Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1893-08-09
The Presidents Message.

future engage the attention OF Congress,
but the financial condition Of the country
should at once and before sll other subjects
be considered. He recommends the prompt
repeal Of the sherman silver purchase act,
and THAT other legislative action may put
beyond all doubt or mistake the intention
and the ability OF the government to fulfill
its pecuniary obligations in money univers-
ally recognized by all civilized countries"
The President, having declared his belief
that the alarming situation is mainly charge
able to the existing law, gives a concise sum
mary of the case, as be views it. The law
provides that in payment for the 100000
ounces Of silver bullion which the Secretary
Of the Treasury is required to purchase
monthly. there shall be issued treasury notes
redeemable on demand in gold or silver coin
at the discretion Of the Secretary, who, how
ever. is prevented from exercising the dis
cretion thus nominally vested in him, by the
declaration in the act that it is "the estab-
lished policy of the United States to main
tain the two metals on 3 parity with each
other upon the present legal ratio, or such
as may be provided by law" "Manifestly,"
he saws. "a refusal by the Secretary to pay
these treasury notes in gold, if demanded,
would necessarily result in their discredlt
and depreciation as obligations payable only
in silver aud would destroy the parity be-
tween the two metals by establishing dis
elimination in favor Of gold.
up to the 18th day Of July, 1898, these
notes had been issued in payment of silver
bullion purchases to the amount Of more
than one hundred and forty seven millions
of dollars. While all but Ia very small guam
tity of this bullion remains uncoined and
without usefulness in the treasury, many Of
the notes given in its purchase have been
paid IN gold. This is illustrated by the stale
meut that between the lst day Of May, 1892,
aud the 10Th day of July, 1898, the notes OF
this kind issued in payment for silver bullion
amounted TO a little more than ilty-four
millions Of dollars, and that during the same
period about forty-nine millions Of dollars
were paid by the treasury in gold for the re-
demption of such notes.
"The policy necessarily adopted of pay
ing these notes in gold has not spared the
gold reserve of one hundred millions Of
dollars long ago set aside by the government
tor the redemption Of other notes, for this
fund has already been subjected 10 the
payment of new obligations amounting to
ABOUT one hundred and fifty millions OF
dollars on account of silver purchases, and
has, as a consequence, for the first time
since its creation, been encroached upon.
ave have thus made the depletion Of our
gold easy and have tempted other and more
appreciative nations to add it to their stock.
That the opportunity We have offered has
not been neglected is shown by the large
amounts of gold which have been recently
drawn from our treasury and exported to
increase the financial strength Of foreign
nations The excess of exports Of gold over
its imports for the year ending June 80,
1898, amounted to more than eighty seven
and a half millions of dollars.
Between the first day Of July, 1890, and
the 18th day Of July, 1898, the gold coin
and bullion in our treasury decreased more
than one hundred aud thirty-two millions
Of dollars. while during the same period the
silver coin and bullion in the treasury in-
creased more than one hundred and forty
seven millions of dollars. Unless govern
ment bonds are to be constantly issued anu
sold to replenish our exhausted gold only
to be again exhausted, ii is apparent that
the operation of the silver-purchase law
now in force leads in the direction Of the
entire substitution of silver tor the gold in
the government treasury, aud that this must
be followed by the payment of all govern
ment obligations in deprecated silver.
AT this stage gold aud silver must part
company and the government must fail in
Its established policy to maintain the two
metals on parity with each other. Given
over 20 the exclusive use Of currency
greatly deprecated according to the stand
ard of the commercial world, we could no
longer claim place among nations of the
first class, nor could our government claim
a performance of its obligation, so far as
such an obligation has been imposed upon
il, TO provide for the use of the people the
best and safest money"
The following is the brief report of the
caucus nomination of Mr.. Crisp for Speak
err "Mr. Turner, Of Georgia, made the
which WAS briefly seconded by
Messrs Coom5s Of New York, and Hatch,
of Missouri. Mr. Springer then moved
that the nomination be made by acclama-
tio0, aud after Mr.. Wilson, of West Vir.
GINA, bad seconded the motion it was adopt
ed amid applause. Messrs. Springer, Will
son and Hatch were appointed a committee
to notify Nj Crisp of his nominstion, aud