Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1893-08-10
HE MESSAGE.
Gident Cleyeland'ss Message
to the United States
Congress.
es the Silver Purchase Clause
For the Financial
S~tringency.
IHE CALLED AN EXTRA SESSION

NNNhs ~
Tvs:
ae Congress OF the United States; The
ice OF an alarming and extraordinary
8 situation, involving the welfare and
City of all our people, has constrained
gall together in extra session the peoples
entatives In congress, TO the end that
a wise and patriotic exercise Of leg.
duty with which they solely are charg-
scent evils may be ~mitigated and dangers
ming the future may be averted.
Unfortunate financial plight is not the
~ untoward events nor of conditions
Ito our natural resources:H nor is it trace
any Of the affections which frequently
Rational growth and prosperity. With
us crops, with abundant pr omise of re-
tive production and manufacture with
invitation 10 safe Investment and with
Aory assurance 10 business EN- terprise,
~ financial distrust and fear have
nbp on every side Numerous moneyed
ions have suspended because abundant
iere not Immediately available TO meet
ands of frightened depositors, slrviv-
porations and individuals are content
in hand the money they are usually
N to loan, and those engaged III legiti-
~4siness are surprised TO find that the
Is they offer for loans. though hereto
isfactory, are no longer accepted.
supposed to be fixed are fast becoming
oral, and loss and failure have invaded
$anch OF business. / believe these
IRE principally ~cnargeable to congress.
tyislation touching the purchase and
OF silver by the general government.
legislation is embodied ia a statute
IN the l4th day Of July. 1890, which was
fslina ton of much agitation on the sub.
selved, and which may be considered a
sfter the long struggle between the ad-
sof free silver coinage and those inten-
be more conservative.
! BITE dly the monthly purchases by the
Y aent OF 4 500. 900 ounces of silver, forced
nat statute. were regarded by those
\ I'd in silver produ ction as a certain
" OF It's increase in price. The result,
n, has been entirely different: for i'm.
LIZ following u spasmodic and slight
.Ef price Of silver began TO fall after the
tFof the act and has since reached the
soint ever known. This disappointing
ftss led to renewed and persistent effort
%rection OF free silver coinage.
ghile, not only are the evil effects Of
snt law constantly accommodating, but
u to which Its execution must inevita-
is becoming palatable to all who give
heed to financial subjects.
Wv provides that In payment for the
ounces OF silver bullion which the
~ Of the treasury is commanded 10 pur-
,nthly. there shall be issued treasury
kieemable on demand in gold and ell.
At the discretion of the secretary OF
nury and that said notes may be reis-
st is, however, declared In the act to be
fhblished policy OF the United States to
VI a the two metals upon u parity win
er upon the present legal ratio or such
fbmay be provided by law"
Neclaration so controls the action OF the
~ OF the treasury as to prevent his ex-
"fthe discretion nominally vested in
10y such action the parity between gold
i1er may be disturbed. Manifestly, a
by the secretary to pay these treasury
4 gold. i~fdemanded, would necessarily
sn their discredit and deprec alton as
lions payable only In silver, and would
the parity between the two metals by
ing q discrimination in faysr Of gold.
he 10th day Of July. 1893. these notes
u issued In payment OF silver bullion
I'D. to the amount of more than sIf7,.
sEf while all u very small quantity OF
fcn remains uncoined and without
ss In the treasury. many of the notes
its purchase have been paid in 60 Id
IN Illustrated BY the statement that be
iirst day of May. 1872, aud the 18th
I5sly. 1873. the notes OF this kind issued
Fsient for silver bullion, amounted to a
re than $4,000. 0c0. and that during
period about $4s. 900. coo were paid by
Jury In gold for the redemption OF such
Wiley necessarily adopted Of paying
.es In gold has not spared the gold re-
3i0o.o 600 900 long ago set aside by the
acnt for the redemption Of other notes
sund has already been subjected to
Tent OF new obligations amounting to
ne hundred and fifty millions OF dol.
< ccount of silver purchases, and has as
tience. Tor the first time since its cres.
,Ys u enroeohsd upon.
10 thus made the depletion OF u gold
have tempted other and more ap.
I'VE nations TO add to their stock. That
$ffunity We have offered has not been
193, Is shown by the large O OF
fff;h has been recently drawn from our
n'eAnd exported to increase the nnaucial
Et<@Of foreign nations. The excess OF
az goia over Ire imports for the year
= zane 20, 1893, amounted TO more than
';'}P. Between the lirst day ofJuIy, 1870.
A2< 9th day Of July. 1898, the gold coin
Lon In a treasury decreased more
oc0, GOA, while during The same period
173 coin and bailion ia tho treasury
|<$ more than s.47.olo,Uo
Xgoyernment ooras are To be constant.
and sold TO ~rcplenish "a exhausted
70 be again exhausted. IL Is appar
be operation OF the silver purchase
n force leads in the direction OF the
p~stiluiion offs lyer Tor the gold In the
mt treasury, and that this must be
by the payment or all government
pc ia deprecated silver.
r7Rptase gold and silver must part CON-
Z fthe government must fail ia Its es-
policy 10 maintain the two metals