The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1893-08-11
THE PRESIDENT.
Mr.. CieveIand's Message to the Spe'
cial Session.
FINANCIAL CHANGE ASKED.
No Other Subject But That Treated-Un.
conditional Repeal Of the Sherman
Law Urged Upon Congress
Tariff and Other Mat
tiers to Come on
Later.

tiers to Come ON
WASHINGTON, Aug. s.-The message
of President Cleveland to the extra ses-
sion of congress was delivered to both
houses shortly before 1 o'clock. 1t is
as follows:
To the Congress Of the United States:
The existence Of an alarming, an extraordi.
nary, business situation, involving the welfare
and prosperity Of all our people, has con-
strained me TO call together in extra session
The peoples representatives in congress to the
end that through wise and patriotic exercise
Of the legislative duty with which they are
solely charged present evils may be mitigated
and dangers threatening the future may be
averted.
Our unfortunate financial plight is not the
result of untoward events or of conditions re-
lated to our national resources; nor is it trace
able TO any OF the Affections 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 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 cepositors, surviving
corporations and individuals are content TO
keep in hand the money they are usually anx.
ious to loan. and those engaged in legitimat e
business are surprised TO find that the securi-
ties they offer for loans though heretofore sat
factory, are 10 longer accepted Values sup
posed 10 be fixed are fast becoming cor; ecturll
and loss and failure have invaded every branch
Of business.
believe these things principally charge
able TO congressional legislation touching the
purchase and coinage of silver by the general
government This legislation is embodied il a
statute passed on the 18th day OF July. 1880
which was the elimination of much agitation
Of the subject involved and which may be con-
sidered 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 4, 800, 90 ounces Of silver, forced
under that statute were regarded by those in
terested in silver production as a certain guar
anty of its increase in price. The result, how
ever. has been entirely different. for immedi-
ately following a spasmodc and slight rise the
price Of silver began 10 fall after the passage
OF the 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 &C
cumulating. but the result TO which its execu-
tion must inevitably lead. is becoming palpable
10 all who give the least heed to financial sub
iectS
This law provides that in payment for the
4,5OO,Os0 ounces OF silver bullion which the sec
rotary of the treasury is commanded TO pur-
chase monthly there shall be issued treasury
notes redeemable on demand IN gold or silver
coin, at the discretion of the secretary OF
the treasury and thai the said notes may
be reisSued Il is, however, declared in the act
to be The established policy of the United
States to maintain the two metals upon part Y
with each other upon the present legal ratio or
such ratio may be provided by law. =
This declaration controls the actions
Of the secretary of the treasury 10
prevent his exercising the discretion nominally
vested IN him il b. such action the parity be-
tween gold and silver may be disturbed Mani
festly, refusal by the secretary TO pay these
treasury notes in gold if demanded would
necessarily result in their discredit and de-
probation as oblig atoms payable only in sill
Ter, and would DESTROY the parity between the
!wo metals by establishing discrimination in
favor of gold
Up to the 18th day OF july, 1898. these notes
aad been issued in payment Of silver bullion
purchased 10 the amount of more than sl41, 00J
10 While all but a very small quantity OF
his bullion remains uncoined and without use
'ulness in the treasury, many Of the notes
.iven in its purchase have been paid in gold
This is illustrated by the statement that be
tween the LIST Of May, 1872 and the 18th day o.
July, ls93 The notes Of this kind issued in pay
nent for silver bullion amounted 10 little
more than $4,000 900, and that during the sam.
period about Si9, OO0, 0O) were paid By the treas
lry in gold for the redemption of such notes.
The policy necessarily adopted Of payius
these notes in gold has not spared the gold re
serve OF $40. yU,001. long ago set aside By the
government for TIE redemption of other notes
for this fund has already been subjected to tht
payment of new oblig atoms amounting to abou
klsO, 10000 on account OF silver purchases, anS
has as consequence, for the first time since il:
creation, been eucroached upon
We have thus made the depletion of our goIl
easy and have tempted other and more appre
ciative nations 10 add it TO their stock. Tha
the opportunity We have offered has not beer
neglected is shown by the large amounts o
gold which have been recently drawn from
our treasury and exported to increase the
financial strength Of foreign nations. Tie ex
cess OF exports of gold over its imports fo
the year ended June 30, 1898, amounted {,
more than So, ,0ol Between the first day
Of January, 1922, and the 18th day OF July 1898
the gold coin and bullion in our treasury de
creased more than $4,000, coo. while during
the same period the silver coin and bullion il
the treasury increased more than sIi',0D.oOt.
Unless government bonds are 20 be constant
IL issued and sold TO replecish our exhausted
gold. only to be again exhausted. il is apparent
that the operation of the silver purchase Law
now in force leads in the direction OF the entir,
substitution of silver for the gold in the gov
eminent treasury and that this must be fol
lowed BY the payment OF al government obi
cations in deprecated silver
AT this stage gold aud silver must part com
pary and the government must fail in its esta5
iished policy TO maintain the two metals on
parity with each other
Given over 70 the exclusive use Of q cur
reney greatly deprecated. according to The
standard OF the commercial world, We could
10 longer claim place among the nations o.
the first class. nor could our government CLAIM
performance of its obligation, so far as sucl
an obligation has been imposed upon ii, Il
provide for the use of the people the best AND
safest money. II. as many Of its friends claim
silver ought to occupy higher place in oul
currency and the currency of the world through
general international, Co operation and agree
ment il is obvious that the United States will
not be in q position 10 gain q hearing in favor
Of such an arrangement so long as We are viii
ing 10 continue our attempt TO accomplish thu
result single handed