Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-09

WASHINGTON, d. c., August s.-The
Presidents message, delivered 70 Con-
gress this afternoon, 10 as follows;
WAsHIS0rsN. August s.
To the Congress Of tlle United Stdtcs:
The existence OF sn alarming and OK
traordinsry business situation, inyov-
ing the welfare and prosperity OF ell
our people. has constrained me 10 call
together in extra session the peoples
representatives In Congress, 10 the end
that through a wise and patriotic exer-
else OF the legislative duty with which
shey solely are cn-rSed So
may be mIligated and da.
enIng OF the future may be
Our unfortunate financial
not the result OF untoward events
conditions related TO our natural re-
sources; nor is It traceable TO any Of
the afiIlctIons which frequently cheeY
national growth and prosperity. Win
plenteous crops, with abundant prom
ise OF remunerstIye production and
manufacture, 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 moneyed insti-
tutlons have suspended because their
abundant assets were net Immediately
available TO meet the demands Of fright
ened depositors. Surviving corpora
tIons aud individuals are content 70
keep in hand the money they are usu-
ally anxious TO loan, and those engaged
ln legitimate business are surprised 70
find that tho securities they Offer for
loans, though heretofore satisfactory,
arc no longer accepted. Values sup
posed to be fIed are fast becoming con-
iectural. and losses and failures hsye
INVADED EVERY BRANCH or BUSINESS.
/ believe these things are principally
chargesble TO Congressional legislation
touc hing the purchase and coinage OF
silver By the general government. This
legislation Is embodied In statute pass
ed on the 14th day Of July, 1890, which
was the culmlnatlon OF much agitation
ON the subject involved. and which may
be considered truce after long srug-
Gle between tbe advocates OF free silver
coinage and those intending 70 Do more
conservative.
Undoubtedly monthly purchases Dy
the government Of four million and hTe
hundred thousand ounces OF silver en.
forced under that statute were regarded
nv those Interested in silver production
"a a certain guaranty Of its increase IN
ny,re The result, however, has been
ent,relv different for Immediately fol-
lowing spasmodic and slight rise, TIE
nrlce OF silver began 20 fail aftef th9
na.saze OF the act. and has sibce reach
"a the lowest point ever kDoFn. Ibis
dIssooolo,lng result has led 20 renewed
ard per,l,tent effort in the direction Of
free silver coinage
Meanwhile not only are tho evli 81.
fects OF the operation OF tns present
law cOnstanLy hcfDWn'e"hs
result 70 which lts execution vas ln-
syitsblY lead 10 becoming Dalpsbis 70
An - give least heed 20 financial
subJects.
This law provides that in payment
sor the four million snd fYs hundred
thou,aud ounces Of silver bullion when
the secretary OF Treasury Is con nana-S
"a 70 uurchsse monthly, there shall -
tssned Trsassry potes redeemable o.
demand 10 gold or silver cfan - fbs ois-
cretion Of the Secretary Of the Treasury
ard that ssld notes nay pot % rela-
srsd. II is. however. declared 10 the
.ct "a be "the established policy q 81
uoited states % maintelr -
1s,als on a parity with each
-, ,ha uresent legal ratio
As NAY b.
This decF
tlon Of the
as 70 preye
sion n0mlr
action 81
yer M
nssi