Mohave County miner., 1893-08-12
SUBSCRIPTION RATES.
PRESIDENTS MESSAGE.
CLEVELAND EXPRESSES MS c0LD-sUc
NEWS TO CONGRESS-.

. To the Congre. Of the United States.
The existence Of an alarming and ex
traordinary business situation, involvln,
the welfare and prosperity OF all OF oul
people, has constrained me to call TO
gether in extra session the peoples rep
resentatives in Congress, to the end thai
through wise and patriotic exercise o
the legislature, the duty with which tbey
solely are charged, the present evils may
be mitigated and the dangers threaten.
ing the future may he averted.
Our unfortunate financial plight 10 no,
the result OF untoword events, nor OF the
conditions relative TO our natural re.
sources; nor is it traceable to any OF the
Affections which frequently check
national growth and prosperity. With
pleoteous crops, with abundant promise
oi remunerative production and manu-.
facture, with unusual invitation TO sale
investment and with satisfactory assur-
ance to business enterprise, suddenly
financial distrust and lear have sprung
up on every side. Numerous moneyesi
institutions have suspended because
abundant assets we're not Immediately
available TO meet the demands OF
frightened depositors. Surviving cor,
porations and individuals are content TO
keep in hand the money they are usually
anxious to loan; and those engaged In
legitimate business are surprised 10 find
that secureties they offer for loans,
though heretofore satisfactory, are no
longer accepted. Values supposed 10
be fixed, are fast becoming coBjerturai
and loss and failure have envaded every
branch Of business.
CAUSE or EXISTING FINANCIAL TROUBLES
l believe these things are principally
chargeable to Congressional legislation
touching the purchase and coinage Of
silver ny the general government. This
legislation is embodied in the statute
passed IN the l4th day OF July, 1890,
which was the elimination of much agi.
tation On the subject involved and which
may be considered a truce after 4 long
struggle between the advocates VI free
silver coinage and those intending To
mere conservatism. Undoubtedly the
mouthly purchase OF the government Of
4,500, 900 ounces Of silver forced under
that statute. were regarded by those in
terested in silver production certain
guaranty OF its increase In price. The
result, however, has been entirely diff
ferent, for Immediately following
spasmodic and slight rise, the price of
silver began to fall after the passage Of
the act, and has since reached the low
eat point ever knc sn. This disappoint-
ing result has led TO renewed and per-
sisteDt effort IN the direction OF free sill
yer coinage. Meanwhile, not only are
evil effects OF the operation OF the present
Law constantly accommodating, but the re-
suit TO which its execution must inevi.
taoly lead, is becoming palpable to all
who give the least heed to financial sub
jects.
THIS LAW PROVIDES
That IN the payment tor A 4,50O, 900 ounces
of silver bullion, which the Secretary Of
the Treasury is commanded to purchase
monthly, there shall be issued treasury
notes redeemsble on demand IN gold or
silver coin, at the discretion OF the Sec
retary of the Treasury, and that said
notes may be reissued. 1t is, however,
declared IN the act to be the 'esta ablished
policy OF the United States to maintain
the two metals upon parity with each
other npon the present legal ratio, or
such ratio az may be provided by law"
This declaration 30 controls the action
Of the Secretary Of the Treasury as to
prevent his exercising the discretion
nomiDally vested 10 him. II by such
action the parity between gold and sill.
Yer may be disturbed manifestly the re-
fusaI by the Secretary to pay these
treasury notes in gold, il demanded,
would necessarily result in their discred.
it and depreciation as obligations pay
able only in silver, and would destroy
the parity between the two metals by