Newspaper Page Text
THE WAYCROSS HERALD, SATURDAY, AUGUST 12. 1893.
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The Object of the Extra Session
Call, Made Known.
THE FINANCIAL QUESTION.
II Wu m Strong I’aper That was Bead
Before the Lawmakers Upon the
Demands for a Sound and
Stable Currency.
Washington, Aug. 9.—Rev. Mr. Mil-
burn, the new chaplain of the senate,
opened proceedings with prayer. The
journal was read by new Secretary Cox.
The credentials of George C. Perkins,
the new senator from California, were
received, and the oath of office was ad
ministered to him.
The senate then took a recess until
12:45 o’clock.
The recess having expired, Mr. Har
ris, of the committee appointed to wait
npon the president, reported that the
committee had performed that duty,
and had been informed that the presi
dent would communicate with congress
immediately. Thereupon Mr. Pruden,
one of the president’s secretaries, ap
peared and delivered the message,
which was immediately read to the sen
ate by Mr. Johnson, its chief clerk.
Bend In tbn House.
The house was called to order prompt
ly at noon, and prayer was offered by
the newly elected chaplain. Rev. Dr.
Haddaway. The journal, which was a
rather lengthy one, was then read and
approved, and the house took a recess
until 12:45.
After recess, Mr. Springer, chairman
of the committee appointed to wait upon
the president, reported that the presi
dent would communicate in writing a
message to congress forthwith.
Mr. Pruden, one of the president’s
secretary’s, made his bow and sent the
important document to the clerk’s
desk, where it was read by* Clerk Kerr.
The president’s message was listened
to with intense interest by members "f
the house, and at the conclusion of its
reading was greeted with general ap
plause, not confined to any section of
the chamber.
To the Congress of the United States:
/ ' The; existence of an alarming and ex
traordinary business situation, involv
ing the: .welfare and' prosperity of all
dhr pebble, has constrained me to call
together) in extra session, the people’s
representatives in congress, to the end
' that through a wise and patriotic exer
cise of tho legislative duty with which
they solely are charged tho present evils
may be mitigated and the dangers
threatening the future may be averted.
Our unfortunate financial plight is
not the result of untoward events, nor
of conditions related to* our natural re
sources; nor is it traceable to any of the
afflictions whiqh frequently check nat
ural growth and prosperity. With
plenteous crops, with abundant prom
ise of remunerative production and
manufactures, with unusual invitation
to safe investment, and with satisfacto
ry assurance to business enterprise, sud
denly a financial distrust and fear have
sprung up on every side. Numerous
moneyed institutions have suspended
because abundant assets were not im
mediately available to meet the demands
of frightened depositors. Surviving
corporations and individuals are con
tent to keep in hand the money thev
are usually anxious to loan, and those
engaged in legitimate business are sur
prised to find that the securities they
offer for loans, though heretofore satis
factory, are no longer accepted. Val
ues supposed to be fixed are fast becom
ing conjectural, and loss and failure
have invaded every branch of business.
I believe these things are principally
chargeable to- congressional legislation,
touching the purchase and coinage of
silver by the general government. .This
legislation is embodiedan a statute pass
ed on the 14th day of July, 1690, which
was the culmination of much agitation
on the subject involved, and which may
be considered a truce, after a long strug
gle l>etween the advocates of free silver
•oinaga and those .intending to be more
conservative.
Uuudoubtedly the monthly nurchase
by the government of 4,500,000 ounces
of silver, enforced under that statute
was regarded by those interested in sil
ver production as a certain guaranty of
its increase in price. The result, how-
other upon the present legal ratio or
such ratio as may be provided by law.”
This declaration so controls the action
of the secretary of the treasury - as to
prevent his exercising the discretion
nominally vested in him, if by such ac
tion the parity between gold and silver
may be disturbed. Manifestly a re
fusal by the secretary to pay these treas
ury notes in gold, if demanded, would
necessarily result in their discredit and
depreciation as obligations payable only
in silver, and would destroy the parity
between the two metals by establishing
a discrimination in favor of gold. Up to
the 15th day of July, 1893, these notes
had been issued in payment of silver
bullion purchases, to the amount of
more than $147,000,000.
While all but a very small quantity
of this bullion remains uncoined and
without usefulness in the treasury,
many of the notes given in its purchase
have been paid in gold. This is illus
trated by the statement that between
May 1st, 1892, and the 15th day of July,
1893, the notes of this kind issued in
payment for silver bullion amounted
to a little more than $54,000,000, and
that during the same period about $49,-
000,000 were paid by the treasury in
gold for redemption of such notes.
The policy necessarily adopted of
paying these notes in gold has not
spared the gold reserve of $100,000,000
long ago set aside by the government
for the redemption of other notes, for
this fond has already been subjected to
the payment of new obligations amount
ing to about $150,000,000 on account of
silver purchases, and has as & conse
quence, for the first time since its crea
tion, been encroached upon. We have
thus made 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 been neglected is shown
by the* large amounts of gold which
have been recently drawn from our
treasury and exported to increase the
financial strength of foreign nations.
The excess of exports of gold over its
imports for the year ending June 30,
1893, amounted to more- than $87,500,-
000; between the 1st day of July, 1890,
and the 15th day of July, 1893, the gold
coin and bullion in our treasury de
creased more than $132,000,000, while
during the same period tne silver coin
and bullion in the treasury increased
more than $147,000,000.
Unless government bonds are to be
constantly issued and sold to replenish
our exhausted gold, only to be again
exhausted, it is apparent that the oper
ation of the silver purchase law now in
force, leads in the direction of the en
tire substitution of silver for the gold
in the government treasury, and that
this must be followed by the payment
of all government obligations in depre
ciated silver At this stage gold and
silver must part company and the gov
ernment must fail in its established
policy to maintain the two metals on a
parity with each other.
Given over to the exclusive of a cur
rency greatly depreciated according to
the standard of tbe commercial world,
we could no longer claim a place among
nations of the first class, nor oould our
government claim a performance of its
obligations so far as such an obligation
has been imposed upon it, to provide for
the use of the people the best and safest
money. If, as many of its friends
claim, silver ought to occupv a larger
place in our currency and the currency
of the world through general interna
tional co-operation, and agreement, it
is desirous that the United States will
not be in a position to gain a hearing
in favor of such an arrangement so
long as all are willing to continue our
attempt single handed. The knowl
edge in business circles among our own
people that our government cannot
make its fiat equivalent to intrinsic
value, nor keep inferior money on a
parity with superior money, by its own
independent efforts, lias resulted iu
such a lack of confidence at home, in
the stabilities of currency values that
capital refuses its’ aid to new enter
prises while millions are actually with
drawn from the channels of trade and
commerce to become idle and unpro
ductive in the hands of timid owners.
Foreign nations, equally alert, not
only decline to purchase American se
curities, but make haste to sacrifice
those which they already have. It does
not meet the situation to say that ap
prehension in regard to the future of
our finances is groundless, and tha;
there is no reason for lack of confidence
ever, has been entirely different, for
Immediately following a apaamodio and in P«P<>a» <* power of the govem-
alight rise, the price of ailrer began to I in the P romisea - Tne very exia-
fall after the passage of the act, and has
right to injure them by financial exper
iments opposed to the policy and prac
tice of other civilized states, nor is it
justified in permitting an exaggerated
and unreasonable reliance on our na
tional strength and ability to jeopar
dize the people's money. This matter
rises above the plane of party politics.
It vitally concerns every business and
calling and enters every household iu
the land. There is one important as
pect of the' subject which especially
should never be overlooked. At times,
like the present, when the evils of un
sound finance threaten us, the specula
tor may anticipate a harvest gathered
from the misfortunes of others. The
capitalist may protect himself by hoard
ing or may even find profit in the fluc
tuation of values; but the wage-earner
—the first to be injured by a depreci
ated currency and the last to receive
the benefit of its correction—is practi
cally defenseless.
He relies for work upon the ventures
of confident and contented capital.
This failing him* fils condition is with
out alleviation, for he can neither prey
on the misfortunes of others nor hoard
his labor.
One of the greatest statesmen our
country has known, speaking more than
50 years ago, when a derangement of
the currency had caused commercial
distress, said: “The very man of all oth
ers who has the deepest interest in a
sound currency and who suffers most by
mischievous legislation in money mat
ters, is the man who earns his daily
bread by his daily toil.”
These words are as pertinent now as
on the day they were uttered, and
ought ts impressively remind ns that a
failure in the discharge of our duty at
this time must especially injure those
of our countrymen who labor, and who,
because of their number and condition,
are entitled to the most watchful care
of their government. It is of the ut
most importance that such relief as con
gress-can afford in the existing situa
tion be affordedl at once. The maxim,
"He gives twice who giyes quickly,” is
directly applicable.
It may be'true that the embarrass
ments from which the business of tbe
country is suffering, arise as much from
evils apprehended, as from those actu
ally existing. AU may hope, too, that
calm counsels will prevail and chat
neither the oapitalists nor the wage
earners will give way to unreasoning
panic and sacrifice their property or
their interests under, the influence of
exaggerated feare.
Nevertheless, every day’s delay in re
moving one of the plain and principal
causee of tbe present state of things en
larges the mischief already done and in
creases the responsibility of the govern
ment for its existence.
Whatever else the people have aright
to expect from congress thev may cer
tainly demand that legislation con
demned by the ordeal shall be removed
from the statute books as soon as their
representatives can legitimately deal
with it.
It is my purpose to summon congress
in special session early iu September,
that we might enter promptly noon the
work of tariff reform which the true
interests of the country clearly demon** ,
which so large a majority of tae people,
as shown by their suffrages, desire ard
expect, mud to the accomplishment cf
which every effort of the present ad
ministration is pledged.
But while tariff reform has lost noth
ing of its immediate and permanent im
portance and must iu the near future
engage the attention of congress, it'has
seemed to me that the financial condi
tion of the country should at once and
before all other subjects be considered
by your honorable body.
1 earnestly recommend the prompt
repeal of the provisions of the act pass
ed July 14, 1890, authorizing the
purchase -of silver bullion, and
that other legislative action may
pnt, beyond all douat, or mis
take the intention and the ability of the
government to fulfill its pecuniary ob
ligations in money universally recog
nized by all civilized countries.
[Signed.] Gbover Cleveland.
Executive Mansion, Aug. 7,1893.
senator aMwan'i xnn.
Washington, Aug. 9.—Senator Stew
art, of Nevada, has prepared a bill
which he will introduce ad soon as pos
sible, the first section of whioh reads:
Be it enacted. See.. That the fourteenth
section of the act of January 18, 1837, bo,
and the same is hereby re-enacted, which
reads as fellows: “That gold and silver
bullion brought to the mint for coinage,
shall be received and coined to? the proper
officers for the benefit of the depositor;
provided, that it shall be lawful to refuse
at the mint any deposit of lees value than
$100, and any bullion so .base as to be un
suitable for the operations of the mint.
And provided, also, that when gold and
silver are combined, if either of these
metals be in such small proportion toat
It canuot be separated advantageously.
APRIL 16th, 1893.
GEORGIA SOUTHERN AID FLORIDA R.R.
Condensed Time Table.
A.*. S.30
5-3SA. M.
7-OT 7-55
3- »5>. M.
4- 441 8.09
Cordele
.Tifton
Valdosta.
ircfireSr-"
Jacksonville
.Tampa.
i 7.0^ 6.24
•j 5 f», 3-00
Through Pullman Buffet Sleeping Cars
Tampa to Nashville, via Atlanta, connect
Ing in Union Depot at Nashville with Vesti-
ijuled Limited for Chicago, making
Shortest Line and Quickest Time
from all points in Florida and South
Georgia to World’s Fair.
Pullman Buffet Sleeping Car
Tampa to Atlanta, connecting in Union De-
- ->t with R. Sc D. Vestibuled Limited for
..ashington, Philadelphia, Baltimore and
New York, with Pullman Buffet Sleeping
Car for St. Louis, via Western and Atlantic
R. R., and with through Pullman Buffet
Car Service via G. P. for Kansas City via
Birmingham and Memphis.
Sleeping Car on Night Trains
from' Macon and Palatka. Passengers
leaving Palatka can remain in Sleeper at
Macon until 7:00a. m., wherebreakfastcan
be had and connections made with 7:40
train for Atlanta, and trains for Augusta,
Athens, Milledgeville, Montgomery and Sa
vannah, and all points East, North and
South.
H. Burks, A. C. Knapp,
Trav. Pass'g Agt., Traffic Mgr.,
Macon. Ga, Macon. Ga.
Winding Up of the Season i
A 6RAHTCLEASAHCE SALE
ALL SUMMER GOODS
REGARDLESS OF
Mitatik.Mr.NL p R | GE qost or VALUE!!!
osEGriixnxriixrcs-
Thursday, July 20th!
Way cross Air Line Railroad-
r e Waycross daily except Sunday 2 00pm
Arrive Waltertown “. “ “ 230 pm
“ Elsie “ “ 330 pm
“ Bolen “ “ '* 00 pm
“ Beach “ “ 30 pm
“ Sessoms “ “ “ 530 pm
RETURNING.
Leave Sessoms,daily except Sunday 530 am
Arrive Beach “ “ “ 610 am
Bolen “ “ “ 640 am
Elsie “ **• “ 710 am
Waltertown “ “ 7 40 am
Waycross “ “ u 9 00 am
!
BY
The C. C. Grace co.
UNDERTAKERS’ GOODS.
St. Simons Line.
SUMMER SCHEDULE
In Effect May 25, 1893.
2:30 and 6:40 p m. for Pier. Returning
leaves Pier at 6 and 10:30 a m and 5 pm.
Sunday Schedule—Leave Brunswick at 9
a m and 2:30 and 7:30 p m. Returning—
leave Pier at 12 in and 6pm.
je21 * U. DART, Manager.
WODOeifol UK presonrer
.since reached the lowest point ever
known. The disappointing result has
led to renewed and persistent effort in
the direction of free silver coinage.
Meanwhile, not only are. the evil ef
fects of the operation of the present
law constantly accumulating, but the
result to which its execution must ine
vitably lead is becoming palpable to all
who give the least heed to financial
subjects. This law provides that in
payment for the 4,500,000 ounces of sil
ver bullion which the secretary of fcreaf -
ury is commanded to purchase monthly,
there shall be issued treasury notes re
deemable ou demand in gold or silver
coin, at the discretion of the secretary
of the treasury, and that saitl notes
may bo re-issued. It is however, de
clared in the act to bo “the established
policy of tho United States to raainrai:i
the two metals on a naritv with
W.R.
&C0.
WAYCROSS, GEORGIA,
We are opening the largest and best stock of
Furniture,Carpets,Matting,
■Rugs, Matting, Etc.,
Ever brought to Waycross, and will compete with any market
in, prices.
flST' Mail or Telegraph Orders for Furniture or Burial Cases
promptly attended to.
-CHEAP COFFINS.
eepet of $ueee.gg!
1
FOR SALE IT ALL DRUGGISTS.
R POSVTI3XB CURB FOR
Consumption,
COUGHS, COLDS, CDOUP,
AND ALL
BRONCHIAL AFFECTTIONS.
Life Preserier Medicine Co.,
WAYCROSS, GA.
J. H. OPPEHHEIM & SON.
The Secret of Success for the Monopoly Oppressed Farmer :
IS TO PLANT ORCHARDS. California found not her greatest wealth in
her gold mines, but in her vineyards and orchards. Georgia and the South can
excel the dry, hot climate of Calirornia in the production of fine fruits ; but to do-
o vj-e must quit planting cheap, worthless brush, and plant none but southern
grown trees procured direct from the Cherokee Nursery. The people of Ware and
rounding counties cannot afford to waste money buying northern grown trees;
We invite every one to examine our stock before buying. We wiil take pleasure
in showing you what we have. GOOD TREES AT FAIR PRICES IS OUR
MOTTO. If you cannot come to see us, write to us before you place your orders
Catalogues free. Address
CHBBOREE NCBSEBY CO.,
WAYCROSS. GEORGIA. .
AUCTIONEERS
AND ..
Commission Merchants.
5 AND 7 WHITAKER ST.,
SAVANNAH, GA.
fence of this apprehension and the lack
of confidence, however caused, is a me
nace which ought not fora moment to
be disregarded. Possibly, if the under
taking we have in hand were the main
tenance of a specific known quantity of
silver at a parity with gold our ability
to do so might be estimated and ganged
and perhaps in view of our unparalleled
growth and resources, might be favor
ably passed upon. But when onr
avowed endeavor is to maintain sue 1
parity in regard to an amount of silver
increasing at the rate of $50,000,00
yearly, with no fixed termination to
such increase it can hardly he said that
a problem is presented whose
eolation is free from doubt.
The people of the United States are
entitled to a sound and stable currency,
And to money recognized as such on was instantly killed” and Frame
no allowance shall be made to the deposit
tor for the value of each metal.
The second section repeals the silver
purchasing danse of the Sherman law
of 1890.
To frtra Bight *• Pension*.
Washington, Aug. 9.—Judge Loch-
ren, pension commissioner, has extend*
ed until October 10, 1893, tbe period
within which pensioners whope pen
sions have been suspended may make
proof of their right to receive them,
San Antonio, Aug. 9.—A dispatch
from Bio Grande City states that Mrs.
Joseph Veil, the wife of a prominent
citizen of Roma, Tex., was bitten a few
days ago by a rabid coyote, which at
tacked her in the street The wound
was promptly cauterized, but the con*
dition of tne woman is serious.
Gbeenvtlle, Miss., Aug. 9.—In Lake
Village, Ark., across-the river from
this city, there was a shooting scrape
between Joe Frame and Perry Lasson,
two young men of the village, in which
Regular Sales Days,
MONDAYS and FRIDAYS.
W. W. WALKER,
QUITMAN. GA.
General ** Produce - Merchant,
DEALER IK
Cositry Produce of all kinds.
IOOO Bushels Cora for Sale.
BACON, LARD, OATS,
Pinders, Chickens, Eggs, Butter, Etc.,
on hand at all times.
All orders promptly filled. Correspom
uce solicited and satisfaction guaranteed.
IS AS SAFE AND HARMLESS AS
A Flax Seed Po ultice.
It is applied right to the parts. It cures all diseasos of women. Any
lady can use it horaelf. Sold by ALL DRUGGISTS. Mailed to any
address on receipt of 81.
Dr. J. A. McGill £5 Co., 3 and 4 Panorama Place, Chicago, HL
Sold by E. H. CRAWLEY.
WARREN LOTT.
C. E. MURPHY
LOTT & MURPHY,
Fire, Life and Accident
INSURANCE AGENTS an d BROKERS
WAYCROSS, GA.
Nothing but Fust-class Companies represented. Insurance effected on riiH
classes of property
every exchange and in every market of
the world. Their government has no
seriously wounded. The trouble was
about a woman.
Gitif Tax Roties.
The Books for the collection of City
Tax for the current year are now open.
All Tax Payers are hereby notified to
come forward at once and pay up, there
by saving the expense ot an
BXECTJTIONT.
By order of City Council.
W. F. PARKER,
City Tax Collector.
Office cor Parker and Elizabeth sts.
BST 1 Hours from 8 a. m. to 12 p. m.
Johnson's Oriental Soap is the most
delicate facial soap for ladies’ . U3e in ex
istence. oold by B. J. Smith.
GILLON & HUDSON,
FOUNDERS AND MACHINISTS,
WAYCROSS IRON WORKS. - - WIVCIOSS, GE0RGI1
H AVING added all necessary Machinery to our shoj), we
are now prepared to do all kinds of casting, repairing
and general work on Locomotives.
We also carry in stock Stationary and Saw Mills, Piping,
Belting, Pulleys, Hangers and Brass Cocks of all kinds. We
make a specialty of
SYRUP MILLS AND KETTLES.
GIVE VS A TRIAL AND BE CONVINCED
ALL WORK GUARANTEED.
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