Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-08
nj lho Conrress Of the United slaLe..

To tho Congress OF the United States:
The existence Of an alarming and
extraordinary business situation, Ii.
volving the welfare and prosperity OF
all our people, has constrained me 70
call together in extra session the
te1plt's representatives In Con.
rress, to the oud that through the
wise aud patriotic exercise Of the
legislative duty with which they
solely are charged, the present evils
may be mitiga,ed and tho dangers
threatening tho future may be avorted.
Our unfortunate financial plight Is
not tho result OF any untoward
events, nor Of conditions related
10 our natural resources; nor
Is It usceablo to any Of
the all lotions which frequently check
tho national growth and prosperity.
With plentoous crops, with an album
dant promise OF remuneratlve produc-
ton 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 mOneyed
institutions have suspended, because
bundant assets were not Immediately
available TO meet the demands OF
frightened depositors. The surviving
corporations and individuals are con-
tent 10 keep In hand tho money
they are usually anxious to loan, and
those engaged in Legitimate business
are surprised to fnd that the securities
they offer for loans, though heretofore
satisfactory, arc no longer accepted.
Values supposed TO be dxed nre fast
becoming copjeotural, and loss and
failure have invadod oveTy branch Of
business.
HERE'S THE RUB
believe these things ate lTln ipally
chargtablo TO congressional legislation
touching the purchase and coinnge uf
silver by tho general government.
This legislation IL embodied In n
statute passed on thn ith day OF July,
1899, which was the elimination Of
much agitation on tho subject la.
lived, and which may be considered
truce after long struggle between
Ic advocates Of free silver coinage
aud those intending 70 be- more con-
sentative. Undoubtedly the monthly
purchases by the government VI four
million Ave hundred thousand
Ouncsa OF silver. forced under
At statute wtr3 regarded by
thosi ntelescll Ia ihe silver pro-
uiion az certain guaranty Of ~
Increase In price. The result, how.
ever, has been entirely different; Tor
Immediately following the spgsmOdic
nnd slight rise The rice Of silver began
10 fall after the passage OF the act,
and has since reached the
lowest point ever known, This
disappointing result has led 10
u renewed and persistent effort In tho
direction VI free silver coiuage.
Meanwhile, not only are the evil
effects Of the operations Of the present
law constantly accommodating, hut
the result TO which It's execution must
inevitably lead nre becoming palp.
able TO all who give tbs leaH,
heed TO financial subjects. The
Jaw AAAk IA pay AhAAA
for the four million i've huadred thou
sand ounces OF silver bullion which
the secretary OF the treasury IL COM
manded ~ purchase monthly, thore
shall be Issued treasury notes redesm-
able on demand In gold or silver coin
~ the discretion OF the secretary OF the
treasury, ana that said notes may DO
rollsued. IL is, however, declared
ia the Rcs 10 be "ih1 ea.
tabllFhed policy Of the United
states 10 maintain the two metals upon
parity with each other upon the
present legal or such ratio aB may be
provided by law"
This declaration 10 controls the ao-
ton OF tho secretary Of the treasury as
70 prevent his exercising the discre.
ton numinglly Vested ia HIM II by
sncn action the parity between gold
and silver may be disturbed. Mani.
testify the refusal by the secretary TO
pay these treasury notes In gold, If
demanded, would necessarily result 10
thelF diecreuit ana depreciation as Obli-
gauYn8 payable only in silver, aud
would destroy the parity between the
Two metalsby establishing diacrlmina'
'lon In favor Of gold.
HOW THE GOLD GOES,
Up TO the 10Th day of July, 1873
ihese notes had been Issued In pay
ment NJ the silver bullion purchased, to
the amount Of more Slaa slG, 0O0OOO
While all but very small suaRtity
OF IhiH bullion somains uncoined ami
without usefulness In the treasury,
many OF the notes given in It's puE'
chase have been paid In gold. This 10
il - uNanF
bstween the LIST day Of May 1893, and
the 10Th day Of July 1893, the notes Of
this Kind issued In payment for silver
bullion amounted TO little more than
S1i000,0O0, and that during the same
Inriod about 100000 were paid by
the treasury la gold Tor the redemption
ol such notes. The policy necessarily
adopted, OF paying these notes ia
gold has not spared the
gold teservo Of SlO0,OOO,OOO,