The advocate and Topeka tribune., 1893-08-16
Presidents Message.
To tAe Congress Of the United States:

the welfare and prosperity OF all our
people, has constrained me to call to-
gOther In extra session the peoples rep
reSentatives in congress, to the end that
through wise and patriotic exercise of
their Legislative duty with which they
solGly are charged, the present evils may
DO m1tigated and the dangers threaten
Ing the future may be averted.
Our Financial Plight
Our unfortunate financial plight Is not
the result of untoward events nor Of con-
ditiOnS related TO our natural resources;
nor is It traceable to any of the Attic
tboAs which frequently check national
growth and prosperity. With plenteous
crops; with abundant promise of remun-
erstiVe production and manufacture;
with unusual invitation to safe invest
ment and with satisfactory assurance to
business enterprise, suddenly financial
distrust and fear have sprung up on
every side.
Numerous moneyed institutions have
suspended because abundant assets were
not Immediately available to meet the de-
mands of frightened depositors. Surviv-
ing corporations and individuals are too
content to keep in hand the money they
are usually anxious to loan, and those en-
gagged in legitimate business are sur
prised to find that the securities they
offer for loans, though heretofore salts
factory. are no longer accepted.
COnjeCtural Values.
Values supposed to be fixed are fast
becoming conjectural, and loss and fail
ure have invaded every branch Of busi-
ness.
believe these things are principally
chargeable to congressional Legislation,
touching the purchase and coinage of
silver by the general government This
legislation is embodied in statute passed
on the fourteenth day of July, 1890,
which was the elimination of much agi-
itSl ion on the subject involved and which
may be considered a truce after the long
ruggle between the advocates of free
silver coinage and those intending to be
more conservative.
Undoubtedly the monthly purchase by
the government of four million, five
hundred thousand ounces of sill
YER, forced under that statute were regar-
ded by those interested in silver produc-
ton, as certain guarantee of its increase
IL price. The result, however, has been
entirely different, for Immediately fol-
lowing spasmodic and slight rise, the
price of silver began to fall after the
passage of the act and has since reached
the lowest point ever known.
evil Effects" of zee Coinage.
This disappointing result has led to
renewed and persistent effort In the d.
reCtion Of free silver coinage. Mean
while, not only are the evil effects Of the
operation of the present law constantly
aocumulating, but the result to which its
execution must inevitably lead is becom-
ing palpable to all who give the least
heed to financial subjects.
This law provides that in payment for
the four million, five hundred thousand
ounces of silver bullion which the secre-
tary Of the treasury is commanded to pur-
chase monthly, there shall be issued
treasury notes, redeemable on demand in
gold and silver coin, at the discretion of
. the secretary of the treasury; and that
said notes may be reissued. tits, how
ever, declared in the act to be "the es-
tablished policy of the United States to
maintain the two metals upon parity
with each other, upon the present legal
ratio, or such ratio as may be provided
by law"
This declaration so controls the action
CT the secretary of the treasury as to
prevent his exercising the discretion
nominslly vested in him, if by such &C
tion the parity between gold and silver
may be disturbed.
Manifestiy refusal by the secretary
Of the treasury to pay these treasury
notes In gold, if demanded, would peoes-
sarily result in their discredit and de-
probation as an obligation payable only
In silver and would destroy the parity