The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-09

Far as II Ioea-AOW ~ WuS ICSolNou
inCongross.
WASHINGTON, D. c., August s,-Early
in the day it became apparent that tho
time Of the house would be consumed
in reading the Presidents message, or
deciding parliamentary questions of
organization and that no substantial
progress could be to-day madein enter
inr upon the financial discussion.
When the house met the opening
prayer Of tho new chaplain was brief.
"rhy servants, Oh, Lord" said he,
"haye como together in session extra
ordinary, session that will involve ex.
traordinary duties and the assumption
Of extraordinary responsibilities and
the necessity OF extraordinary blessings
from God. 1t may please Thee to
youchsaie these unto us, aud may the
results Of this legislative body be felt far
and wide among all sections OF our
country and among all classes OF our
people, aud may the annals OF this
hty.thrd session OF Congress 90 down
to the ages to come full OF assurance
that Rhas contributed very largely to
the peace, TO the plenty and prosperity
of the nation; we ask for. .Chrisps sake.
Amen"
The reading of tho journal Of yester.
day was q monotouous proceeding and
consumed over half an hour.
Immediately after the reading OF tho
journal, the Presidents message not
vet having arrived, Mr.. 0Ferrall, Of
Virginia, who has charge OF the Belk-
nap Richardson contested election
stated that he believed there was gon-
eral desire to hear the Presidents mos
sage before entering upon the discus.
sion OF the election case and heIwould
therefore move q recess until l2:45.
The motion was unanimously coucurred
When the housg reconvoned at 12:45
the Preaident's message was commune
Gated to Congress and read by the
clerk Of the house.
TIE MESSAGE,
WASHINGTON. D. G., Aug. 8.
10 h1 Congress Of he United StatcI'
The existence OF an alarming and ex-
traordinury business situation involv.
ing the welfare and prosperity Of all our
people has constrained Inc to call to-
gether in extra session tile peoples
representatives In Congress, to this end
that through wise and patriotic exer'
else Of tho legislative duty with which
they solely are charged, present evils
may DO mitigated and dangerous
threatening Of the future may bc
averted.
Our unfortunate financial plight is
not the result OF untowards events, nor
Of conditions related TO our natural re-
sources, nor is it traceable to any OF tho
aillictions which frequently check ma
tional growth and prosperity. With
plenteous crops, with abundant promise
Of remunerative production and manu-
iaCture, with unusual invitation to safe
investment, and with satisfactory assur'
anco to business enterprise, suddenly
financial distrust and fear have sprung
up OH every side. Numerous monoyod
Institutions have suspended because
abundant assets wore not Immediately
available to meet thu demands Of fright
encd depositors. Surviving corpora
tions and individuals arc content tc
keep in hand the money they aro usu
ally anxious to loan and those engaged
IN legitimate business are surprised tc
find that tho securities they oliOr FOL
loans, though heretofore satisfactory
are no longer accepted. Valuea sup
posed to be fixed Nro fast becoming con
iecIural Hnd losses and failures have
Invaded every branch Of business.
believe these things arc principally
chargeable to u congressional legisla
ton touching tho purchase and coinage
Of silver by the general government
This legislation ia embodied In d statute
passed on the l4th day Of July, 1870
which was tho elimination oil much
agitation on tho subject involved n
which may bo considered a truce atte
along struggle, between tho advocates
oil Tree silver coinage and those intend
lIg 10 10 moro CONSERVATIVE.
Undoubtedly monthly purchases b.
lho government OF four million and tlYt
hundred thousand ounces OF silver OH
forced under that statute were regarded
ny those Interested In silver production
os certain guaranty Of It's increase II
Price. Tho result, however, hns beol
entirely different, for Immediately fol
lowing spasmodlc aud slight riso thu
ptlco Of silver began to fall nitor thu
passage Of thelact and has since reached
lho lowest noint over known. Thi
dl'pppointlng result has lod TO ronewoI
aud persistent oIIort In the direction
Tree silver coinage.
THE RESULTS oP THE EviL
Meanwhile not only nrO tho evil St
lccis Of tho operation Of tho presen
law constantly accumulatlng, but tn
tosult to which the execution must In
eytably lead 10 becoming palpablO /
all who givo the least heed to llnauciu
subjects.
This law provides that in pNymCn
i2f tho four million aud I've hundrol
MMousand ounces Of silver bullion whiol
lne secretary Of tho treasury ls COIN
maHdcd to purchase monthly ther
,lnll 10 ssupd treasury notes rOdoom
aoIe Oh demand In gold or silvor coli
~ The discretion Of the secretary Of th
treasury, aud that said notes may no
UO toisincd. II 10, however, declare
.9 We nci 10 DO "the established pole.
VI The United States 10 maintain III