The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-08-11
The METALS MUST PART
Cleveland Urges Repeal OF
the Sherman Act.
MAIN POINTS OF THE MESSAGE.

WeV Untu sue FlnonctAh ffODiem -
Settled.
WASHINGTON, Aug. o.-Ths following are
the main points Of President Clcveland's
message to Congress, read in both Houses
at neon yesterday:
To the CoNoREss OF THE UNITED STATES
The existence Of an alarming and extra
ordinary business situation, involving the
welfare and prosperity Of all our people,
has constrained me to call together In ex-
ira session the peoples represent atives In
and patriotic exercise Of the leyi slative
duty with which they are solely charged,
present evils may be mitigsted and dangers
threatening the future may be "a verted.
Our unfortunate financial plight is not
the result OF untoward events nor of condi-
tions related to our natural resources; nor
Is II tracsabls to any OF the Affections
which frequently check national growth
and prosperity. With plsnteous crops,
with abundant promise Of remunerativs
production and manufacture, with
unusual invitation to safe investment
and with satisfactory assurance to business
enterprise, suddenly financial distrust and
fear have sprung upon every side.
/ bslisvs these things are principally
chargeabls to Congressional legislation
touching the purchase and coinage Of sill
ver by the general government.
This law provides that in payment for
the four million and five hundred thous.
and ounces Of silver bullion which the
Secretary Of the Treasury IL commanded
10 purchase monthly there shall b issued
Treasury notes Reasonable on demand in
gold or silver coin at the discretion Of the
Secretary of the Treasury and the said
notes may be rsissusd II Il, however, de-
clared In the act to Be "ths established
policy of the United States TO maintain
the two metals on parity with each other
upon the present legal ratio or such ratio
a. may Be provided by law" This declar-
alton so controls the action Of the Secre-
tary Of the Treasury as TO prevent his ex-
ercising the discretion nominally vested in
him
II by such action the parity between gold
aud silver may be disturbed, manifestly q
refusal by the Secretary to pay these Treas
sury notes in gold. II demanded, would
necessarily result in their discredit and de-
probation as obligations payable only in
silver and would destroy the parity be-
tween the two metals by establishing
discrimination In favor Of gold.
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 one hundred and forty seven
millions Of dollars. While all but a very
small quantity Of this bullion remains un
coined and without usefulness in the
Treasury, many of the notes given in its
purchase have been paid in gold.
The policy necessarily adopted of paying
these notes in gold has not spared the gold
reserve of one hundred millions OF dollars
long ago set aside by the government for
the redemption of other notes, for this
fund has already been subjected to the pay
ment Of new obligations amounting to
about one hundred and fifty millions of
dollars on sccount OF silver purchases, and
as consequence for the first time since
its creation been encroached upon.
We have thus made the depletion OF our
gold easy, and have tempted other and
more appreciative nations to add 1t to their
stock. That the opportunity we have Of
fered has not been neglected is shown by
the large amounts of gold which have been
recently drawn from our Treasury and ex-
ported to increase the financial strength of
foreign nations. The excess Of exports of
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