The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1893-08-11
THE MESSAGE,

wAsHrxc1oN, Aug. no sthe Congress- q
the United Statess Tbs existence Of ID alarm
ing and extraordinary business situation, In.
volyins he weiwate and prosperity q III oui
people, has Constrained mo 70 call together In
extra session the peoples representatives IL
congress, 20 the end that through wise and
patriotic exercise OF tho legislative duty with
(which they sole1y no xhAxged, present elila
may DO mitIgAted and dangers threatening ths'
future may be nyerted. TX b ~
z. Our unfortunate financial plight b not ths
result Of untcward events, nor Of conditions
related 70 our natural resources, nor Il II
sr1ceable 70 any Of The adaictions which mo
With pleuteous crops with abundant promise
Of remunefatys production and manufacture
vita Unusual invitation to safe investment
and With sattsfnctpry assurance % business
enterprise, suddenly financial distrust and fear
have sprung up on every side
Numerous rnoueyed institutions have sus
! pended because abundant assets were moi
'itmmediately ayaiinble 20 meet tho demands d
frightened depcsttofa Surviving corporal tons
money they are usually anxious % loan, and
those engaged In legitimate business arc sur
ipriscd % ind that tho securities they o6er foe
leans, though heretofore satisfactory are no
logger accepted Values supposed 70 b med,
ere fast becoming eon5eotufal, and ioasl and
teuuto nave invaded every branch OF business
THn sHrnNANAcr
1belieye these things arc principally charge.
able 70 congressional legislation touching the
purchase and coinage Of silver By the general
government = ls-fsf ~
passed July II, 1900, witch was the-culmination
,of much agitation on the subject involved, and
which may be considered truce, after o long
struggle, between the advocates OF tree silver
coinage and those intending 20 be more conserv.
alive.
Undoubtedly the monthly purchases BY the
government OF 100000 ounces OF silver, en-.
forced under the statute, were regarded BY
those interested in silver production Is Ger
tain guarantee Of its increase in price Tho 70
suit, however, has been entirely different fol
Immediately following 0 spasmodic and slight
rise the price Of silver began 70 fall after the
passage Of the act and has since reached the
lowest point ever known This Disappointing
result has led TO renewed and persistent effort
In the direction Of free silver coinage
Meanwhile not only arc the evil effects Of the
Operation Of the present law constantly 40
icumulatng. but the result 70 which Its execu
stion must inevitably lead % becoming probable
70 al who give the least heed 70 financial sub
lIects
This law provides that In payment for ths
10000 ounces Of silver bullion, which the SEQ
,fenry OF the treasury II commanded 70 pur-
chase monthly. there shnll be issued treasury
notes redeemsble on demand In
!. GOLD Or SILVER COIN
Al the discretion Of tho secretary Of the treas
..usy and that said notes may DO reissued II
Is, however, declared In tho act 70 be 1.-THE es
ltablished policy Of the United States TO main
tain the two metals on q parity with each othe,
upon the present legal ratio or such ratio ~
may be provided by law
This declaration SO controls tho action OF The
secretary OF the treasury as % prevent his ex
escising the discretion nominally vested IN
MN, II by such action tho parity between gold
and silver may be disturbed. Manifestly 0 10
iasal BY the secretary 70 pay these treasury
notes In gold. II demanded. would necessarily
result In theta discredit and depreciation ~ OBJ
leauons payable only in silver. and would do
stroy the parity between tho two metals By
establishing n Discrimination In favor Of gold.
Up 70 July Is, 1904 these notes had been 10
sued In payment Of silver bullion purchased
70 tho amount OF sif7.ooo ooo While all butts
very small quantity OF this bullion remains nm
coined and without usefulness In The treasury
many Of the notes given IN tts purchase have
oeen paid in gold This Il illustrated By tht
statement that between May I. 1874. and July
- lsRa, the notes OF this kind issued IN pay
,@ent for silver bullion amounted % Q nttit
more than ~, 900, and that during the same
period about GO, 900 was paid by the treas
w n gold for the redemption Of such notes
Inc policy necessarily adopted Of paying
uo!es IN gold has not spared the gold reserve d
'aooooo 900. long ago set aside By tho govern
acnt LOT tho redemption Of other notes, for this
l.no has already been subjected 70 the payment
" neW obligations amounting 70 about ono hun
ssoo and hfty'millicu dollars, on account Of sii
W, We purchases, and has, ~ . consequence, fot
s se arst time sineeits creation been encroached