President's Message

President ClcvelancTs mes-age to tlie LUId Congress. aseetnbled in extraordinary session. is comparatively Urief. The message i special rather thaa freneral in its character, and is limltjil to tho nccessitics ui tl e ünan : al -ituation. Mr. C' jvrhuul Insists upon tho unconditior repeal of the Shermau law, andh attributea'to it principally the ilis witii vrhich the country is now throatened. Tho document in f uil roads as follows: To the Concress of tlie T'nited States: Ihe exlHti-nce of u Blarming ftnd extraordinary bnxiness sltnation, invoiviim tbe welfare anti prosperlty of all our paople, bas ooo■tnlned me to ca'.l totetber in extra seseion the poople'a rere-íentutives In CongreK8, to tt'e end that, tlirout] a w.seand patrlotic ezercisa of the le;risiative duty with whicn they aolely arechartfid, preaent tvils ii.üv bo mitljjateil and daniffrs tlireiiteuiug the fulurs may be averted. Our unfortunate financial plltnt is not xno reu!t of BStoward evecta nor of conditlons celatPd to onr natural resource; nor is it traceable to anv of ttie arttirtious which fre"" queutly check nationa.1 growlb and ro-j)Rrity. With plenteous erop, with abundan t promise of remunerative product ion and n.anufacture. with unuisual invitation to safe investment and with satis f act ory asurance to business enterprise, suddenly flnaticial distrust and fear have sprung up on every stde. Numerous moneyed instltutlons have suspended becanse ahumlant assets were not immediately available to meet the [iemands of fiijrb tened depOáttors: purvivin corporations and individuáis are too content to keep in band the inonev they are usually anxíous to loan, and those cngaired in legitímate businoss are sxtrprised .to find that the ■ecurlties they offer for loans, thouh heretofore satis f ac ory. are no lonzer accept ei. Values snpnosed to be fixcd are Cast becomtng sonjectural, and loss and failure havo invaded every branch of business. Th Silver PorcfaOM Law, I believe these thtnis are prlncipally nhargeal)lo to Ootigrcssional letrislation touohing rha purchaHO and coinagc of Bil ver !iy the general covernnient. This lepisiation is erabodidd in 0 tut.nto TwiRsed on thf Hth dav of Jiaiv 1Wviiich wwi the cnlrnlnation ot mnrh agnación au the subject invulved, and which may be tonsidered a truco, after the long struggle, between the advocates of free silvr coin age and those lntcndiug to be more conservativo. Undonbteüly the monthly purchariefl by the J ove ram ent of ♦.ftoo.aw otmeeft of silver, fbroed onder that statute, were rettarded by 1 hose interested in ailver prodnetion a a certain giwirji.ntv of lts increase ia prioe. The result, however, has been entirely different, for immediately foliowinti a Bpaamodlo and slight rit' the price ot sllver began to f;iil atter the passage of the act. and has aince risiohed the oweat poitit ever known. Thls cllnapiKilittiiijf result han led to rene wed and peralatcut cfTurt ín the dlreotion of tree coinaae. Meanwhiïe, nöt only arO tho evil eiTetaa of the op:ration of the present law coiiHtuutly accmmilatinK. bnt the rcsnlt to whioh lta executton must ir.i.vitiibly h-ai i- becoiiiintf palpable to all who eive the leaet beed to Qn au ei al Bubjects. This law provides that In pa y ment for the 4,f00,OQfl aunces o E silver bulliun which ïtie Secretary of the Trensury is comuiandftd io puren aso monthly there hall be ifisued Jreanry notes redeemable on demand itt i?bltl or ntlrer coin, at the discretion of the Secretary of the Treasury. and that ;-aid notea may le reissned. It is, however, declared in the act to be "the cstablished policy of the United States to maintain the two metala ujíon a parity with each other npon the present lecal ratio or raoli ratio as may be provided oy law." This declaration so controla the action of the Secretary of the Treasnry as to prevent hts exerrfpfna the dlscrotion nominally vested in him, if by such action the parity between gold and silver may be dtatnrbed. Manifestly arcfuHal by the Becrctary to pay thepe ïreaaury notes In unid, if dematided, would necessarily resalt in thoir discredit and depreciation as oblliratloiiH payable only in bÜvor. and wonld Uestroy the parity bet ween the two metali by8 ablluüiurfa discrimination iu iavor of gold. Up to the 1 tli lay o" .Tuly. T ".:, t ioro notes had been issinnl hriiayineiit of kiIviíi huUien, purchascd to the iniount oí moru litan 14 7,noo.OOO, WhilcRli but avery HmaM iiuautity of this bulliou reitiHliiH ttnculnetl and without uHofuInoss in the Treasury. Tiiauy of the noten Iveii in ït- purchase have been paid in pold. TIn la Illustrated by the stateiuont that between Ibe tirst day of May, 189, and the ttfteeitth day of July, 1'.M, the notes of this kind Issned ín payment fot silver íi'iiií i:1 a nouiitcd to a little more than íifty-four mil! mis of dollurn, and that during the same period abont forty-ninc tnillions of dollars weie paid by the Treasm y iu gold fur the redemption of such notes. Draln l'pon (lie (ill Ileserve. Th policy necesB.arily adopted of paying these notes in roUI has not n)urrd tJe gold reserve of 1100,000,000 lona: aao set aslde by the Government for the redemption of other notéis, for this fnd has already been subjected to the payment Of new ollipations amountiuK to about $15(í,fiOD,OUü oa account of silver parchases, and has, as a consequence, for the tírnt time siuce ita eieatiuu, been enrrocched upon. We have thufl runde the depletion of our Rold rasy, and have tempted other and more appreciative nations to add lt to their stock. That the opportunity we have offered ha= not been negtected U Bhown by tlie large amonnts of gold which have beeu receñí ly diawn f rom our Tieasury auJ exportad to increase the íinancial strengt h of foreign uations. The excess of exporta of oíd over itB importa for trie yearendlng June ;, IÖ98, amounted to more than eiahty-aeven and a half millions of dollar, lïetween the first day of July, I8U I. and the flftcenth day of July, ISíw, the gold coin and bullion in onr Treasttry decreased more than one lmndred and thittytwo niillions of dollars, wiiíle durina the same period thc sil ver coin aml f-ullion in the Tre isnry Inoreased moro than one hundred an.i forty-seven miHlons of dollars Un lesa üoverument bonis are tu be constantly tsnued and sold to replentsh our exh&usted eo!d. only to m arnin exhausted.it is appaicnt that the operatlon of the Silver Purchft e law, now In fir'-. leads in tlie direction of the estire snbatttutton of bUtoj for the oíd in the Governmeut Trcaanry, and tliat thi munt be f olio wed by the payment of ni I Soverumeut obiigatiun iu aciwBciitcd Bilver. At this stage gold and illver must part oompany, and the Government must fafl in lta Mtabllahed policy to maintain Uu t ■ o metala on a parity with each ot! over to the exclusive uno ul a i nrrency groatly depreciated te to the standard of t i ,: m 1 '.■o! ia. wp -o ii ld nu ion ■ rrlafm ' i the nationa of the fisrt dan nor oould onr Ooverament claim a penormance or lts onnerations. so far as such an obligation fias been lrtiposed upon it, to provide for the use of the people the best and safest money. If, ay ïnany of lts friends claim, siiver ouglit to occupy a lar_'er place in onr cnrrin .mi the currency of the world thvough general Internacional co-operatlon and axreeinent, it i obvions that the United States will not be in a poaition to yain a hearing In tavorof snob au arrangement so long a.1 we are wiliing to continue our attenipt to accomplish the resul' p ingle-handed. Reanlted in a Lack of Conñdrnce. The knowledge in business circles araonu our owu p opïe that oor Government car. i Tnake it fiat equivalent to intrinsic valne, ! or keep inferior munoy on h parity with f i. ;orior money by its owu independent efforts, has j esulted in such a lack of oonfldence at home in t he SLability of currencv valu'.s that caDital refusea lts nid to new enterprlsea wbile millions are actunnv witnurawn croin ene cnannotn ..r trade huí comn erce tob oome ii e, and u pro ductive in tht h nd8 oí tlmldowner". Fort Inrestore equaily alert, not only decline to pur chañe American ecu vi les, mt mak e liaste tu a ac tifie ■ tbo e bh h : I e uli H does not meet th Itu-ttioii to m.v thut apprehenaion in renard to Lh '; t id ol finane si ■ ndlesu, mid I hut ih' re U h reasonforl.uJEOfccrande.1c4 lnth purjjOife or power ol uoverniiíj'iit i ti tbE premiaO. 'í lie very o: tilín apprehenalon and luck of conitde m e, h. ■ cauned, is u men ace whioh (-v ni I foi i ment to be disreicarded. Fonsibiy 11 tli( undi rt;ikiiiLr we have In band wtre toe m of a Bpocifio known íuaT.t itv oí ftilver at a parity with k our ablllty te i so míiht be estimated and gauged, andperhaps, In view ot oui unparallek'd rowth and rtaources, Dlight be favo rubí y paased upon. iíut when our avowed endeavor is to maintain such ijarity in regard to an amount of sil ver inoreasliig at the rate of íifty millions of dollars yearly, with no tixcd tenninatlon toauch Increaae, i toan h ardí y be_sald that a problem i presented whose .soíufcton la free Prona ñ The i eople of the Cuited States are entltled to a sonad and stable curreney and to i recognized as Buch on ever exenange end In every mark et of the worhl. Thelr Government has no right to tnjure them by finanrial experimente oppoeed to the poHc aud practice of other civiliztd sta tes, nor is it justlfied in perroitting on exaggerated and unreasonable rellance on our national itrength nd abllfty to jeopnrdize the sonndnesa of the peo ples'a money. Thia mat ter riaea abovo the plan of party ]olitics. It vitally concerns every burinesa and calling and entera every household iu tlie land. Tne people of the United States aio entitUd to a sound and stable curreney and to money recognized as such on cvety exchange and in every market of the wurld. Theil Goveriiiut-nt hui no right to Lnjure them by hnaucial experimenta opposed to the poliuy and pracuoe of oiher civilized states. nor is it ju.-tirU'l in permlttiu(f an exatiijerateu anti uure sonable reüancc on our national streugtn und auility to jeopardize the Boundnesn of the people'a money. This matter riees above tlie plan of party iolItioa. it Titally conoerna tvery business and cuiiinir and enters every household iu the lanii. Harmful Knect to th Wage-Karner. There 1 one important aspect of the sublect which eHpeotally nhou ld never be overlooked. At times like the present, wiien theevils of unsounil hn.mee th reaten U3, the Hpeculütor inay anticípate a har ve st gathered f rom the mlsfort anea of others, tlio capital ist may protect bimself by hoarding trr may ev:n tind prolit in the fluetuation o( values; but ihe wage-eamer -tlie ílret to be injured ly a depreclated curreney and the laHt to roceivu tbe benerlta of lts correction- la practiually defen&elesa. He relies fur work upun the ventures of uonndfnt and contento! capital. This faüin? hini, bis condiúion is without aik v i at i ou, fur he can neither prey on Ihe misfortunfs of othr.s oor hoard his labor. One of the greatest state smen our country lias known, apeakin roore titan íifty years uko, when a der-iniiement oi the currer.cy had cansed commercial distrns, said: "The very man of all othfii'H wli o has the docp st interest m a Bonnd ourrency ani who suner by misohieTona legialation in mbnetary matter i- the man who earns hi daüy brtad by in i daily to 1." These words are a.n peitiuent no .v aa on tlio day when L ey were uu i, and ouht to tmpressively remind n I. ui v. taiiure in the disohargeofonT doty . t tíiU time inunt especial ly in jure tboae o .:■ wountrymen who labor, aud who, iipi":i:s, of thelr n amber and eondition..are tntitl i to the most watchful care of UiblrUoveruincnt. It is of tho u),i(o.-i i. loitance that such relieï as Congrtn ca utfoid ia the exlsting aitnatlon be ftlïoi :-i al once. Tne ruaxim, "ït gtvt-8 1 '.v!' ■' wiio ei ve Quickly," is Uireet ! y ;i,.Ü' -.t ;'l". t may be truc that the e .);in; . :u ir. rmi v. Inch tlie business oí the uoun : . ■ ■ uilng :tise aa itiuch f rom . . aa tio:n tliowe actually exiHtU.g. Ve ruay hope, too, that c; l;n üOUiiHf-18 Will prevaii, auct that n Ither the oa Italmta uor the waue-carners win ttlvc way tu uurt.iHouinK paniü and aaci Inuo lli ir li ; : : y or the r int' rest.s under the ïnflnt ttue of exinigerated fears. Neverthelesn. evtry day' delay in renioving one of the plaln and principal causes of the preseut Kta e oi ttiinM onlartfea ih: misohii i ;ili ady tlone and looreaaes the responsiljilitv i)t tuti uuvcruiueut tor iis exibteuoe. 'ougress Invo ' (1 t Act Protnptl.v. Whatevec else ihe penplo have a rfht to expect from UunurotfH, Lhey may ceitaiuly de m. uu 1 that Leg í slat lm condemued by , the ordeiU of ture years' dluantroun perlcnne BÍiaU be removed from the atatute boolcs aü bood a.i tht-ir i epreBdUtativel eau leg titnately deal wltb il. ii was my purpose to summon ( ongreriH In special aesfliun eariy in the continK September tJiat e might eni.ei prompt I y upon t . yvorc oí tari ff reform, wniüh the irue fnterentfl of the country clcarly d ma ;i. wüio i BO ;i majonty of the pi-opis -, ba ■ Uow i hy their Huirre, ieire an.l exj)ect, and o Llie tccumpiiHliiiuMit of wnich every effort of the preamit suliululstratïon im p e Ued. hu; while i arüï refurm loHt i;niuii ut Ita immediate and pernt iituMriMnoe. and munt in tho hop ft r amiCttiE me atc m ion oi i.o:i};rB, n aaa ■eenK '1 io me tbat tho nnandal coudltlon of the conntry Hbould 't once and beforo all oihr au ü jee t8 be cuanideredby yourhonorab: body. I earnestly urnmiiiinil the prompt repeal of tlie piovisions of the act i.assed J a!y 14, 1--.MI, authorlztiiK t he purohase of sil ver bult m mi. au- t h:it o .her letiislative act Ion may pnt beyoud all doubt or miatake the lntcntiou tti . ai-i ity of the (io-etument to f nl ril l i-U pei:u:ii;iry cibliuations in money onlveraaliy recuiiiit-Ml by uil civilized countl UiH.