Show VAIN EXCUSES In August 1S93 the congress of the United States was convened in speciar session by the proclamation of the President and urged to repeal the law which provided for the enforced purchase pur-chase of 4500000 ounces of silver bullion bul-lion per month for which the secretary secre-tary of the treasury was to issue United Uni-ted States treasury notes redeemable in coingold or silver The president in his message to the congress convened con-vened in special session expressed the belief that Our unfortunate financial plight is not the result of untoward events nor of conditions related to our natural resources nor is it traceable trace-able to any of the afflictions which frequently fre-quently check national growth and I prosperity With plenteous crops with abundant promise of remunerative production pro-duction and manufacture with unusual un-usual invitation to safe investment and with satisfactory assurance to business enterprise suddenly financial distrust and fear have sprung up on every side The President thought he saw in this enforced purchase of silver the cause of the financial distress in 1S93 here outlined by him and hence had convened the congress to repeal the purchasing clause of the law The men in congress who believed be-lieved in the single gold standard were extravagant enough in their expressions ex-pressions as to the benefits that would at once follow the repeal of this law confidence would return commerce revive re-vive industry would awaken into active ac-tive life The law was repealed so far as It required the purchase of silver but the results prophesied failed to put in an appearance There was an attempt at tariff reduction but little worthy the name was accomplished still there came a slight revival of industrial in-dustrial activity Meantime it was discovered dis-covered that the repeal of the Sherman Sher-man law had not by any means abolished abol-ished the governments financial perplexities per-plexities and the existence of the United States notes and treasury notes payable on presentation in coin but always redeemed in gold was singled out as the cause of ithe governments financial difficulties Authority was asked to issue interestbearing longtime long-time bonds to purchase these demand notes for the purpose of retiring them but that up to date has not been granted grant-ed Meantime it was thought that if only a sufficiently large bond sale was negotiated to replenish the treasurys gold reserve then confidence would return business revive and all would be welL The bond sale was negotiated and under such circumstances as created very extravagant notions as to Its salutary sal-utary effect upon industrial revival and commercial activity Now however the very papers that predicted such marvelous results as ware destined des-tined in their opinion to grow out of the success of the bond sale are exhausting their ingenuity to excuse the failure of their predictions The traditional oldest Inhabitant says one of them never saw before so many crises threatening trouble between two or more great nations as have appeared since last October or November First there were the Armenian Ar-menian outrages wihich seemed to open up the whole eastern question and to foreshadow a general European war Then came the Venezuelan controversy sy with its possibilities of conflict between be-tween England and the United States followed immediately by the Transvaal affair William Irs outburst the flying squadron and other incidents The disturbing dis-turbing influence at the present moment mo-ment is the passage of the Cuban belligerency bel-ligerency resolutions In the senate and the possibility which it involves of war between Spain and the United States And for these reasons our financial condition has not improved as this class of newspapers predicted I It appears ap-pears strange that our eastern friends cannot see that there must be something some-thing radically and fundamentally wrong in a countrys financial system when that country can be prevented from attaining prosperity or is liable to have its financial affairs unsettled by such paltry circumstances as enumerated above by the St LouIs GlobeDemocrat The country has been relieved from the compulsory purchase of sliver but prosperity did not follow The government has replenished re-plenished its gold reserve but prosperity prosper-ity has not followed How It could possibly prosper by Increasing its bonded indebtedness and contracting the volume of Its currency no one has yet been able to explain It is time that these expediency measures were set aside constitutional money restored re-stored to the people and the commercial commer-cial and industrial affairs of our land removed as far as possible from the influence of party politics to the regulation regu-lation of the great natural laws of trade and commerce which would largely control in these affairs if only given a chance |