The Forrest City times., 1893-08-11
PRESIDENTS MESSAGE.
President Cleveland and the Pre-
 vailing Monetary Condition.
The Facts Laid Before Congress and the Necessity of Prompt, Intelligent and Conservative Action
 Briefly Urged.
HOUSE.

WAShlN6ION. Aug iit hpu't "oo called to order promptly at noon, and prayer was offered by the newly-elected chaplain, Rev. Dr. Hathaway. The jour nal. which was a rather lengthy one, was then read and approved, and the house then took recess until 12:45 D. m.
 After the recess. Mir. Springer Qll.), chairman of the committee appointed to wait upon the president, reported that the president would communicate in writing message to congress forth with.
 Instantly Mir. Pruden, one of the presidents secretaries. made his bow and sent the important document to the clerks desk where it was read by Clerk Kerr.
 The Message.
 To THE CONGRESS OF THE UNITED STATES The existence of an alarming and extraor- Ginary business situation, involving the wei fare and prosperity of all our people, has con strained me to call together in extra session. the peoples representatives in congress to the end md that through q wise and patriotic exercise of the legislative duty with which they solely are charged present evils may be mitigated and dangers threatening the future may be averted.
 OUR UNFORTUNATE FINANCIAL PLIGHT.
 Our unfortunate financial plight is not the re- suit of untoward events nor of conditions re- lated to our natural resources nor is 1t tracea- ble to any of the afiictions which frequently check national growth and prosperity. Wlth plenteous crops. with abundant promise of re- munerative production and manufacture, with unusual invitation to safe investment and with satisfactory assurance to business enterprise, SuQdpOly financial QiSfruSt and fear have sprung up on every slce Numerous moneyed institutions have suspended because abundant assets were not immediately available to meet the demands of frightened depositors. Surviving corpora tions and individuals are content to keep in hand the money they usually anxious to loan, and those engaged in legitimate business are surprised to find that the securities they ofer for loans, though heretofore satisfactory, are no longer accepted Values supposed to be fixed. are fast becoming conjectural and loss and failure have invaded every branch of business.
 THE SOURCE OF DIsIRUsT.
 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 statute passed on the l4th day of July, 1920, which was the continuation of much agitation on the subject involved, and which may be SOHoIutTtu d iTutti dittf d iOHR StiuEtiSs uS- tween the advocates of free silver coinage and those intending to be more conservative.
 A DISAPPOINTING RESULT.
 Undoubtedly the monthly purchases by the government Of 4500.000 ounces of silver, en- forced under that statute, were regarded by those interested in silver production as cer- tain guaranty of it's increase in price. The re- suit however, has been entirely different, for immediately following spasmodic and slight rise the price Of silver begun 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.
 EVIL EFFECTS AcCUMULATING.
 Meanwhile, not only are the evil effects of the operation of the present law constantly accu- muating, but the result to which its execution must inevitably lead is becoming palpahle to 6ll who give the least heed to financial sub jects. This law provides that in payment for the 4, 800 600 ounces of silver bullion, which the secretary of the treasury is commanded to pnr chase monthly. there shall be issued treasury notes redeemable on demand in gold or silver coin, at the discretion of the secretary Of the treasury, and that said notes may be reissaed
 NO DISCRETION LEFT THE SECRETARY.
 It is however, declared Tn the act to be the established policy of the United States 10 maintain the two metals on parity with each other upon the present legal ratio or such ratio as may be provided by law" This declaration so controls the action of the secretary of the treasury as to prevent him exercising the dis erection nominally vested in him. if by such action the parity between gold and silver may be disturbed. Manifestly a refusal by the secretary 10 pay these treasury notes in gold, if demanded, would necessarily result in their discredit and depreciation as obliga tions payable only in silver. and would destroy the parity between the two metals by estat fish ing discrimination in favor of gold.
 THE GOLD DRAIN EXPLAINED.
 Up to the fifteenth day of July, 1893 these notes had been issued in payment of silver bullion purchases to the amount of more than tl47 eO0,OO0 While all but very small quantity of this bullion remains uncoined and without usefulness in the treasury, many of the notes given in its purchass have been paid ln gold. This is illustrated by the state ment that between the lst day of May. ls92, and the 18th day of July, 1893, the notes of this kind issued in payment for silver bullion amounted 10 a little more than &54. O00S0, and that during the same period about G9, OoO0o0 were paid out in gold for the redemption of such notes.
 THE GOLD RESERVE NOT SPARED
 The pohcy necessarily adopted of paylnG these notes in gold has not spared the gold re- serve of sl00.o0o,00o long ago set aside by the governm ent for the redemption of other notes. for this fund has already been subjected to The payment O: new obligations amounting to about sl50O00.000 on account of silver pur- chases. and as a consequence has, for the first time since its creation, been eneroached upon. We have thus made the depletion of our gold easy. and have enabled other and more appre- ciative 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 nations.
 EXPORTS AND IMPORTS or COLD.