On Monday, Congress assembled at Washington in " extra session,"
and on Tuesday the President sent his expected Mes- sage on the Silver question. After dwelling on the " alarming and extraordinary business situation, involving the wealth and prosperity of all our people," caused by the silver legisla- tion under which the Government are, in effect, forced to buy silver with gold—the Treasury issues notes to pay for the silver, but those notes, owing to the obligation to keep gold and silver at a parity, are redeemable on demand in gold—and on the risk that the United States' gold reserve would be exhausted, the President points out that "the operation of the Silver Purchase Law now in force leads in the direction of the entire substitu- tion of silver for gold in the Government Treasury ; " and adds that this must be followed "by the payment of all Government obligations in depreciated silver," The only remedy is the repeal of the Silver Purchase Law, and to such action the President invites Congress. They must put beyond all doubt the intention and ability of the Government to pay its way "in money universally recognised by all civilised countries." The Message, though putting the Silver question first, adds an assurance that the necessity for Tariff reform has not been forgotten by the Administration. Meantime, the prospects of a simple repeal of the Silver -statutes remain doubtful. In the House of Representatives there is a clear majority in favour of the President's pro- posal; but the Senate is so nearly divided, that it is believed that the Silver men will be able to insist on a -compromise.
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