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PRESIDENT'S A IEW REMEDY PRESCR1BLD Bank Notes Sfiould Replac.3 the Greenbacks. DEFENSEiOF THE BOND DEALS The Entire Message Devoted to For eign Relations and Finance Gov ernment Helpless to Resist Raids on the Gold Reserve Treasury Notes Should be Retired by the Sale of Bonds, and Then the Silver in the Treasury Might Possibly be Coined with Safety Bonds Wore not Issued to Meet the Expenses of Government Bond Syndicate Deal Was All Right Free Coinage Dis asters Pointed Out Monroe Doc trine Applied to Venezuela Faint Praise for the Wilson-Gorman Bill. To the Congress of the United States: The present assemblage of the legis lative branch of the Govern ment occurs at a time when the interests of our people and the needs of the country give es pecial prominence to the condition of our foreign relations and the exigencies of our National finances. The reports of the Government departments fully and plainly exhibit what has been ac complished within the scope of their respective duties, and present Buch re commendations for the betterment of our country's condition as patriotlo and intelligent labor and observation sug gest. I therefore deem my executive duty adequately performed at this time by presenting to Congress the im portant phases of the situation as re late to our Intercourse with foreign na tions and a statement of the financial problems which confront us, omitting, except as they are related to these topics, any reference to departmental ooerat ons. I earnestly invite, however, not only the careful consideration, but the se verely critical scrutiny of the Congress and my fellow-countrymen to the re ports concerning theBe departmental operations. If justly and fairly exam ined, they will furnish proof of assidu ous and painstaking care for the pub lic welfare. I press the recommenda tions they contain upon the respectful attention of thoBe charged with the duty of legislation, because I believe their adoption would promote the peo ples good. FOREIGN RELATIONS. A civfit ptirt of the mRtxit la dnvoteu to for eign uffiiira, tlifl Venezuelan (jims'lori, A lattka liounuiuy dispute, lnaurrotiun In Hiilm. tint ini- priBoiimunt of ex Consul Wilder, vlo unoe olT erud Aniurlt-.ntia in C'lilna, IndtMimily claim uptiinHt Hawaii and our trade relatioiih wlto Hie Gouutrtea of th world IhiIiik treated at muoh length, A airnniter spirit of Americanism la unmUtiiltubly manirist than In any of hla prfvioua rapera. Of perMoular intr-rnst to the W eat It the iri-atment of finance, llie main por tion of which la given balt-w; IMPRISONMENT OF WALLER. The customary cordial relations be tween this courvlry and France have been undisturbed, with the exception that a full explanation of the treat ment of John L. Waller by the expedi tionary military authorities of France still remains to be given. Mr. Waller, formerly United States Consul at Tam atave. remained in Madagascar, his term of olllce expired, and lie was ap parently successful ill procuring busi ness concessions from the Hovas of greater or less value. After the occu pation of Tamatave and the declara tion of martial law by the French, he was arrested upon various charges, among them that of communicating military Information to the enemies of France, was tried and convicted by a military tribunal, and sentenced to thirty years' 'imprisonment. Following the course justified by abundant prece dents, this Government requested from that of France the record of the pro ceedings of the French tribunal which resulted in Mr. Waller's condemnation. This request has been complied with to the extent of supplying a copy of the olflclal record, from which appear the constitution and organization of the court, the charges as formulated and the general course and result of the trial, and by which If is shown that the accused was tried In open court and was defended by counsel. Hut the evidence adduced in support of the charges, which was not received by the French Minister for Foreign Affairs till the first week In October, has thus far been withheld, the French Govern ment taking the ground that its pro duction in response to our demand would establish a bad precedent. The efforts of our Embassador to procure It, however, though impeded by recent changes in the French Ministry, have not been relaxed, and it Is confidently expected that some satisfactory solu tion of the matter will shortly be reached. Meanwhile, it appears that Mr. Waller's confinement has every al leviation which the state of his health and all the other circumstances of the case demand or permit. In agreeable contrast to the differ ence above noted respecting a matter of common concernment, where noth ing is sought except such a mutually satisfactory outcome as the true merits of the case require, is the recent resolu tion of the French Chambers favoring the conclusion of a permanent treaty of arbitration between the two coun . tries. An invitation has been extended bv France to the Government and people or me united males to participate in a great International exposition at Paris in MOO as a suitable commemora tion of the close of this, the world's marvelous century of progress. I heartily recommend its acceptance, to gether with such legislation as will adequately provide for a due represen tation of IIiIr Government and Its peo ple on the occasion. RELATIONS WITH GREAT BRIT AIN. Our relations with Croat Urltain, al ways intimate and Important, have de manded during the past year even a greater share of consideration than Is usual. Several vexatious questions were left undetermined by the decision of the Itorlng sea arbitration tribunal. The application of the principles laid down by that august body has not been followed by Iho results Ihov' were Intended to aecom r either because tho prln- ' ' s themselves lacked In breadth J deflnlteness or because their exe ,tlon has been more or less Imper ct. Much correspondence hns been "exchanged between the two flnvern ments on the subject ot preventing the exterminating slaughter of seals. The m. .!...... tt,n Krltlsh nntrol ot Be Ing sea. " mder the regulations Ygreed upon by the two Onvernm cuts hns been pointed out, and yet onV V two Hrltlsh ships have been on P"" '1uty during this season In these watei s. The need of a more effect ve en set by proclamation for rrylng "ie rules Into general effect. Her mHesty Government, having eneounteredoppo i.i .... itrii nh shipping miivi.i mn pill i. . tin,,, tn Interests, announced Its Inability to accept the agreement, which was con -sequently kneeled. The entire matter MESSAGE. is st 111 in abeyance, without prospect ot V-VL t"n"'tlV the near fuiure. thi i ,oomm,lK!,1on appointed to mark My agr,.' l ave DAMAGE CLAIMS OF SEALERS. UnHeil ,'n,',;rstn"'"nB y which the P. i.n at"8 .waa l" "ay "u "real f,u" s,"l,k'm"nt "f ftl 1,r'tih rlllu.l nf ,"'.m,,,8 rilng from our m .in . - a ,!, !i,IHh waling vessels un- I ails tribunal of arbitration, was not rwun"1,'"' ,,y l,he last '"Kress, which ,1V 1 to,mnke the neccessary appro P ,ta' ' am Bm "f thp "Pinion that this arrangement was a judicious and advantageous one for the Government, n.J,ii rnrHty recommend that it be again considered and sanctioned. If hnrn 'ConKrp8. it certainly will ihnJ Vt. d'r8ent from the proposition tnat the Government Is bound by every consideration of honor and good faith to Provide for the speedy adjustment of these claims by arbitration as the only other alternative. A treaty of arbitration has, therefore, been agreed upon and will be immediately laid be fore the Senate, so that In one of the modes suggested a final settlement may be reached. nHWoi'liS,.!l,"ilr"T that Grent Britain oiiginated the proposal to enforce in ternational rules for prevention of collisions at sea. based on the recom mondatlnns of the maritime conference "o-BiiiiiKion, anci concurred in. sug gesting March 1. 1SU5, as the date to be ka, and abundant mineral wealth has been discovered in that region, espe cially at or near the Junction of the meridian wltn the Yukon and its tributaries. In these circum stances It is expedient, indeed Impera tive, umi ine jurisdictional limits of me itojieciive uovernments In this new region be speedily determined. Her Britannic Majesty's Government has proposed a Joint delimitation of the 141st meridian by an international com mission of experts, which, If Congress will authorize it and make due provi sion therefor, can be accomplished with no unreasonable delay. It Is Im possible to overlook the vital import ance of continuing the work already entered upon and supplementing It by further effective measures looking to the exact location of this entire boun dary line. I call attention to the unsatisfactory delimitation of the respective jurisdic tions of the United States and the Do minion of Canada in the great lakes nt the approaches to the narrow waterB that connect them. The waters In question are frequented by fishermen of both nationalities and their nets are there used. Owing to the uncertainty and Ignorance as to the true boundary, vexatious disputes and Injurious seiz ures of boats and nets by Canadian cruisers often occur, while any positive settlement thereof by an accepted stan dard is not easily to be reached. A Joint commission to determine the line in these quarters, on a practical basis, by measured courses following range marks on shore, is a necessity for which Immediate provision should be made. ALASKA BOUNDARY DISPUTE. The completion of the preliminary survey of that Alaskan boundary which follows the contour of the coast from the southernmost point of Prince of Wales Island until it strikes the 141st meridian, at or near the summit of Mount St. Elias, awaits further ne cessary appropriations, whieh are ur gently recommended. This survey was undertaken tinder the provisions of the convention entered into by this country and Great Britain July 22. 1892, and the supplementary convention of Feb ruary 3, 1X94. As to the remaining section of the Alaskan boundary, which follows the 141st meridian northwardly from Mount St. Ellas to tho Frozen Ocean, the settlement of which involves the physical location of the meridian men tioned, no conventional agreement has yet been made. The ascertainment ot a given meridian at a given point Is a work requiring much time and careful observations and surveys. Such ob servations and surveys were underta ken by the United States Coast and Geodetic Survey In 1890 and 1W)1. while similar work in the same Quarters un der British auspices are believed to give nearly coincident results; but these surveys have ben Independently conducted and no International agree ment to mark those or any other parts of the 141st meridian by permanent monuments hns yet been made. In the meantime the valley of the Yukon Is becoming a highway through the hitherto unexplored wilds of Alas forcement of existing regulations, as well as the adoption of such additional regulations as experience has shown to be absolutely necessary to carry out the Intent of the awards, have been earnestly urged upon the British Gov ernment, but thus far without effective results. In the meantime the depletion of the seal herds by means of pelagic hunting has so alarmingly progressed that unless their slaughter Is at once effectively checked their extinction within a few years seems to be a mat ter of absolute certainty. MONROE DOCTRINE IN VENJSZU- ELA. It being apparent that the boundary dispute between Great Britain and the republic of Venezuela concerning- the limits of British Guiana was approach Ine an acute stage, a definite statement of the interest and policy of the Uni ted States as regards tne controversy seemed to lie required, both on Its own account and In view of its relations with the friendly powers directly con cerned. In July last, therefore, a dispatch was addressed to our Embassador at Tjnndnn for communication to the British Government, in which the at titude of the United States was fully and distinctly set forth. The general conclusions therein reached and formu lated are, in substance, that the tradi tional and established policy of this Government Is firmly opposed to a forcible Increase by any European power of Its territorial possessions on this continent; that this policy Is as well founded in principle as it is strongly supported by numerous prece dents; that, as a consequence, the Uni ted States Is bound to protest against the enlargement of area of British Guiana in derogation of the rights and against the will of Venezuela; that, considering the disparity . In strength of Great Britain and Venezuela, the territorial diBpute between them can be reasonably settled only by friendly, Impartial arbitration, and the resort to such arbitration should Include the whole controversy, and Is not satisfied if one of the powers concerned is per mitted to draw an arbitrary line through the territory in debate and to declare that it will submit to arbi tration only the portion lying on one side of it. In view of these conclusions, the dis patch in question called upon the Brit ish Government for a definite answer to the question whether It would not submit the territorial controversy De tween Itself and Venezuela in Its en tirety to Impartial arbitration. The answer of the British Govern ment has not yet been received, but is expected shortly, when runner com munication on the subject will prob ably be made to Congress. CbAIMS AOAINBT HAWAII. F.arly In January last an uprising! against the Government of Hawaii was promptly suppressed. Martial law was forthwith proclaimed, and numerous arrests were made of personB suspect ed of being ln sympathy with the Roy alist party. Among thiw were several citizens of the United States, who were either convicted hy a military court and sentenced to denth. Imprisonment or fine, or were deported without trial. The United States, whl'u denying pro. tectlon to such as had taken -the. Ha waiian oath ot allegucce, lnsiptedthat ?oJ ?' a,terlng the forms of Jus tice, could not supersede Justice ItsVtf and demanded stay of execution un ii u'f"wdlnp8 ""' lw submitted to tills Government nn.l l. ,, . tained d therefrom that our citizens had ved a fair trial. received a fair trial. .. oeath sentences wcgc subse quently commuted or were remitted caseH",dJ,,i0" .f !vln ,h." '"lan-t" The cases and ex,!led by arbitrary order with out formal charge n, .,'i,.i ..'. 'iidiii ah nr innn n j r.,te?,,l"n' ,am'' ln son'p '-stances, have a c?a m'nfd t0, J,,'S,ify, rp,""lr!' ami a claim for indemii tv. which Hawaii has niit thus far cone, del. ' h,vfj ,r"",n' U,e "awaiinn Minister, having furnished this Government ... ran ,or M"B that he be LV vourse W1(R pursued, and his successor has lately been received! NO RECOGNITION FOR CUBA. l2Jl,e n,ta,ln Bravely disturbed. An ive n0n;Kln :mo res,,wt n,'" ac uhleh n.,he,Iast " ceding revolt. ,,"'' In a huge part ot the eastern m l'"r r,the lslanu- nael ng eve ne populations on the coast, be sides deranging the commercial ex- nn2nRS .f the isla"l. Of Which ZreCUa" I? .,takos tl,e 'dominant ? 1 "s "agrant condition of hos- 5, aroua"e sentimental sym pathy and inciting adventurous sui 1'ort among our people, has entailed earnest effort on the part of this Gov ernment to enforce obedience to our neutrality laws and to prevent the territory of the United States from be ing used ns vantage ground from v, men to aid those in arms against -panlsh sovereignty. Whatever may be the traditional sympathy of our countrymen as individuals with a peo ple who seem to be struggling for larger autonomy and greater freedom, as deep as such sympathy naturally must be in behalf of our neighbors, yet the plain duty of the Government Is to observe in good faith the recognized obligations of International relation ship. The performance of this duty should not be made more dllllcult by a disregard on the mn nf ,r iti..l. of the obligations growing out of their allegiance to their country, which should restrain them from violating us Individuals the neutrality which the nation of which they are members Is bound to observe in Its relations to friendly sovereign States. Neither the warmth of our people's sympathy with the Cuban insurgents, nor our loss and material damage consequent upon the futile endeavors thus far made to re store peace and order, nor any shock our humane sensibilities may have re ceived from the cruelties which appear to especially characterize this sanguin ary and fiercely conducted war, have In the least shaken the determination of the Government to honestly fulfill every international obligation, yet It is to be earnestly hoped, on every ground that the devastation of armed conflict may speedily be stayed, and order and quiet restored to the distracted Island bringing in their train the activity and thrift of peaceful pursuits. "ALLIANCA" AFFAIR. One noticeable instance of interfer ence by Spain with passing American ships has occurred. On March 8 last, the "Allianca," while bound from Coloa to New York, and following the custo mary track for vessels near the Cuban shore, but outside the three-mile limit, was fired upon by a Spanish gunboat' Protest was promptly made by the United States against this act, as not being justified by the state of war, nor permissible in respect ot vessels on the UKual paths of commerce, nor tol erable in view of the wanton peril oc casioned to innocent life and property. The act was disavowed, with full ex pression of regret and assurance of non-recurrence of such just cause of complaint, while the offending officer was relieved of his command.- Military arrests ot citizens of the United States In Cuba have occasioned frequent reclamations. Where held on criminal charges, their delivery to the ordinary civil jurisdiction for trial has been demanded and obtained, in con formity with treaty provisions, and where merely detained by way of mili tary precaution under a proclaimed state of siege, without formulated ac cusation, their release or trial has been insisted upon. The right of American Consular offi cers In the Island to prefer protests and demands in such cases having been questioned by the authorities, their en joyment of the privileges stipulated by treaty for the Consuls of Germany was claimed under the most favored nation provision of our own convention, and w.as promptly recognized. The long-standing demand of Anto nio Maximo Mora against Spain has at Inst been settled by the payment on the 4th of September last of the sum ori ginally agreed upon in liquidation of the claim. Its distribution among the par ties entitled to receive It has proceed ed as rapidly as tne rights of those claiming the fund could be safely de termined. The enforcement nf differential du ties against products of this country exported to Cuba and Puerto Rico prompted the Immediate claim on our part to tne oenetit or the minimum tariff of Spain In return for the most favorable treatment permitted by our laws as regards the production of Spanish territories. A commercial ar rangement was concluded In January last, securing the treatment so claimed. Vigorous protests against excessive fines imposed on our ships and mer chandise by the customs officers of these islands ror trivial errors have re Bulted in the remission of such fines ln Instances where the equity of the com plaint was apparent, though the vexa tious practice has not been wholly dis continued. LYNCHING OF ITALIANS. The deplorable lynching of several Italian laborers In Colorado was natu rally followed by international repre sentations, and I am happy to say that the best efforts of the State in which the outrages occurred have been put forth to discover and punish the au thors of this atrocious crime. The de pendent families of some of the unfor tunate victims invite, by their deplora ble condition, gracious provision for their needs. These manifestations against help less aliens may be traced through suc cessive stages to the vicious padrone system, which, unchecked by our im migration and contract labor statutes, controls these workers from the mo ment of landing on our shores and farms them out In distant and often rude regions, where their sharpening comjietltlon In the fields of bread-win. nlng toll brings them Into collision with other labor Interests. While wel coming, as we should, those who seek our shores to merge themselves Into our body politic and win personal com petence by honest effort, we cannot re gard such assemblages of distinctive ly alien laborers, hired out in the in terest of speculators and shipped hither as the prospect of gain may dic tate, as otherwise than repugnant to the spirit of our civilization, deterrent to individual advancement and a hind rance to the building up of stable com munities, resting upon the wholesome prosperity and progress of our Nation. If legislation ran reach this growing evil, It certainly should be attempted. HIS FINANCIAL PLAN. Greenbacks Should be Replaced by National Bank Notes. As we turn from a review of our for eign relations to the contemplation of our National financial situation, we are Immediately aware that we approach a subject of domestic concern more im portant than any other that can en gage our attention, and one at present In such a perplexing and delicate pre dicament as to require prompt and wise treatment. We may he wen enonurairea to ear nest effort In this direction when we recall the steps already taken toward Imiirovlng our economlo and financial situation, and when we appreciate how will the way has been prepared for further progress by an arouBed and In telligent popular Interest in these Bub- jec. By command of the people, a customs-revenue system designed for the protection and benefit of favored classes at the expense of the great na of vur eountrymen, anl which, "u inemcieni lor the purpose of revenue, curtailed our trade relations ""in-neo. our entrance to the mar kets of the world, has been superseded 'V a tariff ixillcv whi,-h in Is -eased upon a denial of the rights of the Government to obstruct tho av enues to our people's cheap living or .. .iieir comiori ana contentment tor the sake of accordini- mmwiai ... vantages to favorites, and which, while encouraging our Intercourse and trade -.hi uwier nations, recognizes the fact that American self-reliant k-i ingenuity can build up our country's Industries and develop Its resources i.ui. nureiy man enervating paternal- Mi. V Kit REPEAL INSUFFICIENT The compulsory purchase and coin age of silver by the Government, un checked and unregulated by business v.... ,,,,, a needless of our cur rency needs, which for more than flf- ,r,,, unuira our circulating medl- ...... un.ierniiiieu confidence abroad In our financial ability, and at last cul minated ln distress and panic, at home has been recently stopped by the rel i-. 1.1 me laws wntch forced this reck .era Bi-ncme upon the country. The things thus accomplished, notwith standing their extreme Importance and beneficent effect, fall far short of cur ing the monetary evils from which we f n7" a.rfult of lng Indulgence ... ... .... .101-u uuanciai expedient. THE GOLD RESERVE. There had been Issued Anil onl,. ana 500,000 of the bonds authorized by the resumption act of 1876, the proceeds of which, together with other gold ln the ..firmly, createa a gold fund deemed sufficient to meet the demands whloh might be made upon It for the redemp tion of the outstanding United States notes. This fund, together with such uiner pro as mignt do rrom time to time In the treasury available for the BtiuiB purpose, nas Deen since called our gold reserve, and 1100,000,000 has been regarded as an adequate amount to accomplish Its object. This fund amounted on the first day of January 1879, to $114,193,360, and though there after constantly fluctuating, It did not fall below that sum until July, 1892 In April, 1893, for the first time since Its rauuiiiMiiiimii, tins reserve amounted less than JlOil.mn.ono. containing at that date only V-i7.011.330. SILVER PURCHASE NOTES. In the meantime, and in July, 1890, an act had been passed directing larger ouveriuneniai monthly purchases of nver man naa been required under previous laws, and providing that, ln payment for such silver, treasury notes of the United States should L Issued payable on demand in gold or sliver coin at the discretion nf th unpaara of the Treasury. It was. however, de clared in the act to be "the established policy of the United States to maintain the two metals on a narltv with . other upon the present legal ratio ot such ratio as may be provided by law " In view of this declaration, it was not deemed permissible for the Secre tary of the Treasury to exercise the discretion in terms conferred on hi.n by refusing to nav imb! n 11,.. . when demanded, because by such dis crimination In favor of the gold dollar the so-called parity of the two metals would be destroyed, and grave and dangerous consequences would be pre cipitated by affirming or accentuating mo i-u.isianiiy-widening disparity be fstfng ratio atUaI ValUe" U"der the ex" It thuB resulted tlrat treasury notes nmw !u W' ot ver purchase, under the law of 1890 were necessarily ,V 5'.l oblltions. at the op ir"6 ""V1'''' Theee notes on the 1st of November, 1893, when the law compelling the monthly purchase of sl7 Z was, repealed, amounted to more than $155,000,000. The notes of this P 'n now outstanding, added I le shed "hv" St,ateS notes stili "nrtimln! eonstltnti redem,Ptlon 01 cancellation, constitute a volume ot gold obliga- TneseamlZV.nK t0 near'y . SS. wMeh J Kat on are ,he Instruments which, ever since we have had a gold reserve, have been used to deplete IT fallen lZ7Ve a? naH be,,n 8tated. had alien In April, 1X93. to $97,011 330 It verV7Jwthdtlme thP P"t with v-ry icw an(j unimportant uuward aTHhT' Bt?d"v "'reaed, I Tcept bv h . rn t"'n.orarlly replenished cLs cT n . ' bnd8' Amtn the causes of this constant and uniform ? Im e,.af thlB. txmti mav be m-i? 1 in i ? .i''e Krent fttlllnS oft ot exports reeln.w'? 0,Jpratlon of the tariff law recently in force, which crippled our exchange of commodities with foreign nations, and necessitated to some ex tent the payment of our balances In gold; the unnatural Infusion of silver Into our currency and the Increasing agitation for Its free and unlimited coinage, which have created apprehen sion as to our disposition or ability to continue gold payments; the conse quent hoarding of gold at home and the stoppage of Investments of foreign capital as well as the return of our securities already sold abroad; and the high rate of foreign exchange, whloh Induced the shipment of our gold to ho drawn against, as a matter of spec ulation. ISSUES OF BONDS. In consequence of these conditions, the Km reserve on the 1st day of Febru ary, 1894. WR.1 .-.lllol 1A tK JOQ 9Tt having lost more than $31,000,000 during the preceding nine months, or since April, 1893. Its replenishment being -.toi,, h.iu no uuier manner o ic- uuiiipiisning it being possible, resort nau to r.ne issue and sale of bonds Pi d for by tne resumption act of 1875. Fifty million nf ihpu i.r,.i !ti,d'J.yiu,d.,B 158,633.295.71, which was nuueu 10 me reserve fund of gold then uaiiu. am a result or this operation, .TOwivr. wmen nnn tinn-or.. imn. nmrii ana large withdrawals in the meantime, stood on the 6th day of March 1894, at the sum of $107,448,802. Us depletion was, however, Immedlate hrea"2rx 80 accelerated that on the th day of June, 1891. It had fallen to JnniL 'yd6, th.'i8lo,'ln bv withdrawals more than $42,000 nnn ., i. ?i drpPP'ng slightly below Its situa- IXLa " lnZ Bale of $50,000,000 In bonds was effected fni. it. -..i..i ment. .nhnld.Prt8flr,Jcon1ltlon erew worse and on the 24th day of November, 1894, r 7nr,0l!rserve beln" rednced to $57. 065.701 It became necessary to again "trengthen It. This was done by V aft(VnXiSaf0f b0-ndf' ""nountlng to $50, i?n'2S2'crom whlch ,here wa realized $58,538,600, with which the fund was increased to $111,142,102 on the 4th day of December, 1894. ' Again disappointment awaited the anxious hope for relief. Thero was not even a lull In the exasperating with drawals of gold. On the contrary they grew larger and more persistent than ?8VQeKr ,he.Bth Jay of December" period of scarcelv mn-o iti i - nVnh-8 afitfr the Becond reinforcement of our gold reserve by the sale of Xiil1 ha.iloLt by BUch withdrawals - tw.uw, ana had fallen to $41 340.181. Nearly $45,000,000 1 tad been withdrawn within the month Imme diately preceding this situation In anticipation of Impending trouble I had. on the 28th dav nf ...?.. ,0" addressed a communication to the' Con,' gress fully setting forth our difficulties and dangerous position, and earnestly recommending that authnritv k -i. to the Secretary of the Treasury to Is sue bonds bearing a low rate of Inter est, payable by their terms In gold, for the purpose of maintaining a sufficient gold reserve, and alsn fni- ihn w.,i..,... ttnn and cancellation of outstanding United States notes Issued for tho r chase of silver under the law of lsx This recommendation did not, how v..i, meet with legislative approval in rttiiruarr, iun, me Slv . v, .1 exceedingly critical. Wit" ,-.. Ve perilously low and a rer-. j of w gresslonal aid, everyUd ; !nri1ca:i that the end of pavtuetit by the Government v.- -.jnen't. The results of prior born , . nsd tpi exceedingly up-..! , -.',h t, w ;i,f. large wlthdrav tl of i.cld i d':terv nuei-eeuniK T'H'li ;tl!M-l r-ate II, opfriO market gave i rxe to a reus uni!.,,. m)tl. pension that a b'.rge part of ,!,., paid Inte i'n Treasury upon ,n h (lip's vas preni'ir i.i'iv n 011' a?, n ie the WW ,1-iU--- f.t t'n iifl rltatfs n.A'-s or Irf.r.u; nittr af.il fjur.4 us may to ... u 1 ... , . ha V,sn.1 . . . . . Zl7ZthKiX7JZS: it bonJs. ' THE BOND SYNDICATE DEAL. In this emergency and In view of its auirnuiiuing perplexities. It became en- iireiy apparent to those UMin whom the struggle for Bafety devolved, not oniy mat our gold reserve must, for the third time in less than thirteen months, be restored by another issue and sale of bonds bearing a high rate of Interest and badly suited to the pur pose, but that a plan must bo adopted for their disposition promising better results than those realized on previous sales. An agreement was therefore made with a number of financiers and bankers, whereby It was stipulated that bonds described In the resumption act of 1875, payable In coin thirty years af ter their date, bearing Interest at the rate of 4 per cent per annum and amounting to about $62,000,000, should ins exenangeo tor gold, -recelva- me Dy weignt, amounting to nine more than $65,000,000. This gold was to be delivered Id such Installments as would complete Its delivery within about six months from the date of the contract, and at least one-hhlf of the amount was to be furnished from abroad. It was also agreed by those supplying this gold that during the continuance of the con- iraci mey wouin ny every means In their power protect the Government against gold withdrawals. The con tract also provided that if Congress would authorize their Issue, bonds pay able by their terms ln gold and bearing Interest at the rate of 3 per cent per i.iiiu.u iniKiii wiiiiin ten aays De sub stituted at par for tho 4 per cent bonds described in the agreement. On the day this contract was made its terms were communicated to Con gress by a special executive message In which it was stated that more than sixteen millions of dollars would be saved to the Government If gold bonds bearing 3 per cent Interest were au thorized to be substituted for those mentioned ln the contract. The Congress declined to grant the iitfotmry auinomy to secure this sav ing, the contract unmodified was ear ned out, resulting in a gold reserve amounting to $107,671,330 on the 8th day of July, 1895. The performance of this contract not only restored the reserve but checked for a time the withdrawal ot genu ana brought on a period of iromreu commence ana such peace and quiet in business circles as were of the greatest possible benefit In every In terest that affects our people. I have never had the slightest mis giving concerning the wisdom or pro- uneiy ui mis arrangement and am quite willing to answer for my full snare 01 responsibility for Its promo tion. I believe it averted nlmmtai. the Imminence of which was fortimntol ly not at the time generally understood uy our people, SHOULD RETIRP THE GREEN BACKS. I am convinced the nnlv ihnmmii and practical remedy for our troubles is lound in the retirement and cancel lation of our United States notes, 00m monly called greenbacks, and the out standing treasury notes issued by the Government ln payment of silver pur chases under the act of 1890. I believe this could be quite readily accom plished by the exchange of these notes for United States bonds, of small as wen as large aenomlnatlnnn hnnrino- iow rate or interest. They should be long-term bonds, thus Increasing their ueniraoiiiiy as investments, and be cause their payment could ha wn postponed to a nerlod far removal 1 rum present nnanolal burdens and per- i.ieAiuen, wnen, witn increased pros perity and resources, they could be mine easily met. 10 insure the can i-cnuuii 01 mese notes ana also pro- .nio a woj uy wnicn gold may be add ed to our currency In linn nf ihon, a feature ln the plan should be an au inomy given to tne Hee.retnrv nt tho Treasury to dispose of the bonds abroad for gold, If necessary to com plete me contemplated redemption and cancellation, permitting him to use the pioeeeus 01 sucn bonds to take up and cancel any of the notes that may be In the treasury or that may be received by the Government on any account. The increase of our bonded debt In volved ln this plan would be amply compensated by renewed activity and enterprise in all business circles. The restored confidence at home, the rein stated faith ln our monetary strength abroad and the stimulation o every In terest and Industry would follow the cancellation of the gold demand obli gations now afflicting us. in any event, the bonds nrrnvmui would stand for the extinguishment of a troublesome Indebtedness, whllo in the path wo now follow thero lurks thu menace of unending bonds with our In debtedness still undischarged and ag gravated In every feature. J ne obligations necessary to fund this Indebtedness would not eoual In amount those from which we hav been relieved since 1834 by anticipation and payment by the requirements of the sinking fund out of our surplus revenues. MIGHT COIN SOME SILVER. I do not overlook the fact that the cancellation of the treasury notes Is sued under the sliver purchasing act of 1890 would leave the treasury ln the actual ownership of sufllclent sliver, including selgnorlage, to coin nearly $178,000,000 ln standard dollars. It Is worthy of consideration whether this might not, from time to time, be con verted Into dollars or fractional coin and slowly put Into circulation as In the judgment of the Secretary of the Treasury the necessities of the country snouid require. Whatever is attempted should be en tered upon fully appreciating the fact that by careless, easy descent we have reached a dangerous depth, and that our ascent will not be accomplished without laliorlous toll and struggle. W shall be wise If we realize thnt we are financially 111 and that our restoration to health may require heroic treatment ana unpleasant remedies. REVENUES CUT NO FIGURE. In the present stage of our difficulty It is not easy to understand how the amount of our revenue receipts directly affects It. The Important question Is not the quantity of money received In revenue payments, but the kind of money we maintain and our ability to continue sound financial condition. We are considering the Government's hold ings of gold, as related to the sound ness of our money and as affecting our national credit and monetary strength. If our gold reserve had never been Im paired, or If no bonds hnd ever been issued to renlenish It. If there had been no rear ana timidity concerning our ability to continue gold payment. If any part of our revenues were not paid in gold, and If we could look to our gold receipts as a means of main taining a safe reserve, the amount of our revenues would be an influential factor ln the problem, but unfortunate ly all the circumstances that might ienn weignt to this consideration are entirely lacking. In our present pre dicament, no gold !s received by the Government In paviont of revenue cnarges, nor would there be If the rev enues were Increased The reeelpts of the treasury, when not In silver certt- caies, consi-n. or ( i:'ie-l ptnte notes and treas'o " noten Issued f ir , silver purcnase-. fnee form nf nuinc-y are oniy usi r-H to the "nvcrriiii-iit in ; ing i!. corn -it n-dlna'-y expenses nd Its rpiHiitM.v in Government pnesesshm de. h nit In th i P njst contribute towi.r.i K.vuiit us mo Kimi of ft ft.iapi:lnl j g..ld m.n xt.iimit-g or conwfon Whieh ! ir! nn ir it ij sain t)mt. tr.ese tjofes, f tik! ny it- ,0 pi mnent, csn iisod t c iu.li Ruin r our rererve. n-e 1 in ra.iy. nut pet, flu oruw gain irate th-l !r T.-.- : ;-: . "r- 4 Ktstew Mnl' and (tr-ft. ury r-ofi out tn !'-r.po;'iMoii that the tr.-nsii.' can 011 il.TiXiml lrw i-elil f.ern id people .ipn men, 'voiini 1.0 rwril' i in these i'os with wi ji.Ii-i (.-ii an") iment; and even if this cml,; 1 rti .ie. there Is nethlnx In pii'sect tli isj thus parting with their roi I from regaining It the nei ' ipi) or he m hour by the pre seuiaf.n j of the tioits they received In ox. 11 ine i r ... Tie t' I .ry ct the Treasury might us. so. ii I'oto taken from a surplus vr-non tj toy gold In the market. Of '. w14 not do this without Private holder., of " '...,R? 'Government. Having no parity to maintain, would not be restrained from making the best bar fa'n Possible when they furnished gold to the Treasury, but the moment the Secretary of the Treasury bought gold i7 : """ve par ne wi ra- tabllsh a general and universal pre mium upon it. thus breaking down the parity between gold and silver which the Government Is pledged to main tain and opening the wa" to new and serious complications. In the mean time, the premium would not remain stationary and the absurd spectacle might be presented of a dealer Belling gold tO the Rnvamm..! on. with United States notes or treasury notes .. ... ..aim immediately clamoring tor nilum " re-sale at a higher p re- it may be claimed "UieT a.na. redundant receipts might fa. .... c.nii-a notes are concerneo. by the law of 1878, forbidding their fur- ii-nn-meni. That statute In so many words provides that these note when received Into the treasury and iu me united States, shall be paid out again and kept In ciroula Vl .1. V .w"k moreover, be readily seen that the Government could not re fuse to pay out United Statea notes and treasury notes In current tranaao- m w"en aemanded and Insist on pnylng out silver nlnno .tin main tain tho parity between that metal and 12 ourreney representing gold. Be sides, the accumulation In the treasury of currency of anv kin o.,,to,t r. the people through taxation la Justly regarded as an evil, and It cannot pro ceed far without vigorous protest against an unjustifiable retention of money from the business of the coun try, and the denunciation of a scheme iBnauon wnicn proves itself to be unjust, when It takes from tho earn ings and Income of the citizen money so much ln excess nf h nuh ih. Government support that large sums can be gathered and kept In the treas ury Such a condition has heretofore ln times of surplus revenue led tks uovernment to restore currency to the people by the purchase ot Its unma tured bonds at a large premium, and ij a. uiiko increase or Its deposits in national banks, and we easily remem ber that the abuse of the treasury ao cumulation has furnished a most per suasive argument in favor of legisla tion reuuciug our tarirr. EVILS 07 SILVER COINAQB. Thinks It Would Lead - to Terrible Disasters. While I have endeavored to make a plain statement of the disordered oon. aition or our currency and the Dresent dangers menacing our prosperity, and to suggest a way which leads to sarer nnanclal system, I have con stantly had In mind the faot that many of my countrymen, whose sin cerity I do not doubt. Insist that the cure for the ills now threatening may be found ln the single and simple remedy of the free coinage of silver. They contend that our mints shall be at once thrown open to the free, un limited and Independent ooinage of both gold and silver dollars, of full le gal tender quality, regardless of the action of any other government, and In full view of the fact that the ratio between the metals whloh they suggest oalls for 100 cents' worth of gold In the gom noiiar, at the present standard, and only 60 cents In Intrlnslo worth of silver in me silver dollar. were mere innnitely stronger rea sons than can be adduced for hoping mui bui;ii action wouiu secure ror us a bimetallic currency, movlntr on lines of -parity, an experiment so novel and Hazardous as that proposed might well stagger those who believe that stabil ity Is an Imperative condition of sound money. No government, no human contrivance or act of legislation, has ever been able to hold the two metals together ln free coinage at a ratio ap preciably different from that whloh la established ln the markets of the world. Those who believe that our Inde pendent coinage of silver, at an arti ficial ratio of 1 8 to 1, would restore h parity between the metals, and, conse quently, between tne coins, oppose an unsupported and Improbable theory to the general belief and practice of other nations, and to the teachings of the wisest statesmen and economists of the world, both In the past and and, what Is far more conclusive, they run oounter to our own actual exnerl- enoes. Twice In our earlier history our lawmakers, In attempting to establish a blmetalllo currency, undertook free coinage upon a ratio whloh accidental ly varied from the actual relative values of the two metals not more than S per cent. In both cases, notwith standing greater dllilcultles and cost of transportation than now mat ah. coins whose Intrlnslo worth waa un dervalued In the ratio graduallv surely disappeared from our circulation and went to other countries, where their real value was better recognized. Acts of Congress were Impotent to create equality where natural causes decreed even a slight Inequality. Twice ln our recent history we have signally failed to raise by legislation the value of silver. Under an act of Congress passed In 1878, the Govern ment waa required for mora thn twelve years to expend annuniiv least $24,000,000 ln the purchase of sil ver bunion ior coinage. The act of July 14, 1890, ln a still bolder effort. In creased the amount of silver the Gov ernment was compelled to Durchaaw and forced It to become the huvar an nually of 54,000,000 ounces, or practi cally the entire product of our mines. Under both laws sliver rapidly and steadily declined In value. The pro phecy and the expressed hope and ex pectation or tnose in congress who led In the passage of the last -nun. tloned act, that It would re-establish and maintain the former narltv k tween the two metals, are still fresh ln UUI memory. WOULD LEAD TO DISASTER. in tne light of those Hwri.. wiuun accoru wim tne experiences of 1 L j .L - ' --""WW- uintri jmiiuiin, Liiiriv ib certainly no secure ground for the belief that act of Congress could now bridge an Inequality of BO per cent between gold win nnvtri civ uui fiicm-ni ratio, nor SB tnere tne least possibility that our country, which has less than one-seventh of the silver money in the world. nni.lri hv I a ontlnn alnna .... I . - -- v --"" .. mntwm not only our own but all sliver to Its lost ratio with gold. Our attempt to accomplish this by the free coinage of sliver B - ratio differing widely from actual rela tive values, would be the signal for the complete departure of gold from our . circulation, the Immediate and large contraction of our circulating medium, and a shrinkage In the real value and monetary efficiency of an other forms of currency as they settled to the level of silver monnmoi.ii.r Every one who receives a fixed salary and every worker for wages would And the dollar ln his hand ruthlessl scaled down to a point of bitter t - polntment, if not to plnchlnsr starwaL tlon. A ohange In our standard to silver monometallsm would also bring on a collapse of the entire system of credit which, when based on a -t. 1 which Is recognized and adopted by thii world of business, Is many times mor potent and useful than the entire vol unie of currency and Is safely oaoahu of almost Indefinite expansion to ml the growth of trade and entm.i.. m1: a self-lnvlted struggle through dark new and uncertainty, our humiliation would be Increased by the conscious !;.. that we had parted company with l! enlightened and ProgreaalvaT Gom. of the world and were desperate Iv and hopelessly striving to rneeti u stress of modern commerce and oome! tltlon with a detuued nH rmP?" "d, '?. "M" withVh. have sliver ahme .S.n"on" which varus. v"'3,r standard of All history warns us ajratn. v perlments hi..w """nst rash changes In our mM.".n . violent the degradation of Vur on rt- past is full of lesson fhi-, Th the economlo danger. W .J?8 not on,y Immnr L"?. but the natln,n.l UCh BMrtMhTPT J Of that the American rWn a M-llev suaded. after sorXKn. Per leopardlse thllr N.,Hb proud standing r "Z?l eial nostrums, nor tiat they will yield to the false allurement ot eheap money, when they realise that It most result In the weakening of that finan cial Integrity and rectitude whloh thus far In our history has been so devoted ly oheiiahed as one of the traits ot true Amerlcanlsink UNJUST TO CREDITORS. Our country's Indebtedness, whether owing by the Government or existing between Individuals, has been con tracted with reference to our present standard. To decree by act of Con- maa that theaut riehta shall be DaVablS In less valuable dollars than those with- In the contemplation and Intention oz the parties when contracted, would op erate to transfer by the flat of law and without compensation an amount of property and a volume of rights ana Interests almost Incalculable. Thoss who advocate s blind and headlong plunge In free ooinage In ths name of blmetallsm. and professing the belief, contrary to all experience, that we could thus establish a double stan dard and a concurrent circulation of both metals In our ooinage, are certain ly reckoning from a cloudy standpoint. . Our nreaent standard of values Is the standard of the civilised world and per mits the only blmetallsm now possible, or at least that Is within the indepen dent reach of any single nation, bow- ever powerful that Nation may be. while the value of gold a standard Is steadied by almost universal commercial and business use. It does not despise silver nor seek Its banishment. Wherever this ' standard la maintained, there Is at Its side In free unquestioned circulation a volume of silver currency sometimes equaling and sometimes even exceeding It In amount, both maintained at a parity, notwithstanding a depreciation or fluctuation In the Intrlnslo value of silver. There Is a vast difference between a standard of value and a currency for monetary use. The standard must necessarily be fixed and certain. The currency may be In diverse forms and of various kinds. No silver standard country has a gold currency In circu lation, but an enlightened and wise system of finance secures the benefits of both gold and silver as currency and circulating medium by keeping the standard stable and all other currency at par with It. Buch a system and suoh a standard also give free scope for the use and expansion of safe and conservative credit so Indispensable to broad and growing commercial trans actions and so well substituted for the actual use of money. If a fixed and stable standard Is maintained such as the magnitude and safety of our commercial transactions and business require, the use of money Itself is conveniently minimised. Every dollar of fixed and stable value has, through the agent of confident credit an astonishing capacity of multiplying Itself in financial work. Every unstable and fluctuating dollar falls mm m K-.i. of credit and ln Its use begets gambling ircvumuun maa unaerminee tne foun dation of honest enterprise. I have ventured to express myself on this subject with earnestness and plainness of speech because I cannot rid myself of the belief that thera inrb. In the proposition for the free coinage of sliver so strongly approved and so enthusiastically advocated by a multi tude of my countrymen, a aArinna nu. aoa to our prosperity and an Insidious wmpiaiion oi our people to wander from the allegiance thev owe In m.hii. and private Integrity. It is because I do not distrust the good faith and sin cerity of those who press this scheme that I have Imperfectly, but with seal, submitted my thoughts upon this mo mentous subject. I cannot refrain from begging them to re-examine their views and beliefs In the light of pa triotic reason and familiar exnerlsnn and to weigh again and again the con sequenoes of such legislation as their efforts have Invited. Even the con. tlnued agitation ot the subject adds greatly to the difficulties of a danger ous financial situation already forced upon us. IN CONCLUSION. -In conclusion, I especially entreat tho people's representatives In the Dn. gress, who are charged with the rs- sponsiDinty or inaugurating measures for the safety and prosperity of our . common country, to promptly and ef fectively consider the Ills ot our criti cal financial plight. I have suggested a remedy which my Judgment ap proves. I desire, however, to assure ths Congress that I am prepared to co operate with them In perfecting any other measure promising thorough and praotloal relief, and that I will gladly labor with them In every patriotlo en deavor to further the Interests and guard the welfare ot our countrymen. whom In our respective places of dntv we have undertaken to serve . OROVBR CLEVELAND w"h-lnerton, D. C Executive Mansion. December 1 1898. WELL-WORN TRAILS. Lylnar within tk. ..- rartherldfh.0f 2i."& J eY" nnot . . T, ' arum ins !Jantl redwoods breast the ion th. K f"" " tttou. n .aer- ren. th al 1 ?a"" D.re- thi ,.JT V s'B"ie. wno cnoose of th? w .reeie2. and en,al "unehine Interlnr"- " '"'J-J00.1""'" I" 8 'r:. uuiiurwi ieei in neignt and eight to seventeen feet In diameter,- they present an Imposing mark not onlv for tha n.... ....r - . - ai mr lao lumDer- tht xr L,.e KrtM'. the buffalo, and tn..North Amerlcan Indian, the "big betopA k! rttpldJr and Brey dying out ""'- "i civilization, ana u 2ovr.b."!any J! before BU0 ail th. . " , wuerneviiie Win De SJL.aLta left.to. "" the world of Tnrt.VVS T'.?1 -"Rrnia is capable. wonnftJlJ!'?.' -i.:- ; iwu uuuniies, atenao. 5a7nndi.H.unLboW.t' where the annual th " .rciiiiiK wun tne sise ot siL? TErt?2!L l0" ve - h. wmiHErviai value of anTin Tni ? been "teadlly .growing, pruiCTia or me lov ' u.re the demand has been met . . "uppiy. a wood that will 2d A? ; Kart 1 burn' ea8 to work Sim0, if. n manKany color, and not inS??11 l? Procure, holds out too many iUIli '"K'nducements to expect any meSy ?m the human race. Ked oauSSSti e 5een fund prostrate In BWU conamon ror lumber wood hi around which another red- ana six hundred years old. In clearing nci mo lumuer nas nee a ween off the roots have to be cut and OUST out. rni thaw will 1 9""t f the amount of water they ab- wnicn are almost an an nual occurrence In the spruce and pine foresta. alnn nn tk. V. wood groves. The absorbent nature of ana. me aDsence of resin f ip.,,ti!.n make u f the highest value L inn.,n ca8e of "re. A redwood TJa-X"! "H? ut in a gale of wind. thaTTt r.i.l"8JrJ"ue" , . " IT in impervious io the PfrMttfli nt . . .. : high polish. It Is little wonder, then, owe laws or personal phil anthropy can preserve these giants rrom total extinction. Rounsevella Wlldman In November Overland. ' (I 11 Quean of Xorsa. no-.i, .v ,V 1 lmrBl reporting tne SfiL0' the Queen of Korea and many jL.nattendttnt" at the hands of the r,apa. ?: that they were hung oD...th, l"a,r. "oaked In oil and the Oun reauoea to ashes. The rim.?kK.!C,awa-.?n? the most .;." w"",c" or ine age. una SEurEi ,f.e"t?ai ". vig. n " I. " w" ana a rare aegree hlrt . "-ve 4401 and astuteness. Bhs "aa Teat Influence over the King thV .owAr,ul frrouP o' adherents. At in f me. Ume she waa very unpopular h.ti!fri:a,n """"ters and relentlessly InemL i Prson" weight and prom tS T ,n.n natlon. Among the lat i?r,wa the Kings father, Tal-Won. Jjun, Wno had msfny followers. The Chinese and Japasese war brought aDout a climax between the opposing forces. The Queen was an ally of ShJna.ana Tal-Won-Kun of Japan. When the Japanese were victorious the Queens power weakened, and the Kings father became the real ruler ot the nation. On Ootober IU) the Queen was murdered, . . .. w