Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1893-08-10
MESSAGE
The Pres dent $ Mes
sage Is Delivered
to Congress.
It Calls Attention to
the Depressed FL
naneial Sit
uation.
Lays the Blame squarely
on sil YER Legis-
!ation.
The Evil Effects Are Ac-
cumulating While the
Sherman Law
Stands.
1t Will Lead to the Sub
stitution Of Silver for
Gold in the Treas
ury.
We Must Therefore Fail in
the Policy Of Maintain
ing a Parity.

WASHINGTON ID. c., Aug. 8.-The presi-
dents message was delivered to congress at
12:45 o'clock.
WAsH1NGroN.&&D. c.. Aug 8.-To the Con-
gress of the United States: The existence
of an alarm ing. extraordinary business stu
alton. involving the welfare and prosperity
Of al our people, has constrained me to
call together IN extra session the peoples
representatives in congress. to the end that
through wise and patriotic exercise of the
legislative duty with which they solely are
charged, present evils may be mltigated and
dangers threatening the future may be
averted.
Our unfortunate financial plight is not
the result of untoward events nor of condi-
tions related to our natural resources; nor is
it traceable to any of the Affections which
frequently check national growth and pros
perity. With pIentsons crops, with abun-
dant promise of remuneratve production
and manufacture, with unusual invitation
to safe investment and with satisfactory
assurance TO business enterprise, suddenly
financial distrust and fear have sprung
upon every side. Numerous moneyed in
stitutions have suspended because abundant
$3.50 We nv .o.na. o.e y
l1oe. Wv :. 80
content to Keep in hand the money they
are usually anxious to loan. and those en-
- co ~. en- sss,,.,.:s. ~ nl 80
~ nuu ..'e' 'Aio $50 =. onol Ao1
loans, though heretofore satisfactory, are
no longer accepted. Values supposed to
be- fixed are fast becoming con;ectural. and
Loo, ond fa;,nra bava in,a ioa avarv hronoh
AoSs .1.>A ~ :. = "1sA
OF business. oeheye these tnlngs are
principally chargeable to. congressional
lepislation touching the purchase and coin
- &c 60. ~, tha' al
oso " s.'o. :! s'1e soA' = =.
This Legislation Is embodied IN statute
passed on the IA day of July, 1899, which
was the culmination of much agitation on
tho a,,h;act involved and which NAV ha
oo Y : trnca After the .lnno atrn.,,a
CONSIDERED assuce' a1s e VI. . ION ssFu9R.e'
between the advocates OF Tree silver coinage
and those intending to be more conserva-
tive
Undouhtedlv the mocthlv nnrcha.aa hv
s.o :. 1880 poASAo'e' ~
the govern n enS oi 4,ooo'ooo ounces OF sllver.
forced under the statute. were regarded BY
those interested in silver production as a
certain guaranty of its increase in nr,ce.
n, 80. 49,. -, 49,. .,,4;..,.. a:e
Inc resuls' however Jus oeen ensteiy I'LL
ferent. for immediately following spas.
modic and slight rise the price of silver be-
10, - fail after the nassaoa ~ the act and
go - ~ 49,. -
mas sAnce feac.ei VIC io"eSs poin1 ever
known. This Disappointing result has led
to renewed and persistent effort in the
direction of free silver coinage.
H =
of the operation Of the present law con-
stantly Accomplishing, but the result to
which its execution must inevitably lead is
becoming palpnble to all who give the least
heed to financial subjects:
This law prov ,des that in payment for the
four million and five hundred thousand
ounces OF silver bullion whlsh ne secretary
monthly. there shall be issued treasury
notes redemable on demand in gold OF sil:
YER coin. at the discretion OF the secretary. o.
| the treasury, and that sara notes
may be re-issued. It is however. declared
in the act to be 1.-THE established poncy OF
the United States to MAINTAIN the Two
metalsiupon parity with each otner upon
the present legal ra:io OF such ratio 90 may
be provided by law.
This declaration 80 controls the action OF
the secretary Of the treasury as 70 prevent
his exercising the discretion nomlnally
between gold and silver may be disturbed.
Manifest q refusal by the secretary to pay
these treasury notes IN gold. 4 dem anded,
would necessarily result IN their dlscredlt
and depreciation as obligations payable
| only IN silver. and would destroy the parity
/ q Discrimination In favor q gold. -
Up to the 18th day OF July. 1913. these
notes had been issued n payment OF silver
bullion purchased, to u the amoa a. OF more