THE PRESIDENTS MESSAGE,
JN CONDITIONAL BEPEAXi
Of tht Silver Fiirchaaa Cltuit Asked for
and Tariff Hevleloa Afterward.
President Cleveland's message w l'r
tented 10 both branches of Congress on
Tuesday. Tt ( as follow! :
To the t'miprn of tht Vnited Slntct :
The existence of an a arming and extra
ordinary business situation, involving the
welfare and prosperity of all our people,
ku constrained me lo e ill together in extra
session the neoplt's representatives in Con
gress, to the end that through a wise and
patriotic exercise of the legislative duty
with which tbey eolely are charged, present
evils may be mitigated and danger threat
ening the future may be averted.
Our unfortunate financial plight it not
the result of untoward eventa nor of condi
tions related to our naiural resources, nor la
it traceable to any of the atUictioiie which
frequently check national growth and
prosperity. Willi plenteous crops, With
abundant promise ot remunerative produc
tion and manufacture, with unusual invita
tion to sate invest mm I ami with satisfactory
assurance lo business enterprise, suddenly
financial distrust and fear have sprung up
on every aide. Numerous moneyed institu
tions have suspended because abundant
assets were not Immediately available to
meet the demands ot frightened depositors.
Surviving corporations an I individuals art
content to keep in hand the money they are
usually anxious to Knn, and those engaged
in legitimate business aresiirprtsed to nnd
that tbe securities they otter lirr loans,
though liereiofore satisfactory, are no longer
accepted. Value supposed to be fixed art
fast becoming conjectural and losses and
failures have invaded every branch of
business. 1 believe these things are princi
pally chargeable to congressional legislation
touching the purchase and coinage of silver
by the general government.
The legislation is embodied iu a statute
passed on the Htli day o. July, 1KU, which
was the culmination of much ugitation on
the subject involved, and w hich may be
considers! a mice after a long strugg.e
between the advocates of free silver coinage
nd those intending to be more conservative.
Undoubtedly monthly purchases by the
Government of 4, 300, WS) ounces of silver en
forced under I hat statute were Tenanted -by
those interested in silver p.oduciton a a
certain guaranty of its increase in price.
Tbe result, however, has keen entirely dif
ferent, for Immediately following a SDiismo
die and slight rise the "price ol snver began
to fall after tbe pussaite 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
liver coinage.
Meanwhile not only are the evil effects of
tbe operation of the present law constantly
accumulating, but tue result to which iu
execution must inevitably lead is becoming
palpable to all who give ieust heed to buan
cial subjects.
This law provides that in payment for
the 4,500,000 ounces of silver bullion which
the Secretary of the Treasury is command
ed to purchase monthly, there shall be is
sued Treasury notes reueeuiable on demand
in gold or silver coin, at the discretion of
the Hecretary of the Treasury, and thai said
notes may hot be reissued. It is, however,
dtclared in the act to be "the estanlished
policy of tbe Vnited States to maintain the
two metals on a parity with each other upon
the present legal ratio or such ratio us may
be provided by law."
This declaration so controls the action of
the Secretary ol the Treasury as to prevent
bif exercising the discretion nominally
. vested in him, if by such action the parity
between gold and silver may be disturbed.
Manifestly a refusal by the Secretary to nay
these treasury notes in gold, if demanded,
would necessarily result in their discredit
and depreciation as obligations puvablt
only In silver, and would destroy the parity
between the two nielals by establishing
discrimination in favor of gold.
I'p to tbe 15th day of July, 1893, thest
notes hud been issued on puymeut of silvet
bullion purchases lo the amount of 147,
000,000 While all but a very small quantity
of this bullion remains uncoined and with
out usefulness in the Treasury, niuny of the
notes given to Its purchase have been paid
in gold. This is illustrated by the statement
that between May 1, 18J2, and July 15, 1.1 ,
the silver bullion amounted lo a little in re
than 54,000 000 and that during the same
period 140,000,000 were paid to the
Treasury in gold for the redemption of such
notes.
The policy necessarily adopted of paving
the notes in gold has not spared the goi'd re
serve or (100,000,0110 long ago set aside by
the Government lor tbe renemption of othei
notes, for this fund lias already been sub
jected to the payment of new obligations
amounting to about 150,000,000 on account
of silver purchases and has as a consequence
for tbe first lime since it creation been en
croached upon. We have thus rade the
depletion of our gold easy and have tempted
other and more appreciative nations to add
it to their stock. That the opportunity we
have offered has not Leen neglected is
bown by the large a i ounte of goU which
bave been recently drawnlrom our treasury
nd exported to increase financial strength
of foreign nations. Tbe excess ot exportsot
Sold over its imports lor lbs year ending
nne SO, 1803, amounted to more than H7 -600,000.
Between tbe tint day of July, 1890,
nd the 16th day of July, 1803 tbe gold coin
and bullion in our Treasury decreased more
than 1132,000,000, wbila during the asms
fsriod tbe silver coin and bullion in the
reesury increased more than 147,000,000.
Unless Government bonds are to be con
stantly issued and sold to replenish our ex
hausted gold, only to be again exhausted, it
is apparent that the operation of tbe silver
purchase law now in force leads in the di
rection of the entire substitution of silver
for the gold in the Government Treasury,
and that this must be followed by payment
of all Government obligations iu depieciated
ilver.
At this stage gold and silver must part
eomny, an l the Government must fail in
its established policy to maintain the two
metals on a parity with each other. Given
over to the exclusive use of a currency
greatly depreciated, according to siandard
of the commercial world, we could no long
er claim a place along the nations of the
first class, nor could our Government claim
a performance of its obligations, so far as
ucb an obligation has been imposed upon
it. to provide for the use of the people tbe
best and safest money. It, as many of iu
friends olaim.silver ought to occupy a larger
place in our currency and the currency of
the world through general international co
operation and agreement, and it is obvious
tbat the United Htates will not be in a posi
tion lo gain a bearing in favoi of such an
arrangement so long as we are willing to
rontiuueour attempt to accomplish the result
ingle handed. The knowledge in business
circles among our own people that our Gov
ernment cunnot make iu liat equivalent to
Inirine.o value, nor keen inferior n onav nn
aparity with superior money by its own inde
pendent efforts, baa rtaulted in such a lack
of confidence at home in the alability of
currency value that capital refuses iu aid to
new enterprises while millions are actually
withdrawn from the channels of trade a d
commerce to become idle and unproductive
in the hands of timid owners. Foreign In
ustors equally alert, not only decline te
Euiohase American securities, but roakt
aste to sacrifice those which thev alteude
have, It dues not meet the situation to say
that apprehension in regard to tbe future of
our linarces groundless and that there it
do reason lor lack o f continence in the pur
pose or power of the Government in tht
premises.
-J5hi Vi?rjr. M,'n o hai apprehension
no lack of confidence, however caused, is
menace wblut i ought not for a moment to be
iuwttprdel. f oeelbly if the undertaking we
have In hand were the maintenance of
specific known quantity of silver at a parity
with gold, onr ability to do so might be
estimated and ganged, and perhaps in view
of onr unparalleled growflijnnd resoo'ces,
might be favorably passed npon. But when
our avowed endeavor is to maintain such
parity In regard to an amount ot silver in
crees'nrfatthetateof f 0.000,000 yearly. with
no fixed termination to such Increase, it can
bardly be said that a problem is presented
whose solution is free from doubt.
Tne peopleoftbe United States are entitl
ed to a eonnd'and stable currency and to
money recognlied as such nn every exchange
and in every market of the world. Then
Government has no right to Injure them by
financial experiments opposed to the policy
and practice of other rivilited States, n.ir Is
it Justified in permitting an exaggerated and
unreasonable reliance on our national
strength and ahllitv to Jeopardize the
soundness of tin people's money.
This matter rises above the plane of party
politics. It vitally concerns every business
end rslling and enters every household of
the land. There is one important aspect of
thesunject which especially should never
be overlooked. At times like the present,
when the evils of unsound finance threaten
us, the speculator may anticipate a harvest
gathered from the misrortnn of others, the
capitalist may protect himself by hoarding
or may even find profit i n the fluctuation
of values; but the waireeivrner the first to
beinjured bv a depreciated currency and the
last to receive the bsilit of its correction
is practically dcfeiseless.
lie relies for wort npon the ventures of
confident and contented capital. This fail
ing him his condition is without alleviation'
for he can neither prey on the misfortunes
of others nor hianl his labor. One of the
greatest statesmen onr country has known,
speaking more than 51 years aio when a
derangement of the currency had caused
commercial distress, said: "The very man
of all others who has the deepest interest in
a sound currency and who suffers most by
mischievous legislation in nvny matters is
the man who earns hi daily bread by his
daily toil."
The words are as pertinent now as on the
day thev were tittered, and ought to im
pressively remind lis that a failure in dis
charye 'of our duty at this time trust
especially injure our countrymen who labol
and who, because of thtir number and
condition, areentitled tothe most watchfo.1
care of t heir Govern ment.
It is of utmost importance that such relief
as Congress can afford in the existing eitne
rmn be afforded at once. The maxim. "Re
gives twice who gives qnickly," is directly
applicable. It may he true that the
embarrassment from which business of the
country is suffering arises as much from
evils apnrehended as from those actually ex
isting. We mav hope.too, that calm counsel
will will prevail and that neither the capi
talist nor the wage earners wil' give way to
unreasoning panic and sacrifice their prop
erty or their interests und-r the influence of
exaggerated fears. Nevertheless every day's
delay in removing one of the plain and
principal causes of the present state of
things enlarge the mischief already done
and increases the responsibility of the gov
ern nent for its existence.
Whatever else the peon! have a right to
expect from Congress, thev may certainly
demand that legislation condemned by the
ordeal of three years' disastrous experience
shall be removed from the statute hooka as
soon as their representatives can legitimate
ly deal with it. It was my pnrpo-e to sum
mon t'oncress In special session early in the
coming Hepte ber. that we might enter
promptly upon the work of tariff reform,
which the true interests of the ennntry
clearly demand, which so large a msiority
of the people as shown by their suffrages
desire and expect, and lo'the accomplish
ment of which every effort of the pre
sent Administration is pledged.
But while tariff reform has lost nothing
of its Immediate and permanent importance
and must in the near future engage tbe
attention of Congress, it has seemed to me
that the financial condition of the country
should at once and before, all other subjects,
be considered bv your honorable body.
1 earnestly recommend the prompt re
peal of the provisions of the act t assed July
14. 1KO0. authorizing the purchase of silver
bullion and that other legislative action
may put beyond all doubt or mistake the
intention and the ability ol the Govern
ment to fulfill its pecuniary obligations in
money universally recognized by all civilii
ed countries. Gnovra Clivilaxu
OFFICIAL CROP REPORT.
Condition of All fereala. Potatoes,
Tobacco anil Fruit.
The August report ot the Statistician ot
the Department of Agriculture shows that
tbe condition of corn has declined a little
over six points during the past month, the
average for the entire breadth being 87 ns
against 93.2 for the month of July. This de
cline ia due In tbe main to the drought,
which has proved both extensive and per
sistent. While In some parts of the country
tbe continued dry weather has injured the
ettp beyond recovery, It is nevertheless true,
as to tbe larger portion of the area devoted
thereto, that improvement la not only pos
sible.but with a sufficient ratnfalithrongh the
month of August, will be assured. The av
eragea in the principal Htatea are i Ohio, 83 ;
Indiana. 79 , Illinois. 81 1 Iowa. 102 1 Mis
souri. 95 ; Kansas, 82 ; Nebraska, 84.
There has been a considerable hilling off
in tbeoonditlon of spring wheat einoe last
month, amounting to something over 10
polnU. tbe average condition the present
month being 87, as against 77.4 for the month
of July. Tbeoonditlon by Mates Is as fol
lows . Wisconsin, 70 1 Minnesota, 87 j Iowa.
87 ; Nebraska. 78 i South Dakota. 63 ; North
Dakota, 66. This decline of 10 points lathe
result of the too high temperature and defi
cient rainfall in the spring wheat Ktutee.
Tbe condition of spring rye in August is
78.6 as against 89 In tbe month of July The
condition of oaU has fallen 10 points sWw
tbe July report, being 78.8 as compared wdh
oc.. iasi nionin, wuue in August. lMW, it
stood at 86.2. It la the lowest condition re
ported in August for many years, and la due
to a cold, wet spring, succeeded by contlnu
l ous dry, hot weather, during tbe latter pan
of June and the whole of July.
The August returns for barley abow a
alight decline in oonditlon from thut of lost
month, being 84.6 against 85.8 in July, and
yreoiseiy the same as it waa in the mouth of
une,
I The acreage of buckwheat Is reported at
96.8 as compared with IBM, and oonditlon at
88.8.
1 Tbe condition of potatoes hue declined
' nearly nine points in the last mouth, and now
. stands at 86. Condition in August haa only
ibeen lower twice in the last decade. The
general drought bus been the cause of this
falling off, and ruin ia needed badly to pre
vent further disastrous losses.
Tbe condition of the. timothy crop Is 89.6,
as oom pared with 93.2 in 1892. The hay
I crop on the whole is large, and bus generally
been secured in good ooudition, although In
some important regions unfavorable condi
tion aauuod a reduction of the crop.
I Tbe general average of tobauco fell from
93 on July I to 82.2 on August 1.
I A still further decline in the oonditlon of
apples is made evident by the returns of
August. The Indication that the commercial
crop would be very light is con firmed at this
date. In many of the Btute a complete
failure is reportud.
i Tbe drought has done some damage to
peaches in the Atlantic peauh belt. Coni
pluinte are frequent of premature ripening.
The aonditloua still point to a large orop in
this section, however, and local showers have
benefited some localities. A further deallne
is noted in Michigan, where fruit has
I dropped severely. California boa a good
. crop of exoelleut quality. An abundant orop
I of grapes ia promised at this dote.
The percentages of July have been gener
ally well maintained. Dry weather haa
' tended to Theok the apread of rot and mil-
EXTRA SESSION OF CONGRESS
OrtXISO orTHt SttKATIt.
The Fifty-third Congress of the United
States was opened at noon Tuesday. In ex
traordinary session. The President's mes
sage was not presented but will be read at
to-morrow's session.
Just before the stroke of noon Mr. Col
quitt was wheeled Into the chamber, but
before he could be gotten to the chair the
Vice P'ceideni's gavel fell, a hush came
suddenly on the talk and confusion, nnd
the chaplain of the Senate, liev. Mr.
Hutler. opened the session with Prayer.
The Vice President then directed the
secretary to read the proclamation of the
President convening i tongress in extraor
dinary session, and the document was read
by Mr. Mct'ook. the outgoing secretary.
On the suggestion of Mr. Gorman the oath
of office was administered to the new Secre
tary of the Senate. Mr. Cox. who waa escort
ed to the desk by the r. tiring secretary, Mr.
McCook.
Resolutions were then offered and agreed
to, to inform the House of Kepresentatives
that a quorum of the Senate had assembled
and waa ready to proceed to business; to no
tify the House and the President of the elec
tion of Mr. Cox as secretary of the 8nate;
fixing the dally hour of meeting at noon,
and for the appointment of a committee of
two Senators to loin a lle committee on
the part of the I louse, to wait upon the
President an ! Inform him that both houses
are in session and ready to receive any
communication he mny be pleased to mane.
Senators Harris and Sherman were ap
jiointed as such committee on the part of
the Semite.
Mr. White, of California, then rose and
said it was his painful duly toanuounce
the death of his late colleague, Mr. Stan
ford. He said, at n dale to oe fixed hereaf
ter, he won d request the Senate to set apsrt
a day for such remarks in regard to Mr.
Stanford's memory as might be deemed
proper, and would content for tht present
with moving, as a mark of respect, tlist the
Senate adjourn. The motion was agreed to
and the Senate, at 12:30 adjourned.
orr.siNo or tux norsc.
The oiHning of theextraordinarv session
of the I'itty third Congress, ns far' as the
House was concerned, was unmarked by
anything of a sensational character and was
merely formal. S ker Crisp was re elect
ed quietly and without more than the usual
political opposition.
A committee was appointed to wait upon
the President to inform him that Congress
was organized anil ready to rec ive any
communication he might see fit to transmit.
1 he b'ennial drawing tor seals was then
proceeded with, after which the House
adjourned out of respect to the r emory of
the late Representative, William H.Knochs,
of Ohio.
SKCON0 PAY.
SrxATit. The proceeding in the Senate
to day were of great public interest After
the President's essate was read it was re
ferred to the Committee on rinance and its
Immediate printing ordered. Then th
floodgates ot legislation were thrown wide
open and a current of bills on financial and
other subjects was admitted. Mr. Hill, of
New York, was the first Senator to get in a
bill for the repeal of the purchasing clause
of the Sherman set. Mr. Siewan.nf Nevada,
followed with two other bills and a speech.
The bills are for the free coinage ot silver.
In the speech he declared himself against
the repeal of the Sherman act. as such re
ii al would, he said, destroy silver coinage
iorever.
A resolution wss offered by Mr. Lodge, of
Massachusetts, directing the Committee on
Finance to report, a bill for the repeal
of the purchase clause of the Sherman act
and providing for a vote on the passage ot
such bill by August 22. if not sooner reach
ed. The resolution went without action and
will be laid before the Senate to-morrow,
One of Mr. Stewart'e bills directs the
Secretary of the Treasury to issue silver cer
tificates equal to the amount of silver bul
lion in the I ressurv purchased under the
act of July 14, lHltd, in excess of the amount
necessary at its coining value, to redeem
the treasury notes issued under that act, and
to use the same to provide for any deficien
cy in the revenues of the Government, the
surplus of such certificates to be used in the
purchase of 4 er oent bonds at their mar
ket price, not exceeding 12 per cent,
premium.
In the discussion that folioaed Mr. Hale,
of Maine, said tho President had made a
reference to the turiff. hut there was not a
Senator present who did not know that the
Democratic party would no more dare at
tack the tariff question than a sane man
would dare to grasp a wpe charged with
electricity. Congress was in session for the
sole purpose of considering the financial
question.
Ml. Sherman, of Ohio, said:"I believe thai
the time will come, after wehavecousidered
the situation with moderation and patience,
when we will come to some common agree
ment Hint will relieve the public mind,
which will free tbe manufacturing estate
lishmeuU from the fear which they now
bavecfa change in the turiff laws, and
which will free the people of the country
who have their hnmbie hoardings in sav
ings banks Irom the apprehensions which
now cause them to withdraw their money
and hoard it. I will vote for no measure of
extreme urgency to press a decision."
Alter a set si eech on the financial ques
tion by Mr Ilolph i ho senate adjourned.
Horss When the re ding of the Presi
dent's message was conclude I in the House,
the election case from the Fifth district of
Michigan was taken up and aftertwo hears'
debate ilicbardson. the liemocrat was seat
ed on his prima farie title. At 4:35 the
House adjourned until Thursday.
THIRD DAT.
PlKATr The Senate was in session just
long enough to adjourn. transacting no bus
iness of importance.
HorsK There was no session of the House
to-day. Inn instead a ailver caucus wua held,
at which Mr. bland presented the terms of
the prMMitioii made to him by Mr. Burke
Cochran, on behalf of the anti silverites.f.ir
an imm.-diate discussion of the whole silver
question. This proposition. It ia understood.
Included u limitation of the time within
which a vole should be ta'ten. the number
of amendments to be offered to tbe measure
introduced for discussion, and the man
uer of disposing of them, etc. The
proposition of tbe anti-silver men
was not acceptable to the advocates of free
coinage and lor the present there will be no
"general consent" arraneements lor decid
ing the discussion of tbe bill to reiieal tbe
Sherman law. Theonlv Republican p res
sent St the caucus was Representative Row
ers, of California Tbe Populists were
represented by "Jerry" Simpson and Mr.
Kent, of Nebraska. The attendance npon
the caucus c in hardly be mrarded as a test
ol the silver lorces in the House, for the
reason given y Mr. Knloe, of Tennessee,
that the Democratic party waa charged by
the eotde with the duty of legislat on so sj.
to remedy the present depre-siou in all
brunches of business. A Democratic caucus
and not a mixed conference, sbou d have
been called to tul t over the situatim and
f. rnnilate a plan of relief. On mot Ion ol
Mr. Riund a "steering committee" was
appointed, which, be said, would probably
meet the committee of snti-silver men to
morrow and discuss tho details of tne
discussion to be had apon the bill outlined
in tbe resolution adopted. Boms of the free
silver men are satisfied that the present
ratio of It) to 1 should be changed. "We
shall probably vote," said Mr.Hland. "upon
tbe present ratio of 16 to 1, and if that is
defeated, then 17 to 1, and ao on up to 20 to
1 if necessary."
rol'RTH DAT.
Sibatx Tbe work of the senate to-day
consisted of a motion to adjourn until Mon
day which waa carried. Tne whole session
occupied less than 20 minutes.
Housi The House waa in session only
long enough to carry motion to adjourn
for tbe day,
rirra pat.
StsUTi.Kot in session to-day.
Horst. Jn tbe silver battle in the House
to-dsv the first gun was fired by Mr. Wilson,
of West Virginia. The missile wss in the
shsne of s bill for the repeal of the pur
chasing clause of the Sherman act. Then
came forward Mr. Illand of Missouri, with a
flat of truce, under which, after a little
objection from the Itepuhlicans.aii arrange
ment was effect d whereby a debate for 14
days, with night sessions If desired, was
provided for. votes to be taken on ratios
varying from 16 to 1 JO lo 1 and on an
amendment revising the Bland act of 1878
Thedally sessions of the House, to eiieno
from 11 a. m. until A p. m.
The silver men opened their batteries In
the shape of a hill, offered as a snhstltnt
for the free coinage of silver at the present
ratio. This starts I the battle. Mr, Haynor,
Democrat, of Maryland, was the first
champion sent out by thesntl silver cohorts
and he fought vigorously and well. He wsi
reinforced by Mr, Brown, femocmt, oi
Indiana, who In a brief speech advicatec
the real of the Sherman act, eonditionalh
or unconditionally.
Mr. Bland, Democrat, of Missouri, wa
put forward to return the fu-ilade of argu
ment and eloquence, and he performed hit
part without detracting from his reputatlor
as the leader of the silver forces on tht
floor. He was followed bv the Popullsi
member from Colorado, Mr. Pence, wh
constituted himself as a bulwark for tin
protection of silver: and by Mr. Wheeler, ol
Alabama, who demanded a greater volume
of currency.
The fight was still on when at 5 o'clock
the House adjourned until 11 o'clock to
morrow. SIXTH DAT.
Pimatx Not in session to day.
Horsy. The debate on the silver questioi
was continued in the House which after s
short session adjourned for the day.
NEW FACTOR IN TRADE.
j Che Largest Addition to Money Supply
Ever Made In a Single Month Tend
ing to Restore Confidence.
H. G. Dun & Co.'s Weekly Review ot
Trade says: The long desired meeting ol
ingress, a President's message which fully
inswered expectations, and the arrival of
j 113 '.'80.000 gold from Kuro, e. with 10,000,-
sv more on ine way, nave not Drought tut
mprovement many anticipated. Stocks ars
itronger, but failures continue and the clos
ng of Industrial establishments, and tht
llsorganizalion of domestic exchanges art
iven greater th an a week ago.
There lias been no s'artling crash, but tht
formal failures of hanks, including one in
his city and several in Nashville, numbei
14, while refusals to pay. except through
bearing house or with limitations, are be
:oming more common. Whatever reliel
Congress has power to give mav be lest
fruitful for good if long deferred. Tht
machinery of exchanges has almost stopped.
When 'to. per 1,000 Is paid for New York
exchange at Chicago and 81.5orf20 at othet
Western cities, settlements between tht
Kast and tht West become extremely
difficult.
T he root of the 'rouble is that, according
to reports of July 12 lo theComptroller.over
9131.000,000 of deposits had been withdrawn
in two months f otn national banks, and
probably fl77.OOu.tsiO from all, besides un
known sums frnin savings. Slate and pri
vate banks; and during tht month since
July 12 the withdrawal and hoarding must
have been relatively even greater. Kven
more than lack of orders, want of confi
dence in the integrity of orders troubles tbe
textile mills, for cancellations multiply. If
only confidence In thefuturt could be restor
ed the monetary troubles might soon be
relieved. But at present wiiu of cash. It is
said, accounts for the retar led movement
ot wheat from farms to Western markets
and exports have not met expectations of
late so that prices of grain have somewhat
declined.
Railroad earnings show a decrease of
about 8 per rent, compared with those of
last year, but the clearing house returns at
the principal cities show a decrease in
settlements of '-'A per cent. Appeals to tht
Treasury lor some relief are frequent, but
its cash balance haa been reduced so low
that the gold reserve may have to be used
In part for current expenses.
About tl.H.ooo.OOO bank notes will quickly
be added to the circulation through United
States bonds purchased from savings bankt
ami this, wi'h :M,0K),000 in gold brought
from Kuroie. in spite of the advance In the
Bank of Ktiglaud rate of 4 per cent, will
make the largest addition to the monetary
supply ever experienced 111 a single month.
II i Ins mllices to cause the release of hoard
ed money. some currency ay come without
waiting for slow-footed lawmakers at W ald
ington. Failures during the week numbered 391
In the United States asainst 100 last year,
and i'i in Canada aKiiinat 10 for tho same
neck last year. The number for the past
week shows a decrease from the previous
week of 40. The West still contributes tht
largest number, 101, for the past week
against 237 for the previous week. In tht
Kast there were 14!), and in tht South 54.
TIIC Bl'SIMIsa RAROMITXR.
Bank clearings total for the week ending
Ann. 10, us telegraphed to Hratlttrtu, art
as follows :
New York f 4li8.OtlH.510 D 14 f
Boston OO.m.1.354 D 21. f
Chicago 07.721,123 D 28.7
Philadelphia 40.628.205 D 14
St. Louis 10.075.276 I) 84 I
Baltimore 12.072.310 I 14 f
San Francisco 10,!io,378 D ).
PitUburg 10.ti.750 I) 22. (
Cincinnati 7,011,700 D 41.C
Cleveland 4,101,101 D 22.1
Totals. C. f I7IS,0IX224 D 20.!
Exclusive or New York 331,835.714 D 26.(
1 indicates increase, D decrease.
TWO MORE CHOLERA CASES.
There Have Been in All Twenty Patienti
Sent to tht Hoapital, But the Diaease
ia Mild in Form
AtQnar mine, 8. I., Dr. Jenkins Sunday
evening issued the following bulletin:
"Two suspects were isolated at Hoffman
Island early this morning. They are Maris
Reno, aged 4 years, and Pasquela Depadro,
aged 16 yea; a.
"The nacterinlogical examination shows
that Uuisippe A larao. who waa removed
yesterday is suffering from cholera, and
tbat Francisco Caiol A sola and Mariana
(ieorquis have not developed the disease.
The census of the hospital tonight shows:
Cholera patients, 14; patients not having
cholera. 3; convalescent, ); tuspecU ou
Hoffman Island, 2; total, 20.
"All of the patients are, improving. The
death is mild in character. Two mere nurses
were sent to Hwiiirbiirne island to-day,"
At midnight Saturday there were two
mora deaths from cholera at the hospital.
The victims were Francisco Mola, aged 27,
and Moriuuo ltoberata. aged 23. Their re
mains were incinerated.
r7er::Tilieil the) Charges,
Kpcaklnit of railway rates, some
one tells this story:
In an advertisement by a railway
Company of some u it ullod-for ttoods,
the loiter L was drojijeil from tbe
word "lawful."
The notice read, ".People to whom
theso packages are directed, are re
quested to come forward nnd pay the
awful charges on the same."
The comedy of life begins In the
ci able, the drama at the altar, and
tbe tragedy ends at the grave.
If the prodigal is a hoy, he Is re
vived with Joy when he returns
borne, but if s girl, she U disowned.
THE SHERMAN AOT,
A History of tht Clrenmstancst Atttnd
Ing ttt Paatagt and Born Aooouni
of Jtt Provisions and ttt
Workings.
When the act of 187ft wat passed tht)
silver dollar was worth more as bullion
than as money. It had therefore disap
peared from circulation and no oblrctlon
was made at the time to the provision of
the act stopping its coinage. The sliver
mine owners found it In fact more profit
able to sell their product In the market
for bullion than to the Oovernment. The
world's average annual production o'
ailver from ISOfl to 1870 waa ino.eBO,
000, and of gold t HtB.HfiO.OOO. During
1871-1S75 the annual figures were re
apectively 88 flKB.OOO and 1 1 1. or.0,000,
while during the period 1H78 18HO they
were 1 1 a. 500.000 and 11 l.l7B.OOd.
Naturallv after the passage of the act of
1878. owing to the great increase In
sliver production and the standstill In
that of gold, sliver fell rapidly in value
and the ailver mine owners found that
conditions were reversed and that it
would be more profitable to sell their
product to the tlovernment for coinage
purposes than as bullion on the open
market as before, a fact which bad large
large Influence in securing the passage of
the act of 187H. In 1S7H the gold value
of the bullion in a coined sllrer dollar was
1 4. in lS-Hltwas only .MM.
The act of 1H78. as has has been men
tioned, contained a provision for the
issuing ot paper certificates of not less
than 1 10 in exchange for ailver coin de.
posited and redeemable In the same. The
act of August 0, INMt. provided for the
Issue of ailver certificates of one, two and
Ave dollar denominations in lien ot cer
tificates of larger denominations. On
April 8, IHMt. the House rejected by a
vote of lfla to I Vila bill for the free coin
age of silver. In his message to Con-
Sress on December H, ISHft. I'resi
ent Cleveland said that since Feb
ruary. 1878, the (iovernment had under
the compulsory provisions of the Bland
'aw purchased silver bullion and coined
tbe same at the rate of more than
000.000 every month. Uv this nroceas
up to the date of the message S15,7M,
4H1 silver dollars had been coined. The
necessity for such an addition to the ail
ver currency, the President aald. aa was
compelled bv the act, was nee. Hived by
the tact that only about no.000.000 of
tbe silver dollars so coined had actually
found their way into circulation, leaving
more than 1C6.000.000 of them in the
possession of tbe (iovernment, the cus
tody of which had entailed a considerable
expense for the construction of
vaulta of deposit. Against this
latter amount there were out
standing silver certificates amounting
to about IHH.OOO.OOO. Mr. Cleveland
predicted very evil effects from the con
tinuance of tbe coinage under the act
and said tbat gold wonld eventually be
d-lven ont of the country or be hoarded.
He therefore recommended the suspen
sion of the compulsory coinage of silver
dollars.
Owing to the refunding of the Govern
ment's bonds at much lower rates of in
terest, the National banks greatly cur
tailed the circulation of their notca based
on such bonds. In his message to Con
gress of December B, 18h9, President
Harrison aald that the total amount of
money of all kinds In circulation on March
1. 1H7H. waa K06,7H1I,H()7, while on
October 1,1 NHU, the total was 11,405,
018.000. There was an Increase of
ttfOU,417.6Mi in sold coin, of 57.6r4,
100 in standard silver or Bland dollars,
of 7U, 811.140 in gold cert 1 Urates, of
87tt,61,715 in silver certificates based
on Bland dollars deposited In the Treas
ury, and of 114,078,787 In United States
notes, making a total of 7i:i,U78,4oa.
There was during the aame period a de
crease of 11 14,)0U.7iltl in bank cir
culation, and of 049,481 in sub
sidiary silver. Tbe net Increase
was t5UH.lili4.10a. Tbe circulation per
capita had increased about f.Y The price
ol sllvtr when the Bland law was passed
was tl.UO 4-10 per ounce, making the
bullion value ol the dollar Vll cents.
Since that time the price had fallen as
low as VII. Vi cents, making the bullion
value of the dollar 70.6 cents. - Within
the past few months tbe price had some
what advanced, and the value of the dol
lar as bullion at the date of the measuge
was 7U cents. The President said that
some favorable conditions had contrib
uted to maintain the practical equality
in their commercial use between
tbe gold and ailver dollars,
but some of these were trade con
ditions tbat statutory enactments did
not control and of the continuance of
which we could not be certain. If we
should make the coinage of silver at the
existing ratea free we muat expect that
tbe difference in tbe bullion value of the
gold and sliver dollars would be taken
account of in commercial transactions,
and it was to be feared that the same re
sult would follow any considerable in
crease of the present rate of coinage per
month. Such a result would be discred
itable to our financial management and
disastrous to all business inter
ests. Nothing more harmful could
happen to the ailver Intereata.
Any safe legislation upon tbe
subject must secure the equality of th
two coina in their commercial uses. Tbe
President further said tbat be had al
ways been an advocate of tbe use of
silver in our currency; we were large
Sroducersof tbat metal and ahould not
iscredit it. He then referred to the
plan to be presented by the Secretary ot
tbe Treaaury for the Issuance of note's or
certificates upon the deposit of silver
bullion at its market value, saying it had
been formulated so late that he bad not
bad time to carefully conaider Its details.
Tbe bill prepared by Kecretary Wlndoro
on tbe above lines was introduced in the
House by Mr. Conger, of Iowa, on Jan
uary 0, 1H00, and referred to the Com
mittee on Coinage, Weights and
Measures, which reported it back
March HO. On June 7 a aubstitute,
which had been agreed upon by a Repub
lican caucus, was passed by the House,
the title being, "an act to direct the pur
chase ot silver bullion and the issue of
ailver notea thereon and for other pur
poses." On June 1H tbe (senate passed a
substitute by way ot amendment provid
ing among other things tor the free
coinage of silver and the title of the
measure waa changed to read, "a bill
to provide for the free coinage of silver
bullion and other purposes." The House
refused to concur m the Senate amend
ments and a conference committee was
appointed which agreed upon a bill
wbich waa passed by both benate and
House and received the President's ap
proval on July 14, 1800, and wnlch has
been generally known as the Sherman
act. This act "directed tbe Sesretary of
tbe Treaaury to purchase 4,600,000
ouncea ot ailver bullion each month at
the market price, not exceeding $1 for
B71U6 grains of pure sliver, and to issue
in payment therefor treasury notea In
denominations of not' less than II nor
more than 11,000, Such notea were
made redeemable in coin, either gold or
silver, at tbe discretion of the Secretary
of tbe Treasury, and might be re-issued,
but no greater or lest amount
of them should be outstanding
at any time than the cost of
tbe silver bullion and the standard silver
dollars coined therefrom then held in tht
Treaaury purcbaaed by auch notea. which
were to be a legal tender for all debts
except where otherwise provided. Until
July 1. 18B1, 8,000,000 ouuees per month
of the bullion purchased wat to M oolued
into standard doners, and after that date
ao mnrh was to be coined as might be
necessary to provide for the redemption
of the Treasury notea Issued for tbe
bullion and any selgnorage waa to go to
the Treasury. It was declared to be the
established policy of the Nation to main
tain ailver and gold at a parity. Tbe
provision of the Bland act requiring the
coinage of not leae than M.000,000 and
not more than 14,000,000 worth of euver
dollar per month waa repealed.
Under the Sherman act the coinage ot
the Bland dollar practically ceased In
1801 From January 1 to June 80, 1808,
only (8,446,091 silver dollars were
coined, and since the latter date tbe
coinage of them haa been very email,
t-lnce the passage of the Bland act of
1018, about 418,000.000 silver dollars,
have been coined, of which (0,000.00t
remain in circulation, tbe balance being1
covered by eilver certificates or are lying
Idle In the Treasury. During that period
tbe price of silver bullion has so decreased
that tbe value of tbe ailver in the dollar
has fallen from 81.8 centa to as low at
about 48 cents, and is now about 66
tents. Under the Sherman act up to tbe
first of this month, 1 fin, 000.000 ounces of
sliver had been purchased, of which
000,000 bad been coined, the balance re
malnlng In the Treasure. The certificates
Issued for this bullion have been re
deemed in gold. The bullion In Treasury
Is now worth about (!I6.000,000 less tl.a.i
was paid for It.
OHIO DEMOCRATIC CONVENTION
tawrenoe T. Neal Nominated for Governor-
The Platform in Full.
The Ohio Democrats met In State conven
tion at Cincinnati on Thursday and after
short session put in nomination the follow
ing ticket:
Governor t.AWRE-cce T. Nial, of Chilli
eothe. Lieut. GotCol. W. A. Taylor, of Co
lnmbut. Treasurer D. C. Black aritit, of Coshoc
ton. Atty. Gen. Jons 1. Baust, of Putnam
connty.
Member Hoard of Public Works Lont
D. WiinRLM, of Akron.
Food and Dairy Commissi oner P. II.
M' Kiowst, of Cincinnati.
The platform adopted it at follows:
Tne PLATFORM.
We hereby approve the platform of the
Democratic party adopted by the national
convention at Chicago, and especinlly tins
portions of it referring to the tariff and to
currency legislation. We convratiilate the
conntrv npon the early prospect of meas
ure of relief as outlined by the President s
late ruesssge to Congress and we have confi
dence that the Hem neretic Congress will
devise laws to furnish such relief.
Hecontl The financial situation la tht
unfortunate legacy of Keptiblican adminis
tration. It Is the natural result of the
Mckinley tariff, tht Sherman silver law,
the extrnvneance of tbe party lately in
power anil the creations and fostering of
trusts and combinations by tbat party, all
combining to shake credit, to create distrust
In tbe money of the country and paralyse
its business.
Third We recommend that national
banks may be permitted to issue their cur
rency to an amount equnl to the par value
of the United Htates bonds they may deposit
witli the treasurer of the United Htates, to
the end that the volume of currency tuty be
immediately Increased.
Fourth Thelnterestsof every true soldier
and pensioner demand that the pension roll
should be msde and preserved as a roll of
honor. We believe in iust and liberal recog
nition of the claims of ve'ersns. and favor
granting them all that patriotism could ask,
all that gratitude could demand. But tbe
f ranting of pensions on fraudulent claim!
or partisan pur oses. or on department de
risions In contravention of law, as practiced
under the last administration, needs to be
investigated and corrected so that the unsel
fish valor of the American soldier may re
main untarnished. The Democratic party
f ledges itself that the rightful claim of no
'nion soldier to a pension shall be denied,
and the tillowiince of any worty pensioner
aball not be disturbed.
Fifth We condemn the unbusinesslike
administration of rjtate affairs under Gov
ernor McKinley. deplore the official scandals
and defalcations under it and denounce tbe
condoning of official crimes wbich hevt
brought humiliation upon our people. Wt
denounce the reckless extravagance of the
large majority in the Seventieth General
Assembly, which appropriate 1 for current
expenses about 10 10.000 in excess of the cur
rent revenues and added almost 30.0o0,0o0
to the local bonded indebtedness of tht
Htste by law in the main unconstitutional.
Wa demand I hat an end be put to auch rob
bery of the taxpayers.
Sixth The Democratic party expresses ill
confidence in the ability ot Hon. Calvin H.
Krice, of the United States Senate, to mate
rially assist the Democratic majority in tbe
Coturress of the United Htates to extricate
the great commercial interests of tht coun
try from their depressed condition.
After indorsing the national administra
tion the platform closet without referring
to silver. Tht report was unanimously
reported.
A 81,000.000 FIBS.
Two Inoendisry F res Leave Paths of
Blackened Ruins in Minneapolis.
Two Urea, presumably incendiary, des
troyed 0'-er 1.00 ),030 worthy or property at
Minneapolis. Mum., ou Sunday. One fire
broke out in a stable in the rear of tht Cedar
Lake Ice Company's house, and soon spread
lo the Ice ho'ise proper. From there, fan
ned by a quick breeze, the flames spnsd to
Clark's box factory; and then de-troyed tht
boiler Works of Untie. Connell Co., in
cluding a :7.(ki0 riveting machine the only
one West of Chicago. Unliart's Union
Wagon Works were to ally consumed, also
a quantity of lumber belonging to various
firms. The Cedar Lake Ice Company lost
3,000; ClaM't Box Company. SO.Ooti; I.int
Jtes, Council 4 Co., 100,000; Union Wagon
Works, 11.1,000. On thit there it a total in
surance of about ba'f.
While the lire was at lit height an alarm
was turned ir. from the lumber district at
the other end o the island. Doom Island,
as the place is called, was a ma of wood
and lumber pi'es belonging to Nelson, Tenny
l Co. and Hack us rfc Co.. ami I mined by a
brisk wind the ll.itnes soon sianued the
narrow stretch of water and beun eating
their way uiHimg the bi saw mills and
residences in the vicmitv of the river bank.
One alter another the planing mills ot the
Wilcox Company, the Clutterton HilL
Backus mill, the Hove mill, Huiitli and
Corrigan, and Nelson, Tennv Co., tell the
blast ol the fire and were either totully de
stroyed or badly damaged. The Haines left
a path of blackness through Marshall
street, but was principally stopped by tbe
big brick structures of tbt Minneapolis
Brewing Company, although their loss it
putatllio.ouo.
In all 111 house's were destroyed.
The Northern f'acitiu bridge and the Ply
mouth avenue bridge werereudered uoeleaa
by tht firs.
jl Sharp Advance in Silver.
The offers of silver to tht Treasury De
partment on Wednesday aggregated 357,000
ounces, and tbe amount purchaaed wat
117,000 ounces at 10.7513 an ounce, Tht
tame price wat ttndtred for tbe remainder.
The price paid it an advante of 4 1-4 cents
over tbt price on tbe first purchase day ot
the month.