Semi-weekly Independent, Volume 2, Number 9, Plymouth, Marshall County, 11 December 1895 — Page 6

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AIATIOI'S AFFAIRS

President Cleveland's Message lo Congress. HIS CURRENCY PLAN. Would Issue Bonds r.nd Retire Greenbacks. Only Way to lireak the "Endles Chain" Strongly Fuvors the Gold Standard, but Advocates Silver and Bilver Certificate for Iometic Kx change Parity Must Be Preserved, and Temptation to Speculation liemoved Would Reduce Tax on National Hank Circulation Foreign KelutioiiK KevieweJ. President Uh-voland's message to he Fifty-fourth Cngrcss was not transmitti until Timsday forenoon, when it was ri iul Wfore lMth House and Semit. It was of gn-at length, ov.r 'Junto words: it 1 alt exhaustively with al! pesti us which have arisen 1 uriuir t 1m past vcti', and also with those of current interest. The message opens with a n-O-mioe to the importance of uur foreign relations and the cxigcu-ics of tin- national finaiuvs at this time aill the consequent leteriiiinatioii of the President to routine his message to tin- suhjeets. The tirt subjet of importance touched upon is the disordered condition of affnirs in China following upon the rlose l'lIESl DK.XT (I. K V E I.AM). f the war with .Japan, the consequent weakening of the central authority of the government and the serious outbreaks of the old fanatie.il spirit against foreigners is discussed. The demands of the United States and other powers for the punishment of the aggressors and the compliance of the Chinese ( lovernment are related, as is the demand of the United States for a special commission to investigate the disturbances where they were first brought out.. "The energetic steps we have thus taken." says the President, "are all the more likely to result in future safety to our citizens in China, because the imjterial government is. I am persuaded, entirely convinced that we desire only the liberty and protection of our own citizens und redress for any wrongs that they may have suffered, and that we have no ulterior d signs or objects, political or otherwise." Of the Waller incident the message says: "The customary cordial relations between this country ami France have been undisturbed with the exception that a full explanation of the treatment of Jean J. Waller by the expeditionary military authorities of France still remains to be given." "The official record of the trial has been furnished this government," says the message, "but the evidence adduced in support of the charges which was not received by the French minister for foreign affairs till the first week in Octoberhas 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 retarded by recent change in the French ministry, have not l-en relaxed, and it is confidently expected that some satisfactory solution of the matter will shortly be reached. Meanwhile, it appears that Mr. Waller's canfiuement has every alleviation which the Ktate of his health and all the other circumstances of the case demand or permit." The President point out as a pleasant contrast the conclusion of a permanent treaty of arbitration between the two countries, and recommends the acceptance of the invitation to take part in the Paris exposition of l'.HM. Our relations with Germany, lie says, lire influenced by the "delusive doctrine that the internal development of a nation is promoted and its wealth increased by a indiey which is undertaking to reserve its home markets for the exclusive use of its own producers, tuccssarily obstructs their sales in foreign markets, ami prevents free access to the products of the World. The desire to retain trade in timeworn ruts, regardless of the inexorable laws of new needs and changed conditions of demand and supply, and our own halting tardiness to inviting a freer exchange of commodities and by this means imperiling our footing to the external markets naturally oien to us, have created a situation somewhat injurious to American i in nrt interests, not only in Germany, where they are jierhaps most noticeable, but in adjacent countries. The effect of this, pirtlcularly on food products and a so on our insurance companies. is pointed out. The necessity for open-handed fairness in dealing with other nations is stated, but it is argued that if necessary to provide restrictions similar to those from which we suffer in order to guard against unfair discrimination, the way to such a course is easy, but should not be lightly entered upon. The vexatious oints of the Hering sea question are referred to and the failure of the arbitration tribunal to provide a means of settlement are pointed out. The insufficiency of the I'ritish patrol of Bering Sea and the necessity for a more ffective enforcement of regulations have. It is naid, been iointed out to the Itritish Government, if it .i IiojmhI to save the teals from extinction. Of the proposal to

pay $12r..OOO to Great Britain fn nettlement of British claims for damages, which was refused by the last Congress, the President recommends that it can again be considered and sanctioned. If this is refused we are bound by every consideration of honor and good faith, he says, to provide for a speedy settlement by arbitration. A treaty of arbitration is. accordingly, to be laid before the Senate. An appropriation for the completion of the Alaska loundary survey, which follows the contour of the coast is earnestly recommended. The importance of an international agreement as to the line of the 141st meridian, which forms the rest of the boundary, is dwelt uion. Attention is also called to the unsatisfactory condition of the boundaries with Canada in the great lakes and the necessity for a joint commission on the subject. The Venezuela Controversy. Of Venezuela the message sit aply states that a statement of the inter, st and policy of the United .States regarding the ! boundary dispute was sent to Great .Britain in July last. "The general conclusions therein reached and formulated," says the President, "are in substance that the traditional and established iolicy of the Government is firmly opposed to forcible increase by any Kuropean iower of its territorial possessions on this continent; that this policy is as well founded in principle as it is strongly supjiorted by numerous precedents; that as a oonsoquoiK-e the United States is lound to protest agni.ist the enlargement of the area of British Guiana in derogation of the rights and against the will of Venezuela; that, considering the disparity iu 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 such arbitration should include the whole controversy, and it is not satisfied if one of the powers concerned be permitted to j draw an arbitrary line through the territory in debate and declare that it will sub- J mit to arbitration only the jortion lying ! on one side of it. In view of these con- ! elusions, the dispatch in question called j upon the British Government for a delij niie answer to the question whether it j would or would not submit the territorial j controversy between itself and Venezue- j la in its entirety to impartial arbitralion. The answer of the British Govern- j ment has not been received, but is expect- j ed shortly, when further communication on the subject will probably be made to the Congress. Hawaii is dismissed with a reference to the uprising last .January, the demands made upon the Hawaiian Government for the rights of American citizens concerned therein, and the demand for the recall of Minister Thurston. The padrone system is denounced as responsible for such manifestations against helpb'ss aliens as the lynching of Italians in Colorado, Congratulations are offered on our good relations with Japan, in view of her vast gains in greatness. Unimportant references are made to our relations with Mexico. Nicaragua and Kussia. The recommendation for an abandonment of the Sanioan agreement is renewed. Of Cuba the President says the United States must preserve international faith, whatever the sympathy of wir citizens with the insurgents. He continues: "Though neither the warmth of our people's sympathy with the Cuban insurgents nor our loss or material damage consequent uion the futile endeavors thus far made to restore peace and order, nor any shock our humane sensibilities may have received from the cruelths which appear to especially characterize this san-; guinary and fiercely conducted war. have j in the least shaken the determination of j the Government to honestly fulfill every ' international obligation, yet it is to be earnestly hoped on every ground that the devastation of armed conflict may speedily be stayed and order and quiet restored to the distracted island, bringing in their 1 train the activity and thrift of peaceful ' pursuits." I The Allianca incident and Spain's dis- i avowal of it and assurmees of a non-re- ! currence of similar interferences are stat- j ed. The President then expresses his regret that the Turkish Government should have i thwarted the purpose to send to the dis- j turbed quarter of the empire the United j States consul at Sivas in order to investi- j gate and report. Every effort, he says, is J put forth to insure the safety of Ameri- j can citizens and the United States minis- i ter is alert. But, he goes on, several of the most MwerfuI European powers have j assumed a duty as agents of the Christian i world in Turkey to restrain fanatical bru- j tality, and "it is earnestly hoped that j prompt ami effective action on their part ; will not be delayed." ; The message recommends at length an j improvement in the consular service by j some plan of appointment and control. j Delicate Financial Situation. j Fully half the message is devoted to a ! discussion of the financial situation. i "By command of the people," the nies- j sage says, "a customs revenue system de- i signed for the protection and benefit of ; favored classes at the expense of the great j mass of mir 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 am fade with other nations, recognizes the act that American self-reliance, thrift and ingcuu- j ity can build up our country's industry j anil develop its resources more surely than ! enervating paternalism." But this and the repeal of the silverpurchase law, it is said, fall far short of curing the financial evils from which we suffer. A lengthy review follows of the growth of our currency, especially the Unite States notes ami tie.isury notes, and the consequent endless drain on the gold reserve of tin treasury. The President states that "among the causes for this constant and uniform shrinkage in this fund may be mentioned the gnat falling off of exports under the operation of the tariff law until recent ly in force, which t ripple) our exchange f commodities with foreign nations ami necessitated to some extent the payment of our balances in gold; the unnatural infusion of silver into our currency, and the increasing agitation for its free ami unlimited coinage, wbieh have created apprehension as to our disposition or ability to continue gold payments; the consequent hoarding of gold at home and the stoppage of investments of foreign capital ns well as the return of our securities already sold abioad, and the higli rate of foreign exchange, which induced the shipment of our gold to be drawn against as a matter of speculation."

Dealings with Bond Syndicate. The history of the various bond transactions which have been resorted to in order to replenish the gold reserve is reviewed and the constant subsequent fallings off pointed out. Of the last transaction with the syndicate the President says: "The erformance of 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 misgiving concerning the wisdom or propriety of this arrangement, and am quite willing to answer for my full share of responsibility for its promotion. 1 believe it averted a disaster, the imminence of which was fortunately not at the time generally understood by our people." We are now. the President says, nearly where we started and nearly all of the gold withdrawn has been paid out on l.'nite! States notes, which still remain uncanceled. Therefore, he says, "I am convinced the only thorough ami practicable remedy for our troubles is found in the retirement and cancellation of our United States notes, commonly called greenbacks, and the outstanding treasury notes issued by the government in payment of silver purchases under the act of 1SINI." I believe this could be quite readily accomplished by the exchange of these notes for United States bond of small as well as large denominations, bearing a low rate of interest. They should be longterm bonds, thus increasing their desirability as investments, and because their payment could be well posttMtned to a period far removed from present financial burdens and perplexities, when, with increased prosperity and resources, they would be more easily met. To further insure the cancellation of these notes and als provide a war by which gold may be added to our curreticy in lieu of them, a feature in the plan should be an authority given to the Secretary f "the Treasury to dispose of the bonds abroad for gold if necessary to complete the contemplated redemption and cancellation, permitting him to use the proceeds if such bonds to take up and cancel any of the notes that may be in the treasury or that may be received by the Government on any account. The increase of our bonded debt involved would be amply compensated by retiowed activity in all business circles, restored c)ntidence at home, reinstated faith in our monetary strength abroad and stimulation of every interest and industry that would follow the cancellation of the gold-demand obligations. In any event, the bonds proposed would stand for the extinguishment of a troublesome indebtedness, while in the path we now follow there lurks the menace of unending bonds, with our indebtedness still undischarged and aggravated in every feattire. The obligations necessary to fund this indebtedness would not oipial iu amount t'iee from which we have been relieved since 1SS4 by anticipation and payment beyond the requirements of the sinking fund out of our surplus revenue. The currency withdrawn by the retirement of the United States notes and treasury notes, amounting to probably less than $4$J.ftOO.iAM) might be supplied by such gold as would be used in their retirement or by an increase in the circil tiion of our national banks. Though the aggregate capital f those now in .xis'.en.-e amounts to more than $tHS4,0Mi,0m, their outstanding circulation, based on bond security, amounts to only about .51W.1MM,HM. They are authorized to issue notes amounting to 1HJ per cent ci the bonds deposited to secure their circulation, but in no event beynd the amount of their capital stock, aid they are obliged to pay 1 per cent tax oil the circulation they issue. I think they should be allowed to issue circulation equal to the par value of the bonds they deposit to secure it, and that the tax on their circulation should be reduced one-fourth of 1 per cent., which would meet all the expense Government incurs on their aceiumt. In addition they should be allowetl to substitute or leposit-, in lieu of the bonds now required as security for their circulation, those which would be issued for the purpose of retiring the United .States notes and treasury no es. Tin banks already existing, if they desired, could issue circulation in addition to that already outstanding, amounting to $47S,XXUh, which would nearly or quite eual the currency proposed to be cancelled. At any rate, I should eonfidently expect to see the existing national banks, or others to be organized, avail themselves of the proposed encouragements to issue circulation, and promptly fill any vacuum and supply every currency need. It lias always seemed to me that the provisions of law regarding the capital of national banks which operate as a limitation to their location fail to mike proper compensation for the suppression of State banks, which came near to the people in all sections of the country ami readily furnished them with banking accommodations and facilities. Any inconvenience or embarrassment arising from these restrictions on the location of national banks might weil be remedied by better adapting the present system Jo the creation of 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 foci re their safe and conservative control and management. But there might not be the necessity for such an akdition to the currency by new issues of bank circulation as at first glance is indicated. If we should be reliewd from maintaining a gold reserve under conditions that constitute it the barometer of our solvency, and if our treasury should no longer be the foolish purveyor of gold for nations abroad, or for speculation and hoarding by mir citizens at home, I shouhl expe-t to see gold resume its natural and normal functions !n the business affairs f the country and cease to be an object attracting the timid watch of our people and exciting their sensitive imaginations. Silver Coinaue. 1 do not overlook the fact that the cancellation of the treasury notes issued under the silver-purchasing act of 1M would leave the treasury iu the actual ownership of sufficient silver, including seigniorage, to coin nearly $17N,O00,(MJU standard dollars. It is worthy of consideration whether this might not. from time to time, be converted into dollars or fractional coin and slowly put into circulation, as in the judgment of the Secretary of the Treasury the necessities of the country should require. Whatever is attempted should be entered upon fully appreciating the fact that by careless, easy descent we have reached a dangerous depth; our ascent will not be accomplished without laborious toil and struggle. We hall be wise if we realize

that we are financially ill and that cur restoration to health may require heroic treatment and unpleasant remedies. In the present stage of our difficulty it is not easy to understand how the amount of our revenue receipts directly affects it. The important question is not the quantity of money received in revenue payments, but the kind of money we maintain and our ability to continue in sound financial condition. We are considering the Government's holdings of gold as related to the soundness of our money and as affecting our national credit and monetary strength. If the gold reserve had never been impaired; if no bonds had leen issued to replenish it; if there had been no question concerning our ability to continue gold payments; if ,mr revenues were now paid in gold, and if we could look to our gold receipts as a means of maintaining a safe reserve, the amount of our revenues would be an influential factoin the problem. But unfortunately ai the circumstances that might lend weight to this consideration are entirely lacking. No Gold from Revenuen. In o-r present predicament no gold is received in payment of revenue charges, nor would there be if the revenues were increased. The receipts f the treasury, when rot in silver certificates, consist of United States notes and treasury notes issued for silver purchases. These forms of money are only useful to the Government iu paying its current, ordinary cxpenses, and its quantity in Government possession does not in the least contribute toward giving us that kind of safe financial standing or condition which is built on gold alone. If it is said that these notes, if held by the Government, can be used to obtain 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 proposition that the treasury can on demand draw gold from the people upon them would be 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 the presentatin of the notes th-y i---i-ed in exchange for it. The secretary of the treasury might use such not taktn from a surplus revenue to buy gold in the market. Of course he could do this without paying a premium. Private holders of gold, and, unlike the Government, having no parity to maintain, wo.ild not be restrained from making the best bargain possible when they furnished gold to the treasury; but the moment the secretary of the treasury lxoiglit 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 Governnu-nt is pledged to maintain, and opening the way to new and erious complications. Meantime the premium would not rem-iin stationary, and tie absurd spectacle might be preseiitet of n lealer selling gol.l to the Government, and with United .States or treasury notes in hand immediately clamoring for its return and a resale at a higher premium. It may be claimed that a large revenue ami redundant receipts might favorably affect the situation under discussion by affording nu opportunity of retaining these notes in the treasury when received, and thus preventing their presentation for gold. Such retention, to be useful, ought to be at least measurably permanent; and this is precisely what is prohibited, so far as Unite! States note ure concerned, by the law of 1S7.N forbidding their further retirement. That statute, in so many words, provides that these notes, when received into the treasury and belonging to the United States, shall be "paid out again and kept in circulation." It will, moreover. 1' readily seen that the Government coulJ not refuse to pay out United States notes ami treasury notes in current transactions when demanded, ami insist on paying out silver alone and still maintain the parity between that metal and the currency representing gold. Besides, the accumulation in the treasury of currency of any kind exacted from the people through taxation is justly regarded as an evil nnd it cannot proceed far without vigorous protest against an unjustifiable retention of money from the business of the country and a denunciation of a scheme of taxation which proves itself to be unjust when it takes from the eari ings and income of the citizens money so much in excess of the needs f government support that large sums can be gathered and kept in the treasury. Stich a condition has heretofore, in times of surplus revenue, led the Government to restore currency to the people by the purchase of its unmatured bonds at a large premium ami by a large increase of its deiosits in national banks, and we easily remember that the abuse of treasury accumulation has furnished a most persuasive argument in far of legislation radically reducing our tariff taxation. Perhaps it is suppsed that sufficient revenue receipts would in a sentimental way improve the situation, by inspiring confidence in our solvency ami allaying the fear of pecuniary exhaustion. And yet. through all our struggles lo maintain our gold reserve, there never has been any apprehension as to our ready ability to pay our way with su-h money as we had; an, the question whether or not our current receipts met our current expenses has not entered into the estimate of our solvency. Of course, the general state of our funds, exdjsive of gold, .was entirely immaterial to the foreign creditor and investor. Iii debt could only be paid in gold, ami his only concern was our ability to keep on ham that kind of money. On July 1. I.sjrj, more than a year and a half before the tirsf bonds were issued to replenish the gold reserve, there was a net balance in the treasury, exclusive of such reserve, of less thai $1.',-I0UNI); but the gold reserve amounted to more than . 51 14,(MH,(HK. which was the piieting feature of the situation. I: was when the slock of gold began rapidly to fall that fright supervened and our securities held abroad were returned for sale and debts owed abroad were presse, for payment. In the meantime, extensiv shipments of gold and other unfavorable indications caused restlessness and fright among our people lit home. Therein n the general state of our funds, exclusive of gold, became also immaterial to them, ami they, too, drew gold from the tnasury for hoarding against all contingencies. This is plainly shown by the lanre increase In the proIortion of gold withdrawn which was retained by our owi people as time and threatening incidents progrss'd. During the fiscal year ending June '(), 1NI4, nearly $Sr.XNMK)0 in jtold was withdrawn from the treasury md about $77,tHX,0H) was sent abroad, vhile during the fiscal year ending June 30, ISO,", over $117,000,(H0 was lrawa out, of which only about $(Mi.MK),000 was shipped, leaving the large balance of such withdrawals to be neouiited for by domestic hoarding. Increased Itcvtnues No Remedy. Inasmuch us the withdrawal of our

gold has resulted largely from fright, thre is nothing apparent that will prevent its continuance or recurrence with its natural coneuenes, except such a change in our financial methods as will reassure the frightened and make the desire for gold less intense. It is not dear how an increase in revenues unless it be iu gold, can satisfy those whose only anxiety is to gain gold from the Government's store. It cannot, therefore, be safe to rely upon increased revenues as a cure f.r our present troubles. It is possible that the suggestion of increased revenue as a remedy for the difficulties we are considering may have originated in an intimation or distinct allegation that the bonds which have been issued ostensibly t replenish our gold reserve were really issued to supply insufficient rev-nue. Nothing can be further from the truth. Bonds were issued to obtain gold for the maintenance of ir.r national credit. As has been shown ihe gold thus obtain d has been drawn again from the treasury upon United States notes and treasury notes. This operation would have been promptly preventd. if Hssible, but these notes having thus ben pass'd to the treasury they became the money of the Government, like any other ordinary Government funds, and there was nothing to do but to use ihetn in paying Government expenses when nMHled. At no time when bonds have been issued has there been any consideration of the question of paying the expenses of Government with their proceeN. At the time f each lnd issue we had a safe surplus in the treasury for ordinary operations, exclusive of the gold in our reserve. In February, lb04, when the first issue of bonds was made, such surplus amounted to over $1K.H0; in November, when the second issue was made, it amounted to more than .?42JM.k)Jni, ami in IYbruary, 1MC, when bonds for the third time wer' issued, such surplus amounted to JfOS.uTlML'O.oO. Besides all this, ih Scretary of the Treasury had no authority whatever to issue lon!s to inomise th r!inary revenues r pay current expenses. I cannot but think there has le n some confusion of ideas regarding the effects of tli- issue of bonds and the results of the withdrawal of gold. It was the latter process and not the former that by substituting in the treasury United States notes and treasury notes for gold increased by their amount the money which was in the first instance subject to ordinary government expenditure. Although the law compelling an increased purchase of silver by the Government was passed on the 14th day of July. 1K. withdrawals of gold from the treasury upon the notes given in payment on such purchases did not begin until October, 1VJ1. Immediately following that date the withdrawals upon both these notes and United States notes increased vry lurgely, and have continued to such an extent that since the passag- of that law there has Veen more than thirhen times as much gold taken out of the tnasury upon United Stat s not-s and treasury notes issued for silver purchases as was thus witlnlrawn during the eleven and a half years immediately prior theteto and after the first day of January. 1ST!, when specie payments were resumed. It is neither unfair nor unjust to charge a large share of uir present financial perplexities and laugers to the operation of the laws of 1S7S and ISIMJ mpolling the purchase of silv-r by the Government, which not only furnishes a new treasury obligation upon which its gold could be withdrawn, but so increased the fear of an overwhelming flood of siier and a forced descent to silver payments that ev-n the r'p'al of these laws did not -u-tiivly cur the evils of their existence. Free Silver Coinage. While I was endavoring to make a plain statement of the disordered condition tit our -urrenoy and the prest-nt langers menacing our prosperity and to sug-g-st a way which leads to a safer financial system. I have constantly had in mind the tact that many of my countrymen, whose sinc-rity I do not doubt, insist that the ure for the ills now threatening us may be found in the single and simple remely of the fr'e oinage of silver. They contend that our mints shall bv at once thrown open to the free, unlimited and independent coinage of ImuIi gold and silver dollars, of full legal tender quality, rgardless of the action of any other Government and in full view of the fact that the ratio between the metals which they suggest alls for H cnts worth of gold in the gold dollar at the present standard, and only ZA) cents in intrinsic worth of silver in the silver dollar. Were ther infinitely stronger reasons than can be atlduced for hoping that such action would secure for us a bimetallic currency own ing on lines of parrty. an -x-periuunt so novel and hazardous as that proiosed might well stagger those who believe that stability is an imperative condition of sound money. No government, no human contrivance or act of legislation has ever been able to hold the two metals together in free -oinage at a ratio appreciably different from that which is established in the markets of the world. Those who lelieve that our independent free coinage of silver at an artificial ratio with gob of 1 to 1 would restore the parity between the metals, and consequently between the coins, opjnise an unsupported and improbable tln-ory to the general belief ami practice of other natious, ami to the teachings of the wisest statesmen and economists of the world, both in the past and present, and, what is far nior.cii-lusive, they run counter to th'ir own actual experiences. Twice in our earlier history our lawmakers, in attempting to establish a bimetallic currency, undertook fnv coinng upon a ratio which accidentally va-ri-from the actual relative values of the two metals not more than .1 per cent. In both cases, notwithstanding gr-at'r difficulties ami cost of transportation than now '.ist, the coins whose intrinsic worth was undervalue! in the ratio gradually and surely disappeared from ur circulation and w'Ut to other 'ountries, when? tlu-ir real value was bettor recognized. Acts of Congress wen impotent to r ate iiality w b-re natural causes decreed even a slight inequality. Twice in our recent history we have signally fnild to raise by legislation the value of silver. Under an act of Congress passed in 1S7N the Government was requirel for more than twelve years to expend annually at least $1M.(KJ0,000 in the purchase of silier bullion for oinnge. The act of July 14. 1SIK, in a still bolder effort, im-reasetl the amount of silver the Government was compelled to purchase, and for-el it to become the buyer annually of M,000.(J0 ounces, or practically the entire product of our mines. Under lth laws silver rapidly and steadily declined in value. The prqh-y, and the expressed hqe and expectation of those in the Congress who lel iu the passage of the last-mentioned act, that it would re-cetablish and maintain the

former parity between the two metals arr still fresh in our memory. In the light of these experiences, which; accrd with the experiences of other nations, there is certainly no secure ground for the belief that an act of Congress could now bridge an inequality of ZA) ht cent, between gold and silver at our present ratio, nr is there the least possibility that our country, which has less than one-seventh of the silver money in the 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 the fr-e coinage of silver at a ratio differing widely from actual relative values would be the signal for the complete departure of gold from our circulation, the iu:meiate and large -on-traction of our circulating medium, and h shrinkage in the real value and monetary efficiency of all ether forms of currency as they settled to the level of silver monometallism. Every one who receives a fixed salary and every worker for wages would find the dollar in his hand ruthlessly s-aled down to the point of bitter disappointment if not to pinching privation. Warned hy History, All history warn us against rash experiments which threaten violent changes jl our monetary standard aud the degradation f our -urr-ncy. The past is full of lessons teaching not only the economic langers. but the national immorality that follows in the train of such experiments. I will r.ot le'ieve that American p-opl can be persuaded after sober deliberation to jeopardize their nation's ptvsfipe and proud standing by encouraging financial, nostrums, nor that they will yield to tht false allurements of chap money, when they realise that it must result in th w -akening of that financial integrity and r'-titude which thus far in our history has been so devoielly cherished as one of the traits of true Americanism. Our country's indbtodi:css, wh-thr owing by the G.verr.mer.t r existing he tween individuals, has b-on -outra-ter with reference to our present standard. To lecT- by act of congress that these debts shall be payable in loss valuablf loilars than those within th- 'ont-mpla-tioii and intention of the parties wher contracted, would operate to transf-r by the fiat of law and without compensation an amount of property and a volume of rights and int r-sts almost incalculable. Those who advocate a blind and lo ad long plunge to frte coii.age in the nam- of bimetallism and professing rh belief c-n trary to all exprience that we could thus establish a louble standard and .1 onurrent ir'ulation of both metals in out coinage are certainly reckoning from a cloudy standpoint. Our pr-scut standard of value is the standard of the civilized world, and permits the only bimetallism now possib'i-, or at least that is within the inde,pend-ut reach of any single nation, however powerful that nation may h While tin value of gold as a stand ard is steadied by almost universal coin men ial and busin ss men. it doe not despise siher n r s k its hanishme it. WherevT there is at its side in free am: unquestioned circulation a volume ol silver -ui r ncy soim times equaling, sometimes even '-elitig it in amount, both are maintain ! at a parity not withstanding a lepreciation r f!;: t i:at iot in the intrinsic value of silv r. Then is a vnM difTorene' letw- n a standard of valu' and a -uirency of monetary use. The standard must n ssarily lie fix'd ami certain. The ut r :j-y may be in livrs forms and of various7 kinds. No silv-r-stanlari country has a gold enrn-ncy iu ir-ulai ion. but an -n light-ned and w is- system of tinan ' se. cures the h-ncf's of both gold and silver as currency and circulating medium by keeping the standard stahl' and all oth r ctirrt tic.v at par with it. Such a syst in and suh a standard a No give free scopfir the us and expansion if safe ami con servative credit, so indispensable- to broac and growing -inmu-n-ial transactions ami so well (substituted for th- actual use ot money. If a fixed and stable standard is maintained, such as the magnitude and saf tyof our -omnieroial transactions and business require, the use of money itself is conveniently minimized. Kv-ry dollar of ' fix-d ami stable value has. through thsag ncy of confident credit. ::n astonishing" capacity f multiplying itself in financial work. Kvery unstable and fluctuatingdollar fails as a basis if credit, and in itsuse begets gambling, speculation and undermines the foundations of honest enterprise. I have venturnl to express myself tu this subj'ct with 'ni'stiiss ami plainness of spe-h because I annot rid myself f the belief that there lurks in the proposition fir the free ctdnage if silver, sc Ftrongly approv'l ami s enthusiastically advocated by the multitude of my -um-tryinen, a serious menace to our pros perity and an insidious temptation of our people to wander frm the nllegiait t they owe to public ami private iiit-grity. It is because I do Hot distrust the giul faith aud sim-erity of those w ho press this scheme that I have imperfectly, but w i'Jb zeal, submitted my thoughts upon thX momentous subject. I annot nftair. from begging them to re examine their views and beliefs in the light of patriotic rasou and familiar experience and to weigh again ami again the conscquetre of such legislation as thir efforts h.-ne-invited. liven the continued agitation of the s:ibjet adds grvt! to the li'liculties of a langrous financial situation, already forc'd upon us. In -onclusion, I sp'ially entreat the pHiples ivpn-st'ntatms iu the Congress, who arc chargeil with the responsibility of inaugurating moasur's for the safety ami prosperity of our common country, to promptly ami effectively outsider thrills of ur critical tin.-ueial plight. I have sugg'st-l a r iu ly which my judgment approves. I lesire, bow'Vr. toassure the ('ongr'ss that I am prepared to -o-operate with them in perfecting any other measure promising thorough and' practical relief ami that I will ghully labor with them iu every patriotic endeavor to further the inten-sts and guard ll.owelfare of our countrymen whom in . irrespective places if duty we have undertaken to serve. Webling lipatl. Aeconilng t the Itevue Industrielle,. M. Blondell has introduced a new method of uniting lead to lead. The -- surfaces to be joined are scraped cV-i and .t thin layer of lead anutlga- :.r Interposed between them. An ord.uary soldering iron Is then passed over t!iline of junctim, ami the mercury f tho thin sheet of lead leaves the tiuj- '.ivided lead to fuse and unite tne tw surfaces. It Is not how much we have, but liuw inucii we enjoy that viakes happiness