Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-10
PRESIDENTS MESSAGE.
REPEAL OF THE - :RMAN ACT ITS
ARGuS = Mt.

WAsHGNGroN, Aug. S.--Mr. Harris, of
the committee to wait upon the president, an
nounced that the president would communi-
cato with Congress Immediately. There
upon Dir. Pruden, one of the presdents
secretaries, appeared and delivered tho mes
sage, which was immediatey read to the
Senate by Mr.. johnson, its chief clork.
In his message to Congress President
Cleveland refers to the alarming business
situation which threatens the welfare and
prospects of the country. He says that tho
unfortunate financial plight is not the re-
suit OF events of conditions
relative to our natural resources.
With pienteous crops, abundent promise of
remuneratiys reduction, and with satis'ac-
tory assurance to business enterprise, finan
cial distress and fear have sprung up on
every side.
1hs president believes that toe existing
state cf affairs is principally chargeable to
congressional legislation and purchase and
coinage OF silver by the general government.
This legislation is IL the statute passed July
IA, 1890, which was the elimination of
much discussion of the subject involved and
which may be considered truce after u
long struggle between the advocates of free
silver coinage and those intending to be
more conservative.
Undoubtedly the Monthly Purchases
Ivy the government of 4, 800, 900 ounces of
silver enforced under that statute wore
gGrded 10y those interested in silver produc-
tion as IN assuring guaranty OF its increase
in price. The result, however, has been
entirely different, for Immediately folio wing
spasmodic and slight rise, in prlce, silver
began to fall after tho passage OF the act
aud mas since reached the lowest pr leo ever
known.
Meanwhile not only are the evil effects
of the operation OF the present law
stantly acoumulating, but the result to
which its execution must inevitably lead is
becoming palpable to all who give the least
heed to financial subjects. The president
refors to the impairment of the gold reserve
by the redemption OF notes issued in payment
OF the prescribed monthly purchases of silver
bullion. Unless, lie says government bonds
are 20 be constantly issued and sold to
plsnsh our exhausted gold only TO be again
exhausted, 1t is apparent that the operation
Of the silver purchase law now in force
leads in the direction OF the entire substi-
tuition Of silver for tde gold in the govern
nent treasury and that this must be fol-
lowed by tue payment of all government
Obligations il depreciated silver.
At this stage gold and silver must part
company and the government must fail in
its established policy to maintain the two
metals ON parity with each other. Given
over to the exclusive use of u currency
l.. f:I I99 -, ~
longer
claim "a race Among inc Natlons
Of the first class nor could our government
claim the performance of the Obligation SO
lar as such Obligation has been i'm posed
upon it to provide for the use OF the people
the best and safest money.
II, as many OF Its friends claim silver
ought t. occupy larger place in our cur
rency and the currency of the world,
through general International cooperation
and agreement, 1t Is obvious thet tho United
states VIII not be III position to gain a
hearing IN favor oil such arrangement so
long as we are wiling to continue our at
tempt to accomplish the result single hand
eli. The knowledge In business circles
among our own people that our government
cannot mako its nat equivalent to intrinsic
value, nor keep Inferior money on parity
with superior money by its OWE Independent
efforts, mas resulted in suca LACK of con =
hdence at home and instability OF currency
values that capital refuses its aid to new
enterprises, while millions arc actually
Withdrawn from the channels of trade and
permitted to become idle end unproductive
in the hands OF timid owners. Foreign in
nurchase American socuri,ias hm+ -.
haste 10 sacrifice those which they already
have. The people Of the United States are
untitled to
S'""n ana S'hp'o Currency
,nd 10 money recogniHsd as such on every
exchange and IN every market OF the world.
Iheir government has no right to injure
them by financial experiments op
posed to Inc pollcy and practice
ol other clVihzsd states nor Is II justified in
permitting sn exaggerated and unreasona-
bic reliance on our national strength and
ability to Jeoperdlze tho soundness OF the
people s money.
This matter rises above the plane Of party
politics. 1t Vitally concerns every busines