The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1893-08-10
TIE PRESIDENTS MESSAGE.


President Cleveland sent his mes
sage to Congress Tuesday. 1t is a
we'll written and strong paper, 10
which he discusses silver altogether
and declares that the one thing for
! Congress to do at this call session il
to repeal Internationally the PR
chasing clause oe the Sherman silver
act. He thinks that is in part re-
sponsible for the depressed condi.
ton Of finances and business. He
doubts the ability Of this govern
ment under the present circum-
stances Of maintaining the parity Of
gold and silver with the "amount of
silver increasing at the rate of fifty
millions of dollars yearly with no
fixed termination to such an in>
crease" He says we have ''pAid
out $780, 900, 900 on account OF silver
purchases" and the gold reserve
has been encroached upon and that
We have depleted our own gold and
made it easy for other nations to add
it to their stock. "The excess of
exports of gold over its imports for
the year ending June 80, 1898,
amounted to more than S87, $780, 900.
Between the first day of July, 1890,
and the 18th day of July, 1893, the
gold coin and bullion in our treasury
decreased more than S132. O00,0 900,
and the silver coin, during the same
period, increased more than S147,-
100000"
lie says government bonds are tc
be constantly issued to replenish
our exhausted gold, only to be again
exhausted, silver will have to be
substituted for gold and government
obligations will have to be paid in
deprecated silver--gold and silver
would part company and we would
TAIL to claim place among the ma
tons OF the world. He says the wage
Garner is the first to suffer from de.
preciated currency and the last tc
receive the benefit of its correction
The wage Garner relies for work
upon the ventures of confident anC
contented capital. This failing him
his condition is without alienation
The present disastrous fnan cial COZ,
dition is due, he says, to the three
years existence of the Sherman act
as silver has deprecated ever since
its enactment and he asks congress
to repeal it promptly.
Now that the President has giver
his opinion sincerely and honestly
let Congress express it's opinion, al
they have like responsibility. To re-
peal the Sherman act without sub
stitute is to demonetize silver, retire
it from circulation, and il gold is thu
only standard, it seems to us, i
would not lessen the expectation
but augment it, because the obliga
lions OF people and government
would have to be paid in gold, anC
the inadequate supply o. gold to Dc
the business OF the country, would
diminish the gold reserve to 6
greater extent, if not entirely, anC
bonds would have to be constantly
issued rs a substitute" for silver
to command currency, and to NEE
and replenish the exhausted gold il
the treasury. OF course deprecated
silver cannot be main tanned on 6
parity with gold, but silver with ar
increased ratio, as suggested by the
Democratic platform and firmly
pledged, would be intrinsically on a
parity with gold and not have tc
depend or borrow crutch frou
gold to stand on, but would have Its
inherent and current strength il
being equal in value with gold, anC
this established fact would Impair
to the public mind equal confidence
in it, because it would be absolutely
an honest dollar. Carry out the
democratic platform and it viii
prove remedial panacea for al
our financial ills.