The Russellville Democrat., 1893-08-17
CLEVELAND MESSAGE Delivered to the Extra Session of Congress To-Day. DEALS WITH FINANCES. He Earnestly Recommends the Repeal of
 the Purchasing Clause And Such Other Legislation as Will Restore Confidence in the Ability of
 the Government.
 
THE TARIFF.
It win be Considered Later, and the 8d- ministration Is Pledged to
 Its Reform.
Our Money Must Be of Value Which f. Recognized by all Civilized
 Countries.

WASHINGTON, D. C., August s.
 -.To the Congress of the United States: The existence of an alarming and extraordinary busi- ness situation involving the welfare
 and prosperity of all our people, constrained me to call together in
 extra session the peoples represen- tatives in congress to the end that through wise and patriotic exer- else of the legislative duty with which they are solely charged the
 present evils may be mitigated and
 the dangers threatening the future
 may be avoided. Our unfortunate
 financial plight is not the result of
 on towards events nor conditions
 related to our natural resources, nor
 is it traceable to any afflictions which
 frequently check national growth
 and prosperity. With plenteous
 crops, with abundant promise, re-
 munerable production and manu-
 facture, with an unusual in
 vitation for safe investment
 and with satisfactory assurance
 for financial enterprises, suddenly
 financial distrust and fear sprung
 up on every side, and numerous
 monied institutions are suspended
 because abundant assets are not i'm
 mediately available to meet the de-
 mands of frightened depositors.
 Surviving corporations and individ-
 uals are content to keep in hand the
 money they are usually anxious to
 loau, and those engaged in legitimate business are surprised to find the securities they offer for loans though heretofore satisfactory are no longer accepted. Values supposed to be fixed are fast becom- ing conjectural and loss and failure have invaded every branch of busi- ness. l believe these things are. ehargeable to congressional legisla- ton touching the purchase and coin age of silver by the general govern meat. This legislation is embodied in statute passed on the l4th day
 of July, 1890, which was the continuation of much agitation on the subject involved, and which may be considered true after the long struggle between the advocates of free silver coinage and those intend ing to be more conservative. Un- doubtedly the monthly purchases by the government of 4 ,500, 900 ounces
 of silver, enforced under the statute. is regarded by those interested in
 silver production a certain guarantee of its increase in price. The result, however, has been en- tirely different, for immediately fol- lowing spasmodic and slight rise, the price of silver began to fall after it's passage and has since | reached the lowest point ever known.
 This disappointing result has led to | a renewed and persistent effort in the direction of the free coinage of silver. Meanwhile | not only are the evil effects of the operations of the present law con stantly accomplishing, but the result to which it's execution must inevil tably lead is becoming palpable to all
 who give the least heed to financial subjects. This law provides that in
 the payment for 4, 100000 ounces of
 silver bullion, which the secretary of
 the treasury is commanded to pur-
 chase monthly, there shall be
 issued treasury notes returnable
 Oh demand in gold or silver coin at l the discretion of the secretary of
 the treasury, and said notes may be
 re issued. It is, however, declared in the acts to be "the established
 policy of the United States to main
 tain the two metals on parity with
 each other on the present legal ratio, or such ratio as may be provided by
 law.n This declaration so controls
 the action of the secretary of the
 treasury as to prevent his exercising
 the discretion which is nominally
 vested in him. If by such action
 the parity between gold and silver
 may be disturbed, manifestly a re
 fusal by the secretary to pay these
 treasury notes in gold if demanded
 would necessarily result in discredi'
 and the depreciation of obligations
 payable only in silver and destroy
 the parity between the two metals
 by establishing a discrimination il
 favor of gold. Up to the 10th ol
 July, 1893, these notes had beer
 issued in payment of silver bullior
 purchases to the amount of more
 than $147, ,00O, ,OO0. While all but
 very small quantity of this bullior
 remains uncoined and without use fulness in the treasury man,
 of the notes given in it's purehas have been paid in gold. This is il
 lustrated by statement between