The Colored citizen., 1894-10-01
THE SILVER REPEAL.
Has IL Made Any Improv oment In the Busi-
ness OF the Country

Has IL Made Any Improv ument In the Busi-
ness OF the Country
President Cleveland called congress
in special session Aug. 2, 1898, and
sent to them his message, In which he
says:
'The existence of an alarming and
extraordinary business situation, involv-
ing the welfare and prosperity Of all our
people, has constrained me to call to-
gether in extra session the peoples rep
resentatives in congress. With plen-
teous crops, with abundant promise Of
remunerative production and manufao-
ture, with unusual invitation to safe
investment and with satisfactory assur-
mce 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 fright
ened depositora Surviving corporations
and individuals are content to keep In
hand the money they are usually anx-
ious to loan, and those engaged In legit.
innate business are surprised to find that
the securities they offer for loans,
though heretofore satisfactory. are no
longer accepted Values supposed to be
fixed are fast becoming oonjeotural, and
loss and failure have invaded every
branch of business ! believe these
things are principally ohargeable to
congressional legislation touching the
purchase and coinage Of silver by the
general government
OF this deplorable condition Of the
country the president says: '"The evil
effects Of the operation" Of this law
are constantly accumulat6 6ps." that IL
is depicting the treasury d ssa@tAat
It is.oi fsti sils aattiaff6st ffdEich muu.S =
such relief % congress can etle 10 =
afforded at once, and ~ earness to
ommend the prompt repeal of the llv.
visions Of the act passed July IA. 1890,
authorizing the purchase Of silver bul.
ion"
In accordance with this urgent rec.
ommendation Of the president house
bill No. 1 was introduced to repeal the
purchasing clause Of the act. Under the
whip and spur of party leadership 1t
was forced through the house and senate.
The Democratic party platform was ig-
nored, Its sentiment suppressed and indi.
viduals coerced. Tariff reform" was
given back seat, ''free coinage was
trambled under foot and the commands
Of the party autocrat enforced. The re-
peal act was approved by the president
and became q law Nov. 1. 1898, and
congress adjourned.
By the repeal Of this act the coinage
Of silver dollars ceasea Private owners
are not allowed to have them coined,
and the government cannot coin any
more without authority of law. Not
even the bullion in the treasury or the
seigniorage or profits ON tho purchase
Of silver can be used. It was in vain
the silver men in the house and senate
protested. Not shred Of legislation
could they get Instead of "free silver
coinage the professedly silver party
has given the country 'no silver coin.
age" Of standard dollars. It may all be
right, but what fix for Democratsi
And now for results. Has financial
distrust and fear passed awayf Has the
drain Of gold from the treasury ceasedi
Has there been any Improvement in the
past 10 months2 II not, is 1t not be-
cause the president was mistaken and
some other cause produced the evilf Is
not the fear Of Democratic misrule and
not silver purchasing the source Of the
trouble2