Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-08-09
THE MESSAGE READ
President Urges Prompt Re-
peal Of Silver Law.
DUTY OF THE HOUR PRESENTED.

financial Plight Due - Congressional
silver Lesisissiea : PsesSs- Are En-
Titled 70 Money Good On Any Exchange
In the wssid--Dspistiss % Gold Has
Bssn Essy--Cslm ooanss,s Asasd-
WASHINGTON. Aug. a-Presldent Cleve-
lands message was read 10 oongress today.
II was as foilows
To the congress- Of the United 6tatesi
The existence OF On alarming and extra
ordinary business situation, involving the
welfare and prosperity Of all our people,
has constrained me to call together In ex-
ira session che peoples fepresen tatives In
congress To the end that through . wise
and patriotic exercise Of the legislative
duty With which thoy solely ere charged.
present evils may b miugatsd and dam
gers threatening the future may be
avertsd.
Our unfortunate financial plight is not
the result OF untoward events nor Of con-
dftions related TO our natural resources,
nor 10 II traoeable to any OF the Affections
which frequently check national growth
and prosperity.
With plentsous crops, with abundant
promise Of remunefative production and
manufacture, With unusual invitation to
safe Investment ard with satisfactory as
surance TO business enterprise, suddenly
financial distrust and fear have sprang up
on every side.
Numerous monsysd institutions have
suspended because abundant assets were
not Immediately available to meet
The Demands 81 Frtghtsnsd Dspositors.
Surviving corporations sod individuals
are content >, keep IN hapd the money
they are usui anxious 10 loan. and those
engaged In ] Ultimate business are sur
prised to hnd that the securities they Of
ten for loans, though heretofore satisfao-
tory, are no longer accepted
Values supposed to be fixed are fast be-
coming oonjeotural. and loss and failure
have involved every branch u business
believe that these things are princi-
pslly ohargesble 70 congregational legisls-
tion touching the purchase and coinage Of
silver BY the general goverpment
This Legislation is embodied II q statute
passed on the i<th day OF Jult 1890, which
was the elimination Of much agitation on
the subject involved, and which may be
considered truce, sftef > lsoe struggle
age and those intending TO Be more con
servative
Undoubtedly the monthly purchases by
the government Il 100000 ounces of sill
yer, enforced under the statute. were re-
garded by those interested ia silver pro-
duction as q certain guaranty of It's in
crease In price.
The result, however, has been entirely
different, for immediately following .
spsslnodic and slight rise the
Prioe Of silver Began to Fall
after the passage Of the act and has since
This disappointing result has led to re-
nswsd and persistsnt effort in the direo-
ton Of free silver coinage
Meanwhile, not only are the evil effects
of che operation OF the present law con-
stantiy aocumulating but the result to
which It's execution must Inevitably lead
10 becoming palpable to all who give the
least heed to financial sub1eeta
This law provides that 10 payment for
the 4. SOC, 900 ounces Of silver bullion which
the secretary Of the treasury u com.
manded to purchase wonthly, there shall
be issued treasury notes. redeemable on
demand 10 gold or silver cpin, Of the
discretion Of the secretary Of the treasury,
and that said notes may b rsiosued.
It Is, however, declared In The acs to be
''tbe sstabiiahed policy a the United
States to maipta tain the two metals ON
parity with each other upon the present.
legal ratio or such ratio a may be pro-
vided by law"
This declaration 90 controls the action
of the secretary Of the treasury a. to pre-
vent bis exercising the discretion nomi-
nally invested In him, II by such action
the parity between gold and silver may be
disturbed Manifestly rsfus al by the
secretary to pay these treasury notes In
gold, II demanded, would pscessarily re-
suit In their discredit and depreciation as
obligations payable only In silver, and
would destroy the parity between the two
metals BY establishing
Discrimination In Favor Of Gold.
Up to the 18th day Of July. 1893, these
notes had been issued In payment OF silver
bullion purchased to the amount Of more
than s147, 100000. While all but q 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 10 gold This Is
illustrated by the statement that between
May 1, 1891 and July Is, 1893 the notes of
this kind issued In payment for silver
bullion amounted TO q little more than
S5A, 100000, and that during the same
period about s49, 100000 were paid by the
treasury In gold for the redemption Of such
notes.
The policy necessarily adopted Of paying
these notes In gold bas DOT spared the gold
reserve of t1O6, ,000, 900, long ago set aside
jy the government for the redemption of
other notes for this fund has already been
subjected to the payment o{ new obliga-
tions amounting TO about $50, ,0OO, 600 on
account OF silver purchases aud as q con-
sequence for the qrst tune since Its orea-
tion been encroached upon. We have thus
made the
Depletion Of Our Gold Easy
and have tempted other and more appPe-
ciative nations to add Il to their stock.
That the opportunity we have offered
has not been neglected is shown by the
large amounts OF gold which have been re-
Gently drawn from our treasury and az
ported TO increase the financial strength
OF foreign nations The excess Of exports
OF gold over its imports for the year end
ing June 30, 1898. amounted 70 more than
eS7, SOC, 900
Between the fret day Of July. 1890, and
the 18th day OF July, 1893, the gold coin
and bullion 10 our treasury decreased
more than tl32. 100000. while during the
same period the silver coin and bullion In
the treasury increased more than Si41,-
100000
Unless government bonds are to be oon-
-