Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-08-09
THE MESSAGE.
President Cleveland's Words TO
the Flfty-Third Congress.
He Advises the Immediate Repeal Of
the Sherman Silver Law.
6u! Little Aitentiea to Other 0Affers-Tarta
Reform Genes Next.

wA~HIssroS, Aug.-The following
the full text Of the Presidents message L
Congress, delivered today.
r. tie Congress II the tstiei >t,stcs -
The existence Of an alarming and sx
trao.iinary business situation, invoirlnl
the Welfare aud prosperity Of all our peo
pie, has constrained ule 10 call together II
extra session. the peoples representative
in Congress, to the end that throagh a ~i.
snd patriotic eIercise Of the legislAt "
duty ssth which they soreis are charged
present evils mss be niiiigated and danger
atening the future may be sverted.
Our unfortunate financial plight
not the result Of uRio~srd events, no
Of condition rels,ed to our national re
sources, nor is il traeesble To any OF thu
Affections which Frequently check nstura
growth and prosperity. With plenteou
crops, with an abundant promise of rema
ners,ive production and manufacture. viii
unusual invitation TO safe investment. an,
with satisfactory assurance to the business
enterprise, suddenly financial distrast ans
fear have sprupg up on every side.
Numerous nloneyed institutions hAv'
suspended because abundant asset
were not Immediately available TO meet tls.
demand of frightened depositars. Sarviv
ing corporations and individuals are con
tent TO keep in hand the money they ar'
usually anxious to loan, and those engsges
in legitimate business are surprised to hn'
that securities they offer for loans, though
heretofore satisfactory. are no longer ae
ceptei. Values supposed TO be fixed ar
fast becoming conjectursl. and loss snt
failure have involved ,very branch of bus
mess.
be elieye these things are principally
chsrgcabie 10 congressional Legislation
touching the purchase and coinage of sil'el
by the general government.
This legislation j. embodied in statute
passed on the l4th day OF July, 1880, whict
was the culmiDsiion of much agitation II
the subject involved and which may h
considered truce aft'-r hong struggle te-
aseen the aivocsies of silver coinsge and
those intending to be NOR conservative.
Undoubtedly the monthly purchases b,
TIM, government of ! 900 o'u ounces of ssl-
yer enforced under that statute, were re
garltd by those interested in silver produc
tion IS a certain guaranty of its increase II
price.
The result. however, has beer
entirely different, for, immedist Il
following spasmoiic and Sigh
rise, the priee Of silver began to fAl
after the passage of the act, and has since
reached the lowest point ever known ThI
Disappointing result has led TO a rene~e'
a.. ,rt Tho I.sR,4finr7 at ~,
silver coinage.
Meanw hile not only are the evil effects q
the operation Of the present law constantly
sccumlating. but the result TO which Its '1e
cution must inevitably lead is becoming
palpable to all v no give the least heed Il
tinance.
This law provides that in PAYNE Mt fer tn
800 ,00u ounces of silver bullion wiilci
tlrsecrstsry of the treasury is con msn'!ec
To purchase monthly, there shall be issaet
treasury notes reiaemable on de
mand in gold or silver coin ri tn
at the discretion of the secretary of the
treasury and that sand notes may be IT
issued /, is however. declared IN iiie az
to BE- The established policy of the nte'
States to maintain the two metals on
parity with each other upon the presen
legal ratio or such ratio as may be Prov les
by lsw."
These declarations so control the sc,iol
of the secretary of the treasury as TO pre-
vent bis exercising the discretion nominal,
vested in him. If Nv such action the psrit,
between gold and silver may be disturbed
Msnife-tly refusal of the secretary L
pay these treasury notes in gold. If Dc
Bande1 would necessarily result IN thFi
liscredTt and Depreciation as obi ga'ion
PAYABLE only Ia silver, and would DESTROY
the parity between the two metals 10y es
tablishing discrimination in f.vor o
gold.
Up 30 the fifteenth lay of July. lo93
there notes hai been Issued in pay ment .
silver bullion purchased to the amount o
more than one hundred and forty seven
millions of dollars.
While all but very small quantity .
this bullion rema,n' unc0in.d and wlth0p
usefulness in the treasury, many of this not
given in its purchase hare been pail Il
gold.
This Is illustrated by the statement tha
between the FIRST day of May, l-92. and th'
fifteenth DAY Of July, l-9j. the notes o
lsts hAf1A 4rthfAi ~ l'sf hte ~ ~ 7Af'Nf -
lion amounted to little more than fifty
four millions Of dollars, and that daring Tia
same period about forty millions @
dollar. were pail by the treasury in gol
for the redemption of such notes. Tb'
policy necessarily adopted of paving thee
nutcs in gold tas no, spared the gold re
serve of one hundred millions of dollar.
long Ego set ASIDE hy the government TO
the redemption of other notes; for thi
fund has already been subjs c1e'l TO the pa
ant of NV obligations amounting /" ahon
one hundred and .tty millions of dollars oi
account of silver purchases; and has, ss
consequence. for the first time since IT
creation. been enCroacnei upon.
We hare thus made the depletion of on
gold easy, and have tempted oIlsr an,
more apprecistive nations to add II to thei
.le,rk
That the opportunity We have offered ha
not been neglected i. shown by the lsrg
ans uuts of gold which have been receuti
,lrswn from cur treasury ard exported I
increase the 6nsaCisl strength of foreig
nations. The excess Of the export Of col.
over its import for the year enliug Jun
81, Is'5. amounted to nssre than ighty
seven NJ 4 a half million dollars.
Between the first lsv Of july. 1891. an.
the fifteenth lay Of juIr, l-t3, The gDl
coin and bullion in our treasury decrease
more than sl32 Q-Hl ,0srO, Yhile daring ,h
same prrini the silver coin and balfion i
the treasury increased more than one ban
,ir,,i Hyi for,y-seypn millions Of dollars.
tules- government bonds are 10 be ean
stantly issuei ant solt 10 repleHi.h our 81
hAus,el gold only TO BE- agan exhsHst-~l
i,sppareBt that the operation Of the s1lte
purchase lsu nnw in force, leads in tt
direction Of the entire substitution IF siiye
for the goA in the government Treasury
anil that rsnst Re foll1~ei by the payn''~r
of all zovernpe { obligations in lepreF-iei
stivvr.
At this stage zoi anil silver nlust par
company and the government mH.t fail i
iss established policy To usin'siu the tw
metals ou a PARTY with each otbrr.
Given over 10 the exclusive ef rUrrens
grcatlv isprecis'ei according to t'se stsnzi
ard Of the comunrrrisl world. ~e couh n
longer claim a place among nsiia7s Of tn
fret class, nor coul1 our government flsiF
= perfo' pasnre Of is osiiga'io-. far a
sach an obligation has hs.sn iurposs~i upn
1t to provide, for the Hse Of the people. thl
beat ard fest rhouey
If. ~ many Of i's friend. elsins sIlsel
eaght to ac-ppF large plaee in oar cHi
rsrrv snA the currency af the Sort
through geaersi International co-op@rstl1