The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1893-08-17
The PRESIDENTS MESSAGE,
UNCONDITIONAL REPEAL
Ofthe silver Purchase Clause Asked for
and Tariff Revision Afterward.

Tuesday. ltis as follows:
To the Congress Of The United States:
The existence OF an a arming and extra.
ordinary bdsiness situation, involving the
welfare and prosperity Uf ali our Ieople
has constrained me to C al together IN extra
session the Ieople's representatives. In Com
gress, TO the eud that through wise and
patriotic exercise uf the legislative duty
with which they solely are charged, present
evils may be mitigated aud dangers threat
sning the iutnre may be ayerted.
Our unfortunate financial plight IL not
the result Oi untoNhrd events nor of condi.
uOus related 10 our natural resources nor is
II traceable to any OF the affections which
frequently check national growth and
Prosperity Win plenteous crops with
abundant promise of remunerative produc.
ton anu manufacture with unusual invita-.
ton To safe investment aud with satisfactory
assurance to business enterprise. suddenly
financial dlstrust anu fear have sprung up
on every side. Numerous mOnpyei iustitu.
tions have suspended because abundant
assets were not Immediately available t.
meet the demands OF frightened derusitors
Surviving corporations and individuals are
content to Keep ia hand the money tuey are
usually anxious TO loan, anu those engaged
in legitimate business are surprised to mud
that the securities they Oiier Tor loans,
though heretofore satisfactory, are no longer
accepted Values supposed 10 be fixed are
fast becoming cOnJectural and losses and
failures have invaded every branch OF
business. ! believe these things are rrinCi.
Pally charseablc to congressional legislation
touching the purchase aud coinage uf silver
by the general government
The legislation Is embodied in statute
passed on the 18th day o. Juiy, 1889. which
was the elimination OF much agitation OH
the subject lEvu,ved, aud which may be
considered truce after long strugge
between tue adyocatss -: free silver coinage
Ia l,4
Undoubtedly monthly purchases 10y the
Government ut 500 UJU ounces OF silver en-.
forced under that statute were regarded by
those interested In silver production a, a
certain guaranty of It's increase IN price
lhe result however, has been entirely dit.
ferent, for Immediately following a suasmo.
die aud slight rise the price ot shver began
10 TALL after the passage of the act and has
since reached the lowest point ever known.
This Disappointing result nas 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
aocumuiating, but tue result to wh.cn its
execution must inevitably lead il becoming
paipa6le to all who give least heed to mnan.
ciai subjects.
This law provides that in payment for
the 100000 ounces of silver Lulliun which
the Secretary OF the Treasury Is command
ed To purchase monthly, there shall be is.
sued Treasury notes reueemabie on demand
in gold or silver com, at the discretion OF
the Secretary of the treasury, ana that said
notes may not be reissued. II -, however,
d,ciuted III the act to be tue established
oicy of tue United States to maintain the
two metals on parity with eacu other upon
the present Legal ra:Iu or such ratio as may
be provided by law"
This declaration so controls the action OF
the Secretary Il the Treasury as to prevent
his exercising the discretion nomlnally
'ested IN him, II By such action the parity
aweep.gog' and SILVER may be '''siurned
.'iese treasury nOtes IN gViu. a. demanded,
would necessarily result IN their discredit
and deprt citation rs obligations payable
only I'm silver, and would destroy the parity
between the two metals by establishing "a
discrimination in iaYUr Ot gold.
Up to the l5th day OF July, 1898, these
notes had been issued un payment Of SILVER
bullion purchases TO the amount OF $liT,.
OlOOOO White all but very small quantity
OF Tins bullion remains unColued and with.
out useiu ness ~ the Treasury, many OF the
no,es given TO its purchase lave been paid
ia gold. This Is illustrated by the statement
that between May !, 1892 aud July II, 1873
the SILVER bullion amounted To "A little more
than sol, 600 Ouu aud that during the same
period SiyuuU OUJ Were paid to the
Treasury IN gold Tor the redemT ton of such
notes.
the notes IN gold has not spared the gold re-.
serve ot 500 900, ,O)O long ago set aside by
the Government Tor the redemption of other
notes. for tins fund has already been sub.
lected To the payment of new obligations
amounting to about $1,000. uJl on account
OF silver purchases and has ~ consequence
for the first lime since IT, creation been en-
CroaChed upon. We have thus msde the
depletion OF our gold easy and have tempted
other ana more apuTec alive nations To- add
u To Their stock. That the opportunity we
have offered has not teen neglected j.,
shown by the large "a mounts Of gOl which
have been recently GrAwu from our treasury
anu exported to Increase financial strength
of foreign nations. The excess ui exlortso OF
gold over lts lml lorts for the year ending
June 80, 1888, amounted To more than SS7.
bOJ,OJO. Between the first day of July. .lSgJ,
and the 10Th day OF Jlly, lsJ3, the gold coin
and bullion in our Treasury decreased more
than Sl31, ,OJt.OJJ, while during the same
period the silver com and bullion in the
Treasury increased more than Sli7. GOO 900.
Unless Government bonds are to be con-
,tantly issued and sold 20 repleuish our eN.
hausted gold only to be again exhausted il
II apparent that the operation ut the silver
purchase law now IN force leafs IN the di-
rection OF the entire substitution OF silver
Tor the goa in the Government Treasury,
and that this must be followed by payment
hi all Government obligations in GepIeCiated
silver.
At this stage gold and silver must part
tomIanY, an the Government must fail in
It's established policy 10 maintain the two
metals on parity with each other Given
over % the exclusive use Df currency
greatly deprecated, according TO Standard
OF tne commercial world. We could no long.
er claim place along the nations Of the
hrst class, nor could our Government claim
performance oi rs obligations. so far as
tlIch an obligation has been imuosed Up0n
~ 90 lroHide Tor the use Of the people the
Dest ana safest money. IL, rs many Of ia
irlehns Claims lyer ought To occupy a larger
pace IN our currency and the currency of
the world through general international co.
operation and agreement and il is obyious
tnat the nlttd states Will not be in posi-.
lion To gam hearing in fayol Of such AN
arrangement 50 long as we are willing 10
contlnueour attempt to accomplish the result
single handed. The knowledge in business
circles among our own people that our Gov.
erhment cannot maLe its iilt equivalent TO
intrinsic value, nor keep inferior u oney on
hparlty with superior money bv its own indie.
ND