Arizona weekly citizen., 1893-08-19
THE MESSAGE.
How Its Text Reads in
Full.
AGAINST PARTIZANSHIP.
The United Statas Cannot be
Iudependent-PrCmpt Repeal
of the 1890 Act Urged,
AGAINST PARTIZANSHIP

WASHINGTON. A Aug. S.-1he following
is President Clevelapd's message to
congress:
To Congress of the United States:
The existence OF an alarming and
extraordinary business situation, in
vo'ving the welfare and prosperity Of
all our people, has constrained me to
call together i 4 extra session the peoples
representatives in congress to the end
that through wise aud patriotic exerci 9
of legislature, the duty with which
they solely are charged. the present
evils may be mitigated and the dangers
threatening the future may be ayerted
Our unfortunate financial plight is
not the result of untoward events, nor
Of the conditions relative 10 our natural
resources; nor is it traceable to any of
the Affections which frequently check
national growth and prosperity. With
plenteOus crops, with abundant promise
OF Iemunerative production OF MANN
facture, with unusual Invitation to safe
investment and with satisfactory as
surance to business enterprise, suddenly
financial distrust and fear have sprung
up on every side. Numerous moneyed
institutions have suspended. because
abundant assets were not Immediately
available to meet the demands OF fright
ened depos;tors. Surviving corpora
tiOns and individuals are content to
keep in hand the money they are
usually anxious to lean; and those en-
gagged in legitimate business are sur
prised to find that securities they offer
for loans, though heretofore salts
factory, are no longer accepted. Values,
supposed to be fixed, are fast becoming
conjectural and loss and failure have
invaded every branch of business.
| believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage OF
silver by the general government. This
legislation is embodied in the statute
passed on the 18th of July, 1890, which
was the elimination of much agitation
on the subject involved, and which may
be considered a truce after a long
struggle between the advocates of free
silver coinage and those intending to
more conservatism. Undoubtedly the
monthly purchases OF the government of
100000 ounces of silver, forced under
that statute, were regarded by those in
terested in silver production certain
guarantee Of its increase IN price. The
result, however, has been entirely differ
ent, for Immediately following spas
modic and slight rise, the prics of silver
began to fall after the passage OF the
act, and has since reached the lowest
point ever known. This Disappointing
result has lead to renewed and persist
ent effort in the direction of free silver
coinage. Meanwhile, not o2ly-a are evil
effects OF the operation of the present
law constantly accommodating, but the
result to which its executIon must ineyi-
tably lead is becoming paipable to all
who give the least heed to financial sub
jects.
THIS LAW PROVIDES
that in the payment for 4, 100000 ounces
OF silver bdllion, which the secretary of
the treasury is commanded TO purchase
monthly, there shall be issued treasury
=, ra.Aaa,, Efc Il
silver coin, at the discretion of the secre-
tary of the treasury, and that said notes
may be re;ssued. 1t is, however, declar-
ed in the act 20 be the established policy
of the Unitsd States to maintain the
two m tails upon parity with each other
upon the present legal ratio, or such
ratio as may be provided by law. This
declaration SD controls the action of the
secretary OF the treasury as to prevent
his exercising the d sJretion nominaly
ves,ei in i'm. If by such action the
parity between gold and silver may be
disturbed mapifestly the refusal by the
the secretary to pay these treasury
notes in god, il demanded, would neces-
sarily result in their descredit and de-
probation as obligations payable only
in silver, and would destroy the parity
between the two metals by establishing
discrimination in favor of gold. UP
to the 18th day of July, 1893, these
notes had been issued in payment of
silver bullion purchased to the amount
of more than S147,0O0,OOO. While all
but very small quantity of this bullion
remalng uncoined and without useful
ness in the treasury, many of the notes
given in it's purchase have been paid in