Book-bot.com - read famous books online for free

A Compilation of the Messages and Papers of the Presidents - Volume 8, part 2: Grover Cleveland by Grover Cleveland
page 28 of 825 (03%)
Surviving corporations and individuals are content to keep in hand the
money they are usually anxious to loan, and those engaged in legitimate
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 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 embodied in a statute passed on the 14th day of
July, 1890, which was the culmination of much agitation on the subject
involved, and which may be considered a truce, after a long struggle,
between the advocates of free silver coinage and those intending to be
more conservative.

Undoubtedly the monthly purchases by the Government of 4,500,000
ounces of silver, enforced under that statute, were regarded by those
interested in silver production as a certain guaranty of its increase in
price. The result, however, has been entirely different, for immediately
following a spasmodic and slight rise the price of silver began to fall
after the passage 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 silver coinage.

Meanwhile not only are the evil effects of the operation of the present
law constantly accumulating, but the result to which its execution must
inevitably lead is becoming palpable to all who give the least heed to
financial subjects.
DigitalOcean Referral Badge