The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1893-08-12
GROVER SPEAKS.
Cleveland's Vigorous and Incisive
Message on the Present
Financial Situation.
THE SHERMAN SILVER BILL,

THE SHERMAN SILVER BILL.
The President Points Out It's Evil
Effects and Recommends It's
Prompt Repeal.
WASHINGTON, Aug 8.-The message OF
President Cleveland delivered to congress
today is as follows:
To the Congress of the United States:
The existence of an alarming, an extra
ordinary business situation, involving
the welfare and prosperity of all our peo-
pie, has constrained me to call together
in extra session the peoples representa-
tives in congress, to the end that through
wise and patriotic exercise of the iegls-
tive duty with which they solely are
charged, present evils may be mitigated
and dangers threatening the future may
be averted.
Our unfortunate financial plight is not
the result of untoward results nor OF con-
ditions related to our natural resources;
nor is it traceable to any of the Affections
which frequently check natural growth
and prosperity. With plenteous crops,
with abundant promi OF remuneratlve
production and manufacture, with I'M
usual invitation to safe investment and
| with satisfactory assurance to business
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 frightened depositors, sur
viving corporations and individuals are
content to keep in hand the money they
are usually anxious to loan, and those
engaged in legitimate business are sur
prised TO find that the securities they Of
fer for loans are no longer accepted.
Values supposed to be fixed are fast be-
coming conjectural, and loss and failure
have invaded every branch Of business.
I believe these things are principally
char cable to congressional legislation
touching the purchase and coinage of
silver by the general government.
EVIL EFFECTS OF THE SHERMAN LAW.
This legislation is embodied in stat
ute passed on the 18th day of July, 1890,
which was the elimination of much agi.
tation on the subject involved, and
which may be considered a truce, after
the long struggle between the advocates
of free silver coinage and those intending
to be more conservative.
Undoubtedly the monthly purchases
by the government of 100000 ounces Of
silver. forced under this statute were re-
garded by those interested in silver pro-
duction as a certain guaranty of it's In
crease in price. The result, however,
has been entirely different; for imrnedi-
ately following a spasmodic and slight
rise, the price of silver began to fall after
the passage of the act and has since
reached the lowest point ever known.
This disappointing result has led to re-
newed and persistent effort in the direc-
ton of free silver coinage.
Meanwhile, not only are the evil effects
of the present law constantly accumulat-
ing but the result to which It's execution
must inevitably lead, is becoming pal
pable to all who give the least heed to
fina' cial subjects.
This law provides that in payment for
the 100000 ounces of silver bullion
which the secretary of the treasury is
commanded to purchase monthly, there
shall be issued treasury notes redeem
able on demand in gold or silver coin,
at the discretion of the secretary of the
treasury, and that said notes may be re-
issued. It Is, however, declared in the
act to be 'the established policy of the
United States to maintain the two
metals upon parity with each other up
on the present legal ratio or such ratio as
may be provided by law"
GOLD PAID FOR SILVER.
This declaration so controls the action
of the secretary of the treasury as to
prevent his exercising his discretion
nominally vested in him, if by such &C.
ton the parity between gold and silver
may be disturbed. Manifestly, refusal
by the secretary to pay these treasury
notes in gold, if demanded, would necee-
sarily result in their discredit and de-
probation as obligations payable only in
silver, and would destroy the parity be-
tween the two metals by establishing a
discrimination in favor of gold.
Up to the 18th day of July, 1893, these
notes had been issued in payment OF nil
YER bullion purchased, to the amount OF
more than $147 ,O0O,0Oo. While all but
a very small quantity of this bullion re-
mains uncoined and without usefulness
in the treasury, many of the notes given
lo-o I,aor ,>o;1 IN rno1l