Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1893-08-08
A BLACK EYE!
THE PRESIDENT GIVES THAT
TO SILVER.
SUGGESTS THE IMMEDIATE REPEAL
OF THE SHERMAN ACT.
NO OTHER PART OF THE FINAN.
CIAL PLANK REFERRED TO.
Nothing Offered To Keep The Two
Metals At a Parity.

l "hoiINuLo LoN AuR. o.-l Ilc HOUSE Wu'
called to order promptly at noon ant
prayer was offered by the newly elected
| chaplain, the Rev. DR.. Haddaway. TIL,
journal, which was a. rather long one
was then read and approved, and tn,
House took recess until p. m.
After the recess, Mr.. Springer, Demo
crat, Illinois, chairman of the committe,
appointed to wait upon the President
! reported that the President would com
municate in writing message to Con
gross. Instantly Mr.. Pruden, one O
the Presidents secretaries, made his bow
and sent the important document to tn,
clerks desk, where it was read by Clerl
Kerr.
The Senate.
Rev. Mr.. Milburn, chaplain of the Sen
ate opened the proceedings with prayer
The journal of yesterday was read by
the new Secretary Cox. The credential.
of Geo. c. Perkins, the new senator from
California, were received and the oatt
OF office administered to him. The Ser
ate then took a recess until IL p. M.
when Mr.. Harris of the committee to
wait upon the President, reported that
the committee had been informed
that the President would communicate
with Congress Immediately. Thercupon
MIR. PTuden, one OF the Presidents Secrc.
taries, appeared and delivered the mes.
sage which was Immediately read to the
Senate by Mr.. johnson, its chief clerk:
The Message.
To the Congress ofthe United States:
The existence of an alarming and ex.
traordinary business situation, involving
the welfare and prosperity Of all oui
people, has constrained me to call to-
gcthcr in extra session the peoples rep
resentatives in Congress, to the end that
through wise and patriotic exercise o.
the legislative duty with which they
solely are charged, present events may
be mitigated and the danger threatening
the future may be averted.
Our unfortunate financial plight is not
he result of untoward events, nor OF
conditions related to our natural re-
sources, nor is it traceable to any of the
affections which frequently check ma
tional growth and prosperity. With
plcntious crops. with abundant promise
of rcmunerative production for nanufact-
urers, with unusual invitation to safe
investment and with satisfactory assur-
ancc to business enterprise, suddenly
financial distrust and fear have sprung
up on every side. Numerous moncyed
institutions have suspended because
abundant assets were not Immediately
available to meet the demands of fright
ened depositors; surviving corporations
and individuals are content to keep in
hand the mouey they are usually anxious
to loan. and those engaged in legitimate
business are surprised to find that the
securities they offer for loans, though
heretofore satisfactory, are no longer
accepted. Values supposed to be fixed
are fast becoming coniectural. and loss
and failure have invaded every branch of
business.
The Alleged Cause.
l believe these things are principally
chargcablc to Congressional legislation
touching the purchase and coinage of
silver by the general government. This
legislation is embodied in a statute
passed on the 18th day of July. 1890,
which was the elimination of much agi-
tation on the subject involved, and
which may be considered as truce, after
long struggle between the advocates OF
free coinage and those intending to be
more conservative.
Undoubtedly the monthly purchases
by the government of 100000 ounces
of silver enforced under that statute were
regarded by those interested in silver pro-
duction as a certain guaranty OF its in
crease in price. The result, however, has
been entirely different, for, Immediately
following spasmodic and slight rise,
the price of silver began to fall after the
passage of the act, and has since reached
the lowest point ever known. This dis
appointing result has led to renewed and
persistent effort in the direction of free
silver coinage.
Meanwhile, not only are the evil effects
of the operation of the present law con-
stantly accumulating, but the result to
which its execution must inevitably lead
is becoming palpable to all who give the
least heed to financial subjects. This
law provides that in payment for the
4.50O, 900 ounces of silver bullion which
the Secretary of the Treasury is COM
manded to purchase monthly there shall
be issued treasury notes redeemable on
demand in gold or silver coin at the
discretion of the Secretary of the Treas
ury, and that said notes may be reis-
sued.
Parity Between the Two Metals.
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 upon the present
legal ratio or such ratio as may be pro-
vided by law. This declaration 50 con-
trolls the action OF the Secretary Of the