Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-08
M lhe Conprell oi 40 Unlled slnle..

10 the Congress Of the United States:
The existence Of an alarming and
extraordinary butinoss situation, la.
volylng the welfare and prosperity Of
OIL our people, has constrained me to
call together in extra session the
teoplo's representatives ia Con.
gfoss, TO tho end that through tho
wise and patriotic exercise Of the
legislative duty with which they
solely are charged, the present evils
mny be mitIgated aud the dangers
threatening the future may be avcrtod.
Our unfortunate financial plight Is
not the result OF any untoward
events, nor Of conditions related
% our natural resources; nor
a u timetable 10 any OF
the affections which frequently check
tho national growth and prosperity.
With plentoous crops, with an album
dant promise OF remuneratlvo pfoduc.
lion and manufacture, with unusual
invitation 10 safe investment
and with satisfactory assurance
to business enterprise, suddenly
financial distrust and ionr have sprung
up on every side. Numerous mOnoyod
institutions have suspended, because
a bundant nssets were not Immediately
available to meet the demands Of
frightened doposItoTs. The surviving
corporations and individuals arc con.
tent 10 keep In hand the money
They are usually anxious 10 loan, and
those engaged In legitimate business
lro surprised to find that tho securities
they offer Tor loans, though heretofore
satisfactory, are no longer accepted
Values supposed to be Fixed are fast
becoming coBIoctural, and loss and
failure have invaded every branch Of
business.
HERE'S THE RUN.
l believe these things are rim ilally
chnrgtable 10 congressional legislation
touching the purchase anu coinage Of
silver by the general government.
This legislation Is embodied In
statute passed on the 9TH day OF July,
1890 which was the elimination OF
much agitation on the subject In.
lived, AMI which may be- considered
. fucu after long struggle between
o. advocates Of frea silver coinage
aud those intending 10 be- more con-
tcrvgtiNo. Undoubtedly the monthly
pufchastH by the government Of four
million five hundred thousand
ounces OF silver, forced under
N statute w,Ti regarded ~
tholi int es eti In the silver pro-
.yion az IA certain guursnly Of ils
Increase In price. The result, how.
ever, has been entirely different; for
Immediately following the spAsm0uic
anu slight gise the rice VI silver began
10 inll after the passage Of the act,
and has Hinc0 reached the
lowest point ever known. This
disappointing feault has led 10
u renewed aud persistent effort ia the
direction VI tICe silver coinage.
Meanwhile, not only arc the evil
effects OF the operations VI the present
law constantly accommodating, but
the result TO which Its execution must
Inevitably lead are becoming palp.
able 10 ali who give the least
heed 10 financial subjects. The
law provides that In payment
Tor the four million Ave hundred thou
sand ounces OF silver bullion which
the secretary OF the treasury n COM
manded 10 purchase monthly, there
shall be iesued treasury notes redeem.
solo on demand In gold or silver coin
a. the discretion u the secretary Of the
treasury, und that said notcs may DO
Ieiseued. IL IL, however, declared
In the act 10 bo "lhe es-
tablished policy Of the United
states TO maintain the two metals upon
a panty with each other upon the
present legal or such ratio as may be-
provided by law"
This declaration 20 controls the no.
ton Of tho secretary OF the treasury as
10 prevent his oXercising tue uisoro.
ton numiuElly vested Ia him, II by
zach action tho parity between gold
and silver may be disturbed. Maui.
testify the refusal by the secretary 10
Pay these treasury notes In gold, II
demanded, would necessarily result h.
iurir disoredit and depreciation as Ubli- !
rntiOns payable only In silver, aud |
would destroy the partly between the !
twO metalG by establishing ditcrlnina' !
don In favor Of gold.
HOW THE GOLD GOES.
Up to the 10Th day Of July, 1873, |
these notes had been Issued In pay. |
ment0 tho silver bullion purchased,t 10 |
the amount OF rpOIs slaa SlG7,OOO,0OO. |
While all but a very small suaRtly |
n his bullion fcmains unoOined anu !
without uaeiulress In the treasury |
many Of the notes given In liz pur.
chase bRye been pAld In gold, This is
Illustrated by tho settlement that
between tine Let day OF May 1893, and
the l6lh day Of July 1903, The notes OF
TINS Kind Issued In payment for silver
bullion amounted to little more than
S54O00,O0O, ana that during the same
leriod about $40, 900 were paid by
thetteasury Ia gold Tor the redemption
nj such notes. the policy necessarily
adopted, Of paying these notes Ia
gold has not spared the
gold EeseTye OF 500, 100000. J