The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1893-08-11
The PRESIDENTS MESSAGE.

1t reviews the present depressed con
dition OF industrial affairs and ex,
presses the belief that the trouble i,
traceable largely to silver legislation
in Congress. The prompt repeal oil
the act compelling the purchase OF
silver bullion is advocated.
Referring to the Sherman Law, the
message notes that its effect, instead
of Increasing the price of silver as
was promised, has brought the price
down to the lowest point ever known,
and this disappointing result has led
to renewed and persistent effort in the
direction of free silver coinage. The
law provides that in payment for the
four million and five hundred thous-
and ounces of silver bullion which
the Secretary of the Treasury is COM
manded to purchase monthly, there
shall be issued treasury notes, re-
dcemable on demand in gold or silver
coin, at the discretion of the Secreta-
ry, and that said notes may be re-
issued. 1t is, however, declared in
the act to be ''the established policy
of the United States to maintain the
two metals on a parity with each
other on the present legal ratio, of
such ratio as may be provided by law"
This declaration so controls the ac-
ton of the Secretary of the Treasury
as to prevent his exercise of the dis
erection nominally vested in him, If by
such action the parity between gold
and silver may be disturbed. Mani
testify a refusal by the Secretary to
pay these treasury notes in gold, if
demanded, would necessarily result
in their discredit and depreciation as
obligations payable only IN silver,
and would destroy the parity between
the two metals, by establishing a dis
elimination in favor of gold.
The policy necessarily adopted OF
paying these notes in gold has no,
spared the gold reserve of one hun
dred millions of dollars, for this fund
has already been subjected to tho
payment Of new obligations amount.
ing to about one hundred and fifty
millions of dollars on account of sill.
yer purchases, and has as a conse;
quence, for the first time been en-.
croached upon. We have thus made
the depletion of our gold easy, and
have tempted other and more appre.
ciatiye nations to add it to Their
stock. That the opportunity we have
offered has not been neglected is
shown by the large amounts of gold
which have been recently drawn from
our treasury and exported to increase
the financial strength of foreign ma
tions. Unless government bonds are
to be constantly issued and sold tC
replenish our exhausted gold, only tt
be again exhausted, it is apparent
that the operation of the silver pur
chase law, now in force, leads in the
direction of the entire substitution 0.
silver for the gold in the government
treasury, and that this must be fol
lowed by the payment of all govern
ment obligations in deprecated sill
yer. At this stage gold and silveI
must part company and the govern
ment must fail Ia its established pol
icy to maintain the two metals on
parity with each other. Given owe,
to the exclusive use of a currenc,
greatly deprecated according to tn,
standard of the commercial world
we could no longer claim a place
among the nations of the first cass
nor could our government claim
performance Of its obligations so ia
as an obligation has been imposed up
on it to provide for the use of til,
people the best and safest money.
This matter rises above the plan,
of party politics. 1t concerns ever!
business and calling and enters ever,
household in the land. Mr.. Cleyelan
calls especial notice to the fact tina
at times like the present the capitals
may protect himself by boarding O
may even find profit in the fluctua
ton of values, but the w~age-carner is
the first to be injured by a ~depreciat
ed currencig and the last to receiy,
the benefits Of its cOrrection-is prac
tically defenseless. 1t is therefore o
the utmost Importance, lie argues
that such relief as Congress can af-
ford in the existing situation be af
forded at once. The maxim, 81,
gives twice who gives quickly" is di
rectly applicable. Whatever else tn,
people have Il right to expect fron
Congress, they may certainly demand
that legislation condemned by the or
deal of three years disastrous expe
rience shall be removed from tn,
statute book as soon as their repre-
sentatives can legitimately deal witt
1t. The President announces that /
was his purpose to call Congress to
gether in September that the work o
tariff reform might be entered upon
but while that subject has lost moth
ing of its immediate and permanen
Importance, and must in the near fu
ture engage the attention Of Con
gress, 1t has seemed TO him that tn
financial condition of the countr
should at once and before all othe
subjects be considered. He therefor
recommends the repeal of the Sher
man law for the purchase Ct silve
bullion, and that other legislative &C
ti0ns may put beyond all doubt o
mictukn tha i~ptnpfinp and tho abtIit