Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-08-12

washington, Aug. S.-The following
* the full text of the presidents mes
sage read in both houses of congress to-
day:
..The existence of an alarming and
extraordinary business situation, in
yolying the welfare and prosperity of
all of our people, has constrained me
tn call together in extra session the peo-
nIe's representatives in congress, to
fine end that through a wise and patri-
otic exercise of legislative duty, with
which they solely sac charged, present
evils may be mitigated and dangers
threatening the future may be averted.
Our unfortunate financial plight Is not
the result of outward events nor con
Gitions related To our national resour-
ces. nor is it traceable to any of the
Affections which frequently check ma
tonal growth and prosperity. With
nlepteous crops, with abundant promise
of renumeratiye production and manu-
facture, with unusual invitation to safe
investment, and with satisfactory as
surance to business enterprise, imam
cial distrust and fear have sprung up
on every side. Numerous moneyed IN
stjtutions have suspended because
abundant assets were not Immediately
available to meet the demands OF
frightened depositors, surviving corpor-
atoms and individuals are content to
keen in hand money they are usually
anxious to loan and men in legitimate
business are surprised to ina that
securities they offer for loans, though
heretofore satisfactory, are no longer
accented. Values supposed to be liked
are fast becoming cOnjectural, ana loss
and failure have invaded every branch
of business
81 believe these things are prin-
cipally chargeable to congressional
legislation touching the purchase and
coinage of silver by the general gov
arament. This legislation is embodied
i'm a statute passed on the 14th day OF
Julv. 1890 which was the elimination
of much agitation on the subject in
yolyed and which may be considered
truce. after a long struggle, between
the advocates Of free silver coinage ana
those intending to he more conserva-
tive Undoubtedly the monthly pur-
chascs by the government of 4,5DpO
ounces of silver, forced under that
statute. were regarded by those inter
ested in silver production as certain
guaranty of its increase in price. The
result, however, has been entirely diff
ferent. for Immediately following a
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 disap-
pointing result has led to renewed and
persistent effort in the direction of free
coinage Meanwhile, not only are the
evil effects of the operation of the
present law constantly accommodating,
but the result to which its execution
must inevitably lead is becoming pal
pabIe to all who give the least heed
10 financial subjects.
"This law provides that in payment
for 100000 ounces Of silver bullion
which the secretary Of the treasury Is
commanded to purchase monthly there
shall hc issued treasury notes redeem
able on demand in gold or silver coin,
at the discretion Of the secretary oil
the treasury, and that said notes may
be reissued 1t is, however, declared
i'm the act to be the established policy
OF the United States to maintain the
two metals upon a parity with each
other upon the present legal ratio OF
such ratio as may be provided by law.
This declaration so controls the action
Of the secretary Of the treasury as to
prevent his exercising the discretion
nominally vested in him, If by such
action the parity between gold ana
silver may be disturbed. Manifesuy
refusal bv the secretary to pay these
treasury notes, if demanded, would
necessarily result I'm their discredlt ana
depreciation as obligations payable
only i'm silver and would destroy the
parity between the two metals 10y es-
tabIshing a discrimination in favor OIL
gold. 100
TN to the 18th day Of July, 1893,
these notes had been issued in payment
of silver bullion purchased, to the
amount Of more than Sl4GOOo,OOO.
While all but a very small quantity oil
this bullion remains uncoined aud with
cut usefulness in the treasury, many OF
the notes given in its purchase have
been paid in gold. This is illustrated
by the statement that between the first
day Of May. 1892, and the fifteenth day
OF July, 1893, notes Of this kind issued
in payment for silver bullion amounted
to "a little more than S54O00,0o0 and
that during the same period about
100000 were paid by the treasury
10 gold for the redemption Of such
notes. The policy necessarily adopted
~ paying these notes in gold has not
spared the gold reserve Of 500,
long ago set aside by the government
for the redemption of other notes, for
this fund has already been subjectsd
to the payment Of a new obligation
amounting to about S1J0OoO,OO0, on
account Of the silver purchases, and
has, as a consequence, for the first time
since its creation, been encroached up
on. We have thus made the depletion