Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-12-04
THE SEIZURE OF THE v1RGINIUs.

26th day of September, 1870, duly
registered at the port of New York
as part of the commercial marine
of the United States. On the 4th
day of October, 1870, having recelv-
ed the certificate or her register in
the usual legal form, she sailed from
the port of New York and has not
since been within the territorial ju-
risdiction of the United States. On
the 31st day of October last, while
sailing under the flag of the United
States on the high seas, she was for
cibly seized by the Spanirh gunboat
Tornado, and was carried into the
port of Santiago de Cuba where
many of her passengers and crew
were inhumanely, and so far at least
as relates to those who were citizens
of the United States, were without
due process of law put to death. 1t
is well established principle assert
ed by the United States from the
beginning of their national indie
pendence, recognized by Great
Britain and other maratIme powers
and stated by the Senate in reso-
luton passed unanimously on the
sixteenth of June, 1858, that Ameri-
can vessels on the high seas in time
of peace bearing the American flag
remain under the jurisdiction of the
country to which ttey belong and
therefore any visitation, molesta-
tion or destruction of such vessel
by force on the part of a foreign
power is in derogation of the SOW
erenignty of the United States.
DEMANDS MADE OF SPAIN.
In accordance with this principle
the restoration of the Virginius and
the surreader of the survivors Of
her passengers and crew and 4 due
reparation to the flag end the push
ishment of the authorities who had
been guilty of illegal acts of violence
were demanded. The Spanish Gov
ernment has recognized the justice
of the demand and has arranged
for the immediate delivery OF the
vessel and for the surrender of the
survivors of the passengers and
crew, and for a salute to the flag, ,and
for proceedings looking to the pun
ishment of those who may be proved
to have been guilty Of illegal act:
of violence towards citizens of the
United States, and also towards
indemnifying those who may bt
shown to be entitled to indemnity
A copy of a protocol Of a conference
between the Secretary of State ant
the Spanish Minister in which the
terms ofthis arrangement were agreed
to is transmitted herewith. The
correspondence on this subject
with the legation of the United
States is in cipher and by cable, ant
needs the verification of the actua
text of the correspondence. 1t ha:
seemed to me to be due the impor
tance of the case not to submit thi:
correspondence until the accurate
text can be received by the mails
1t is expected shortly and will b'
submitted when received.
THE NAVY PREPARATIONS
Pending negotiations between the
United States and the Government
of Spain on the subject of this cap
ture l have authorized the Secreta
ry of the Navy to put our navy oil
a war footing to the extent at least
of the entire annual appropriation
of that branch of the service, trust
ing to Congress and the public opir
ion of the American people to just
ify my action.
SLAVERY IN CUBA.
In taking leave of this subject fol
the present, / wish to renew the eX
pr-ssion ofmy conviction that Tho
existence of African slavery in Cub:
is principal cause of the lamenta
BILE condition of the island. l. do no
doubt that congress shares with mt
the hope that it will soon be made tt
disappear, and that peace and pros
perity may follow its abolition. The
embargoing of American estates il
Cuba, ,curelty toAmerican citizens de
tected in no act of hostility 10 the
Spanish Government, the murder
ing of prisoners taken with arms il
their hands, and finally the capture
upon the high seas of a vessel sailing
under the United States flag ant
bearing a United States registry has
eliminated in an outburst of indig'
nation that has seemed for a time
to threaten war.
THE CURRENCY SOUND.
The experience of the present panic
has proved that the currency of the
country, based as it is upon the credit
of the country, is the best that has ever
been devised. Usually in times Of such
trials, currency has become worthless
or so much deprecated in value as to in
fiate the value of all the necessaries ol
life as compared with the currency. Ev-
cry one holding it has been anxious to
dispose of it at any terms. Now we
witness the reverse. Holders of cur
rency hoard it as they did gold in for
mer experiences of like nature.
| FINA NCIAL NEEDS OF THE COUNTRY.
1t is patent to the most casual obsre-
yer that much more currency of money
is required to transact the legitimate
trade of the country during the fall and
winter months, which the vast crops are
being removed, than during the balance
of the year. Under the present system
the amount in the country remains the
same throughout the entire year, result
ing in an acclamatiOn of all the surplus
capital of the country in a few centers,
when not employed in the moving of
crops tempted there by offers of interest
on call loans. Interest being paid, this
surplus capital must earn this interest
paid with profit. Being subject to
call, it can be loaned only in part, at
best, to the merchant or manufacturer,
for fixed term, hence no matter how
much currency there might be in the
country, it would be absorbed, prices
keeping pace with the volume, and PAN
les, stringency and disasters wOHld ever
be recurring with the autumn.
AN ELASTIC URREN CY NECESSARY.
Elasticity in our money system, there
fore, is the object to be obtained first,
and neqt to that, as far as possible, a
prevention of the use of other princi-
pals's money in stock and other species
of speculation. 10 prevent the latter,
it seems to me that one great step would
be taken by prohibiting the National
Banks from paying interest on deposits
by requiring them to hold their reserves
in their own vaults, and by forcing
them into resumption, though it would
ho a,,lI- In Ia.