The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1893-08-12
THE PRESIDENTS MESSAGE
FlnanciaI Legislation Should Have
the Floor.

cleveland Thinks the Pressing Problem Is
the Money Muddle..We Can't Go Il
Alone and Must Conform to
the Worlds Views.
WAsnrSsroN, Aug. 0,--The senate met
st noon Tuesday, and after the morning
routine took a recess until l2,45 to await
the arrival of the presidents message.
Ihe recess having expired, Mr.. Harris,
OF the COMMITTEES to wait npen the pres
dent, reported that the committee had
PERFORMED that duty and had been In
Termed that the president would commu-
nicatc with congress- Immediately
Thereon Mr. Prnden, ono of the pres
1dcnt's secretaries, appeared aud dellv-
cred the message, which was Immediately
read to the senate by Mr.. johnson, its
chief clerk. The presidents message was
read ordered to be printed immediately
and referred to the finance committee.
Various petitions for and against the re-
peal OF the Sherman act were presented
and referred to the finance committee.
As soon as the Introduction OF bills was
: in order Mr.. Hill, of New York, intro
duced bin to repeal certain sections of
the Sherman act and it was referred to
the committee on finance. That was fol-
lowed by two bills introduced by Mr..
Stewart, of Nevada, one to restore the
right of coinage and one (Which he said
: was to meet the existing trouble immcdi-
ateiy) to supply u deficiency in the cur
rency. The latter directs the secretary
OF the treasury to issuc silver certifl-
Gates for the silver bullion now in
the treasury in excess of the amount
necessary so redeem outstanding certi-
hcates, and also to issue 100000, 600 of 4
per cent bonds. He made brief state
ment in explanation of the latter bill and
expressed the hope that it would be acted
on without delay. Both bills were re-
ferred to tho finance committee. Many
other bills, financial and other
wise, were introduced and referred.
Ths House.
WASHINGTON, Aug. 9-The house was
called to order promptly Mt noon Tues
day and prayer was offered by the newly
elected chaplain, Rev. Dir. Hadaway. The
journal, which was rather lengthy one,
was then read and approved and the
house took a recess until 2:45 p M
After the recess, Mr.. Springer, dem,
Illinois, chairman of the committee ap-
pointed to wait upon the president, re-
ported that the president would communi-
cate in writing q message
to congress for rthwith. Instantly Mr..
Pruden, one of the presidents sccretar-
les, made his bow and sent the important
document to the clerks desk where it was
read by Clerk Kerr. The presidents mes
sages was listened to with intense
interest by the members of the
house and at the conclusion of its reading
was greeted with general applause not
cenflnedto any section of the chamber
The Michigan election case pending be
tween Richardson and Bcllnap, was then
taken up.
The Message.
To the congress of the United States
The existence of an alarming and extra
ordinary business situation, involving
the welfare and prosperity of all our peo.
pie, has constrained me to call together
= In extra session the peoples representa- 4
tives in congress, to the end that through
p wise and patriotic exercise of the legis-
lative duty with which they solely are
charged, present evils may be mitigated
and dangers threatening the future may
be ayerted.
Our unfortunate financial plight is not
the result of nntoward events nor of CON
editions related to our natural resources
nor is 1t traceable to any of the Affections
which frequently check natural growth |
md prosperity. With plenteous crops,
with abundant promise of remuneratiyc
production and manufacture with unusual |
Invitation to safe investment and with
satisfactory assurance to business enter
prise, suddenly financial distrust and fear
have appeared upon every side Numer-
nus moneyed institutions have suspended
business with abundant assets which
were not Immediately available to
depositers Corporations and individuals
are content to keep in han the money
they are usually anxious to loan, and
those engaged in legitimate business are
surprised to find that the securities they
offer for loans, though heretofore salts
factory, are no longer accepted. Values |
supposed to be fixed are fast becoming
conjectnral and loss and failure have in
zvaded every branch of business
Principally chArgeab'e to Silver.
4 believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage of sill
yer by the general government.
This legislation is embodied in q statute
& assed on the l4tn day of July, 1890, which
was the elimination Of much agitation on
)
considered n truce, after a long struggle,
between the advocates of free silver coin |
age and those intending to be more conserv- |
atiye. Undoubtedly the monthly purchases
by the government of 4.500,00 ounces of |
silver, enforced under that statute, were
regarded by those interested in silver pro-
duct1on as n certain guarantee of its in
crease in price. The result, however, has |
been entirely different for, immediately |
following spasmodic and slight rise, the
price of silver began 70 fall after the
passing of the act and has since
known. This disappointing results
has led to renewed and per-
sistent effort in the direction of free s'l, |
yer coinage. Meanwhile not only are the |
evil effects of the operations of the pres
ant law constantly accommodating but the
result TO which its execution must inevita- |
bly, lead is becoming palpablc to all who |!
give the least heed to financial subjects |
This law provides that in payment |
ment for the $500, 900 ounces Of silver bull |
Ion which the secretary of the treasury is
commanded to purchase monthly, there
shall be issued treasury notes redeemabe |
on demand in golu or silver coin, at tho
discretion of the secretary of the trea-
sury, and TINT said notes may be re-is- |
sned,, 1t is, however, declared in the act |
70 be THE established policy Of the United
States to maintain the two metals on II
parity with each other on the present |
legal ratio or such ratio as may be
provided by law,n This declaration SO I
controls the action of the secretary of the |
treasury as to prevent his exercising tho |
discretion nominally vested in him, IL by |
such action the parity between gold and |
silver may be disturbed. Manifestly a |
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 would destroy the
parity between the two metals by estub-
lishing discrimination in favor of gold
Up to the 18th day of July, 1S03 these
notes had been issued in payment OF sill |
yer bullion purchases to the amount OF
more than sl47 600 900. While all bnt |
very small quantity Of this bullion re-
mains uncoined and without useful
fnlness 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 1st day of
May, 1892. and the 18th day of July, 1893,
the notes of this kind issued in payment
for silver bullion amounted to a little
more than s54. .0OO, 900, and that during the
n nm Il