Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-08-17

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President Cleveland.
The Message.
To THE CoNGRBss or THE UNITED STATES
The existence of an alarming and extraor-
binary business situation. involving the well
fare and prosperity Of all our people. has con-
strained me to coll together in extra session
che peoples representatives in congress. to
the end and that through wise and patriotic
exercise of the legislative duty with which
they solely are charged. present evils may be
nifigased and dangers threatening the future
0ay be averted.
Our UNFORTUNATE FINANCIAL PLIGHT.
Our unfortunate financial plight is not the re-
suit of untoward events nor OF conditions re-
BILE to any OF the ahiictions which frequently
check national growth and prosperity. With
plenteous crops. with abundant promise OF re-
muncratiye production and manufacture. with
unusual invitation to safe Investment and with
satisfactory assurance to business enterprise.
suddenly financial distrust and fear
have sprung up on every side
Numerous moneyed institutions have
suspended because abundant assets were
mot Immediately available to meet the demands
~<af frier SIIrv VI
lions and individuals are content to keep in
hand the money they are usually anxious to
loan. md 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
sOusiaeSs.
THE SOURCE OF DIsTRusT.
believe these things are principally charge
able to congressional legislation touching the
purchase and coinage of silver by the general
government. This legislation is embodied in
. statue passed on the 18th day Of July, 1890.
"Wtic. was she elimination Of much agitation
ON the subject involved, and which may be
considered truce, after long struggle, be-
tween the advocates of free silver coinage
-and those intending to he more conservative.
A DISAPPOINTING RESULT.
Undoubtedly the monthly purchases by the
government OF 100000 ounces OF silver, en-
those interested in silver production as a GER
tain guaranty of its increase in price. The re-
suit. however, has been entirely different. for
Immediately following a spasmodic and slight
wise, the price OF silver began to fall after the
passage Of the act, and has since reached the
lowest point ever known This disappointing
result has led to renewed and persistent effort
in the direction Of free silver coinage.
EVIL EFFECTS AcgUMULArING.
Meanwhile, not only are the evil effects OF the
operation Of the present law constantly accu-
smulating but the result to which its execution
-mrst inevitably lead is becoming palpable to
all who give the least heed to financial sub
jects. This Jaw provides that in payment for
tho Sec 900 ounces Of silver bullion. which the
secretary OF the treasury is commanded to pur
chase monthly. there shall be issued treasury
notes redeemable on demand in gold or silver
Gotta. at the discretion OF the secretary Of the
treasury, md that said notes may be reissued.
NO DISCRETION LEFT THE SECRETARY.
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 declaration
SO controls the action OF the secretary OF the
treasury as to prevent him exercising the dis
erection nominally vested in him. If by such
eacfiea the parity between gold and silver
cnny be disturbed. Manifestly n refusal by
the secretary to pay these treasury notes
IN gold. If demanded. would necessarily result
in their discredit and depreciation as obliga-
Gious payable only in silver. and would destroy
the parity between the two metals by establish
ing discrimination n favor Of gold.
THE GOLD DIAM ExnLAIEKD-J
Up to the ffteeotI day Of July. 1885, these
notes had been issued in payment OF silver
bullion purchases to the amount OF more than
az. Ooo.e 600. While all but very small
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 Is Illustrated by the state
nert that between the list day of May. 1892.
and the 18th day OF July, 1893. the notes OF
this kind issued In payment for silver bullion
amounted TO q little more than 81. 900. and
chat during the same period about $40 .0O0,0 900
were paid out in gold for the redemption OF
such notes.
THE GOLD RESERVE NOT SPARED.
The policy necessarily adopted OF paying
these notes in gold has not spared the gold re-
serve OF Zoo 0eou00 long ago set aside by the
eovcrnm ent for the redemption Of other notes.
for this fun has already been subjected to
the payment of new obligations amounting to
about sl50o0o. 900 on account Of silver pur-
ehases and as o consequence has, for the first
time since its creation, been encroached upon.
We Lave thus made the depletion OF our gold
easy. ana have en9bied other and more ap91e-
ciative nations to add 1t to their stock.
That the opportunity we have offered has not
been neglected Is shown by the large amounts
~of gold which have been recently drawn from
our treasury and exported to increase the
x,nancial strength bf foreign nations. 40 .
EXPORTS AND IMPORTS OF GOLD.
The excess OF exports OF gold over its import
Esc the year ending June 30. 1893. amounted to
more than ee7.s00 60 Between the first day OF
July, 1880, and the fifteenth day Of July 1893.
NAe gold coin and bullion In our treasury de-
creased more than e13s. coo 0O0 while during
che same period the silver coin and bullion in
s4he Treasury increased more than s147. 900.
AN NEvIrxBIE coKsEQuExoR.
Unless eovernment bonds are to be con-
sotantly issued and sold to replenish our ex-
shausted gold only to be again exhausted IL is
-Appss.nt taatsthe operation Of the silve pur-
chase .ss: now in force leads In the direction
of the entire substitution OF silver for the gold
I'm the government treasury and that this must
be followed b the payment OF an government
obligations in deprecated silver.
TIE covkaNaGnesr's DILEMMA.
AT this Stage gold ana silver must part com.
spnay and the government must establish
.policy 70 maintain thu two metals on . parity
vita each other. Given over to the exclusive
use Of Q currency greatly Deprecated accord.
fnx % The sfnudard Of the commer6dal world.
10 could 10 longer claim place among ma
xaong Of Tie nrst class. nor could our govern
1.enk czalm perfoEmance Of it, obligations. 30
~ - such Al 6oligAtfon has 0eqn imposed
ausa Il 70 provide foe he use Of thsspeople The
- and saesss ueees