The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-08-15

Party Politics and Concerns nj
Glasses Of the People-TariR Reform
Important and Must Not BE Neg
lccted.
WASHINGTON, d. c., Aug. 8.
To the Congress of the United States
The existence of an alarming and ex
traordinary business situation, involv
ing the welfare and prosperity of al
our people, has constrained me to cal
representatives in Congress to the ent
that through wise and patriotic ex
ercise Of the legislative duty will
which they solely are charged, the
present evils may be mitigated anG
dangers threatening the future may bt
averted. Our unfortunate fnancia
plight is not the result Of untowart
events nor of conditions related to oul
natural resources, nor Is it traceable tt
any OF the Affections which frequently
check national growth and prosperity
With plenteous crops, with abundant
promise of remuneratiye production
and manufacture, with unusual invita-
tion to safe investment, and with sat
isfactory assurance to business enter
prise, suddenly financial distrust and
fear have sprung up on every side
Numerous moneyed institutions have
suspended because abundant assets
were not available to meet the de.
mands of frightened depositors. Sur.
viving corporations and Individuals are
content to keep I'm hand the money
those engaged in legitimate business
are surprised to find that the securi.
ties they offer for loans, though here
tofore satisfactory, are no longer ac-
copied. Values supposed to be fixed
are fast becoming conjectural, and loss
and failure have invaded every branch
of business.
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 O
statute passed on the 14th day of July,
1890, which was the culmination OF
much agitation on the subject in
volved, and which may be considered
a truce, after O long struggle, between
the advocates of free silver coinage
and those intending to be more con-
servative. Undoubtedly the monthly
purchase by the government of four
million and five hundred thousand
ounces of silver, enforced under that
statute, were regarded by those in
terested in silver production as q cer-
tain guaranty of it's increase in price
l. ne result, nOWoVSr, ndS Deen enClrSly
different, for Immediately following O
spasmodic and slight use, the price of
silver began to fall after the passage of
the act, and has since reached the low
est point ever known. This disap-
pointing 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 accumu-
lating, but the result to which it's exc
cution must inevitably lead, is becom-
ing palpable to all who give the least
heed to financial subjects.
for the 4,500, 600 ounces of silver bull
lion which the secretary of the treas
ury is commanded to purchase monthly,
there shall be issued treasury notes re-
deemable on demand in gold or silver
coin, at the discretion of the secretary
of the treasury, and that said notes
may be reissued. 1t is, however, de-
clared in the act to be "the established
policy of the United States to maintain
the two metals on a parity with each
other upon the present legal ratio or
such ratio as may be provided by
law"
The declaration so controls the ac-
tion of the secretary of the treasury as
to prevent his exercising the discretion
nominally vested in him, If by such ac-
tion the parity between gold and silver
may be disturbed. Manifestly re-
fusal by the secretary to pay these
treasury notes in gold if demanded,
would necessarily result in their dis.
credit and depreciation as obligations
payable only in silver, and would de-
stroy the parity between the two
metals by establishing discrimina.
tion in favor of gold. Up to July 18th,
1893, these notes had been issued in
ssthe amount of $147 900, 900, while all
but very small quantity of this bull
lion remains uncoined and without use
fulness In the treasury. Many Of the
notes given in it's purchase have been
paid in gold. This is illustrated by
the statement that between the first
day of May, 1892, and the 18th day ol
July, 1893, the notes of this kind is
sued in payment for silver bullion
amounted to q little more than $54,
100000, and that during the same
period about $49, 100000 were paid by
the treasury in gold for redemption OF
such notes.
The policy necessarily adopted O
paying these notes in gold has no.
spared the gold reserve of 800, 900, ,00t
long ago set aside by the government
for the redemption of other notes, fol
this fund has already been subjected t,
the payment of new obligation
amounting to about $3.50, 900, 600 on &C
count of silver purchases, and has a
consequence, for the first time sine,
its creation, been encroached upon
We have thus made the depletion o
our gold easy, and have tempted othe
and more appreciative nations to adj
it to their stock. That the oppor
tunity we have offered has not beel
neglected, is shown by the larg
amounts of gold which have been re
Gently drawn from our treasury and OK
ported to increase the financia
strength Of foreign nations. The ex
cess of exports of gold over its import
for the year ending June 80, 1898
amounting to more than eighty-seve
and @ half millions of dollars. BE
b. tween the first day Of July. 1890, an
the fifteenth day of July, 1893, the gol
coin and bullion in our treasury de
creased more than $l32,00O,OO0, Will
during the same period the siver col
and bullion in the treasury increase
more than $147 100000.
Unless government bonds are to b
constantly issued and sold to replenis
our exhausted gold, only to be agai
exhausted, it is apparent that tn
operation of the silver purchase la'
now in force, leads in the direction {
the entire substitution of silver for tn
gold In the government treasury, an
Al>nN Al,s lN., f,N1l. l. a.