Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-08-09

CONFINED TO The SUBJECT
ps Dsm@ais sh> Repeal ef ths Par
chasing Cfsa-e Of the shsrn41n Act
Bat szxxe-ss M ssbssAs.Ge.

To ruE Cox1EEss oF rHE UturKD
SuAgts The existenco OF 40 alarming
and exfratrdinary business si.untion.
insolxisg The welfare and prosperity of
al our be0pls has constrained me TO
cal together an extra session az the peo-
PIES representatives In congress % the
end that through the wise an,t patriotic
exerrise Of me legislative dgsy with
which they solely are charged present
ssils Hay be mitieated aud the
dangers Threatening ehe future miy he
sse4ted- Our unfortunats financial
plight - not the result Ok untoward
eFrnta nor ok conditions reiale,i % our
nctionai resources, nor is lt frai;eaillc 70
any u tie ziilistions which frequently
cheek nAtionai growth and prosperity
With pienseolis crops. with abundant
rromise x remI neraftve produrfioii and
ntanfaeturs. with unusual Invitations
% safe Investment. aud With satisfactory
assafance - business enterprise. sud
deoiy hnanclaI distrust and lear have
sprung up 0a every side. Numerous
nonefed instltufl0ns hare suspended
because abundant assets wers net im-
me,llatciy available r. meet this demand
q frightened depssiiors Surviving cor
posaiions and dieidnals are c0nisrnt 10
keep IN hand the money they are usually
anxious 81 loan. and those engaged ia
leg. timale husineas are sufprissd 10
End that the securities they offer for
loans. though heretofore satisfactory.
are no loneer accepted
Legislation Responsible.
Values Supposed 10 be hxe'i are fast
heconing eunlecturai. and loss and fail
ure have invaded every braiach- be-
liege that thtse things are principally
cherEeahlc 10 congressional legislation
touching tho purchase and coinage OF
silver By The general government This
ieglslatlon "a embodied IN a statute
PISSED on tho lith day Of July. is9o.
which was the elimination IT much aei-
tatIon on the subject involved aud
which NAV be considered truce after
a ioqg struggle between the advocates
al frse siiyer coinage aud those intend
lng % tc taore conservative.
Cnfoutfelily the monthly purchases
b lhe government u 100000 ounces
of SILVER enforced under that statute
we're regarded by those interested in sill
yer production "a a certain guaranty Of
it, Increase In price. The result how
ever. has been entirely different: for inn
metliatoiy following a spassns0dic and
slight rise. the price of silver began To
fail after the passage q the act aud haa
since reached the lowest point ever
known. This Disappointing result has
lei o. a renewed and persistent effort in
the direction Il free silver coinage.
f.siIs accruiisg.
Meanwhile not only are the evil effects
% the operation ~ the present law con-
stantly aecumulating. but the result 10
which sts execution must inevitably
lead i becoming palpabls to all who
give the least heed 70 financial subjects.
This law provides that in payment FOR
f.lDltoo ounces ~ silver bullion which
the secretary - the treasury il con-
uaaded O. purchase moothly. there
shall he issued treasury notes releem-
allie on dcu1nd iE gold and silver coin
at the discretion % the secretary % the
treasury. aud that said notes may not DC
reisauet
It -. however. declared in the act to
te -the established policy ~ the United
Sfatrs "a nsaintain the two metals on a
parity Nth each other uoou the present
legai ratio 0r such ratio N may be pro-
eisled by law This declaration =, con
trois tbe action % the -, rstary ~ the
treasury ~ 10 prevent his exeFcisifg the
d,scfftion noninsiiy vested in him. II
hs sarh sri.on the parity bctwecri gold
aua silver mas te disturbed.
Farifr t.nxensere,l
Nan stiiy a rt,fusal ID the secretary
- ett tasse treasury npies Ia gold il de-
iuanil.fi nnlti lerrssssiis rssiit ia their
d'rcrfait sei depreciation a. Obligations
payal'r arir I'd silver AMI would DE-.
stfet thf atri.y between she tro metals
~ establishing decentralization in
fssrr r. krIst Up t8 tae 18th day n
Iu~ l<, tttse rnts bad been Issued
IA 4ymrat q SILVER bullion purchases
O. the ah,ouuf "a m0re than one hundred
s11 fsriy eeFcn millions ~ dollars
While aA tut vcry small quantity q
shis bu'ihn rrmains uncsa0ed and With.
ont asriitncss in the Treasury mary II
ere a.tifs given 10 ia purchase have
tere rt.d in gold This Is illustrated
hy the statement that beiseea th.s first
dag e Mas. i-c ana the iftecn,h day
dav q in.f. l-.ff t8r Botes tf this kind
sseaed ,n payment Or silver beiiion
ancuufesl 81 3 iitiie mere than s5f0tc-
CO anf thsf during TIE sane period
about ft9tttttoe we're paid i,y the treas
urf IN zoii f8r the fes!smptp5n u such
notes
fiesrrve Derlefef
% rftlirf nfft@ @tfffF ltti'fptett. -
retirr fhe<e in gold has nft sparsi the
pe.d reesrte of -iuottolsN. 0ng slro set
astir ty tn guvefansent Zoe Zoe -
uf't ffan - other notes. fdr this fund
sHs sir,asig f.eco sarlected tl thi pay
utef ~ new rbIgaions amounting 90
sieut tiNat1itU ea efcotint n silver
par a=es. 3rd haF. - a eonseqiteDce
fof fse irsf un.e ssss.s - creation ben
eerfeaele,i esae 81 r havs thus niafie
srP.et4o q eur rssa eaaf sRi have
te-oft- cftrr sna more sppreciatlve
~. ans % s'isi q O. thesr stock
teat the opportunity ~ have offered
fss not teen a-xlertrsi Is shoen fly The
large t1scisnts a geld uhirh have heen
reetntif drawn from eur treasury ard
exreft..,i =, iecra.ss he fsnanriaf
sieruEte of t,ssirn nafiona. The ,.xrr=.
ef etFnfts ~ zrd ever - ifnpnsfs fcr
tte Fsar entitrr Jane ~ f0t2
eFocsinfrsi g. more than az rnnfl Ta
tveea t3e kssf - Iait fsasn s~d he
f1th 3as ~ Js,y. iSe. - rs..l ..Il. ara
buIissn r eef freaaiifr s,.,-',.a...f ,,.,rA
has fif-ttt 80. NfiIe ,larlrr the saass
pefnat the SILVER rri't sad t,oi - IN fl.e
ifesenfy ierrfsset mere fl.an sf75eo
aN
nlees EeFffnmQrt h1aiHs ars X -
f- asfansl4 ,esees and 4.tl tn renitn.ai
aar exhaspstes' gr,i erlv 8 lsr s. IT. ~
hanef.,sf if - sfraTeet that ~ .Iasre
re SILVER 1ar aa~i nv slsx Is
fe etrfa ia IRE tiretton i.f tst l,.tfrs
-slslsstioa a SILVER So .1hd a ta-