Omaha daily bee., 1893-08-09
TIE phESinnNl,s MESSAGE.

tHh fhtSiDtNf'N .hFNNdbE,
II is unnecessary 90 advise the careful
reading Of President Clcveland's mes
sage on the existing financial and busi-
ness situation. No other executive COM
munication TO congress for many years
was awaited with such general and pro-
found interest, and nobody who is at all
concerned in the prevailing monetary
condition will fail to read every line OF
this message and thoughtfully consider
its opinions and conclusions.
The president makes a clear, direct
and candid statement OF the situation.
Without any impairment of the coun-
try's natural resources, and with mater
ial conditions favorable to national
prosperity, there still exists distrust and
fear which manifest themselves in the
suspension of moncyed institutions, the
stoppage and curtailment of industrial
enterprises, the depreciation of values
and the boarding of money. This state
of affairs the president believes to be
principally chargeable t. the policy OF
the government regarding silver under
the legislation OF 1890. He does not
enter into an elaborate argument to
sustain this view, but presents few
plain reasons why the policy should
not be continued that ought to
commend themselves to the intel
ligent judgment of the country. Not
only has the purchase of silver by the
government, to the amount of the annual
production of domestic mines, failed to
increase the price of that metal, but,
except for brief time after the law
went into operation the price of silver
has steadily declined. 1t would seem
that there could be no more conclusive
argument against the proposition that
the United States might, single-handed.
maintain the old-time parity between
gold and silver. The president points
out that to go on issuing notes in pay
ment for silver, which must be re-
deemed in gold when demanded
in order to maintain the two metals
upon a parity, can have no 9th er
result than ultimately to substitute sill
yer for gold in the national treasury,
neccssitating the payment of govern
ment obligations in deprecated silver,
unless government bonds are to be con-
stantly issued and sold to replenish the
gold supply. Even this recourse, how
ever, would doubtless fail after q time,
for after the country had reached the
single silver standard we should find it
very difficult, if not impossible, to sell
bonds for gold, except, perhaps, upon
terms that would be practically ruin
Gus. Change to the silver basis alone
would inevitably bring with it such
an impairment of the national
credit that it would be very hard
to find market for our bonds on any
terms. The moment the government
should be compelled to pay its obliga
tions in silver-and that time cannot be
very remote if the present policy is ad
hered to-the national credit would ex.
periencc shock, the possible disastrous
consequences of which no one can fore
see We should then be at the mercy o.
the commercial world to q greater de
gree than we have ever been. The presi
dent clearly points out the folly of the
proposition that the United State!
| should attempt to establish an abso
| lutely Independent monetary sys
| tenn. We can do this only by
| the costly sacritice-ln' comparison will
which the permanent destruction of the
silver mining interest would be a trihe-
| OF our commercial relations with tn,
| leading countries of the world What
the president says regarding the evils o
an unsound currency to the wage Garner!
of the country is incontrovertible, anC
it is equally applicable to the agri
cultural producers.
The president makes but one recon
mendation-that the provision of th'
act of 1890 requiring the purchase o
silver be repealed, and that thi
action be taken with as lit
tie delay as possible. He sug
gests no conditions or comprc
omise, from which it is fairly t
be inferred that he has none t
propose and that he will not be dis
posed to accept any. 1t may be note
that there is an implied recognition b.
the president of the fact that the pre-
vailing distrust and apprehension ar
not wholly due to the silver question
but this point need not now be cOnsid
cred. The message will satisfy tn
r r 4 -. ~