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j. ja "' .4C -VXj.'i.V -g-W ,..-,?,?- ..A.-fe. i!2ub A V icUL Efe$&S WllJIp' r .V h litfe ill ' M 111 I'M f hA mm il'i i. M li if ''i s I mm i ,! i IB ffii; 'iwfi i . fill' w . . j ii . u . 0I: 1 -v Br . ft iti :' Ml .. iwyu ; I , i. .. .r li ' 'JMlili . 1 . ' l .JlNb. . irf rwM. r ' -i L,' ', Wit tftui ' iV'-t- .vp nip r ' 1 1 M'tfi THE MESSAGE. President Oloveland's Address to the New Congress. Foreign Policy of the Government DU- cuned 1'olnts In I)liiato with Great lirltaln Financial QaMtloa Dwelt Upon at Length. Washington, Dec 3. Tho following tiro tho main points in President Clove land's message sent to tho Fifty-fourth congress: Foreign Relation. Tho present ossomblago of tho lcglslattvo branch of our government occurs at a tlmo when tho Ititerosts of our pcoplo and tho needs of tho country givo espeel.il prominence to tho condition of our foreign relations anil tho exi gencies of our national flnancos. Tho reports of the heads of thosovoral administrative de partments of tho Kovernmont fully and plainly exhibit what has been accomplished within the scopo of their rospoctlvo duties anil pre sent such recommendations for tho better ment of our country's condition as patriotic anil intelligent labor and observations suggest. I therefore deem my executive duty ade quately performed at this tlmo by presenting tp congress tho Important phases of our situa tion as tclsted to our Intercourso with forolgn nations, and a stntcmont of tho financial prob lems which confront us, omitting, excopt as they arc related to these topics, any rofcronce to' departmental operations. 1 oarncstly In vito, however, not only tho careful considera tion, but tho set oroly critical scrutiny of tho congress and my fellow countrymen to tho re ports concerning theso departmental operations. If justly and fairly exam ined they furnish proof of assiduous and painstaking effort for tho publlo welfare. I press tho recommendations they contain up on the respectful attontlon of thoso charged with tho duty of legislation, because I bcllcro their adoption would promoto tho people's good. My amendatory legislation In January last, tho Argentine Itepulillc. recognizing tho value of the largo market opened to tho free Impor tations of Its wool under tho last tariff net has admitted certain products of tho Unltod htatos to entry at reduced dutloi. It is ploasing to noto that tho efforts wo hive mado to cnlargo tho exchanges of trade on a sound basis of mutual benefit aro in this Instanco appreciated by tho country from which our woolen facto ries dran their needful supply of raw material The missions' boundary dispute between tho Argcntti'O Republic and llrazll, referred to tho president of tho United States as arbitrator during tho term of my predecessor and which was submitted to mo fur determination re sulted In an award in favor of llraztl upon tho historical and documentary evidence presented, thus ending a long protracted controversy and ogain demonstrating tho wisdom and desira bility of settling International boundary dis putes by recourso to friendly arbitration. negotiations aro progressing for a revival of tho United States and Chilian claims co-nmls-slcn, whoso work was abruptly terminated last year by tho expiration of tho stipulated time within which awards could bo mado. The resumption of specie payments by ChKI Is a step of interest and importance, both In Its direct consequences upon her own welfare as evincing tho tendency of sound financial prin ciples In ono of tho most Influential of tho South American republics. The closo of tho momentous struggle be tween China and Japan, while relieving the diplomatic agents of this government from tho delicate duty they undertook at request of both countries of ronitoring such scrvieo to subjects . of cither belligerent within tho torrltorialllmlts of the other as our neutral position permlttod developed a domestic condition In tho Chlnovo empire which has caused much anxiety and called for prompt and careful attention. Either as a result of a weak control by tho central government over tho provincial ad ministrations, following a diminution of tra- dlttonal government authority under the stress of an overwhelming national disaster, or a manifestation upon good opportunity of tho aversion of tho Chlneso population to all foreign ways and undertakings, thcro have occurred In widely separated provinces of Chlni serious outbreaks of the old fanatical spirit against foreigners, which, unchocked by tho local authorities, It not actually connived at by them, have cul minated In mob attacks on foreign missionary stations, musing much destruction of property end attended with personal injuries as well as loss of life. Although but ono American citi zen was reported to have been actually wound ed, and although the destruction of property may hat o fallen more heavily upon the mis sionaries of other nationalities than our own. It plainly behooved this government to take tho most prompt and decided action to guard against similar or perhaps more dreadful ca lamities Derailing tho hundreds of American mission stations which havo grown up throughout tho Interior of China under tho temperate rule of toleration, custom and Im perial edict. The demands of the United States and other powers for tho degradation and punishment of tho responsible officials of tho respective cities and provinces who by neg lect or othcrwlso had permitted uprising and for tho adoption of stern measures by tho em peror's government for tho protection of tho life and property of foreigners, were followed by tho dlsgrnro and dismissal of certain pro vincial officials found derelict In duty, and tho punishment by doath of a number of those ad judgcdgullty of actual participation In the out rages. The president states that our cordial rela tions with France oontlnuos. tho only question of disagreement being tho Imprlsonmontof ex Consul Waller, and this, ho says, Is in courso of satisfactory settlement. 1 Our relation with tbo states of tho German empire aro In somo aspects typical of a con dition of things clsowhcro found In a country whoso productions and trado aro similar to our own Tho closo rivalries of competing In dustries: the Influonco of tho dcluslvo doctrine that tho Internal development of a nation Is promoted and Its wealth Increased by a policy which, In under taking to rcscrvo Its home markets for tho ex clusive use of Its own producers, nccessarilv obstructs their sales in forolgn markets and prevents ftco access to tho produots of tho world, tho desire to retain trado In time-worn Tuts, regardless of tho Inexorable laws of new needs anil changed conditions of demand and sui ply. and our own halting tardiness in Inv It lag a f reo exchango cf commodities and by this means Imperiling our footing In tho external markets naturally opon to us, havo created a situation somowhat Injurious to Amorl can export Interests, not only In Ger many, where they aro perhaps most noticeable but in adjacont countries. Tho cxrorts affected aro largely American cattlo and othor food products, tho reason Assigned for unfavorable discrimination being that their consumption Is dolotorlous to tho publlo health. This Is all tho moro Irritating In flow of tho fact that no Kuropoan state Is os jealous of tho oxcellcnco and wholesome noss of its exported food supplies as tho United States, nor so easily ablo on aocount of tnhorent soundnoss, to guaranteo these qual ities. Our relations with Great Dritain, always Intimate and Important, havo demanded, dur ing tho past year, qven a greater share of con sideration than Is usuaL Several vexatious quostlons were left undetermined by tbo de cision of tho Bchrlng sea arbitration tribunal. Tho application of tho principles laid down by that august body has not been followed by tho results they wore Intended to accomplish, cither because tho prlnclplos thomsclves lacked In brovdth and dcflnlteness or becauso their execution has been moro or less Imper fect. Much correspondence has been exchanged between tho two governments on the subject of -preventing tho cxtcriiilnatlngMaughter.ofsouls. Tho Insufficiency of the British patrol of the Eehrlng sea under tho regulations agreed on by tho two governments has bcon pointed out, and only two Urltlsh ship have dono police duty durlr g this season In those wators, -Tho need of a moro offoctlvo enforcement of exist ing regulations, as well as tho adoption of such .additional regulations as rxperlonce has shorn to to absoiut. ly necessary to carry out tho In tent of th award, havo bcon carnostly urged uron th li tlsh govcrnmont, out .nus lar without iffu'tlvo results. In fee meantime, the doplotlon of tho seal herds by means of pelagto hunting has so alarmingly progressed that unless their slaughter is at once effectively checked their extinction within a few years seems to be a matter of absolute certainty. The understanding by which tho United States was to pay and Groat Drltaln to recelvo a lump sumof (415,000 In full settlement of all British claims for damages arising from our seizure of British sealing vessels unauthorized under the award of the Paris tribunal of arbitration wus not confirmed by the last congress, which de clined to make tho nccossary appropriation. I am still of the opinion that this arrangement was a judicious and advantageous ono for tho government, and I earnestly recommend that It bo again constdored and sanctioned. It being apparent that tho boundary dispute between Great Britain and the rcpubllo of Venezuela, concerning the limits of British Guiana was approaching an acuto stago, a definite statement of tho Interest and policy of the United States as regards tho controversy scorned to bo required, both on Its own ac count and .In view of Its relations with tho frlondly powers directly concerned. In July last, therefore, a dispatch was ad dressed to our ambassador at London for communication to tho British government in which tho attitude of tho Unltod States was fully and distinctly sot forth. Tho general conclusions thcro reached and formulated nro In substance, (hat tho traditional and estab lished policy of this government Is firmly op posed to a forcible Incroaso by any European power of Its territorial possessions on this continent: that this policy Is as well founded In prlnclplo as It Is strongly supported by nu merous precedents; that as a conscquenco tho UnltcdStates Is bound to protest against tho en largement of tho area of British Guiana In dero gation of tho rights and against tho will of Venezuela; that, considering tbo disparity In strength of Great Britain and Venezuela, tho territorial dispute between th-jm can be reasonably sottlcd only by friendly and Impar tial arbitration and that tbo resort to such ar bitration should lncludo tho wholo controversy and is not satlstled If ono of tho powers con cerned Is permittod to draw an arbitrary line through tho territory In debate and to declaro that It will submit to arbitration only the por tion lying on ono sldeof it. In vlow of these con clusions tho dispatch In quostlon called upon tho British government for a doflnlto answer to the question whether It would or would not submit the territorial controversy between Itself and Venezuela in Its entirety to Impar tial arbitration. Tho answer of tho British government has not jet bcon received, but Is expected shortly, when further communication on tho subject will probably be made to the congress. Tho Hawaiian affair Is brioMy stated at this point In tho message Cuba Is again gravely disturbed, an Insurrec tion In somo rospects more nctlv o than tho last preceding revolt, which continued from 1808 to 187-S, now exists In n largo part of tho eastern Interior of tho Island, menacing ov en somo pop ulatlons on tho coast Uesldo deranging tho oxchangesof tho Island, of which our country takes tho predominant share, this flagrant con dition of hostilities by arousing sentimental sympathy and limiting adventurous support among our people, has entailed earnest effort on tho part of this government to enforco obe dience to our neutrality laws and to prevent tho territory of the United States from being abused as a vnntngo ground from which to aid thoso In arms against Spinish sovereignity. Whatever may be tho traditional sympathy of our countrymen as Individuals with people who seem to bo struggling for larger autonomy ond greater freedom, deepened as such sympa thy naturally must be In behalf of our neigh bor, yet tho plain duty of tholr government Is to observe In good faith the recognized obli gations of International relationship. The performance of this duty should not bo made more difficult by a disregard on the part of our citizens of the obligations growing out of their allegiance to their country, which should re strain them from violating, as Individuals, tho neutrality which the nation of which thoy are members Is bound to obsorvo In Its relations to friendly sovereign states. Occurrences In Turkey have continued to cxclto concern. Tho reported massa cres of Christians in Armenia and the de velopment there, and In other districts, of tho spirit of fanatic hostllltyto Christian In fluences naturally excited apprehension for tho safety of tho devoted men nnd women, who as dependents of the foreign missionary soci eties In tho United States all rcsldo In Turkey under tno guaranteo of law and usage and In tho legitimate performance of their educa tional and religious mission. No efforts havo been spared In their behalf and their protection in person and property has been earnestly and vigorously enfored byovery means within our power. Tho presence of our naval vessels which are now in the vicinity of tho disturbed localities affords opportunities to acquire a measure of familiarity with tho condition of affairs and will cnablo us to take suitable stors for tho protection of any Interests of eur countrymen within reach of our ships that might be found Imperiled. The Tlnanclal Situation. As we turn from a review of our foreign re lations to the contemplation of our national financial situation wo are Immediately aware that wo approach a subject of domestic con cern moro important than any other that can engage our attention nnd one at present In such n perplexing and delicate predicament as to require prompt and who treatment We may well bo encouragod to earnest effort In this direction when wo recall tho steps already taken to ward Improving our economic and finan cial situation, and when we appreciate how well tho way has been prepare J for further progress by an aroused and Intelligent popular Interest in theso subjects. By command of the people, a customs rovenuo system, designed for tho protection and benefit of favored classes at the expenso of tho great majority of our country men and which, while Inefficient for tho pur pose of rovenuo, curtailed our trado relations and impeded our cntranco to tho markets of tho world, has been superceded by a tar iff policy which. In principle Is based upon a denial of tho right of tho government to obstruct tho avenues to our pcoplo's cheap living or lessen their com fort and contentment, for tho sake of accord ing ospcclal advantages to favorites, and which, whtlo encouraging our Intercourse and trade with other nations, recognize tho fact that American self-reliance, thrift and inge nuity can build up our country's industries and develop Its resources moro surely than ener vating paternalism. Tho compu'sory purchase and coinage of sliver by tho government, un checked and unregulated by business condi tions and heedless of our currency needs, which for moro than fifteen years diluted our circulating medium, under mined confidence abroad In our financial ability and at last culminated In distress and panic at homo has been recently stopped by tho ropoal of tho laws which forced this reck less schemo upon tho country. Tho things thus ncccmpllshed, notwithstanding their extreme importance nnd bcnellccnt effects, fell far short of curing tho monetary evils from which wo suffer as a result of long Indulgence In ill advised financial expedients. Tho cur renoy denominated United States notes and commonly known as greenbacks was issued In largo volumo during tho late civil war and In tended originally to meet the emergencies of that period. It will be soon by a reference to tho debates in congress at the tlmo laws were passed au thorizing the lssuo of these notes that their advocates declared thoy were Intended for only temporary use and to meet the emergency of war. In almost, If not all, the laws relating to them some provision was made contemplating thoir vo'untary or compulsory retirement. A largo quantity of them, however, were kept on foot and mingled with tho currency of tho country, so that at tho close of tho year 1374 thoy amounted to i331,t)90,073. Immediately after that dato and In January, 1873, a law was passed providing for the resumption of specie payment, by which, tho secret try of tho treas ury was required, whenever additional circulation was Issued to national banks to retire United Statos notes equal In amount to 80 por cont of such additional national bank circulation until such notes were re duced to taw.OJO.OW. Thts law further pro vided that on and after tho first day of Janu ary, 1879, tho United SUW3 notes thon out standing should bo redeemed In coin, and In order to provide and.,preparo for such re demption tho secretary of tho treasury was authorized not only to uso any surplus reve nues of tho government, but to issue bonds of the unltod States and dispose of the for coin and to uso the proceeds for the purposes contemplated by tho Btatuto. In May, 1878, and before the date thus appoint ed for tho redemption and retirement of theso notes, another statue was passed forbidding their further cancellation and retirement. Some of them bad, 'however, been' previously redeemed and 'canceled upon tbo Issue of addi tional national bank circulation, as permlttod by the law of 187, so that the amount out standing at the tlmo of the passago of the act forbidding their further retirement was $3fl, 681,010, Tho law of 1878 did not stop at dis tinct prohibition, but contained, In addition, the following provision: "And when any of sakt notes may be redeemed or be received Into the treasury, under any law, from any sourco whatover, and shall belong to the Unltod States, they shall not bo retired, canceled, or destroyed, but they shall bo reissued and mado out again and kept In circulation. This was tho (condltlon of af fairs on tho 1st day of January, 1879, which had been fixed upon four J ears beforo as tho dato for entering upon tho redemption and retire ment of nil theso notos, and tor which such abundant means had been provldod. Tho gov crnmont was put In tho anomalous situation of owing to the holdors of theso notes debts pay ablo In gold on demand, which could neither be retired by receiving such notes in discharo of obligations duo tho government, nor canculod by actual payment in gold. It was forced to redeem without redemption and to pay without acquittance. Thcro has been Issued and sold $9,501,000 of the bonds authorized by tho resumption act of I87J, tho proceeds of which, together with tho gold In tho treasury, created a gold fund deemed sufficient to meet tho domands which might bo mado upon It for tho redemp tion of tho outstanding United States notes. This fund, together with such other gold as might bo from tlmo to time In tho treasury available for the samo purpose, has been since called our gold rescrvo and tl00.O0J.O00 has been regarded as an ndequato amount to ac complish Its object. This fund amounted on tho 1st day of January, 1879, to IIH.IW.ISJ and though thereafter constantly fluctuating. It did not fall bolow that sum In July, IS'Ji In April, 1893, for 'the first tlmo since Its cstao llshmcnt, this reserve amounted to less than ?IO.000,000, containing at that dato onlv 197, 011,317. In tho meantime and In July. 1S90, an act had been passed directing largo govern mental monthly purchases of silver than had been required under previous laws and provid ing that In paymont for silver treasury notes of tho United States should bo Issued jnvablo on demand In gold or silver coin at tho discre tion of the secretary of the treasurv.lt wus, however, declared In tho act to be tho estab lished policy of tho United States to maintain tho two metals on a parity with each other upon tho present lcgil ratio, or such ratio as may bo provided by law. In view of this declaration it was not deemed permissible for tho secretary of the treasury to exercise tbo discretion In terms conferred on him by refusing to pay gold on theso notes when domanded, because by such discrimina tion in favor of tho gold dollar, tho so-called parity of tho two mitals would bo destroyed and grave and dangerous consequences would be precipitated by affirming or accentuating tho constantly widening disparity between their actual valuo under tho existing ratio. These obligations nro tho instruments which over slnco wo havo had a gold rcscrvo, havo been usod to deplete It. This reserve, as has bocn stated, ha J fallen In April, 1893, to 197,01 1,33 1 It has from that time to tho prosont, with very few and Im portant movements, steadily decreased, excopt as It has been temporarily replenished by tho sale of bonds. Among tho causes for thts con stant and uniform shrinkage In this fund may bo mentioned tho falling oil of exports unOer the operation of the tariff law until recently In force, which crippled our exchango of com modities with foreign nations and necessitated to somo extent tho payment of our balances In gold the unnatural Infusion of silver Into our currency and tho Increase in agitation for Its free and unlimited coinage which havo create J apprehension as to our dis position or ability to contlnuo gold payments, tho consooucnt hoarding of gold at homo and tho stoppago of Investments of foreign ca'. Ital as well as tho return of our securities already sold abroad and tho high rate of foreign et changc, which lnduco tho shipment Jif our goid to be drawn against us as n matter of specula tlon. In consequence of theso conditions tho gold reserve on tho 1st day of February, 18H4, wus reduced to $H,4M,377, having lost more than MI.O),O0i) during tho preceding nlno months, or slnco April, 1691 Its replenishment being necessary ana no othor manner of ac complishing it being possible, resort was hid to tho lf.no and salo of bonds pro vided for by the resumption act of 1C73, Fifty millions of theso bonds were sold, yield ing !M,63.1.i95.7I. which was added to tho re serve fund of gold then on hand. As a result of this operation this reserve, which had suf fered constant and largo withdrawals In tho meantime, stood on the 0th day of March, IfUl, at tho sum of 107,4U,83J. Its depl-tlon was, however. Immediately thorcafter so accelerated that onthe3Jth dav of Juno, 1891, It had fallen to 44,873,Ji, thus losing by withdrawals moro than l. 00,1100 In Ave months and dropping slightly below this situation when the sa'e of MMKW.OOO In bonds was effected for Its redemp tion. This depressed condition grew worso, and on tho nh day of November, 1894, our gold rescrvo was drained to $7, 00.01. It became necessary to ngaln strengthen it. This was done by another sale of bonds amounting to 450,0 W.noo, from which there was realized .'8,")39,V with which the fund was in creased to J1II,01J,0.1 on tho Uh day of De cember. 1891. Again disappointment awaited the anxious hope for relief. There was not even a lull In tho exasperating withdrawals of gold. On tho contrary, tho irrcw larger and more persistent than ever. Between the 4th day of December, 1891, and early In February, 189V a period of scarcely moro than two months after the second reinforcement of our gold rcscrvo by the salo of bonds It had lost by such withdrawals moro than $i,0M,0O0, and had fallen to $11,031,181. Nearly $43,000,001 had been wltdrawn within tho month immediately preceding this situation. In this emergency, and In view of its sur rounding perplexity, Itbecamo entirely appar ent to thoso upon whom tho struggle for safety was devolved not only that our gold reserve must, for the third tlmo In less than thirteen months, bo restored by another lssuo and sale of bonds, bearing a rato of Intorost and badly suited to their purpoio, but that a plan must bo adopted for their disposition promising bet ter results than realized on tho previous salos. An agreement, therefore, was mado with a number of financiers and bankers wheroby It was stipulated that bonds de scrlbod In tho resumption net of 1873 payablo In coin thirty years after their date, bearing lnterost at tho rato of 4 por cent per annum and amounting to about tO.'.OOJ.uuo, should bo exchanged for gold, receivable by weight, amounting to a llttlo more than $35, 000,000 Its good results could not be perma nent Recent withdrawals havo reduced tho reserve from 107,571,i)9 on tho 0th day of July, 189-, to $70.3J3.930. On the 28lh of January. 18JV, It was reported by tho secretary of the treasury that moro than 1172,000,00.) of tho gold had been with drawn for hoarding or shipment during the year preceding. Ho now reports that from January 1, 1879, to July 1 f, 1899, a period of moro than eleven years, only a little ovor $M, 000,000 was withdrawn, nnd that between July 14, 189), the dato of the passage of tho Kiw for an Increased purchase of silver, and tho 1st day of Decomber, 1891, or within less than five and a half years, thore was withdrawn nearly $373,000,000, malting a total of more than $401, 000,000 drawn from tho treasury gold slnco January 1, 1879, tho dato fixed in 187Jfortho retirement of the United States notes. Nearly $3.7.001.000 of tho gold thus withdrawn has been paid out on those Unltod States notos, and yot every ono of tho $18,000,000 is still un canceled and ready to do service In future gold doplotlons. In othor words, tho govern ment has paid In gold moro than nlne-tonths of Its United States notos and still owes them nlL It has paid In gold about one-half of Its notes givon for silver purchases without ex tinguishing by such payment $1 of theso notes. Ai.d added to all this wo aro reminded that to carry out this astounding tlnanclal system the irovernmcnt has Incurred a bonded Indebted ness of SO V0J.00J In establishing a gold reserve nnd of $IB:,31v,40) In efforts to maintain It I am convinced tho only thorough, and prac ticable remedy for our troubles is found In tho retirement and cancellation of our United States notes, commonly called greenbacks and the outstanding treasury notes issued by the government in payment of silver purchased under the aot of, 188). The eurrenoy withdrawn by the retirement of tho Unltod Statos notes and treasury notes, amounting to probably less than $8,000.0)0, might be supplied by such gold as would bo used on their retirement or by an Increase In tho circulation of our national banks. Though tho aggregate capital of these now In existence amounts to more than (060,009,000, their out standing circulation based on bond sceurlty amounts to onlv about $I9,000 0)0. I think thoy ought to bo allowed to issue cir culation equal to tho par valuo of tho bonds they deposit to secure It, and that tho tax on their circulation should bo rcdnced to H of 1 per cont. which would undoubtedly meet all tho oxponses the government Incurs on their ac count. I do not overtook tho fact that the can collation of the treasury notes Issued under tho 3llvcr purch isln act of 1899 would leave tho treasury In tho actual ownership of suffi cient silver. Including seigniorage to coin nearly $178,0 ki.iVH) in standard dollars. It Is worthy of consideration whethor this might not. fiom tlmo to tlmo, bo converted Into dol ltrs or fractional coin and slowly put Into cir culation. In the present stage of our difficulty it Is not easy to understand how the amount of our revenuo receipts directly affects It Tho Im portant question Is not tho quantity of money received In revenue payments, but tho kind of monev wo maintain and our ability to continue in sound financial conditions. Wo aro consid ering the govcrnmont holding of gold as re lated to tho soundness of our money and as af fecting our national credit and monetary strength. If our gold reserve bad never been Impaired: if no bonds had been issued to re plenish: if thcro had been n, fear and timidity concerning our ability to contlnuo gold payment: If any part of our revenues were now paid In gold: and If wo could look to our gold receipts as a moans of maintaining a safe reserve tho amount of our rovenues would be an influen tial factor In the problem. But unfortunately all tho circumstances that might lend weight to this consideration aro entirely lacking. In our present predicament no gold Is received by tho government in payment of revenue charges, nor would there bo if tho revenues were In creased. Tho receipts cf tho treasury when not In silver certificates consist of United States notos and treasury notes. Issued for sil ver purchases. Theso forms of monoy are only useful to the government In raying its cur rent ordinary expense and Its quantity In government possession does not In tho least contribute toward glvln? us tho kind of safo financial standing or condition which is built on gold alone. If It Is said that theso notes If held by tho government can bo used to obtain gold for our reserve, tho answer Is easy. Tho peoplo draw gold from tho treas ury on demand upon United States notes, but tho proposition that tho treasury can on do mand draw gold from tho people upon them would be regarded In these days with wonder and amusement. And even If this could bo done, there Is nothing to prevent those thus pirting with their gold from regaining it by tbo next day or tho next hour by tho presenta tion of tbo notes theyrecelved In exchango for It Tho secretary of tho treasury might uso such notes taken from a surplus revenuo to buy gold in tbo market Of course he could not do this w Ithout paying a premium. Private hold ers of gold, unllko tho government, having no parity to maintain, would not be restrained from making tho best bargain possible when they furnished gold to tbo treasury, but tbo moment tho secretary of the treasury bought gold on any terms above par ho would estab lish a general and universal premium upon It. thus breaking down the parity between gold and sliver which tho government Is pledged to maintain, und opening the way to new and serious complications In the meantime tho premium would not re main stationary and the absurd spectacle might be presented of an alien selllug gold to the government, and with United States notes In hli hands immediately clamoring for Its re turn and a resale at a higher premium. It may be claimed that a largo revenuo and re duced receipts might favorably affect the situ ation under jllscuislon by affording an ODnor- tunlty alfectlrg theso notes In tho treasury when received, and thus preventing their pre sentation for gold. Such retention of tho metal ought to bo at least measurably permanent, and this is pre cisely what is prohibited so far as United States notes are concerned. By tho law of 1S78, forbidding their future retirement, that statute in so many words provides that thoso noto whon received Into the treasury and belonging to tho United Statos shall bo "paid out again and kept in circulation." It will moreover bo readily seen that tho government could not refuse to pay out United States notes and treasury notes In current transactions when demanded and In sist on paying out silver alone and still maintain tho parity between that metal and tho currency representing gold. Besides tho accumul tlon In the treasury of currency of any kind exacted from the people through tax ation Is justly regarded as an evil and it can not proceed far without vigorous protest njalnst an unjustlllablo rotcntloa of monoy from tho businesses tbo country and a de nunciation of a scheme of taxation which proves Itsolf to be unjust when it takes from tho earnings and Income of the citizen money so much in excess of the needs of govcrnmont support that largo sums can be gathered and kept In tbo treasury. Such a condition was a peril In time of surplus revenue and led tho gov ernment to restoro currency to the people by tho purchase of Its unmatured bonds at a large premium and by a large Increase of Its depos its in national banks, and we easily remember that the abuso of treasury accumulation has furnished a most persuasive argument In favor of legislation radically reduolng our tariff tax ation. Perhaps It Is supposed that sufficient rev enue receipts would in n sentimental way 1m provo the situation by Inspiring confidence In our solvency and allaying the fear of pecuniary exhaustion. And yet all through our struggles to maintain our gold reserve there never has been any apprehension as to our ready ability to pay our way with such money as wo had nnd the question whether or not our current re ceipts met our current expensos has not en tered Into tho estlmato of our solvency. Of courso tho general state of our funds oxclustvo of gold was entirely Immaterial to the foreign creditor and Investor. Ills debt could only bo paid in gold und his only concern was our abil ity to keep on hand that kind of money. Inasmuch as tho withdrawal of our gold has resulted largoly from fright, there Is nothing apparent that will prt-vent its continuance or recurrence, with Its natural consequences, ex cept such a chango In our financial methods as wlllrcassuro tho frightened and mako the de sire for gold less Intense It Is not clear how an Increaso In rovenue. unless It bo In gold, can bo satisfactory to those whoso only anxiety is to gain gold from tho government's store. It can not, therefore, bo safo to rely upon increased revenues as a euro for our present troubles. Although the law compelling an Increased purchaso of silver by the government was passed on tho 14th day of July, 1893, withdraw als of gold from tho treasury upon the notes given in payment on such purchaso did not be gin until October. 1891. Immediately following that dato the withdrawals upon both those notes and United States notos Increased very largely, and havo contlnuod to such an extent that since tho passago of that law there has been more than thirteen times as much gold taken out of the treasury upon United States notes nnd treasury notes Issued for silver pur chases as was withdrawn during the eleven ond half years immediately prior thereto, and otter tbo first day of January, 1879, whenspo clo payments were resumed. I have constantly had in mind tho fact that many of my countrymen, whoso slncorlty I do not doubt, insist that the euro for tbe ills now threatening us may be found in ibo single and simple remedy of the free coinage of sli ver. They contend that our mints shall bo at once thrown opon to tho free and unlimited and independent colnago of both gold nnd sil ver dollars of full legal tender quality, regard less of the action of any other government and J5iuiliu -m-W? thattll8 rao between the metals which they suggest oalls for ICO cents' worth ofrrold In the gold dollar at the present standard, and only 60 cents in intrlnslo worth of silver In the sliver Jollor. Were there Ijflnttely stronger reasons than con be adduced for hoping that such action would secure for us a bimetallic currencs; mot. Ingon lines of parity, an experiment so nov. and hazardous as that proposed might wel stagger those who believe that stability Is ar Imperative condition of sound money. No government, no human contrivance or act ol legislation has ever been able to hold the two metals together in free coinage at a ratio appreciably different from that which is established In tho markets of the world Those who believe that our independent free coinage of silver at on artificial ratio with gold of IS to 1 would restore the parltr between the metals and consequently between tho coins op pose an unsupported and Improbable theory to the belief and practice of other nations ond tho teachings of the wisest statesmen and economists of tho world, both In tho past and present, and what Is far more conclusive they run counter to our own actual experiences. Twice In our earlier history our law makers In attempting to establish a bimetallic currency undertook freo coinage upon a ratio which ac cidentally varies from tbe actual rela tive value of tho two metals not more than 3 per cent In both cases, notwithstanding great difficulties and cost of transportation than now exist the coins whose Intrinsic worth were undervalued In the ratio gradually and surely disappeared from our circulation and went to other countries where tholr real value was better recognized. Acts of congress were Impotent to create equality where natural causes decreed even a slight Inequality. Twice in our recent history wo havo signally failed to raise by legislation tho valno of silver. Under an act of congress in 187S the government was required for more than eleven years to extend annually at least $!0,00),xx) in the purchase in silver bullion for coinage. The act of July If, 189). In a still bolder ef fort Increased the amount of silver the gov ernment was compelled to purchaso and forced It to become tho buyer annually of ."4,0OT.'X ounces, or practically the entire product of our mines. Under both laws silver rapidly and steadily declined In value. Tho prophecy and the expressed hope and expeotatlon of thoso in the congress, who led In tho passage of tho last mentioned act that It would reestablish and maintain tho former parity between the two metals are still fresh In our memory. In tbe light of these experiences, which ac cord with tho experience of othor nations, there Is certainly no secure ground for tbe be lief that an net of congress could now bridge an Inequality of 59 per cent between gold and silver at our present ratio, nor Is there the least possibility that our country, which has less than one-seventh of the silver money In tho world, could by Its action alone raise not only our own but all silver, to Its lost ratio with gold. Our attempt to accomplish this by tho free colnago of silver at a ratio differing from tho actual relative value would bo tho signal for a complete departure of gold from our circulating, the Immedlato and large con traction of our circulation medium and shrink age in tbo real valuo and monetary efficiency of all other forms of currency as they settled to the level of silver monometallism. Every ono who receives a Axed salary and every worker for wages would find tho dollar In his hand ruthlessly scaled down to tho point of bitter dlsap. polntmcnt If not pinching privation. A change in our standard to silver monometallism would alsobrlngonncollap'e of the entire system of credit, which, when based on a standard which Is recognized and adopted by tho world of business, is many times more useful than the entire volume of currency and Is safely capablo of almost Indefinite oxpanslon to meet tho growth of trade and enterprise. In a self-invited struggle through darkness and uncertainty our humiliation would bo In creased by tho consciousness that we had parted company with all the enlightened and progressive nations of the world, and were desperately and hopelessly striving to meet tho stress of modern commerce and competi tion with a doascd and unsuitable currency, and In association with the few weak and lag gard nations which havo silver alone as their standard of value. All history warns us against rash experiments which threaten violent changes in our monetary standard and degradation of our currency. The past is full of lessons, teaching not only tbe economic dangers, hut the national immor ality that follows In tbe train of such experi ment I will nut believe that the American people can bo persuaded, after sober delibera tion, to jeopardize their nation's prestige and proud standing by encouraging flnatjlal nos trums, nor that they will yield to tho false al lurements of cheap money, when they realize that It must result In tho weakening of that tlnanclal integrity and rectitude which thus far In our history has been so devotedly cher ished as one of the traits of true Americanism. Our country's indebtedness, whether owinj by the government or existing between Indi viduals, has been contracted with referonce to our present standard. To decree by act of con gress that these debts shall be payable In less valuablo dc.'lars than those within the con templation and Intention of the parties when contractoJ, would operate to transfer, by the flat of law and without compensation, an amount of property and a volume of rights and Interests nlmost incalculable. Thoso who nd vocato a blind and headlong plunge to free coinage In the name of bimetallism and pro fessing the belief, contrary to all ex perience, that we could thus estab lish a double standard and a concurrent circulation of both metals in out coinage aro certainly reckoning from a cloudy standpoint Our present standard of valuo is tho standard of tho civilized world and per mits tho only bimetallism now posslblo or at least that within las independent reaeb of any single nation, however powerful that nation may be. Whilo tho value of gold as a standard Is steadied by almost universal commercial und business usage.it does not despise sliver noi seek Its banishment Wherever this standard is maintained there is at its side in free and unquestioned circulation a volume of silver currency sometimes equaling and sometime even exceeding it In amount both ma Intained at a parity notwithstanding a depreciation oi nuctuation in tno intrinsic value of sliver. There Is a vost difference between a stand ard of value and a currency for monetary uso. The standard must necessarily be fixed and certain. Tho currency may be in diverse forms and t various kinds. No silver standard country has a gold currency In circulation, bul an enlightened and wise system of finance se cures tho benefits of both gold and sliver as currency nnd circulating medium by keeping the standard stablo and all other currency at par with It Such a system and such a stand ard also gives free scope for the uso and ex pansion of a safe and conservative credit bo ludlspcnsablo to broad nnd growing commercial transactions and so well substituted for tho actual use of money. It a fixed and staple standard is maintained, such as tho magnitude of safety of our com mercial transactions ami business require the uso of monoy Itself is conveniently minimized. Every dollar of fixed and stablo valuer has brought tho agency of confident credit In as tonishing capacity of multiplying itself it financial work. Every unstablo ond fluctuat ing dollar fails as a basis of credit and its use begets gambling speculation and. undermines the f ouodations of honest enterprise. I have ventured to express myself on these subjects with earnestness and plainness of speech be causo I cannot rid myself of tho belief that there lurks in the proposition for thofree cola age of silverso strongly approved and t-o en thusiastically advocated by a multltudt of my countrymen a serious menace to out prosperity and an Insidious temptation of our peiiplo to wander from tbe allegiance thev owe to public and private integrity. Itis because I do not distrust the good faith and sincerity, of thoso who press this scheme tint I have im perfectly but with xeal submitted my thoughts upon this momentous subject. I cannot re frain from begging them to ro-examlni their views and beliefs in the light of patriots, reason, and familiar experience, and to weigh again and again tho consequences of such, leg islation ns their efforts haxe Invited. Even tbe continued agitation of the subject adds greatly to the difficulties of a dangor ous financial situation already forced upon us. In conclusion I especially entreat the-people's representatives In the congress, who are charged with the responsibility oj inaugurat ing measures for the safety and prosperity of lyelv consider tho Ills ot our critical financial plight I havo sugg sud a remedy wxea my judgment approves. I desire, however, to as sure the congress that I am prepared to co operate with thera in perfecting any other measure promlstr.R thorough and practical re lief and that I w.u gladly labor with them In every patriotic r,odeuvor to further tho Interests and guard the welfare of our countrymen, whom in ovt respective places of duty wa have undertaken to serve. GUOVEtt UUCTXLAHO, t.tuiuu tuumry v promrwiy ana effect OPINIONS OF THE MESSAQ, Whmt Bepnbllcan Senators PHI. Say About It. to The message isalsanDolntini . fact that it suggests no nraeti " l" suggests no practical for the unsatisfactory conditions .i f now exlst.-AIdrich, R. i. Mr. Cleveland's currency panacea Is ,,m tho samo old gold cure. His last wom. ? the American people Is like his flrst-hrT-V0 -N. Y. Recorder. hoait- The message of the president Is untm in one respect. It considers but two tVl -the relations of this .rnv.,0'0?'" eign powers and the currency problem Chicago Tribune. iem... On the financial question the messa sounds like the argument of an atto! for Wall street and Lombard street inY? Interest of his clients. It will be a dlsan! polntmcnt to the country, I thlnk.-Ali. Neb. en I do not think the message has mad. much of an impression on the senate I til not think his recommendations relative t the retirement of the greenbacks will H carried out. Teller, Col. ' In tho sense of laying down a plan forth, future It Is disappointing, as it does not deal comprehensively with our currencv difficulties. It Is especially disappointing In not suggesting measures as to how ta raise revenuo for carrying on the govern ment.-AHison. la. " The un-American tone of the president's discussion of foreign arTalts wiil b, tnJ theme no doubt of a good many congression al speeches, and It Is safe to say that his critics will not be confined to the repub! lican party. Chicago Inter Ocean. These extreme measures (the proposal to retire greenbacks) would not have been necessary If the country had remained un der a protective tariff. The Insufficient revenue provided by the Wilson bill is re sponsible entirely for tho present state of the treasury. Cincinnati Tribune. Without extended acquaintance with the financial history of the country, full of die knowledge that comes from the schooU and from a circle of New York bankers, he gives expression to theories that have no chance to be worked out Into administra tive policies. Cincinnati Commercial Ga zette. Tho trouble wltn Mr. Cleveland In his consideration of the national finances is mamenasmistaKcneneci ror cause. Hede votes all his attention to rehabilitating the currency, while the real secret of the finan cial weakness which alfllcts us is the in sufficient national revenue. Boston Jour nal. In a word, his only new policy Is his scheme for the cancellation of the green backs and the enlargement of the national debt. The somewhat dogmatic spirit In which he insists upon this as the panacea for our financial ills does not afTord much assurance of harmonious cooperation be tween the executive and congress. Phila delphia Bulletin. Suppose we adopt Mr. Cleveland's plan and retire these greenbacks. He proposes to substitute an Interest-bearing debt for a non-Interest bearing debt. It will add $20,000,000 a year to our govern mental expenses. And It will take away from us, for use In our traffic among our selves, JjOO.OOO.OOi) of currency. N. Y. Press. The public will bo disappointed with that part of the message which relates to the war In Cubn. Whether Intentional or not, the sympathies of the administration ap pear to oe with Spain rather than Cuba. The president in his Intense anxiety to en forco the neutrality laws, seems to lose sight of the larger American view of trie question Involved. Baltimore American. The president makes no direct allusion to the inadequate revenue provided by the tariff act of 1KM. He denies that the bond Issues were made to remedy a deficit and Insists that there has at all times been an ample fund to draw upon for the cuirent expenses of the government; but he does not say that the existing tariff yields a sufficient Income, neither does he suggest an Increase In that direction. He simply Ignores the matter altogether. Washing ton Post. No president has ever delivered another message affronting so large a share of the people. Its treatment of the sliver ques tion will offend more than two-thirds of that party, and Its demand for the substi tution of bonds for greenbacks will affront many democrats; while scatcely in any respect will the message satisfy the great majority w ho elected more than tw o-thlrds of the present house of repiesentatlvta N. Y. Tribune. If anything is absolutely certain It would seem to be that the credit of no nation whose income Is less than Its expenditures can be permanently maintained In fact such a condition Involves not only the Im pairment but the destruction of credit The president Is consequently wrong not only in assuring that an lncreaseof revenue Is not requisite, but In not recommending to congress the way and means of Increas ing it. Philadelphia Public Ledger. That portion of the message relating to our foreign affairs Is exceedingly well rit ten, and seems to cover w hat Is generally desired. The rest of the message is freer fiom the turbid platitudes that character ized former messages. His remedy for the distress Into which he and his party haie brought the country is the retirement of the greenbacks, thereby destroying the national banking system; avoidance of the free coinage of sliver, and the adoption of the single gold standard. These are in admissible and childish proposals, as thy do not either stop imports or fill the treas ury. Chandler, N. H. The message Is verbose, discursive, evasive, and, as a whole, disappointing. The president Justly condemns the free sil ver fallacy, but falls to acknowledge the responsibility of his administration, from its very beginning, for having gnen an Impulse to this fatal financial hcresj He is probably right in recommending the permanent retirement of the greenbacks, but he Is guilty ot a gross perversion of truth and distortion of facts v. hen li at tributes the doleful failure of his- oin policy to this form of currencj X- Y. Mall. Regarding finances, the paper is to- the most part a somewhat tiresome restate ment, and Is wanting in those strains epigrammatic phrases which have been so frequently quoted from former messag-s. Possibly In his argument for the retirement and cancellation of United States green backs and silver notes he is more forcible than In any former utterance but this phase of his policy has been so often dis cussed by members of his cabum that it contains nothing new. Washington Times. In tno years and a lralf Mr Cleveland's administration has run behind to the ex tent of $110,000,000. It has increased th bonded cbt to the nmount of JW.W.W0. and yet In the face of these cotortsus fact we have the amazlnr; spectacle oCthe pres ident In his annual message stouaiy is""' ng the deficit and strangt-ly deaf and bllul o any suggestion ot finding more renu In such an cmerp...tj. He has not tn manhood or the coun-ge to admit the trJtX and so he shuts ils, eyes, to tie oerraa twrlng facts and seeks to obscure the real difficulty and mislead tbe people by tag a. false lssut. Pliila.dljhla Pies TOL& IN FIGURES Tbe poimk.tion of thfioiltlaw'rj,K 109 womeu lo every 100 in". ':'"llt" ninths of the snthlen tlenlli- f ,hos8 of tniileK, It tfl More tiitin 1SS.000 persons rotnr cf the suicide in the iliO'ciPiit enuntw- world, tliiritif,' the ':ir i-niliu:.' ' ,"'13" !er ."A. ib'JJ. This is an iner si-' " ly :.uooover lb9l. 'i"he report of the inspectors . Ui's in Ireland shows tlu-t '!" ' " of persons i-onlim'd ns instiM" ''' ' of . limitary Inst wus iT.ii.".i,s,;'-n with 17.27G a year previous. una ,,i 1st ! I't arrf it I. i )l vJ&rLiAfJrvt? , K' 115