Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1893-08-17
PRESIDENTS MESSAGE.
He Asks for an Unconditional Repeal
of the Sherman Law.
TARIFF REFORM CAN WAIT.

Following is the full text OF Presi-
dent Cleveland's message to the extra
session of congress:
To THE CONGRESS OF THE UNITED
STATES: The existence OF an alarm
ing and extraordinary business situa-
ton, involving the welfare and pros
perity of all our people, has con-
strained me to call together in extra
session the peoples representatives
in congress, to the end that through
the wise and patriotic exercise OF the
legislative duty with which they are
solely charged, the present evils may
be nlia gated and dangers threatening
for the future may be avoided. Our
unfortunate financial plight is not the
result of untoward events, nor of con-
ditions related to our natural re-
sources; nor is it traceable to any of
the affections which frequently check
our national growth and prosperity.
With plenteous crops, with abundant
promise of remunerative production
and manufactures, with unusual in
vitation to safe investment and with
satisfactory assurance to business en-
terprise, suddenly financial distrust
and fear have sprung up on every
side. Numerous money institutions
have suspended because abundant
assets were not Immediately available
to meet the demands of frightened de-
positors. Surviving corporations and
individuals are content to keep in
hand money that 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 satisfactory,
are no longer accepted. Values sup
posed to be fixed are fast becoming
conjectural, and loss and failure have
invaded every branch of business. j
believe these things are principally
chargeable to congressional legislation
touching the purchase and coinage of
silver by the general government. This
legislation is embodied in the statute
passed the 14th of July, 1890, which
was the elimination OF much agita-
| ton on the subject involved and
which may be considered a truce, af-
ter long struggle between the advo-
| Gates of free silver coinage and those
| intending to be more conservative
Undoubtedly the monthly purchases
by the government of four million five
hundred thousand ounces OF silver,
forced under that statute, were re
garded by those interested in silver
production as certain guaranty OF Its
increase in price. The result, how
ever, has been entirely different; for
Immediately following the spasmodiC
and slight rise, the price OF silver be
gan to fall after the passage of the aci
and has since reached the lowest poln
ever known. This disappointing re
suit has led to a renewed and persis
tent effort in the direction OF free sil
yer coinage. Meanwhile, not only ar
the evil effects OF the operation OF tn
present law constantly accommodating
; but the result, to which its execution
must inevitably lead, is becoming pal
pable to all who give the least heed T.
: financial subjects. This law provide
that in payment for four million fiv
hundred thousand ounces of silve
bullion, which the secretary OF tn
treasury is commanded to purchas
monthly, there shall be issued treas
ury notes, redeemable on demand i
gold or silver coin, at the discretio
of the secretary OF the treasury, an
that said notes may be re-issued.
is. however, declared in the act to b
''the established policy OF the Unite
States to maintain the two metal
upon a parity with each other upo
the present legal ratio, or such rati
as may be provided by law" Thi
declaration so controls the action {
D the secretary of the treasury as t
prevent his exercising the discretio
nominally vested in him. If by sue
action the parity between gold an
silver may be disturbed, manifest
the refusal by the secretary to pa
these notes in gold, as demande'
would necessarily result in their di
credit and depreciation as obligation
payable only in silver, and would d
q stroy the parity between the tn
8 metals by thus establishing discrin
nation in favor of gold. Up to Il
18th day of July, 1898, these not
had been issued in payment for silv
bullion purchased, to the amount
1t more than STAT, 100000. While &
Y but a very small quantity OF tn
III bullion remains upcoined and witho
usefulness in the treasury, many
the notes given for it's purchase ha