THE CRISIS IN AMERICA

Press, Volume L, Issue 8557, 10 August 1893, Page 5

THE CRISIS IN AMERICA

THE PRESIDENTS MESSAGE TO CONGRESS.

SCARCITY OF SPECIE.

Fimi Association—Kt-ttrie T-le_rr_p_—Cokj____ Washixgtox, August 8. The President exhorts Congress to repeal the Sherman Act and take such action as will prove its resolve to fulfil national obligations in money matters recognised by civilised countries. August 9. The President, in his message to Congress, says the gold in the Treasury has decreased 26,000,000 in three years. The export of gold in 1893 already exceeds the imports by 17,500,000, and each day's delay in dealing with the monetary question ia dangerous. The President's message says the accumulation oi useless silver aud the depletion of the gold reserve have depreciated the currency, and the pre sent financial disorder is wholly due to the Sherman Act. Congress would be asked to legislate upon tariff reforms after the silver difficulty was remedied. It is generally expected that the message will be highly approved in New York. London, August 8. A farther shipment of three-quar-ters of a million in gold has been despatohed to New York. August 9. Tbe Philadelphia correspondent of tbe Times says each city in the United States ia carefully guarding its own supplies of specie. The New York correspondent of The Times say 3 that all kinds of money are selling at 2 percent, premium, and paper money ranks higher than gold. The inland exchanges are paralysed. The English Press comments ou

the colourless tenor of the President's message generally.