The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1893-08-16
Presidents Message.

L
of Congress reassembled at noon to-day,
and after the usual preliminaries the
Presidents message was presented and
read, as follows:
To the Congress os the United States:
This existence of an alarming and ex-
traordinary business situation involving
the welfare and prosperity Of all our PeO-
pie has constrained me TO call together
in extra session the peoples representa-
tives in Congress, to the end that through
a wise and patriotic exercise Of the legis-
lative duty with which they solely are
charged, present evils may be miiigated
and dangers threatening the future may
be ayeried.
Oar unfortunate financial plight is not
the result Of untoward events nor Of con
dltions related 20 our natural resources,
nor is it traoeable 70 any Of the Affections
which frequently check national growth
and prosperity. With plenteous crops,
with abundant promise Of remunerstiye
production and manufacture, with
unusual invitation % safe investment and
with satisfactory assurance 10 business
enterprise, Suddenly financial distrost
and fear have sprung up an every side
Numerous moneyed institutions have
suspended because abundant assets were
not immediately available to meet the
demands Of frightened depositOrs. sur
yiving corporations and individuals are
content to keep in hand the money they
are usually anxious TO loan, and those
engaged in legitimate business are sur
prised to find that the securities they
offer for loans, though heretofore salts
factory, are no longer accepted. Values
supposed to be fixed are fast becoming
coDjectural and losses and failures have
invaded every branch Of business. / be-
liese these things are principally charge
able to congressional legislation touching
the purchase and coinage Of silver by the
general government
THE SILVER LAW OF 1890.
The legislation Is embodied in statute
passed on the l4th day of July, 1890
which was the elimination Of much agi-
tation on the subject involved, and " hich
may be considered a truce after long
struggle between the advocates Of free
silver coinage and those intending to be
conservative.
Undoubtedly monthly purchases by
the government OF 4, 100000 ounces Of
silver enforced under the statute were re-
garded by those interested in silver pro-
duction as q certain guaranty of its in
crease in price. The result, however, has
been entirely different, for Immediately
following 4 spasmodie and slight rise the
price of silver began to fall after the pas
sage of the act and has since reached the
lowest point ever known. This disap-
pointing result has led TO renewed and
persistent effort in the direction Of free
silver coinage.
Meanwhile not only are the evil effects
Of the operation Of the present law con-
stantly accommodating. but the result to
which its execution must inevitably lead
is becoming pAlpable TO all who give
least heed to financial subjects
This law provides that in payment for
the 45OOOO0 ounces Of silver bullion
which the secretary of the treasury is
commanded TO purchase monthly, there
shall be issued treasury notes redeemable
on demand in gold or silver coin, at the
discretion Of the secretary Of the treasury
and that said notes may not be reis-
sued, il Is. however, declared in the act 10
be athe established policy of the United
States 20 maintain the two metals on
parity with each other upon the present
legal ratio or such ratio as may be pro-
yided by law
This declaration 50 controls the action
of the secretary Of the treasury as to pre-
vent his exercising the discretion nomi-
nally vested in him, if by such action the
parity between gold and silver may be
disturbed. Manifestly refusal by the
secretary to pay these treasury notes in
gold, if demanded, would necessarily re-