The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-09
HE'S DEAD AGAINST 1T
No SHOW For Silver In The MESSAGE Of
the President.
HE ASKS PROMPT REPEAL
He Does Not Suggest Restoration
at Any Ratio--Not a Friendly
Word Uttered In Behalf
OF Free Coinage.

"hShiNesbS. aug. --ihc pT'Siucuts
message was read TO congress to-day. The
text is:
To the Congress Of the United States: The
existence of an alarming aud cxtraordin-
ary business situation involving tho wel-
fare and prosperity OF all our people has
constrained mo to call together in extra
session the peoples representatives in
congress TO the end that through the wise
and patriotic exercise OF the legislative
duty with which they solely are charged.
present evils may no mitigated and the
dangers threatening the future may be
averted. Our unfortunate financial plight
IL not the result of untowar,i events nor
OF conditions related TO our natural re-
sources, nor is IL traceable to any of tbe
Affections which frequently check
national growth and prosperity. With
plcnteous crops. with abundant promise
Of remunerativc production and manu- fac
ture, with an unusual invitation 10 safe in
vestment and with satisfactory assur-
ancc to business enterprise, sud.
denly financial distress and fear have
sprung up on every side. Numerous
moneyed institutions have suspended
because abundant assets were not im-
mcdiately available to meet the demands
of frightened depositors. Surviving cor
poraiious and individuals are content To
keep In hand Tie money they are usually
anxious to loan. and those engaged.in legiti-
mate businesses are surprised to find that
the securities they offer for loans, though
heretofore satisfactory, are no longer
accepted. Values supposed to he fixed
are fast becoming coniectural and loss
aud failure have invaded every branch of
business. I believed these things are
principally chargeable TO congressional
legislation touching the purchase and
coinage Of silver by the general govern
ment. This legislation is embodied In n
statute passed on tho lith day of July,
1890. which was the elimination of much
agitation on tho subject involved aud
which may bc considered a truce, after q
long struggle between the advocates OF
free silver coinage and those intending to
be moro conservative.
Undoubtedly the monthly purchase by
the government Of 4.5O0O00 ounces of sill
yer. forced by that statute, was regarded
by those interested In silver production as
q certain guaranty Of its. increase in price.
Tho result. however. has been entirely
different. for Immediately following Q
spasmoiic and slight rise. the price Of sill
yer began to fall aftcr the passage Of the
act, and has since reached the lowest
point ever known.
This disappointing result has led to rc-
newed and persistent effort in the dircc-
tion OF free silver coinage. Meanwhile,
not only are the evil effects of tho opera
ton Of the present law constantly accu-
muiating, but. the result to which it's
execution must inevitably lead have
become palpable TO all who give the
least hced to financial subjects. This
law provides that in payment for four
million five hundred thousand ounces OF
silver bullion which the secretary OF the
treasury is commanded to purchase
monthly. there shall be issued treasury
notes redcemable on demand in gold or
silver coin. at the discretion Of the secre-
| tary of the treasury, aud that said notes
may be reissued. Ii Is, however, declared
| in the act TO he the established policy OF
| the United States to maintain tho two
| metals upon parity with each other
upon the present legal ratio. or such ratio
as may be provided by law. This declara.
ton SO controls tho action of the secrctar,
OF the treasury as to prevent his exercise
of tho discretion nominally vested in him
IL by such action the parity be
tween gold and silver may be
disturbed, manifestly tho, refusa
by the secretary To pay these treas
ury notes in gold, IL demanded, woul,
necessarily result in their discredit ant
depreciation as obligations payable onl,
in silver, and would destroy the parity be
tween the two metals by establishing dis
crimination in favor OF gold. Up to th,
18th Of July, lsP3. these notes had bccI
issued ia payment of the silver bullion
purchased to the amount of more thar
$is7. 10000, while all but very sinai
quantity Of this bullion remains uncoinc,
and without usefulness in the treasury
Many OF the noics given in its purchas
have been paid In gold. This is Illus
tratcd by the statement that between th
LIST day Of May. 1892. and tue 18th day q
July. 1898. notes OF tins kind issued ii
payment for silver bullion amounted to
little more than sji.0U.OJo. and that dur
ing the same period about siJ, ,0J0.OJD wer
paid by tho treasury in gold for the re
dcmption Of such notes.
The policy necessarily adopted Of pay
ing these notes in gold has not spared TIA
gold reserve of one hundred million do
lars long ago set aside 10y the government
for the redemption Of other notes. for thi
payment Of new obligations amounting I
about one hundred aud fifty millions ,
dollars on account OF silver purchase
and has as consequence, FOR the lr,
time since It's creation, boon eEcroache
upon.
We have thus made the depletion {
our gold easy, and have tempted oiEs
and more appreciatiye nations To add /
! their stock. Tint the opportunity "
have offered has not been neglected
: shown by the large amount of gold whlc
has recently been drawn from our trea
+. ury and exported to increase the nnancii
strength OF foreign nations. The exec,
: Of exports of gold over ITS imports for n
year ending June -. isa3, amounts
! more than ss7 $4,000. Between the fir
Q dav OF July, ls9O, and the 18th day OF Jul
: 1888. gold coin aud bullion in our treasui
: decreased more than one hundred an
q thirty-two millions of dollars. while durir
! the same period the silver coin and bullio