The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-09

President Requests Congress to
Modify Sherman Law.
ssAse. soa rns ACTION.
ouvsv eAs Geese - DusaDe1 Sesgssssso
sd. 1anane1al Cssees-osua1 Cor.
ssasy usssssssy-Rssss v1svA

10 ~ Cs-cyess Of fk< United Slater. The
exfsss 're Of an alarming and exeroofui-
nasy ns,s,ness situation. Involving the vel
1srs ard prosperity Of all oar people. has
coussrfiasd me 10 call together tn extra
sessions the psop!e's representatives IN con-
xress.. 10 the end that through the wise,
petrisxc exercise Of tbs Legislative duty
With ahich they are solely charged the
uysseih evils may b misigatsd and the
danssss threatening the future may %
avosfyd. Oar nnfortunate financial plight
q mon ahs result Of unsowsrd events nor OF
condstsons related 20 orr natural resources.
nor = !. ss.csaDs 70 sny Q, re s nsao.s
ana prosperity. With plsnfeous crops.
With abundant psomiss Of rsmunessfive
pro3Jssiou and manufactures. With un-
usuas invitation % safe Investment
and with satisfactofy assurance 10
business enterprise, suddenly financial
dtstrpM sud fear have sprung ~. on every
suspended, becsuse their abundant assets
were not Immediately avsllabse 20 meet
The demands Of frightened depositors.
eurtksing corporations and individuals are
cnnse.at 70 keep n hand the money
they are usually aaxions 70 loan, and
shosf engaged In iegitimats bustnsss are
susrEised 10 ind that the securi-
YES tnSy oHst sOs souss ssso~e"
lonksr accepted. Values supposed 70 b.
fysf ere fast becoming conjecturai, and
D0ss And failure have invaded every branch
Of tasiosss. belisvs these things are
principally ehsseesbls 70 congressional
Jexfsesfion tcuchinR purchase ana coin.
age OF silver BY the general governments.
statute passed ON July IL. iA0. which wss
the auimination Of much agitation on the
sul,Enct involved. snd which may o con-
sidssed truce. sftss = long struggle, De-
t~.sn the advocates Of free silver cosnses
ant those intending % b more conserve
ssEH undoubtsdly the monthly purchases
by' ths governments OF s.5oO.m ounces
utp, were regarded BY those In
tesistsd in silver production .: . Ger
tnla guaranty Of 10 increase IN price. Inc
yssalt, however, has heeD entirely differ
ens, for Immediately following . spas
msdic and slight rise. the price Of silver
began 20 fai! after the passage OF the act
anA has SINGS rsschsd the lowest po.ns
hss led 10 renewed and persistent effort In
III, direction Of free silver coinage. Mean
While not only are the evil effects Of the
o9RSnfion Of the pfc1ent Law constantly
atfumulating. but the result to which iss
execution must inevitably lead are becom.
iax palpabls 10 all who give the least heed
ts financial subiscts. The Law provides
that IN payment fer the 4.5OO.O0o ounces OF
eiavse bullion which the secretary Of the
tfuasufy IL commanded 70 purchase
monthly, there ahall b issued treasury
tsStee redesmable on demand In gold or
sslver coin. at the discretion Of the secrs-
taly OF tbs treasury, and that said notes
gsay b reissued. II II. however, declared
e the oct 70 b the established policy OF
snetals upon parity With esch other
Upon the present legal ratio or such
yati0 N may b provided BY law"
This declaration % controls the action
.Of tho secretary OF the treasury
~ 20 prevent his exercising tho discretion
nominaliy vested ~ him, Il By such action
parity between gold and silver may b dis
iurbed. Manifestly the refusal by the sec-
Rotary % pay these treasury notss In gold.
when II - demanded, would necessarily
result In their discredit aud depreciation
~ obligations pay able only In silver. and
would destroy parity between the two
metals by establishing discrimination In
favor OF gold.
Up to the 18th day Of July. 1898, these
notes bad been issued In the payment Of
silver bullion purchased 10 IN amount
more than VA, OF. 90. while all but very
ANAL quantity OF this bullion remains un-
coined and without usefulness in tho treas
ury. Man, Of shsss notes given in its
purchase have been paid in gold. This 10
illustrated by the statement that between
the ist day Of May. 1897, and the 18TH day
Of July. lsssa, notes OF this kind, issued in
payment for silver bullion, amounted TO
= little more than ~, ono GO and that
during the Same period about $40 COO ono
we're paid by the treasury In gold for the
redemption OF such notes. The policy
necessarily adopted of having these notes
in gold has not spared the eo,d reserve Of
500 coo. 0tN long ago set aside by the Roy.
eminent for the re<ieuption ,,f other notse
for this fund has already been suh
iected 10 tho pavuent ~ rew ohIi.
cations amounting TO about sisl on 00n
on account Of thc alive, c,,rh.... 90
has. A 4 ennseorenos a., ~. g.. 49,.
aimee its ersation. bcen enrraach.s INV
We have thus m Al /, IN. a.nls,,on ~ an.
rold easv and hnxc a.t.l a.h.r 90 49,.
appreciatiyr nation, 10 ala a 90 -
eiock. That opoortunitv ~. h.ya ne.r.a
has not been nsrIsctsa a. il .hnwn ~. .s.
large amounts of gold wh,ch have h..r
Yeceutiv drawn from oar ,r...,-~ "a .,
ported To increase the rn.ps,ai .,y.ns,h
OF foreign nations. The sxr.s. ~ .,npr,.
of gold over ice imnor;, for ths wa, snJ.
Inc June N issgs smonn.s "a nv. .h.r
So son o0a between the lei a.y Of I,,Ir
ises. and the 18th day Of Iuly- isss the
gold coin and bullion In onr treasury has
uetFeasfd more Than xf13 taNU G while
during the same nevl,i IN, .iix.r ,o;r "a
bullion In the treasury has Increased NOR.
than $tt-, an0uo. Unless government
bonds are 20 be constantly issued and sold
60 rcrsenish cur exhausted gold. only 10
he again exhausted, 1t Is spparen, tha,
the operation of the silver purchase law
nov in force Leads in the direction of the
entire substitution ~ SILVER for rn,d in The
government treasury, and tia, ,hlS n,ps.
lie followed by the payment OF govern.
mens obligations in deprecated sill
ver. Az this stage geld and