Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-08-11
President Cleveland Comes Out
Squarely Against the Sher-
man Law.
It's Evil Effects, He Says, Are
Responsible for the Present
Situation.
No Tariff Legislation Until
the Financial Question Is
Settled.

WASHINGTON, Aug. 9.-The presi-
dents message to congress is as follows:
To the Congress of the United States:
The existence of an alarming and extra
ordinary business situation, involving the
welfare and prosperity of all our people,
has constrained me to call together in
extra session the peoples representatives
in congress, to the end that through a wise
and patriotic exercise of the Legislative
duty with which they solely are charged,
present evils may be mitigated and dan
gers threatening the future may be
aver,ed. Our financial plight is not
the result of untoward events, nor of
conditions related to our natural re-
sources; nor is it traceable to any of the
Affections which frequently check national
growth and prosperity. With plenteous
crops, with abundant promise of re-
muncrative production and manufacture,
with unusual invitation to safe investment
and with satisfactory assurance to bust
ness enterprise, suddenly financial distrust
and fear have sprung up on every
side. Numerous moneyed institutions
have suspended because abundant assets
were not Immediately available to meet
the demands of the frightened depositors.
The surviving corporations and individ-
uals are content to keep in hand the
money they are usually anxious to loan,
and those engaged in legitimate business
are surprised to find that the securities
they offer for loans, though heretofore sat
'sfactory, are no longer accepted.
Chargeable TO Legislation.
! believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage of sill
yer by the general government.
This legislation is embodied in statute
passed on the 14th day of July, 1890, which
was the elimination of much agitation on
the subject involved, and which may be
considered truce, after long struggle,
between the advocates of free silver coin
age and those intending to be more con-
servative
Undoubtedly the monthly purchases by
the government of 100000 ounces of sill
yer. enforced under that statute, were re-
garded by those interested in silver pro-
auction as a certain guaranty of it's i'll
crease in price. The result, however, has
oeen entirely different, for Immediately
following spasmodic and slight rise, the
price of silver began to fall after the pas
sage of the act and has since reached the
lowest point ever known. This disappoint-
ing result has led to renewed and per-
s'stent effort in the direction of free silver
coinage.
Evil Effects Accumu iating.
Meanwhile, not only are the evil effects
VI the operation of the present law con-
s.antly accumulating, but the result to
"nich its execution must inevitably lead
IS becoming palpable to all who give the
'east as heed to financial subjects.
=, ms law provides that in payment for
me 4'5oO, GOO ounces of silver bullion which
W tne secretary of the treasury is commanded
tUpufchase monthly, there shall be issued
"',s us.sury notes, redeemable on demand in
soiu or silver coin, at the discretion of the
s..ietary secretary OF the treasury, and that said
a.. dotes may be re-issued. It is, however,
seH!ared se,. in the act to be ''the established
ty|U'cy OF the United States to maintain
uns "s Two metals on parity with each other
pon tne present legal ratio or such ratio
"s m may be provided by law"
=, H's declaration so controls the action of
h;s hae secretary of the treasury as to prevent
nas. r,s exercising the discretion noninally
he, i.sted in him, if by such action the parity
MoS!sn Mtoween gold and silver may be disturbed.
n.'a n""hiiestly refusal by the secretary to
ds,, sS 'nese treasury notes in gold, if
tThe.n:anded, th.: would necessarily result in
t;"a nelr dlscredit and depreciation as obliga-
ia". doas payable only in silver, and would
hv"'roy h., the parity between the two metals
=; establishing discrimination in favor
No. up to the 18th day of July, 1893, these
Sv'es S,@: had been issued in payment of silver
thnn thi.on purchases, to the amount of more
,nan ,n"a sl47 100000. While all but very
e";' "ll Quantity of this bullion remains un-
tu,ei' t.an' and without usefulness in the
n,saSy, nvsSury, many of the notes given in it's
iillc.ase ill,,..ase have been paid in gold. This is
l.t l.t's.rated ~ by the statement between the
:1",'' u"y OF May, 1892, and the 18th day of
nsn n!' laS, the notes of this kind issued in
s"yh,ent y I;,I, for silver bullion amounted to
du.;'e m.ue more than &54,OOO,OOO, and that
wa,n Wang the same period about $40,OOO,OOO
r4,o,pai paid ny the treasury in gold for the
>"''Aption of such notes.
NJ Made depletion Easy.
th.une ne policy necessarily adopted of paying
resos,. ou notes In gold has not spared the gold
tLs tLs'rve OF 800, 600 600 long ago set aside by
"VHrnment for the redemntion Of