Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-08-12
THE MESSAGE.
The Presidents Recommendation
to Congress.
Repeal of the sherman Act Favored
Legislation Advised for the Es-
tablishlng Of q Gold
Standard.

of President Cleveland to the extra SEES
sion of congress was delivered to both
houses shortly before 1 o'clock. 1t is
as follows:
To the Congress OF the United States:
The existence Of an alarming, IN extraordi-
nary, business situation, involving the welfare
and prosperity OF I'LL our people, has con-
strained me to call together In extra session
the peoples representatives In congress to the
end that through wise and patriotic exercise
OF the legislative duty with which they are
solely charged, present evils may be mitigated
and dangers threatening the future may be
averted.
Our unfortunate financial plight is not the
result OF untoward events or OF conditions re-
lated TO our national resources nor Is II trace
able to any OF the affiictions which frequently
check national growth and prosperity with
plenteous crops with abundant promise OF re-
munerative production and manufacture, Win
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 not Immediately available to meet
the demands OF frightened depostors, surviving
corporations and individuals IRE content TO
keep in hand the money they are usually anx-
ious 10 loan, and those engaged In legitimate
business are surprised TO find that the securi-
ties they offer for loans though heretofore sat.
factory, are no longer accepted Values sup
posed TO be fixed are fast becoming conjectural
and loss and failure have invaded every branch
of business.
believe these things arc principally charge
able to congressional legislation touching the
purchase and coinage OF silver by the general
government This legislation is embodied In q
statute passed on the 18th day OF July, lSso'
which was the elimination OF much agitation
of the subject involved and which may be con-
sidered truce a!scr the long struggle between
the advocates Of free silver coinage ana tnose
intending to be more conservative.
Undoubtedly the monthly purchases by the
government OF $780, 200 ounces OF silver, forced
under that statute were regarded by those in-
terestcd in silver production as certain guar
anty OF its increase In price. The result, how
ever has been entirely different, for immedi'
utely following u spasmodc ana 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 led TO renewed and persistent enort IN the
direction OF free silver coinage.
Meanwhi not only are the evil effects OF
the operation OF the present law constantly ac-
cumulating but the result TO which its execu-
ton must inevitably lead. is becoming palpable
10 all who give the least heed TO financial sub
jects
This law provides that in payment for the
$4,000 o ounces OF silver bullion which the sec
rotary OF the treasury IS commanded TO pur-
chase monthly there shall be issued treasury
notes redeemable on demand in gold or silver
coin, ut the discretion OF the secretary OF
the treasury, and that the said notes may
be reissued 1t is, however, declared In the act
10 be "the established policy OF the United
States to main tain the two metals upon parity
with each other upon the present lega! ratio or
such ratio rs may be provided by law. y
This declaration so controls The actions
OF the secretary OF the treasury rs to
prevent his exercising the discretion nominally
vested in him II by such action the parity be-
tween gold and silver may be disturbed Mani
testify, o refusal BY the secretary 10 pay these
treasury notes in gold IL demanded would
necessarily result in their discredit and de-
probation, us obligations payable only In sil
yer, and would DESTROY the parity between the
two metals by establishing discrimination In
favor OF gold
Up TO the 18th day OF July, 1893, these notes
had been issued In payment Of silver bullion
purchased TO the amount OF more than Sl4' oo'.-
90 While all but u very small quantity oil
this bullion remains uncoincd and without use
fulness in the treasury. many OF the notes
given In its purchase have been paid In gold.
This is illustrated by the statement that be-
July, ls93 the notes Of this kind issued in pay
ment for silver bullion amounted 10 little
more than SjI 010. 600 and that during the same
period about $40 000, 00J we're paid by the treas
urv in gold for the redemption OF such notes
The policy necessarily adopted OF paying
these notes In gold has not spared the gold re-
serve Of tlUO.UOJ,O0O, long ago set aside by the
government for the redemption OF other notes,
for this fund has already been subjected TO the
payment OF new obligations amounting TO about
SisOOJ00O0 on account OF silver purchases, and
has rs consequence, for the first time since Its
creation, been encroached upon.
We have thus made the depletion OF our gold
easy and have tempted other and more appre
ciative nations 10 add It to their stock. That
the opportunity we have offered has not been
neglected IL shown by the large amounts OF
gold which have been recently drawn from
our treasury and exported to increase the
financial strength OF foreign nations The ex
cess OF exports OF gold over its imports for
the year ended June 30, 1898, amounted To
more than ga, 5O0,00l. Between the first day
of january 1899. ana the 18th day OF July. 1898
the gold coin and bullion in our treasury de-
creased more than Si3., 900 100, while during
the same period the silver coin and bullion Ii
the treasury increased more than sii70N,Dl
Unless government bonds ore 70 be constant
Nv issued and sold 10 replenish our exhausted
gold, only TO be again exhausted 1t is apparent
that the operation OF the silver purchase Law
now in force leads In the direction OF the entire
substitution OF silver for the gold In the gov
eminent treasury md that this must be fol
lowed by the payment OF all government oph
cations In deprecated silver.
Al this stage gold and silver must part com
pany and the government must fail In It's estao
iished policy 10 maintain the two metals on
parity with each other.
Given over TO the exclusive use OF cur
rency greatly deprecated. according to the
standard OF the commercial world, we could
no longer claim place among the nations Oh
the first class, nor could our government claim
n performance OF It's obligation, so far as such
an obligation has been imposed upon It. tc
provide for the use Of the people the best and
safest money. II, rs many OF its friends claim
silver ought 70 occupy n higher place In our
currency and she currency OF the world through
general international cooperation and ugree-
Hn "a