The Camden chronicle. (Camden, Tenn.) 1890-current, 1893-08-18
THE PRESIDENTS MESSAGE.
Make Money Stable, is what he Recon-
mends to Congress,


To the Congress Of the United States
The existence of an alarming and
extraordinary business situation, in
volving the welfare and prosperity
Of all our people, has constrained
me to call together in extra session
the peoples representatives in Con
gress, to the end that their wise and
patriotic exercise of the Legislative
duty with which they solely are
charged, present evils may be miti-
gated and dangers threatening the
future may be averted.
Our unfortunate financial plight
is not the result of untoward events,
nor of conditions related to our nat
ural resources; nor is it traceable
to any Of the Affections which fire.
quently check national growth and
prosperity. With plenteous crops,
with abundant promise Of remun-
erative production and manufac-
ture, 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 monied institutions
have suspended because abundant
assets were not Immediately availa-
BILE to meet the demand Of frighten-
ed depositors. Surviving corpora
tions and individuals are content to
keep in hand the money they are
usually anxious to loan, and those
engaged in legitimate business are
surprised to find the securities they
offer for loans, though heretofore
satisfactory, are no longer accepted,
Values supposed to be fixed are fast
becoming conjectural, and loss and
failure have involved every branch
of business.
I believe these things are princi-
pally ehargeable to Congressional
legislation touching the purchase
and coinage Of silver by the gener-
al Government.
This legislation is embodied in a
statute passed on the 18th day of
July, 1890, which was the culmina-
ton of much agitation on the sub
iect involved, and which may be
considered a truce, after the long
struggle, between the advocates OF
freesilver coinage and those intend
ing to be more conservative.
Undoubtedly the monthly pur-
chases by the Government OF
100000 ounces of silver, enforced
under that statute, were regarded
by those interested in silver pro.
duction as a certain guarantee Of
it's increase in price. The result
however, has been entirely differ
ent, for Immediately following
spasmodic and slight rise, the price
Of silver began to fall after the pas
sage of the act and has since reach
ed the lowest point ever known
This disappointing result has LEI
to renewed and persistent effort Il
the direction Of free coinage.
Meanwhile, not only are the evi
effects of the operation of the pres
emit law constantly accommodating
but the result to which its execution
must inevitably lead is becoming
palpable to all who give the leas
heed to financial subjects.
The law provides that in paymen
for the 100000 ounces of silve
bullion which the Secretary of tn
Treasury is commanded to pun
chase monthly, there shall be issr
ed Treasury notes redeemable o
demand in gold or silver coin,
the discretion of the Secretary c
the Treasury, and that said note
may be reissued. 1t is, howeve
declared in the act to be the estat
Iished nolicV of the United State