The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10
THE MESSAGE.
GROVER SPEAKS HIS MIND AS USUAL
IN NO UNCERTAIN WAY.
IT MEANS REPEAL.
he Shows Up the Terrible Wrong OF Con-
tinuing Under the Sherman Act and
Urges its Repeal and Return
to Solid Finance.

WASHINGTON, Aug. S.-To the con-
gress of the United States; he ex-
istence of an alarming and extraordin-
ary business situation involving the
welfare and prosperity of all our peo-
pie has constrained me to call together
in extra session the peoples represen-
tatives in congress. to the end that
though their wise and patriotic ex.
ercise of the legislative duty with
which they solely are charged, pres
ent evils may be mitigated and dam
gers threatening the future may be
avoided. Our unfortunate financial
plight is not the result of natural
events nor of conditions related to our
natural resources, nor is it through
any OF the a affiictions which frequently
check growths and prospects of plen-
teous crops. With abundant promise
of remunerative production and man.
ufactures, with universal invi-
tation to safe investment and
with satisfactory assurance to busi-
ness enterprises, suddenly financial
distrust and fear have sprung up on
every side. Numerous moneyed insti-
tutions nave suspended because their
abundant assets were
NOT IMMEDIATELY AVAILABLE
to meet the demands of frightened de-
positors. Surviving corporations and
individuals are content to keep in
hand money they are usually anxious
to loan and those engaged in legiti-'
mate business are surprised to find
securities they offer for loans, though
heretofore satisfactory, are no longer
accepted. Values supposed to be fixed
are fast becoming conjectul ed and
loss and failure have invaded every
branch of business. l 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 a statute passed
on the 18th day of July, 1890, which
was the elimination of much agitation
OF the subject involved and which
may be considered truce after long
struggle between the advocates of free
silver coinage and those intending to
be more conservative. Undoubtedly
the monthly purchases by the govern
mept of A, 100000 ounces of silver en-
for.ed under that statute, were regard
ed by those in the silver production
as q certain guarantee of its increase
in price The result, however, has
been entirely different for immedi-
ately following spasmodic and slight
rise, 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 lead to renewed and persistent
effort in the direction of free silver
coinage. Meanwhile, not only are the
evil effects of the operation of the
present law constantly accumulating
but the result to which its execution
must inevitably lead is be-
coming palpable to all who
give the least heed to
financial subjects This law provides
that in payment for 4, $780, 900 ounces of
silver bullion which the secretary of
the treasury is commanded to pur
chase monthly there shall be issued
treasury nOCeS reueemaDle OIL uelHdnu
in gold or silver coin at the discretion
of the secretary of the treasury, and
that said notes may be reissued. 1t is
however declared in the act to be 'the
established policy of the United States
to maintain the two metals on pari-
ty with each other on 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 his exercise of
discretion nominally vested in him. If
by such action the parity between
gold and silver may be disturbed,
manifestly the refusal by the secretary
to pay these. treasury notes in gold, if
demanded would necessarily result in
their discredit and depreciation as
obligations payable only in silver and