Weekly graphic. [volume] (Kirksville, Adair Co., Missouri) 1880-1949, 1893-08-11
Presidents Message


ness situation involving the well
fare and prosperity of all our peo-
pie has constrained me TO call to-
gether in extra session the peo-
pIe's representatives in Congress,
to the end that through a wise
aud patriotic exercises of the leg
islative duty with which they sole
ly are charged, present evils may
be mitigated and dangers threat
ened in the future may be averted.
Our unfortunate financial plight
is not the result of untoward
events, nor of conditions related
to our natural resources, nor is it
traceable to any of the atilictions
which frequently check National
growth and prosperity.
With plenteous crops, with
abundant promise OF remuuerativc
production and manufacture, with
unusual invitation to safe invest
ment and with satisfactory assur-
ance to business enterprises, sud
denly financial distrust and fear
have sprung up on every side.
Numerous moneyed institutions
have suspended because abundant
assets were not Immediately avail
able to meet the demands Of
| frightened depositors.
Surviving corporations and in
dividuals are content to keep in
hand the money they are usually
anxious to loan and those engaged
in legitimate business are surpris-
ed to find that the securities they
offer for loans, though heretofore
satisfactory, are no longer accept
ed. Values supposed to be fixed
are fast becoming conjectural and
loss and failure have involved
every branch of business. | be-
liere these things are principally
chargeable to Congressional legis-
Iation touching the purchase and
coinage OF silver by the general
| Government.
This Legislation Is embodied in
a statute passed on the 14th day
Of July, 1890, which was the cul-
mination of much agitation on the
subject involved and which may
be considered a truce, after q
struggle between the advocates of
free silver coinage and those in
tending to be more conservative.
Undoubtedly the monthly pur-
chases by the government of
100000 ounces OF silver, enforc-
ed under that statute, were regar-
ded by those interested in silver
production as a certain guaranty
Of its increase in price. The re-
suit, however, has been entirely
| different, for Immediately follow
ing a spasmodic 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
lresult has led to renewed and per-
sistent effort in tie direction OF
| free silver coinage.
/ Meanwhile not only are the evil
effects OF the operation Of the
present law constantly accumnlat-
ing, but the result to which its eA-
ecution must inevitably lead is be-
coming palpable to all who give
the least heed to financial sub
jects.
This law provides that IN pay
ment for the four million and five
| hundred ounces of silver bullion
which the Secretary of the Treas
ury is commanded to purchase
monthly, there shall be issued
treasury notes redeemable on de-
mend in gold or silver coin, at the
discretion of the Secretary OF the
Treasury, and that ssid notes may
be reissued. It is, however, de-
clared IN the act to be the estab-
lished policy of the United States
| to maintain the two metals on a
parity with each other upon the
present legal ratio or such ratio
as may be provided by law.
This declaration go controls the
action of the Secretary Of the
Treasury as to prevent his ezer-
cising the discretion nominally
vested in him, if by such action
the parity between gold and silver
may be disturbed. Manifestly a
refusal by the secretary to pay the
Treasury notes in gold. il demand
ed, would necessarily result in
their discredit and depreciation as
obligations payable only in silver,
and would destroy the parity be-
tween the two metals by establish
ing discrimination in favor of
gold.
Up to the 18th day of July 1898,
these notes had been issued in
payment OF silver bullion purchas-
es to the amount of more than one
hundred and forty seven millions
of dollars. While all but very
small quantity of this bullion re-
mains uncoined and without use
fulness in the Treasury, many of
the notes given in its purchase
have been paid IL gold.
This is illustrated by the state
ment that between the first day of
May, 1898, the notes of this kind
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