The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-08-17
UNCONDITIONAL REPEAL
OF THE SHERMAN LAW ADVISED BY
PRESIDENT CLEVELAND.


Sound aud stable Money-rko Laboring
Class the Hsai III q erers from Financial
Depressions.
WASHINGTON, ID. g., Aug. S.--The
following is the message of President
Cleveland sent to Congress- at noon to-
day:
. 70 the Congress Of the United
States:
"Ihe existence Of an alarming and ex-
Craoruli;lry business situation, invOly-
ing Lhe welfare and prosperity of all of
Ohr people, has constrained me to call
together in extra session the peoples
representatives in Congress to the end
that through a wise and patriotic ex-
erclse of The Legislative duty with
which they solely are charged, present
tNllS may he mitigated and dangers
threatening the future may he averted.
Nour unfortunate financial plight is
not the result Of umtOward events nor
conditions related to our natural re-
sources, nor is it traceable to any of
the affections which frequently check
natural growth and prosperity. With
plcnteOlS crops, with abundant prom
lSe OF remuncratlVe production and
manula lacture, with unusual invitation
TO sale Investment, and with satisfactO-
ry assurance to DuSines, enterprlse
suddenly financial distrnst and fear
have sprung up on every side. Num-
erouS moneyed institutions have sus
pended hecause abundant assets were
not immediately available to meet the
demands OF frightened depositors: sur
YlVihg corporations and individuals are
content to keep in hand the money thew
are usually anxious to loan, and those
engaged III legitimate business are sur
prlSed to lind that the securities thew
"iler FOR loans. though heretofore sat
lSlactorY, are no longer accepted; val
uc3 supposed TO be fixed are fast becom.
ing oniactural and loss and failure
have Invaded every branch of business.
u believe these things are PRINCIPAL
" ciargrable To Congressional legisla-
ton touching the purchase and coinage
Ol silver by the general government.
rms legislation iS embodied in a stat
ute passed on the lIth day Of July 1890,
winch was the elimination Of much
agitation on the subject involved and
which may be considered Il truce after
Il long struggle between the advocates
OF Tree silver coinage and those intend
ing 10 he more conservatives n
dOuhtcdly the monthly purchases by
the government of 1 100000 ounces Of
silver, enforced under that statute
We're regarded by those Interested in
silver production as Il certain guaranty
ot its increase in price. The result,
h"W"Vcr, has been entirely different,
Tor immediately following Il Spasmodic
and slight rise the price Of silver began
I" TALL alter the passage OF the Act, and
has since reacted to the lowest point
r|:T known. This disappointing re-
n,l th a
N"rt III the direction Of free silver
coinage. Meanwhile not only are the
eva effects of the operation of the pres.
! eat law constantly acCumulating, but
| the result. to which its execution must
| incVlt'hly lead, is becoming palpable
| To all who give the least heed TO iinan-
cial subjects.
"This law provides that in payment
iOf the four millions and five hundred
| thousand ounces of silver bullion which
the Secretary OF the Treasury is com
mandnu to purchase monthly there
| shall be issued treasury notes rrdpema-
t'c on demand In gold or silver coin, at
| thr discretion of the Secretary of the
Secretary Of the Treasury, and that
SAID notes may be reisSued. is how
ever, declares! in the y ct to be the es-
tablIShcd policy OF the United States
To maintain the two metals on parity
with etch other upon the present legal
r,itlo. or such ratio rs may DE provided
bS law. This declaration so controls
the actions Of the Secretary of the
treasury as to prevent his exercising
the discretion nominally vested in him
II by such action the parity between
gold and silver may be disturbed Man.
l"Sily refusal ny the Secretary to
pay these treasury notes in gold would
N no Il
depreciation as obligations payable on
" IN silver, and WOuli destroy the par
lty between the two metals by estab.
NShInG ~ discrimination in favor Of
gold. p to the 10Th day Of July, 1888,
these notes had been issued IN payment
ol SILVER bullion purchases to the
amount Of Sll1UO,CJO. while all but
very small quantity Of this bullion re-
MANS uncOnrd and without useful
ness in the Treasury. Many of the
notes given In its purchase have been
paid III gold. This is illustrated by the
statement that between the lst day of
May, 1892, and the 18th day of July,
1893, the notes Of tins kind issued in
payment for silver bullion amounted
to il little more than fifty y-fOur millio rs
of dollars, and that during the same
period about fOrty-ninc millions Of dol
lars were paid 10y the Treasury in gold
for the redemption of such notes. The
policy necessarily ad opted Of paying
these notes III gold has not spared the
gold reserve Of SlCJ,OU0 900 long ago
set aside by the government for the
redemption ct other notes, for this fund
has already been subject to tho pay
ment of new obligations, amounting
to about SlJO,wW,OO3 on account Of sill
yer purchases and has, us Il consequence
for the first time since its creation been
cncroachcd upon.
ave have thus made the depletion
oi our gold easy and have tempted 9th.
"r ana more appreciate nations to add
| It TO their stock. That the opportunity
we have offered has not been neglected
lSShoWn by the large amounts OF gold
which have been recently drawn from
our Treasury and exported to increase
the financial strength Of foreign ma
tons. Thc excess of exports of gold
over The imports for the year ending
June NLh, 1893, amounted to more
than clghty-srVen and a nalf millions
of dollars. between the lSt of July,
lN!W, and the 18th day of July, 1893,
h" gold coin and bullion in our Treas.