Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-08-15


WASHINGTON, Aug. S.-The following
is the full text of President Cleveland's
message as read in the house and sem
ate Of the extra session;
To the Congress Of the United States.
The existence Of an alarming and extraordi-
nary business situation, involving the welfare
and prosperity Of all our people, has constrained
me to call together In extra session the peoples
representatives In congress, to the end that
their wise and patriotic exercise Of tho leqisla-
tive duty with which they solely are 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 nor Of conditions
related TO our natural resources, nor IS
which frequently checked national growth
and prosperity. Vita plentGouB crops, with
~ebundant promises OF romunerative prOduc-
ton and mhnufactlre. with unusual fnVftsfion
70 safe investment, and With satisfactory as.
eprance 20 business enterprise, suddenly hnan-
ciN distrust ana fear have sprung upon us on
every side; numerous moneYed institutions
have suspended because abundant assets were
not immediately available to meet demands Of
frightened depositors. Surviving corporations
and individuals are content TO keep in hand
money they are usually anxious to loan,
aud those engaged. In legitimate
business are surprised to End that the securl.
ties they oner for loans, though heretofore
satisfactory, are no longer accepted Values
%3ectural, and loss and failure have invaded
every branch OF business. l believe these
knluNh HI6 DflnGlpNllYt nNrKeIUlO TO COnNTg6s
sional legislation touching the
Purchase and Coinage Of Silver
by the general government. This legislation
Is embodied In the statute passed on the 14th
day Of July, 1890, which was the elimination
OF much agitation Of the subject in;
Q truce after a long struggle between
the advocates Of tho fFes-siiyer coings and
those intending to be more conservative. I'm
doubtedly the monthly purchases 10y The gov.
eminent OF 100000 ounces OF silver enforced
under that statute were regarded by those in
terested in the silver production as a certain
guaranty Of Its increase in price. The result
however, has been entirely different, for i'm
mediately toll9wipg a spasmodie and slight
rise the price Of silver began 10 fall after the
passage Of the act and has since reached the
Lowest Price Ever Known.
This disappointing result has led to q renewed
and persistent effort in the direction of free
silver coinage. Meanwhile not only all the
evil effects of the operation Of the present law
we're constantly accommodating, but the result
TO which its execution must inevitably lead Is
becoming palp4ble TO all who give the least
heed 70 financial subjects. This law provides
that In payment for 4,500, 900 ounces 81 silver
bullion which the secretary Of the treasury is
commanded to purchase monthly there shall
be Issued treasury notes redeemable on de.
mand IN gold or silver coin NJ tho discretion Of
the secretary OF the treasury, and that
Said NOtos May he Reissued.
It is, hewever, declared in the act TO DO
'the established pOlicyof the United States TO
maintain the two metals on a parity with each
other on the present legal ratio or such ratio
as may be provided by law" This declaration
90 controls the action of the secretary Of the
treasury as 70 prevent his exercise Of the dis.
erection nominAlly vested In him. If by such
action the parity between gold and silver may
be disturbed, manifestly the refusal by the
secretary 10 pay thest treasury notes in gold
If demanded would necessarily result IN their
discredit and depreciation as obligations pay
able on y In silver and would destroy tho
Parity between the Two Metals
" a.
gold Up 20 the 10th. day OF July. 1898, those
notes had been Issued Ia payment OF silver bull
lion purchases 90 the amount Of more than
fl4100Q,0O0, while all but a very small quantity
Of this bullion remains uncoined and without
usefulness In the treasury. Many OF the notes
given In its purchase have been paid in gold.
This Is illustrated by the statement that be-
tween May 1 1899, and July Is, 1898, notes Of
this kind issued in payment for silver
900 and that during the same period about si9,-
Q9o0O were paid by the treasury In gold for
Redemption Of such Notes,
The policy necessarily adopted OF paying these
notes in gold has not spared the gold reserve
Of $i00O00O 900 long g set aside by tho govern.
ment FOR the redemption Of other notes, for
this fund has already been subjected 20 the
payment OF new obligations amounting
TO about tlbQ0JQ,lOO on account OF silver
purchases and has as a consequences for the
the frs time since it's creation been e~ncroached
upon We have thus made q depletion Of our
gold easy ana have tempted other and more
hpplccdlFe AalohH 70 hau 70 theH STOCK.
That the opportunity we have oner-
cd has not been neglected IS
shown BY the large amounts OF gold which
have been recently drawn from our own treas
ury and exported TO increase the financial
strength Of Foreign Nations.
The excess Of exports Of gold over its imports
for the year ending June 30, 1893, amounts TO
more than 4l.nlONO0 Between the lst OF July
1880, and tho 18Th day OF July 1925 the gold
coin ana bullion in our treasury decreased
more than 4lasfO0,O4 while during the same
period tho silver coin and bullion IN the
treasury increased more than Sl47,OO0,-
90 Unlees government bonds arc
ffeple9Ssh our eSBausttess so1 cold oply So' 10 b .
again exhausted, IL Is apparent that the opera
ton q the silver purchase law now
N ioneS iee9s IN the airee,i2n
the govornmect treasury, and that this must
be followed b. The paYmeut q all government
obligations IN deprecated silver. Atthis stage
gold u silver
Must Part Company,
and the government must fail IN rs estab-
lished policy 70 maintain the two metals on a
parity With each other. Given over 70 an ex-
elusive use OF currency, greatly deprecated,
according 10 tho standard OF the commercial
World We could no longer claim q place
could our government claim the performance
OF It's obligation, 30 far as such. an obligation
has been Imposed upon Il TO provide ior ne use
many Of is friends claim, silver ought % cccu-
/ Ply a larger place Ia our currency, and The cur
rency OF the world, through general 4ntcfna-
tiOnal cooperation and agreement II iubbYopg
that the United states win not be- In position %
gain a hearing IA favor Of such uu Arrangement
- long AS wo are willing 70 continue our A.
tempttO
Accomplish the Result single and
The knowledge An business circles
Qnone onL-nNn-neonh ~taAk our