Decatur Democrat, Volume 39, Number 38, Decatur, Adams County, 6 December 1895 — Page 3

Mdentslw IHa Foreim Policy Outlined In a Clear, Concise Style. piS VIEWS ON FINANCE Brat. • X-, [ Given at Great Length and In a Very Frank Manner. [SLAPS MADE AT PROTECTION. Thinks That Had Much to Do With Financial Depression. . FREE SILVER COINAGE SUMMED UP. In Conclusion, He Bny« If Hl» Recommendations Are Not Approved He Blands Ready to Approve Something Bettor.

I I To the Congress of the United States: ■ The present assemblage of the leglsla- ■ tlve branch or our government occurs at a time when the interests of our people and the needs of the country give especial prominence to the condition of our foreign "illations and the ’ exigencies of our finances. The reports of the heads of the several administrative departments of the government fully and plainly exhibit what ’ has been accomplished within the scope of 'the respective duties and present such recommendations for the betterr ment of our country’s condition as patriotic and intelligent labor and observation suggest. In January last, the Argentine Republic,recognizing the value of the large market opened to the free importation of Its wools under our last tariff act, has admitted certain products of the United States to entry at reduced duties. It is pleasing to note that the efforts we have made to enlarge the exchanges of trade on a sound basis of mutual benefit are in this instance appreciated by the country from which our woolen factories draw their needful supply of raw material. Resumption of speefe payments by Chile is a step of great interest and Importance both in Its direct consequence upon her own welfare and as evincing the ascendency of sound financial principles in one of the most Influential of the South African republics. The close of the momentous struggle between China and Japan, while relieving the diplomatic agents of this government from the delicate duty they undertook at the request of both coun- ” tries of rendering such service th the subjects of either belligerent within the territorial limits of tlif*".other as our neutral position permitted developed a s . domestic condition in the Chinese empire which has caused much anxiety and called for prompt and careful attention. Either as a result of a weak control by the central government over the provincial government,' following a dimunition of traditional governmental authority under the stress of an opportunity of the aversion of the Chinese population to all foreign ways and undertakings. there have occurred in widely separated provinces of China serious outbreaks of the old fanatical spirit against foreigners, which, unchecked by the local authorities, if not actually connived by them, have culminated in mob attack on foreign missionary stations causing much destruction of property and attended with personal injuries as well as loss of life* Although but American citizen was reported to have been wounded,and although the de&firuction •of .prpi'ertv may nave fallen nibrr heavily upon' the’missionaries of other nationalities than our-own, it plainly behooved this government to take the most prompt and decided action to guard against similar or perhaps more dreadful calamities befalling the hundreds of American mission stations which have grown up throughout the interior of China under the temperate RULE OF TOLERATION. custom and imperial edd'ot. The demands of the United States and other powers for the degradation and punishment of the. responk;ible''ofllclals. of the respective .'cities and provinces who, by neglect or otherwise, had permitted uprisings, and for the adoption of stern measures by the emperor’s government for the protection of the life and projierty of foreigners, were followed by t'he disgrace and dismissal o<f certain provincial officials found derelict In duty, and the punishment by death of a unm'ber of those adjudged guilty of actual participation in the outrages. China will not forget our kindly service to her citizens during her late war nor the further fact, that while furnishing all the facilities at our command to further the negotiation of a peace between her and Japan, we < ' sought no advantages and interposed no coumel. The governments of both China and Japan have in special dispatches transmitted through their respective diplomatic representatives expressed in the most, pleasing manner their grateful appreciation of our assistance to their citizens during the unhappy struggle and of the value of our aid in paving’ the way to their resumption of peaceful reactions. The customary cordial relations between this country and France have been undisturbed with the exception that a full explanation of the TREATMENT OF JOHN L. WALLER by the expeditionary military authorities of France still remains to be given; Mr. Waller, formerly United States consul at Tamatave,' remained in Madagascar after,his term of office expired and was apparently successful in procuring business concessions from the Hovas of greater or less value. After the occupation of Tamatave and the declaration of martial law by the French, he was arrested upon various changes, among them that nt co'mmunicating military information to the enemies of France, was tried * and convicted by a military tribunal < / and sentenced to twenty years’ imprisonment. Following the course, justified by abundant precedents, this government requested from that of France the record of the proceedings 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 official record, from which appear the constitution and organization of the court, charges as formulated and the general course and result of the trial, and by which it is shown that the aooused was tried in open court and was defended by counsel; but the evi- ‘ ... .. •

dence 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 government taking the ground that Its production in response to our demand would establish a bad precedent. The efforts of our ambassador to procure it, however, though Impeded by recent changes in the French ministry, have not been relaxed, and It is eonfidently expected that some SATISFACTORY SOLUTION of the matter will shortly be reached. Meanwhile, it appears that Mr. Waller’s confinement has every alleviation which the state of his health and all the other circumstances of the case demand or permit. In agreeable contrast to the differences above noted respecting a matter of common concern where nothing is sought except such a mutually satisfactory outcome as the true merits of the case require, is the recent resolution of the French chambers fa-, vorlng the conclusion of a permanen t treaty of arbitration between the two countries. In our dealings with other nations we ought to be open handed and scrupulously fair. This should be our policy as a .producing nation, and it plainly becomes us as a people who love generosity and the moral aspects of national good faith and reciprocal forefoearanoe. These eon a-derad oils should not, however, constrain us o ■ submit to unfair discrimination nor to | silently asquiiesty* in vexatious hindrances to the enjoyment of our share • of the legitimate advantages of PROPER TIRADE RELATIONS. I If an examination of the situation euggc ,ts speh measures on our part as would Involve restrictions similar to those from which we suffer, the way to such a course is easy. It should, however, by no means be lightly entered upon, since the necessity for the Inauguration of such a pol-.cy would be regretted by the beat sentiment of our people, and because it naturally and logically might lead to consequences of the gravest character. Our relations with Great Britain, always intimate and important, have demanded during the past year even a greater share of consideration than several vexatious questions were left undetermined by the decision of the I Bering Sea arbitration tribunal. The i application of the principles laid down i by that august body has not been fol- ' lowed by the results they were intended to accomplish, either because the principles J. rpeselves lacked in breadth and. definiteness or because their execution h.is been more or less imperfect. Much correspondence has been exchanged between the two ' governments on the subject of preventing the exterminating SLAUGHTER OF SEALS. The understanding by which the United States was to pay. and Great ; Britain to receive a lump sum of $425.000 in full settlement of all British I claims for damages arising from out seizures of British sealing vessels unauthorized under the award of the Paris tribunal of arbitration, was not confirmed by.the last congress, which declined to make the necessary appropriations.- I am still of the opinion that this arrangement was judicious and adventageous one for the government, and 1 earnestly recommend that i it be again considered and sanctioned. If, howpver, this does not meet with the favor of congress it certainly will hardly dissent from the proposition that the government is bound by every i consideration'cof 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 before the senate, so that in one of'the suggestions a fipal settlement may be reached. The commissioners apppointed to mark the international boundry in Passarnaquoddy bay according to the description of the treaty of Ghent have not yet fully agreed. The completion I of the preliminary survey of the Alaskan boundary' which follows the contour rof the coast from the .most southern point of Prince of Wales island until it strikes the one hundred and forty-first meridian at or near the summit of Mount St. Elias, awaits further necessary appropriation, which is urgently recommended. The ascertainment of a given meridian at a particular point is a work requiring such and careful observa'ttbns and surveys.;. Such observations and. surveys, were undertaken by the/United States Geodetic survey in 1890 and 1891, while similar work in the same ' quarter under British auspices are believed -to ..give nearly coincident results, but these surveys have been independently conducted and no international agreement to mark those or any other parts of the" one hundred and forty-first meridian by-permanentmon-uments has yet been made. In the meantime the valley of the Yukon is becoming a highway through the hitherto, unexplored wilds of Alaska, and abundant mineral wealth has been discovered in that region, especially at or near the junction of the boundary meridian with the Yukon and its tributaries. In these circumstances it is expedient, and, indeed, imperative, that the-jurisdictional limits of the respective governments in this new- region be speedily -determined. Her Britannic majesty’s governrftent has proposed A JOINT DELIMITATION of the one hundred and fortyfirst meridian by an international commission of experts, which, if cgngress will authorize and make due provisions therefore, can be accomplished with no undesirable outlay. It is impossible to overlook the,vital importance of continuing the work already entered upon, and supplementing -it by further effective measures looking to the exact •location of this entire boundary line. I call attention to the unsatisfactory deUminaitlon of the respective-jurisdic-tions of the United States and the Dominion of Canada in the great lakes at the approaches- to the narrow waters that connect them. The waters In question are frequented by fishermen of both nationalities and their nets are there used. O-wing to the uncertainty and ignorance as to the -true boundary, vexatious disputes and injurious seizure- of boats and nets by Canadian cruisers often occur, while any positive settlement thereof by an ’ accepted standard lir not easily to be reached. A joint commission to .determine the line in -those quarters on 0 a practical basis by measured courses following range marks on shore, is a 'necessity for which Immediate provisions should be -rn-ade. It being apparent that the boundary dispute between Great Britain and the Republic of Venezuela concerning -the LIMITS OF BRITISH GUIANA was approaching an acute stage, a definite statoinemt Os the interest and policy of the United States as regards the controversy seemed to be required both on Its own accord and in view of its relations with the friendly powers directly com ''.nod. In July, last, therefore, a dispatch was addressed to the British government, in which the attitude of the United States was fully and distinctly set forth. The general conclusion therein reached and formulated are in substance that the tradition and established policy of this government Is firmly opposed to a forcible Increase by any European a * ,

power of its territorial poes os-ions on this continent; that -this policy is as well founded in principle as It is strongly supported by numtrous precedents; that as a consequence the United States is bo»md to protest against the enlargement (ft the 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 dispute between them can be reasonably settled only by friendly and impartial arbitration, and that the resort to Hiioh arbitration should include the whole controversy, and is not Satisfied if one of the powers concerned is permitted to draw an arbitrary line through the territory In debate and declare that it will submit -to" arbitration only the portion lying on one side of it. In view of these conclusions, the dispatch in question .sailed upon the British government for a definite answer to the question whether it -would or would not submit the territorial controversy between itself and Venezuela in- its entirety to impartial arbitration. The answer of the British government has not yet been received, but is exj-eetif-Kl shortly, when fur her communication on the subject will probably be made to congress. HAWAIIAN REBELLION. Early in January last an uprising against the Government of Hawaii was promptly suppressed. martial law was forthwith proclaimed and , numerous aircists were ftiade of per- I eons suspected of being in sympathy ! with the royal. st party. .Among these were several olbize-us of the United States, who were either convicted by a military court and sentenced to death, imprisonment nr fine or were I deported without trials The United States, while denying protection to • such as had taken the Hawaiian oath of allegiance,insisted mat, martial law, though altering the forms of justice, could -n->t ere: de ••• . • demanded stay of execution yntil the proceedings bad been submitted to this gbvernment and knowledge obtained therefrom that our citizens had received fair tr.al. The death sentences w-ere subsequently commmuted or were rem.tted on condition of leaving the , islands. The cases of certain Americans arrested and expell d by arbitrary order without formal charge or trial have had attention and in some instances -have been found to justify remonstrance and claim for iYidemni.ty which Haw-aiii has not thus far conceded. THE DEPLORABLE LYNCHING of several Italian laborers in Colorado was naturally followed by international representation, and I a-m happy to say thait the, best efforts of thA state in which the occurred have been I put forth to discover and punish the authors of this atrocious crime. The dependent families of -the unfortunate victims invite by their deplorable condition gracious provision for their needs. The manifestations against helpless aliens may be traced through successive stages to the vicious Padrone system, which, unchecked by our immigration and contract labor statutes, controls these workers from the moment of landing on our shotes, and farms them out in distant and often rude regions, Kvhere there cheapening competition in the fields of bread ning toil brings them in collision with other labor interests. While' welcoming, as we shoulcU”those who seek our •shores to merge themselves ’tn our body politic and win personal competence by honest efforts, we can not regard such assemblages ,of distinctively alien laborers, hired out In the mass' to. the profit of alien speoulatdrs and-shipped hither and thither'as -the prospect of gain may dictate,, as otherwise than repugnant to 'the spirit of our civiiiza- . tion, deterrent'to individual advance, ment and hindrances to -the building up of stable communities resting upon the wholesome ambitions of the citi»n and constituting -the prime factqr in the prosperity and progress of our nation. THE MEXICAN BOUNDARY. : The commission appointed under ths convention of February 18, 1889, to set new monuments along the boundary between the United States and Mexico ’ has completed its task. - As a sequel to the.failure of a scheme i for the Colonization in Mexico of ne- ’ groes, mostly immigrants from Alabama,. under contract, a great number of these helpless and suffering people —starving.a nd smitten.jvi.4l con t-agi >us disease —ffikde tlieir way, or were assisted, to the frontier, where, in . wn’etched ftlight, they were quarantined by the Texas authorities. Since ■that time, by the voluntary act of the Mosquito Nation, the' -territory rfi- ; servedj to them has been incorporated with Nicaragua, the Indians formally subjecting themselves to be governed by the general laws and regulaitions of the republic, instead of, by their own I customs and regulations, ami thus availing themselves of a privilege se- , cured to them by the treaty between i Nicaragua and Great Britain of Janui ary 28, 1860. After this extension of uniform Nicaraguan administration to ! the Mosquito strip, the ease of the. British vice consul. Hatch, and of sevi eral of his countrymen, who had been j SUMMARILY EXPELLED • from Nicaragua and treated with considerable indignity, provoked .a claim : by Great Britain upon Nicaragua for I pecuniary indemnity, which, upon Nicaragua’s refusal to admit liability, was enforced by Great Britain. Throughout this incident the kindly offices of the United States were invoked and were employed in favor of as peaceful -a settlement and as much consideration and indulgence toward Nicaragua as were consistent with the nature of the case. Our efforts have since been made -the subject of appreciative and gnaiteful recognition by Nicaragua. . The coronation of the czar of Russia at Moscow invites the ceremonial participation of the United States and in accordance with usage and diplomatic propriety our minister to the imperial courts has been directed to represent our government on the occasion. Correspondence is on foot touching the practice of Russian consuls within the jurisdiction of the- United States to interrogate citizens as to their race and religious faith and, upon ascertainment thereof to deny to Jews authentieatidn of passports of legal documents for use in Russia; Inasmuch as such a proceeding imposes a disability, which In the case of succession, to .property In Russia may be found to infringe tlie treaty rights of our citizens, and which is an obnoxious invasion of our territorial jurisdiction, it has elicited fitting remonstrance, the result of which it is hoped will remove the cause of complaint. The pending claims of sealing vessels of the United States seized in Russian waters remains unadjusted. Our recent convention with Russia establishing a m<>dus viyendi as to Impartial jurisdiction in such oases has pri-ven.ted further diffi 'tt* y of' this natm' -. The Russian government has welco-m <1 in. liriueiple our Suggestion IY>r a modus viV' nidi, to embrace Great Britain and Japan, looking to the better preservation of seal life in the north Pacific and Bering sea, and the extension of the protected area dMined by the Paris *ribnnal to all Pacific waters north of "the thirty -fl ftK- paraliek CU.B-A IHSTURRED. Cuba is An

insurrectl-«n, tn some respects more active itiluan the (last preceding revolt, which continued from 1868 to 1878, now exists Im a large part of t’he eastern Interior, of -tihe -folamd, menacing even some populations, on the coast. Besides deranging -the co-mm rc.al exchanges of the Island, of which o<ur country Cakes the oredomi-nate share, this flagrant condition of hostilities by arousing semtZmentaJ sympathy and inciting adventurous eupjxirt among our'people, hag entitled earnest effort on tlhe part of this government to enforce obedience to our neutrality laws and to prevent the territory ot ne United States from being abused as a vantage ground from which to aid those in arms agaumst Spanish sovereignity. TURKISH SITUATION. Occurrences In Turkey have continued to excite concern. The reported massares of Christians in Armenia and the development there and in other districts of fanatic hostility -to Christian influences naturally excited apprehension for the safety of the devoted men and women who, as dependents of the foreign missionary societies in the Unked States, reside in Turkey under the guarantee of law and usage and in the legitimate performance of their educational and .religious mission. No efforts have been spared in their behalf, gnd their protc.-tl-jn in person and projierty has been earnestly and vigorously enforced by every means within our power. In view of the growth of our Interests in foreign countries and encouraging prospects for a general expansion of our commerce, the question of an improvement in the CONSULAR SERVICE Has increased in importance' and urgency. Though there is no doubt that the great body of consular officers arrendering valuable services to the trade and industries.of the country, the need of some plan of and control which woujd tend to secure higher average of efficiency can not be denied. The importance of the subject has led the executive to consider what steps might properly be taken without additional legislation, to answer the need of a better system of consular appointments. The matter having been committed to the consideration of the' secretary of state in pursuance of his recommendations, an executive issued on the 20th of September. 1891)7 by the terms of which it is provided that after that date any vacancy in a consulate or commercial agency with an annual salary or compensation from official fees of not more than $2500 or less than SIOOO should be filled either by "transfer or promotion from some other position under the state department. NATIONAL FINANCES. As we turn from the review of our foreign relations to the co-n-teijftilation of our national financial situation we are immediately aware that we approach a subject of domestic concern more important than any other tn.lt can engage our attention, and one at present in such a perplexing and delicate'predicament as to require prompt and wise treatment, we may well be encouraged to earnest effort in this direction when we recall the steps’ already token toward ..improving our economic and financial situation, and when we approciate how wall the way has been prepared for further progress by an arous d and intelligent popular interest in the subjects. By command of the people a customs revenue system designed for the protection and benefit of favored classes at the expense of the great-mass, of our countrymen, and which while inefficient for the purpose of revenue curtailed our trade relations and impeded our entrance to the markets of the world, has been superseded by a tariff policy which in principle is based upon a denial of the right of the government to obstruct the avenues to our people’s cheap living or lessen their comfort and contentment for the sake of according especial advantages to favorites, and which, while encouraging our intercourse and trade with other nations, recognizes the fact that American self-reliance, thrift and ingenuity ea.n build up our country's industries and develop its resources more, surely than enervating paternalism. The compulsory purchase and coin, age of silver' by the government unchecked amd unregulated by business conditions and heedless of our currency needs,- which for more than fifteen years our circulating medium, undeteriWnJa\oifiidence Abroad in our financiJuabili'ity, and at’ last culminated in distlwsv and panic- at homer has been by the repeal of the la.wsnWfcch' Toreed this reckless scheme upon the country. The. things thus accomplished, notwithstanding their extreme importance and beneficent Affects, fall far .short, of curing' the monetary "evils frohi which we puffer as a result of ibag indulgence in ill advised financial expedients. The currency denominated .United States notes, and commonly known as greenbacks, was issued in large volume during the late civil war and was intended originally to meet the exigencies of that period/ 7 ' It will'be setyi by a reference to the debates in congress at the time the'laws were passed authorizing the issue of these notes, that their advocates declaa-ed they were intended for only temporary use and to meet the emergency of war. In almost .if not all jthe laws relating to them some provision was made contemplating their voluntary or compulsory retirement A large quantify of them., however, were' kept on foot and min'gled with the currency of the country' so that at the close of the year 1874 they amounted to $§81,999,073. Immediately after that date and In January. 1875, a law Was passed providing for the resumption of specie payments, by which the secretary of the treasury was required, whenever additional circulation was issued to national banks, to retire United States notes equal in amount to 80 per cent, of such additional national bank circulation until such notes were reduced to $300,000,000. This law further provided that on and after the Ist day of January, 1879. the United States notes then outstanding should be redeemed in coin, and in order (to provide and prepare for such redemption the secretary of the treasury was authorized not only to use any surplus reveiyxes .of the gove’mnjent, but to issue bonds of the United States and dispose of them for coin, and to use the proceeds for the contemplated by the statute. There has been , issued and sold 500,1)00 of the bonds authorized 1 by the resumption act of 1875, the proceeeds of which, together with other gold in the treasury, created & gold’, fund deemed sufficient "’to meet the demands which might be made upon it for the redemption of tjie outstanding United Btates'Uotafc. Th4s fund, together with other gold as might be from time to | time in the treasury available for tire same purpose, has been since called our gold reserve, and $100,000,000 has beeh regarded as an adequate amount Jo accomplish Us object. This fund amounted oil the first day of January. 1897, to $114,193,360. and though thereafter coastantly fluctating it did not fall below that sum in Jfily, 1592. In April, 1893, for the first time since its estaiblishmen,t, this reserve amounted to less than $100,090,000. containing ati that date qnly ‘ In the meantime, and 'Jn July, 1890,

an act had been passed direating larger governmental monthly purchases of sliver than has b*»n required under previous laws, and providing that in payment for such silver treasury notes of the United States should be Issued payable on demand in gold or silver coin at the discretion of the secretary ■of the treasury. It was, hewever, declared in the act to be "the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or suh ratio as may be provided-by law." In view of thia declaration it was not deemed permissible for the secretary of the treasury to exercise the discretion in terms conferred on him by refusing to jay gold on these notes when demanded, because by such discrimination in favor of the gold dollar the so-called parity of the two metals would be destroyed and grave and dangerous consequences would be precipitated by affirming or accentuating the : constantly wi-enirg disparity between thiciir actual values under the existing rates. It thus resulted that the treasury notes issued in payment of silver purchases under the law of 1890 were necessarily treated as gold obligations at the option of the holder. These notes on the last day of November, 1893, when the law compelling the monthly purchase of silver was repealed, ■amounted to more than $155,900,000. The notes of this description now outstanding, addtd to the United States notes still undimlniished by redemption or can ceil it ion, constitute a column of gold obllgat'oira amounting to $500,000,000. These obligations are the instruments which ever since we have had a gold reserve have been used, to deplete it. Fifty millions of these bonds were sold, yielding $58,633,595, which was added to the reserve fund,'of gold then on- hand. As a result of this operation this reserve, which had suffered constant and large withdrawals in the meantime, stood on the 6th day of March, 1894, at the sum of $107,446,8(2. Its depletion-was, however, immediately thereafter so acc°lera.*el tha on ffie 30th day of June, 1894, it had fallen to $64,873,025, thus losing-7by . u ithurawals more than $42,000,000 in five months and dropping slightly belqtX- its situation when the. sale of $50,000,000 in bonds was effected for its replenishmen:. This depressed condition grew worse korfl on the 24th day of November, 1894, our gold reserve, being reduced to $5.7,- . 669.701. it became necessary to again strengthen it. This was done, by another sale of bonds, amounting to $50,000.000. from which -there was realized $58,538,500, with,which the,fund was increased to $111,142,021 on the 4th day of I December. 1894. j Again disappointment awaited the anxious hope for relief. There was not even a lull in the exasperating withdrawals of gold. On the contrary, they grew larger,and more persistent than ever. Between the 4th day of December, 1894. and early in February, 1895, a period of scarcely more -than two months after the second reinforcement of our gold, reserve by the sale of bonds, it had lost by such withdrawals more than $69,000,000. and had fallen to $41,340,181. b In this emergency and in view of its ! surrounding pe-'plexitl s. it became entirely apparent to those upon whom the struggle for safety was devolved | not only that our gold reserve must : for the t£iird tSme in less than thirteen : months be by another issue ■ and sale of bond.- bearing a -high ra-ie > of interest-and badly sui ed to the pur- ! pose, but that erplan must be adopted ■ for their disposition, premising better results than :h s? re on previous sales. An agreement was 7 , ‘therefore. ; made w£th a number of financiers and bankers whereby it was stipulated ; that bqnds ceserebed in t’he resuinptidn I act of 1875, payable in coin thirty i years after th nr date, bearing inter- ' es-t at the ruce of 4 per cent, per annum ; and. amounting _ to about $62,000,000; . should be exchanged for gold, receiva- , ble .by weigat. amounting to a little : more than $65,000,000: This gold was to be del.vered in such installments as .would complete its delivery within about six months from j the date of the contract, and at least i one-half of the amount was to' rtr?-.;tur- ! nished from abroad, It was also agreed by those supp-lying. this gold that 'durI ing the continuance of the contract they would by every means' in thAlr power protect the government against gold withdrawals. The contract also pr.ivided that if congress would ahthorlZe ■ the'r issue, .bonds payable by i their terms in gold .and:bearingdnterl est nt the rate of 3 per bent, per annum ; might within ten days be substituted ' at par for the 4 per cent, bonds deI scribed in the agreement. I On the day this contract was made j Its. terms, were communicated to congress by 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 authorized to be substituted for those mentioned in the contract. The congress having declinpd to grant the necessary authority to secure this saving, the contract, unmodified, was. card ried out, resulting in a gold reserv'd amounting to $ip7.'>77,230 on the 8;h day of July, 1895. The performance _af this contract not only restored the reserve, but checked for a time the withdrawals of gold and brought on a period of restored confidence and such peace and quiet in business circles as were of the greatest possible value to every interest that affects our people. I have never had the slightest mi'sgivtng«sconcerning the wisdom or propriety of this arrangement, and am quite willing to answer for my full share of responsibility for its promotion.” I believe it averted a - disaster, the imminence of which was fortunately not at the time generally understood by our people. Though the contract mentioned stayed for a time the tide of gold withdrawals its good results could not be permanent. :' On thO 28th of January, 1895, it was reported by the secretary of the treasury tha.t more than $172,000,000 of gold had been withdrawn for hoarding- or shipment during tlve year preceding. He now reports that from January 1, 1879, to July 14, 1890. a period of more than eleven years, only a little over $28,000,000 was withdrawn, and that between July 14, 1890./the date of the passage of the law for an increased purchase of silver, and the-lsf day of December, 1895, or less than , five and one-'tialf years, there was withdrawn nearly ,$375,000,000, making a total of more than $403,000,000 drawn from the treasury-in gold since January 1, ■ 1879, the date-fixed in 1875 Oof the retirement of the United States notes. Nearly $327,000,000 of the ,gold thus withdrawn has been paid on these UnlG ed States notes, and yet every cue of the $346,000,000 is still uncancelled,- and ready to du service in future gold depletions. Mei’e than $76,000,000 in gold has, since their creation in 1890, been paid out from the.treasury on the notes g-iven on The silver by the government; and yet the whole, amounting $155,000,000. except a little more than $16,000,000 which have been retired by exchange for silver at the request of the holders, remains outstanding and prepared to join thedr oldet and more experienced allies in future raids upon the treasury gold reserve. It has always seemed to me that the provisions of law regarding the capital ''' ' 0 ■ ' : ' ' ’ *

of national banks which operate aa * limitation to their location falls to make proper compensation for the mippress!on of state banks, which coma near ito the people in all sections of the country' and readily furnish them with banking accommodations and facilities. Any inconvenience or embarrassment arising from these restrictions on the location of nadopal banks might weH be remedied by better adapting the present system to the creation otf banks in smaller communities or by permitting banks of large capital to establish branches in such localities as would serve the people, so regulated and restrained as to secure their safe and conservative control and management. In the present stage of our difficulty lit is not easy to understand how th« Jamount of our revenue receipts direolr'ly affects it. The important ques.ioa 4s not the quantity of money received in revenue payments ,but the kind of money we maintain and our ability conitiniie in sound financial condition. ’We are considering the government's holdings of gold as related to the soundness of our mon y and as affecting our national credit and monetary strength. In our present predicament no gold is received by the government in payment of revenue charges, nor would there be if the revenues were increased. ■The receiits of the treasury, when not in silver certificates, consist of United States notes and treasury notes issued for silver purchases. If it is said that the nates if held by the government can be used to obtaiw gold for our reserve, the answer is easy. The people draw gold from the treasury on demand upon United States notes and treasury notes, but the propositioa that the treasury can draw gold from the people upon them would b ■ regarded in, these days with wonder and amusement. And, even if this could be done, there is nothing to prevent those thus parting with, their gold from regaining it the next day or the next hour by th- presentation of the notes the-y received in.exchange for it. Private holders of gold unlike the government, having no parity to maintain. would not be restrained from making the best bargain possible who they furnished gold for the treasury; bttt the moment the secretary of the treasury bought gold on any terms above par he would establish a general and universal premium upon it, thus breaking down the parity between gold and silver which the government is pledged to maintain and opening the way to new and serious complications. It is neither unfair nor unjust to charge a large share cd our present financial perplexities and dangers t« the operation of the laws of 1878 and 1890 compelling the purchase of silver by ithe government, which not only furnished" a new treasury obligation upon which its gold could be withdrawn, but so increased the fear of an overwhelming flood of silver and a forced descent to silver payments that even the repeal of these laws did not Entirely -cure the evils of their existence. FREE SILVER COINAGE. While I have endeavored to make a plain statement of the disordered condition of our currency and the present dangers menacing our prosperity, and to suggest away which leads to a safer financial system, I have’constantly had in mind the fact that many of jnv countrymen, whose sincerity I. do not doubt, insist that the cure for the ills now threatening us may be found in 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, unlimited- and-’4ficlependent coinage of lMt.it ...gold .and silver dollars, of fulllegal tender quality, regardless of the .action of any other government and in full view of the fact that the ratio between the metals which they suggestcalls for one hundred cents worth of gold :n the"gold dollar at the present standard ar. i only fifty cents :'n intrinsic worth of silver in the silver dollar. •• Those who believe that our independent free coinage of silver at an. artificial ratio, with gold of 1.6 to 1 would restore the par-ty the metals and consequently between the coirs pp an unsupported and imprupatble theory to the general belief and practice of other nations, and to the teaching of th- wisest statesmen an economists of the world,/ both in the past anil present, 4nd what is far . 'more_L«oaclusive. they tun counter to our own .actual experiences. Every one who tijc-id-sakfi-v JffcVeverv worker for 'Wag. s vt til 1 find .the d.dhTr . tn his hand ru.hb ssly sealed (Ip.An vt, the point of UU tor '■ disappointment ,it' not to j iraltiifg priv.’ti il. A change in our st.,mlarl to slv.r mono-metai-listh. wotii .1 bring on "a collapse of the . entire system of ere lit. All history v ' .' n ®\ us uains.: rash experiments which threaten violent changes in our monetary standard and the degradation of our currency. Concurrent, circulation of both metals in-out eoir.arv ar certainly reckoning from/® cloudy standy .in:. Our prcsetlt . s J>^ lar ‘ ! of '"hili- is the standard of the tpK’ilized world, and permits the ontv bimetalllism no v possible, or at least that is witjiin t,he independent reach of any single nation, howev-r powerful that nation may be. While', the standard of, gold as a standard is steadied by almost universal' commercial and business use, it does not despise silver nor 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 sometimes even exceeding it in’amount, both maintained at a parity notwithstanding a depreciation or fluctuation in the intrinsic value of silver. There is a vast difference between a standard of value and. a .currency for monetary use. The standard must necessary be fixed and certain. The currency- may be in divers forms and of various kinds. No silver standard , country has a gold currency in circulation; but an enlightened and wise system of finance secures the benefits of'both gold and silver as currency and circulating njedjums by keepiifg the standard'stable and all other ctft>rency at par with it. I have ventured to expres myself on this, subject with edrnestnes and plainness of speech because I cannot rid myself of the belief that there lurks in the proposition, for the fr#e -Coinage ■of silver, so strongly, approved and- eo enthusiastically advoeatOii by a multitude of my coun-trynfen, a serious menace "to our prosperity.'' In conclusion I especially entreat the people's representatives in the ioongress. who are charged with the responsibilty of inaugurating - measures for (the safety and prosperity of dur>. common country, to promptly and effectively consider the ills of our erit- , ical financial plight. I have suggested a remedy which my judgment approves. ” I desire, however, to assure the congress that I am prepared to co-operate with ‘them in perfecting "any other measure promising thorough and practical relief, and that gladly labor With them in every patriotic endeavor to further the interests and guard the welfare of .our countrymen, whom, in our rhspeettive places of duty, we have andertaken to serve. GROVER CLEVELAND. Deputy Sheriff Eugene Farley of Crown Point” claims to be able to cure felons, warts, corns_and Ininions iu the regulatjoit Schlatter manner. "7 ; . ..; ■