The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-08-18

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The Message.
To TIE CoScEE~s or I'M I~rTEp STATS
TIE existence % az alarm - and cx-rao--
binary business situation. involving the wei
fare aud prosperity Of all our people has con
strained me 20 call together in extra session
th- peoples representatives IN congress. q
the end and that through wise and Patriotic
exercise Of the legislative duty with which
they solely arr charged. present evils may Be
aifigated add dangers threatening the future
may ie ayerted-
OUR UNFORTUNATE FINANCIAL PLIGHT.
Our unfortunate financial pliehi i not the Re-
sult OF unt0Ward events nor OF conditions re-
lated TO our natural resources. nor Is il tracca-
bse 10 any ~ the anaicfions which frequently
check national growth and prosperity With
pleutcors CROPS with abundant promise OF re
runeraAvr production and manuiag.ure. with
unusual invitation 70 safe investment and with
satisfactory assurance TO business enterprise.
suddenly financial distrusf and fear
Numerous moaeyed institutions have
suspended because abundant assets were
not Immediately available 10 meet the demands
of frightened depositors. Surviving corpora
tons and individuals are content to keep in
hand the money they are usually anxious 20
loan and those engaged in legitimate business
arc surprised 10 find that the securities they
ore no longer accepted. Values. supposed 10
be fixed. are fast becoming eouiectural. and
loss and failure have Invaded every branch of
business
THE SOURCE or DfsTRrsr
believe these things are principally charge
able 20 congressional legislation touching the
pure base AID coinage CT silver by the general
government This legislation is embodied in
sstatuie passed on the 18th day o, July. 1890
which was the elimination Of much agitation
On the subject involved. and which may be
considered a truce. after q lcng struggle. be-
tween the advocates OF free silver coinage
and those intending 70 Re more conservative.
DTsAPPoISTISC RESULT.
Undoubtedly the monthly purchases Nv the
government OF 4H0ooo ounces % silver. en-
forced under that statute were regarded ~
those interested in silver production as GER
tain guaranty 81 its increase in price. The re-
suit. however. has been entireiy different. for
Immediately following spasuodic and slight
<ise. the price OF silver tegan to fall after the
gassase Of the act and has since reached the
lowest point ever known This disappointing
result has led 20 renewed aud persistent effort
IN the direction Of free silver coinage
EVIL EFFECTS AccuxuIATrsc
Teanwhiie not only are the evil Effects % the
rsP--ztion OF the present law constantly accu-
mulzging, hut the result to which its execution
must inevitably lead Is becoming palpable TO
all who give the least heed 10 financial sub
tccts- This law provides that IN payment for
the aoo00 ounces OF silver bullion. which the
secretary 81 the treasury a commanded 70 plr-
chase monthly. there shall bc issued treasury
notes redeemahle On demand IN gold or silver
coin AZ the discretion Of the secretary ~ the
treasury. and that said notes may te rcissued-
80 DISCRETION LEFT THE SECRETARY.
II ia however. declared IN the ar, 10 ~. the
a. - -.
maintain the two metals On a parity with each
Other uron the present ieral ratio ~ such ratio
rs may lie provided ~ iAv" This declaration
SO controls the sCtion ~ the secretary OF the
treasury a. q prevent him exercising the dis
erection noninally vested in him n ~ such
action the rarity between gold and silver
may he distorted Manifestiy refusal ~
the secretary 10 pay these treasury notes
In gold n demanded. would necessarily result
IN their discredii and depreciation s.s otlira-
fons payable only In silver. and w5rli destroy
the parity between the two metals ly estail,sh
ing discrimination In favor of gold.
THE ccLD DRAIN EXPLAINED
Up 70 the fifteenth day O, July issn these
notes had been issued in payment q, SILVER
bullion purchases TO the amount of more than
Ng ooiec. While all but very small
quantity Of this bullion remains uncoined and
without usefulness In the treaElry many OF
the notes given In its purchase have been paid
In gold This 10 ILLUSTRATED ~ the state
Nent that between the LIST day OF May fsxs
and the 18th day Of July. isga. the notes OF
this kind issued in payment for silver bullion
asmounted 10 little more than s54Oto00 and
chat during the same period about s4oOo o0
we're paid out ia gold for the redemption OF
such notes
TIE GOLD RESERVE NOT SPARED.
The policy necessarily adopted ~ paying
these notes In gold has not spared the gold re
v~rre OF 500 eo0pO long ago set aside ~ the
evvrrrm eut fcr tho redemption az other notes
Cor this fun 4 has already teen subjected 70
the payment OF new obligations amounting 20
sstout sIsofOo01 on account OF silver pur-
grasses and As a consequence has for the first
time since its creation. feen encroached upon.
We have thus made tho depletion Of our gold
4, easy. and have enabled other and more apure-
cfatIre nations to add IL 70 their stock.
That che 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 20 Increase thc
anancfai strength of foreign nations.
EXPORTS AND IMPORTS oF GoLD
The excess of exports of gold over iis imports
for the year ending June ~ fspr amounted ia
more than ss- ypcn Between the frst day Of
July. 100 AMI the fifteenth day a jay. isps
creased more than si1s CO. white durins
enc treasury increased more than Ella. .o00p
An rSrvrTABrlE coSsrorEScx-
Unless government bonds are 10 be con
~ssaa0y issued and so.d - rcplenish our 81