The Red Cloud chief., 1893-08-11
PRESIDENTS MESSAGE.
Read to the Extra Session oi
, Congress.
UNCONDITIONAL REPEAL URGED.

Present IDeprsssion Charseabie Directly
70 Congressional Legislation. which
should Promptly n Removed-Evsry
Days Deisy Increases the safssring.
WASHINGTON, Aug. g. The presi'
dents message delivered to congress to-
day is N follows:
To tho Congress Of the United States;
The existence Of On alarming and extra.
ordinary business situation, involving the
welfare end prosperity Of all our people,
has constrained me to call together In ex-
ira session the peoples representatives IN
congress-, : o the end that through q wise
and patriotic exercise Of the Legislative
duty with which they solely are charged,
present evils may be mitigated IN dan
gers threatening the future may be
averted.
Our unfortunate financial plight Is not
the result Of untoward events, nor OF con-
fitions related to our natural resources;
nor II ~ traoeahle TO any Of the Affections
which frequently check national growth
and prosperity.
With plenteous crops, with abundant
promiae Of remunerative production and
msnufacture, with unusual invitation to
safe Investment, and with satisfactory as
surance to business enterprise, suddenly
financial distrust and fear have sprung up
On every side. Numerous moneyed insti-
tutions have suspended because abundant
assets were not Immediately available TO
msst thu demands Of frightened deposit
orr. Surviving corporations and individ-
nails are content to keep In hand the
money they are usually anxious to loan.
and those engaged in legitimate business
ara surprised to find that the securities
they offer for loans. though heretofore
satisfactory, are no longer accepted.
Values supposed 70 be fixed are fast he
coming conjecturnl, and loss and failure
have invaded every branch of business.
C~harssabie 70 h sherman Law
believe these things are principally
c~hargeable 70 congressional legislation
touching the purchase and coinage Of sill
yer by the general government.
This legislation II embodied In q statute
passed on the l4th day Of July, 1890,
which was the elimination of much agt-
tatlon on the subject involved, and which
may be considered . truce, after q long
struggle, between tho advocates Of free
silver coinage and those intending to DO
morn conservative.
Undoubtedly tho monthly purchases by
the government OF $4,000 0 ounces OF sill.
ver enforced under that statute were re-
garded BY those interested In silver pro.
duction . . certain guaranty Of Its in
crease In price. The result, however. has
bssn entirely different, for Immediately
following . spasmodic and slight raise.
The price Of silver began 10 fall after the
passing Of the act and has since cached
The lowest point ever known. This disap-
pointing result has led TO renewed and
persistent effort In the direction Of FREQ
silver coinage.
Evil EaNscts Of tho Present Law.
Meanwhile. not only are the evil effects
Of the operation Of the present law con.
stantly accumulating, but the result To
which its execution must inevitably lead
IL becoming palpablc to all who give the
least heed 10 financial subjects.
This law provides that In payment for
the 4, 500 900 ounces of silver bullion which
the secretary OF the treasury Is com
nanded TO purchase monthly, there shalt
b Issued treasury notes redeemable on
demand In gold or silver coin. at the dis
crstioa Of the secretary OF the treasury,
and that said notes may be re-issued. II
10, however. declared In the act to be "the
established policy OF the United States to
maintain the two metals on a parity with
each other upon the present legal ratio OF
such ratio a. may be provided by law"
This declaration 30 controls the action
Of the secretary Of the treasury a to pre-
vent his exercising tho discretion nomi.
nally vested IN him, II BY such action the
parity between gold and silver may be dis
turbed. Manifestly = refusal by the secre
tary to pay these treasury notes in gold, II
demanded. would necessarily result 10
their discredit and depreciation as obliga
lions payable only In silver and would dc
stroy the parity between the two metals
by establishing . discrimination in favol
Of gold.
Useless silver In the Treasury.
Up to the 18th day Of July, 1909, thes'
notes had been issued in payment Of silve
bullion purchssesto the amount Of NOR
than a., 000. O0O. While all but q very small
quantity Of this bullion remains uncoined
and without usefulness In the treasury
many Of the notes given In its purchas
have been paid in gold. This Is illustrates
W tuo ShtCu1out tuot uctW zen inc lSt ud
OF May, 1902, and the 18th day Of July
1899, the notes Of this kind issued in pay
ment for silver bullion amounted to
little over "a ,0O0, 900. and that during tn
anne period about 40, 000,0 900 were paid b
the treasury in gold for the redemption
such notes. The policy necessarily adop'
ed in paying these notes in gold has nc
spared the gold reserve Of 800, OOO, 900 lon
z set aside by the government for tn
redemption of other notes, for this fun
has already been subjected to the paymer
of new obligations amounting To abou
$780, 600, 900 OH account Of silver purchase
and has. rs a consequences, for the fir,
time sincei It's creation, been e~ncroached OF
We have thus made the depletion of OF
gold easy, and have tempted other Nh
moro apprecistive nations to add II
their stock. That the opportunity "
have offered has not been neglected h,
been shown by the large amounts Of go
which have been recently drawn from o,
treasury and exported to increase ii
financial strength Of foreign nations. III
excess O{ exports OF gold over Its impor
|. for the year ending June 10. 1Ss
' amounted to more than es7, 10000.
N----- a. uAnA u---