The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-08-18
HERE'S THE MESSAGE
IT TOUCHES BUT ONE SUBJECT
REPEAL THE SILVER PURCHASE Aor

The President Secs In tho ACT OF July Ia,
1890, the soutce OF All Out woes; and
Calls FOR Its Imm medIate Repeal-He sug:
gests No Substitute But Demands that
:, - the Exciting Cause of Panic and Distrust
BE Instantly Removed -Other Needed
LeEisiation Can Follow Tho Tariff is ms
Important as Ever and the Party is Def
nitely Committed to It, But the Que stion
Can Wait.
CApTot, WASHINGTON, August g.
The following Is the President's 8 me ssaee
93a ktouses ct Congress to.
To THE CcNaREss OF THE UNITED
STATES:
The existence Of an alarming and ex-
raordinary business situation, involving
the welfare and prosperity Of all our peo-
pie, has constrained me to call together
Ia extra session the peoples repres enta.
tives In Congfess, to the end that through
p wise and patriotic exercise OF the 1egis-
lative duty with which they solely are
charged at present, events may be nit
igatt and the danger threatening tho
future may be averted. Cur unfortunate
fnarcial plight is not the result Of unto.
ward events nor of conditions relatcd to
our natural resources, nor Is 1t traceable
TO any of the sttlictions which frequently
check national growth and prosperity.
With plenteous crops, with abundant.
promise Of remunerstive production and
manufacture, with unusual Invitation
to safe investment and with satisfactory
assurance to business enterprises, sud.
denly financial distrust and fear have
sprung up on every side; numerous
moneyod institutions have suspended be-
cause abundant assets we're not immedi-
ately available to meet the demands OF
frightened depositors; surviving corpor-
ations and individuals are content to
keep In hand the money they are usually
anxious to loan, and those engaged In
business are surprised to find that the Sc
curities they offer for loans, though hero.
tofore satisfactory, are no longer accept.
ed. Values, supposed to be fixed, arc
fast becoming copjcctural, and loss and
failure. have invaded every branch Of
business.
THE CAUSE OF THE ALARMING SITUATION.
believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage Of
silver by the general government. This
legislation Is embodied In q statute passed
on the 14sh day Of July, 1890, which was
the culmination Of much agitation on the
subject involved, and which may be con-
sidered truco after long struggle, be.
tween the advocates Of free silver coin.
age and those intending to be more con-
servRtive.
Undoubtedly the monthly purchases
by the government of four millions and
fye hundred thousand ounces of silver.
enforced under that statute, were re.
garded by those interested in silver pro-
duction as certain guaranty Of its in.
crease In price. The result, however,
has been entirely different, for immedi.
the price OF silver began to fall after the
passage Of the act and has since reached
the lowest point ever known.
THE EFFKCTs.
This disappointing result has led to
renewed and persistent effort In the di.
rection OF free silver coinage. Mean
while not only the evil effects Of the op.
GRAFTON of the present law constantly &C.
cumulate, but the result to which its
execution must inevitably lead Ia becom-
Ing palpablet to all who give the least heed
to financial subjects. This law provides
that In payment for the four million and
five hundred thousand ounces of silver
bullion which the Secretary of the Treas
ury is commanded to purchase monthly,
there shall be issued Treasury notes re-
deemable on demand In gold or silver
coin at tho discretion of the Secretary Of
the Treasury, and that said notes may
be reissned. 1t Is, however, declared In
the act to be "the established policy of
the United States to maintain the two
metals on parity with each other upon
the present legal ratio or such ratio as
may be provided by law" This declar-
alton 30 controls tho action OF the Secre.
tary Of the Treasury as to prevent his
exercising the discretion nominally vest.
ed In him, II, by such action, the pari.
ty between gold and silver may
be disturbed. Manifestly q refusal BY
the Secretary to pay these Treasury notes
In gold II 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 discrimina.
tion In favor of gold.
FURTHER REVIEW OF RESULTANT CON.
DITIONs.
Up to the 18th day Of July, 1903, these
notes had been Issued In payment Of sill
Yer bullion purchases to the amount of
more than one hundred and forty-seven
: AAAhAtOhDoi uOhuIb. ullc Oil UuL u very
email quantity Of this bullion remains
uncoined and without usefulness In the
Treasury, many Of the notes given in its
purchase have been paid in gold. This
10 illustrated by the statement that be-
tween the 1st day of May, 1899, and the
18th day Of July, 1893, the notes of this
kind Issued In payment for silver bullion
amounted to little moro that fiity-four
millions OF dollars, and that during the
,eame period about forty two millions of
dollars were paid by tho Treasury In
gold for tho redemption of such notes.
The policy necessarily adopted Of pay
Ing these notes in gold has not spared
the gold reserve Of one hundred millions
ofdcllsrs, long ago set aside by the gov
ernment for redemption of other notes,
for this fund has already been subject to
the payment OF new obligations
amounting TO about ono hundred
and fifty millions OF dollars on account
OF silver purchases, and has, as a conse.
quence, for the frat time since its crea-
tion, been encroached upon. We have
thus made the depletion OF our gold easy
and have tempted other and more appre
ciative nations to add 1t to their stock.
That the opportunity we have offered