Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-08-10
THE MESSAGE.
Tho President Addresses Both
Houses of Congress.
CONFINED TO THE FINANCES ONLY.


WASHINGTON, Aug. 9.-The MESA
Of President Cleveland to the extra ses-
sion Of congress was delivered TO both
houses shortly before o'clock. 1t is
rs follows:
To the Congress Of the United States:
The existence OF an alarming, an tStraordi
nary, business situation, Involving the welfare
aud prosperity 81 all our people, has con
strained M 20 call together IN extra session
tn. peoples rCurlscn' alive in congress to the
end that through wise and patriotic exercise
Of the legislative duty with which they are
solely charged, present evils may DO mitgatod
and dangers threatening the future may be
ayortcd
our unfortunate financial plight Is not the
result Of uulownrd events or OF conditions re
lated to our national resources; nor "a IL trace
able tu any OF the aihlctlOns which frequently
| check national growth and prosperity. with
| I.vuteous crops, with abundant promise OF
| muucrntiye production and manufacture with
| unusual invitation to safe investment and with
| satisfactory assurance TO business enterprise,
| suddenly financial distrust and fear have
| sprung up on every side, Numerous monoyed
| institutions have suspended because abundant
assets were not Immediately available TO meet
| the demands. Of frightened depositors, surviving
corporations and Individuals are content TO
! keep IN hand the money they are usually anx.
| ious To loan and those engaged in legitimate
| business are surprised 10 ind that the securi'
ties they offer for loans though heretofore sat
factory are no longer accepted Values sup
posed TO bo nxed are fast becoming conjoctural
and loss and failure have'inyaded every branch
| OF business
believe these things are principally charge.
able to congressional legislation touching the
purchase and coinage Of silver by the general
government This legislation Is embodied In q
statute passed on the lith day Of July, 1890
which was the elimination OF much agitation
OF the subject involved and which may be con
sldered 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 800, 100 ounces OF silver, forced
under that statute were regarded by those In.
terested in silver production as q certain guar
anty Of Its increase In price The result, how
ever has been entirely different for immed
ntely following u 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 renewed and persistent effort In the
direction OF free silver coinage.
MeanNhe, not only are the evil effects Of
the operation Of the present law constantly ao.
cumulating but the result to which its exeou'
ton must inevitably lead, Is becoming palpable
70 all who give the least heed 10 financial sub
, iocts
, This law provides that In payment for the
Rotary OF the treasury is commanded to pur'
chase monthly there shall be issued treasury
notes redeemable on demand In gold or silver
! coin, At the discretion Of the secretary OF
4 the treasury, and that the said notes may
be ressusd 1t Ia, however, declared In the act
TO be "the established policy Of the United
States TO maintain the two metals upon parity
with each other upon the present legal ratio OF
% such ratio as may be provided by law
, This declaration so controls the actions
4 - 40. 81 -
: prevent his exercising the discretion nominallS
vested In him II by such action the parity be
tween gold and silver may be disturbed Mani
e testify, u refusal by tho secretary TO pay thes,
d, treasury notes in gold II demanded woulS
u necessarily result in their disRodt and de
a probation, as obligations payable only In sil
=, yer, and would destroy the parity between tn
. two metals by establishing discrimination II
l., favor OF gold
Up to the 18th day OF July, 1893 these note
had been issued In payment OF silver bullio
n purchased TO the amount OF more than elAI,OOO,
600 While all but very small quantity O
J. this bullion remains uncoined and without use
4 fulness In the treasury, many OF tho note
given In It's purchase have been paid In gold
L This In illustrated by tho statement that be
a tween the LIST OF May, 1892 and the 18th day q
d, July 1891 the notes Of this kind issued in pay
q mont for silver bullion amounted TO q it'll
N more than sliOOO 600 and that during the sam
4, period about sac OO) were paid by the treat
~ urv IN gold for the redemption OF such notes
n The policy necessarily adopted OF payin
these notes In gold has not spared the gold r.
Is serve OF ,iiOuOJ,O0O lSng ago set aside by tn
IA government for the redemption OF other notel
for this fund has already been subjected 10 N
1T payment Of new obligations amounting to abot
allO,0'OOJO on account OF silver purchases, IN
has rs consequence, for the tirst time since Il
creation, been encroaohed upon.
We have thus made the depict ton OF our COL
~ easy and have tempted other and more apr
ID oiauyo nations to add 1t to their stock. ThI
the opportunity we have offered has not beV
~ neglected is shown by the large amounts
gold which have been recently drawn fr0
our treasury and exported TO increase III
financial strength OF foreign nations The @
OF cess q exports OF gold over It's imports q
"A the year ended June 30, 1893, amounted
more than t37,oUO00L Between the first da
Is OF January, 1891, ana the 5th day Of July is9
nm the gold coin and bullion Ia our treasury d
=" creased more than el32, 100000, while duriI
the same period the silver coin and bullion
As u>nAass iaareAnsd sanru MA OeIes ~