The state republican. (Jefferson City, Mo.) 1871-1896, 1893-08-17

10 THE CONGVESS OF THE UNITED DThIbS-
The existence Of an alarming and extraor-
dinary business situation, Involving the wei
fare and prosperity Of all our people, has CON
strained me to call together In extra session
the 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
fnitigated and dangers threatening the future
may be averted.
htR UNFORTUNATE FINANCIAL PLIGHT.
Our unfortunate financial plight is not the re-
suit OF untoword events nor OF conditions re.
lated to our natural resources; nor is II tracea-
bic to any Of the Affections which frequently
check national growth and prosperity. With
plenteous crops with abundant promise of re-
fnunerative production and manufacture, with
unusual Invitation to safe investment and with
sh'isfict5ry ASSURANCE to business enterprise.
srddsny financial distfust and fear
have sprung up on every side
Numerous moncyed institutions have
suspended because abundant assets were
not Immediately available to meet the demands
of frightened 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
nre surprised 10 find that the securities they
offer for loans, though heretofore satisfactory,
are no longer accepted. Values, supposed to
be hxed, are fast becoming conjcctural, and
loss and failure have invaded every branch OF
business.
THE SOURCE OF DIsrRusT.
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
a statute passed on the i4th day OF July. 1890
which was the elimination OF much agitation
on the subject involved, and which may be
considered q truce, after q long struggle, he
tween the advocates of free silver coinage
and those intending to be more conservative.
DISAPPOINTING RESULT.
Undoubtedly the monthly purchases by the
government of 4.500,0O0 6unces Of sllvef en-
forced under that statute, were regarded by
those interested in silver production as GER
tain guaranty Of its increase In price. The re-
suit, however,, has been entirely different, for
Immediately following spasmbdic and Slight
tise, 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 ACcUMuLATING.
Meanwhile, not only are the evil effects OF the
operation OF the present law constantly accu-
mulating, but the result to which Its execution
must inevitably lead is becoming palpable to
all who give the least heed to financial sub
jects. This law provides that In payment for
the 800 900 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
com, u. 'ho aiS.roun y, .ne ,e ni,as W W"
treasury ahu 'ha' s"'u ho'eS "''y 'e fei''u'"
NO DISCRETION LEFT THE SECRETARY.
IT Ia. however, declared in the act to be "the
established policy OF the United States to
maintain the Two metals on u parity with each
other upon the present legal ratio or such ratio
as may bc provided by law" This declaration
40 controls tho action Of the secretary of the
treasury as to prevent him exercising the dis.
cretion nominally vested In him. II by such
action the parity between gold and silver
may be disturbed. Manifestiy q refusal by
the secretary to nav these treasury notes
I'm gold II demanded, would necessarily result
I'm their discredit and depreciation as obliga-
| tions payable only in silver, and would destroy
| the nariiy between the two metals by establish.
Ing discrimination in favor Of gold.
THE GOLD DRAIN EXPLAINED
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
tlI7OOO0OO While all but q very small
quantity Of this bullion remains uncoined and
without usefulness in the treasury, many Of
the notes given in It's purchase have been paid
In gold. This is illustrated by the state
ment that between the LIST day OF May 1872
ana the 'oth oay oI 1uIy, ioeo, 'ne noteS "
this Rihu issueu IN peyen. ior siiner n ou Duiioi
amounted '.ie nioio sns" go. s.o 81 nns o.
that aaIins .n1 Ssiae p,ou aoous a,,,o,, y
were paio OUT III soio ior 'ho feoenhp'ioh
sucn hotes'
THE GOLD RESERVE NOT SPARED
The policy necessarily adopted OF payini
these notes In gold has not spared the gold re
serve OF tioooVooVo long ago SET asioe py .n'
sor ,his tund has ALREADY been subjected /,
,Sa nayment M new obIieations Amounting 4,
ahont s,5o CoO o0O on account of silver pur
chosea and as n consequences haa. for The Arg
time since its creation. teen encroacbed upon
We nave Tins made the depletion of our eolt
sasy a,d have enabled other and more appre
cia;iye nations 10 add IL 10 their stock
That the onnortupity we have offered has no
hesn NEGLECTED. is shown by the large amount,
Of gold which have been recently drawn from
our treasury and exported TO Increase tn,