Of July, lS.p.
which was the elimination of much agitation
on the subject involved, aud which may bc con
fSuFISu truce ater the long struggle. between
the advocates of free silver coiuagcand those in
tending to he more conservative.
Cndoubtedly the monthly purchases hy the
, ~ lIlclt oi 4"Fh"" ounces 81 silver, forced
tCrested in silver production as q certain
guaranty of its increase in price. The result
lgr
Immediately following a spaSmodic and Slight
rise, the price of silver began to ia m after tho
passage Of the act and has since reached thp
lowest point known. This disaupojutiu.,
result has led To renewed and pcrsiStCnt effort,
In the direction of free silver coinage
Meanwhile not ONLY are tho evil effects of tho
operation of the prcscnt law constantI,- '.,.I
mulating, but the result tn which its execution
must inevitably lead is becoming naIpaLIr toau
who give the least heed to fjnanciaI snhicrt,
0nO0uI'CrS of ii Yer bI,IIior u, irh he sor,,,,
the treasury is commanded to nurrbssn n,ontjl,-
there shall be issued treasury uotnS rr5..,,n,lJ
on demand in gold or silver coin at no disrr.
ton of the secretary Of tho troasIIrt, ord ~,
said notes may be re- issued II is h6vCrcr a.,
cared in the act to be thc csfa bIi,hrd nnIir, nf
the United StatcS tO maintain tho fyyn metals
upon Darity with zach otbnr I,r,T -, -,
legal Ito or such ratin as MAJ hn ,i4 ~,
law" This declaration 50 cnmfroI th a.t,C,, r.
the secretary of The treasury a Ia 1,rn,.,r,+
ercising the discretion nomiualIv vested i'm hin,
if by such action the naritv hnty-n,, cr,IJ ,,,,
ii may ba
by the secretary To nay fbcsn trrasIrrv ,,ato. ;r
gold if demanded woriI ,,n,n.yoE EiI ~ it =,
in their diScrcdit and dcnrn.iotian -, ~
ligotiore ,o,,,I,i, 80 - w - ,'"'!pit a. ''
would Jostrdt,. 10 ,,r;, ..ii am
als hv him. diri,i,ti ,''y n 'H"
poId INNS " "'>'' I'i'''i'b III ld'"I OF
- .. ~, ,=.I ~, 5000
ba,P 1 ~ ny I'Iii W! 81 July, ~, ihcsG NOES
IIr,tod % ~ ~ ia, '.''',! VI Nll,GI "ul.ol
lnn nnm W,h ~ NY nli."l'I' vi more iIlal SI4"-
iilir * itlf tiItl fai>Rp fhffE AZ ht iiHttR iGIE ti
This is illustrated bv the statement that he
tween the first day of May 1892, and the 18TH
day of July 1898 the note, of this kind issued
in pay ymert for silver bullion amounted to "A lit
tIr more than S5l on0 0oo, and that during the
same neriod about ~ 600 oDD were paid bv th,,
treasury in gold for the redemption of such
notes
The p0licy necessarily adopted Of paving these
notes in cold has NOT >t,irnd the cold reserve of
e1nn nnn nv, l,,,T ,,,, ,f I,. fh, ,r,arnmanr
for The redemption of other nntcs for this fund
ba. airooi,, {n,,, snI,i.ctcJ IA Tho rayncnf Of
~. iIigafions s,pnI,,,tr,, IN 81 Lnut >1O OOn olo
~ orcoTnt nF silver ,.rrrLa,n, aud has ~ a
heru cncroac chcd upou
We have thus 1uad.. the depletion of our gold
easy and have tcnt,tnd others and more q ppra-
Cigfiyc nations To add il to their stock Thatthc
onnnrtnnity we have offered has not been neglect
ed is shown bv the large amounts Of gold which
have been recently Withdrawn from our treas
nv, and axnnrtrd tn increase The financial
utr.nTtL of foreign nations The excess of t.v-
nnrfl ofunId over its irunorts for the wear end
mo Iuuc 10 1898 Amounted TO more than So
500 900 Brtwccn the Isl day of Iulv 1900 ANA
The 18th dav of IuIy lsga the gold coin and
bullion in our treasury decreased more than
sl@2.VH,~n Whltc during t1cSAW' period lh"NlI-
yer con, ''iiu ~ 4.-lIoi M @ ' ''' " I'H"'l
more lhah SlI""'Ho" mess InNtIIiIclt
bonds are to be constantly issued ana sofa 10
replenish our exhausted gold, only To hc again
exhausted, 1t is apparent that the operation OF
the silver purchase law now in force leads in
the direction of the entire substitution of silver
for the goId i'm the government treasury. and
a