Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1893-08-12
PRESIDENTS MESSAGE.

4 4VllJIDA1i ~ UlLfOO1i OIs
/ cbarvror Tow Daror;boJ nc tbo
| onoi nDn 1i"" oooAiDou A0 WV
rar,.of All +bo Tro,hlo
| oeuoo VI Ill VINO AAoucAos
|
| DEMAND FOR A SOUND CURRENCY.
49, GAIA v.. v,.,a.. from, III.
Treasury and Exported to Increase the
| Financial strength of other Nations.
| We oan"o' sus'"'" N'"' 'oy
-, .
| "AshiSeios' A"s' he ioiio" ias ~
copy OF the communication on the nscai
affairs of the nation forwarded by the
president of the United States and read in
both houses of congress Yesterday after
noon.
IT, nm C,,,,,n,ss on rrp 1rv,rpn
Sr.rrsHThs ox;stsnce If a, alarming and
..,.aAsa;.,ar,, h,sa;,.s. s;.,,at;n, ;,s,.olv.
| -, ~, ,,,a.sar. "a ,rosnar;tu of ali our
naonlo hos co,,st ra;na al me- 10 c.lI togetber
r ~ ,,aa,,ia,s ;,.as
=, =, ~ IA thot tIrnnoh ,,;sa
onS ret.;o,io axarn;sa - the Iea;sI.t;ve
d,,tr ,,.;th ,,hi,.h ,har soIalr ara cbaroad
4 nrsssnt ey,,s NAV bs nit;oated and dan
aoro tbraa,ening tba future NAV he
av..,ad
Cause of the Trouble.
On, unfortunate financial Might is not
the result OF untoward events nor of con-
ditions related to our natural resources;
nor is 1t traceable to any - the Affections
which frequently check national growth
and prosperity. With plenteous crops,
with abundant promise of remunerative
production and manufacture, with un-
usual invitation to safe investment and
with satisfactory assurance to businessen-
terprise, suddenly financial distrust and
fear have sprung up on every side. Numer-
Gus noneyed institutions have suspended
because abundant assets were not i'm
mediately available to meet demands of
frightened depostors. Surviving corpor-
atoms and individuals are content to keep
in hand the money they are usually anx-
ious to loan, and those engaged in legiti-
mate business are surprised to find that
the securities they offer for loans, though
| heretofore satisfactory. are no longer ac-
cepted Values supposed to be fixed are
fast becoming conjectural, and loss and
failure have involved every branch of
| business
i believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage of
silver by the general government.
Evils of the sherman Law.
This legislation is embodied in n statute
passed on the 14th day of July, 1890.
which was the elimination of much agi-
tation on the subject involved, and which
may be considered a truce, after long
struggle, between the advocates of free
silver coinage and those intending to be
more conservative
Undoubtedly the monthly purchase by
the government of 100000 ounces of
silver enforced under that statute, was
regarded by those interested in silver pro-
duction as certain guaranty of its in
crease in price. The result, however, has
been entirely different for Immediately
| following a spasmodic and slight rise the
price of Silver began to fall after the pas
saoe of the act and has since reached the
lowest point ever known. This disappoint,
ing result has led to renewed and pep
sistent 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 becomina valuable to all who give the
least heed to financial subjects.
Ia Preserve the Parity,
r,, 18th. a.. ,,. f..
A"'' 90 ood '' - - III:
sne =, ~ - ;al'.i
"..en AZ y. ,,aLnso ,aa.t,I, tho.a ri,
iaas .,p".',.,,, ,.a,1a,',aiIa 81 A.
70 ISL a. - " - 80, - ~ - ~
- ~ tu.n,,,.,, "a a.. ~ "a
49, " ~ H., ,a;'e.,os +. Z, -, 1'l
80 - ~, 80. e. DO ..tta os,ohI;nh"1
80. - ~. Tn;,oJ S,o.o, ~ ,ai,,,a;,
r. -. ,,a,.;,u ,r;th aaah
-. -, a.. ,,.osan, ,oraI ro+;o or ~
- ~ r. r,ra,-;dad h., Low, y tn
danI.na,;nn % oortrolS tho act;o, Of tho
secretarv of the treasury as TO prevent
his exercis,no tbe dissertation nomi
nalIv vested In him If bv such
octio, the naritv betwean GOLD and
silver NAV he Disturbed Manifest,v a
xaf,sa, bv rho SECRETARY of the treasury To
nov tbeoa +raosurv potas in gold If ia
handed would necessarily result in their
| d;scred;t and danreciation as obIioatiops
nay.b,e only in silver and wopld DESTROY
the parity between the two metals by es-
taDlishlnS discrimination IN FAVOR OF
goid.
| "o'a i'r sii'er'
! Up to the 10Th day OF July, 1873, these
notes had been issued in payment of silver
bullion purchases to the amount OF more
than STAT ,COcOO While all but very
small quantity OF this bullion remains I'M
coined and without usefulness in the
treasury, many of the notes given in its
purchase have been paid In gold
| This is illustrated by the statement that
between the lst day of May, 1892 and the
18th day of July, 1893, the notes of this
kind issued in payment for silver bullion
amounted to little more than s3i,oo0,0oo,
and that during the same period ABOUT
S49, 100000 were paid by the treasury in
gold for the redemption of such notes.
| The policy necessarily adopted OF paying
these notes In gold has not spared the gold
reserve of Sl0O0OO,O00 long ago set aside by
subjected to the payment Of new obiga-