The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-08-16
To the Extra Session Of the
FifJy-Thir Congress.
He Says the Present Financial
3 Trouble is Chargr;ibie to Con-
gressional Legislation
Touching the Purchase and Coinage OF
Silver by the General Government
The People Entitled to Sound
and Stable Currency.
The Prompt Repeal of the sherman Act
of 1890 Earnestly Reoommended--t
Has Been Condemned by Three
Years of Disastrous Experi-
enee-A Word About
Tariff Reform.
the conrress OF the united States:

To the Congress OF the United states;
The existence OF an alarming and extraordin-
ary business situation Involving tho welfare
and prosperity OF all our people, has constrained
me 70 call together in extra session the peoplo'a
representatives in'oongross TO the end that they
through wise and patriotic exercise OF tho
Legislative duty with whloh they solely ara
charged, present evils may be mitigated and
dangers threatening the future may be averted-
Our unfortunate financial plight is not the re'
suit OF untoward events nor Of conditions re-
lated 10 our natural resources; nor is II trace
able TO any OF the afiictions which frequently
check national growth and prosperity With
plenteous crops, with abundant promise OF re-
munerative production and manufacture, with
unusual Invitation to safe investment and
with satisfactory assurance TO business
enterprise, suddenly financial dls,rust and fear
have sprung up on every side Numerous mon
eyed institutions have suspended because
abundant assets we're not Immediately ayaila'
BILE % meet the demands OF frightened deposit
ors. Surviving corporations and individuals
are content 10 keep In hand the money they are
usually anxious to loan, and those engaged In
Legitimate business are surprised TO ind that
the securities they offer for loans, though here.
tofore satisfactory, are no longer accepted
Values supposed 70 be axed are fast becoming
conjectural, and loss and failure have invaded
every branch OF business
able TO congressional legislation touching the
purchase and coinage OF silver by the general
government
This sleigslation Is embodied In o statute
passed on the 18th day OF July, 1890 which was
the elimination OF much agitation on the sub
sect involved and which may bo considered
truce, after long struggle, between the advo
Gates Of free silver coinage and those intending
20 be more conservative,
IIudOubladlv bv
government OF 4,50O,OOO ounces OF silver, en-.
forced under that statute, we're regarded by
those Interested In silver production as Ger.
tain guaranty OF its increase In price. The re-
suit however has been entirely different, for
Immediately following spasmodic and slight
rise, the price OF silver began 10 fall after the
passage OF tho act and has since reached the
lowest point ever known This disappointing
result has led TO renewed and persistent effort
In the direction OF free silver coinage.
Meanwhile not only are the evil effects of'the
operation OF the present law constantly ac
cumulating, but the result to which its eIecu
tion must inevitably lead Is becoming palpable
70 all who give the least heed to financial sub
Jects This law provides that in payment for
the four million and fve hundred thousand
ounces OF silver bullion which the secretary OF
the treasury is commanded to purchase monthly,
there shall be issued treasury notes redeema-
bile on demand In gold or silver coin.
at the discretion OF the secretary Of the
treasury, and that said notes may be reissued.
II is, however. declared In the act 10 be
"the established policy Of the United States 70
maintain the two metals on parity with each
other upon the present legal ratio or such ratio
as may be provided by law" This declaration
30 controls tho action OF the secretary of the
TREASURY "a 1, prevent him exercising the dis
erection nominally vested In him, II by such ac-
tion the PARITY between gold and silver NAV be
dIsturbed Manifeatlv A refusal nv the aecro
tary 70 nav these treasury notes In poId. n de.
manded could neoessarllv re.nIt in their dIs.
credit ana daprocia,Jon az ohIIg.,lo,s na,ahio
only In silver. and would destroy the naritv be.
tween the two metals nv estahlIShing adIscrIu.
nation In favor of gold
I'm 10 the fifteenth dav Of .Julv isoa ,bese
hotes had been issued IN pavment NJ silver
bullion purohases. 10 the amount oi more than
one hundred and fortysevep m, ,llions Of dolIars'
while All but a very small ouantjtv of tbia
bullion remains uncoined ami without usetul.
ness IN the treasury. many on the notes piven IN
its purchase haye been Maid IN gold This "a
illustrated by the statement thai hetween the
first day of NAV. 1892 and The a fifteenth dav ~
Julv. is99 the notes Of this kind Issucd In nay.
rnent for silver bullion amounted to n little
more than fftv.four mllliops q, dollars ana
that during the same period about forty.nIne
millions Of dollars were pail ~ the treasure IN
gold for the redemntlon N al = notes
The nolIcv pecess,riIv I, ,,n,ad n, noyirg
these NOTES In gold has NOT sr,reI tho cold 10,
serve Of one hundrod millions a, dollars long
AGO set aside Inv tho goyer,nen. for Tho "a.
denntlor a, o,ber po,ss f,r ma anna bas al.
readv neon subiented to tho n,vment of nc,v Oh.
ugations Amounting % about ono hr,drod ana
dg,v rnIiIions q, dolIara on ,cco,rt ., liz.
nrrchases ana has as cocsso ncncc ,,r ,Ae ers,
,o s,no t,s ,Io,' hna,, aa -,