Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1886-12-04
WHEEIING W. VA SATURDAY MORNING, DECEMBER 1886
CLEVELAND'S MESSAGE.
original Paragraphs on the Tariff, Silver
and National Banks.

and National Banks.
WASHINGTON, December 3.-President
Cleveland has read the important portions
OF the message he will send to Congress
next week to several leading Democrats
1t is learned from these that he will be very
explicit on the tariff question. The Presi-
dent favors free raw materials and regards
the protection of American Labor "the
most justifable pretext for
policy of protection" As between
the the plan of reduction proposed by
Mr.. Morrison and that formulated by Mr..
Randall he will urge a compromise which
will meet the views of the two wings of the
party. In his message the President takes
the ground that the revenues are excessive
and the surplus increases far in advance
Of the safe redemption of bonds, considered
in connection with interests other than those
Immediately connected with the Govern
ment. In conversation with Democratic
Senator he proposed q reduction of duties
on certain manufactures, established on
sound competitive basis, the admission of
certain raw materials either free or at a
reduced duty, the increase of the
free list and slight reduction
in internal taxes. 1t was originally his
plan to urge only the passage of the ad-
ministrative features Of the Morrison bill
submitted by Mr.. Hewitt, in order to facili-
tate the execution of the statutes. 1t is
doubtful whether any recommendations
looking to a reduction Of duties could be
accomplished at this session, but ii may be
possible that the creation of commission
of experts, not for investigation, but for a
careful digest of information already avail
able but never formulated in the shape of
tariff bill, may be accomplished.
Another subject will be the reorganiza-
ton Of the National Bank system On the
basis of the substitution of some other
class of securities than United States
bonds, which are now in fair way of re-
demption as rapidly as they mature. The
effect of this will be ultimately to destroy
their usefulness. The President recognizes
the fact that some differences of opinion
exist with refernce to the National Banks.
In providing a substitute for the
security of their circulation public senti-
ment will not be ignored. 1t is his wish,
however, that financial system which
has had so many advantages over the old
State system shall not languish for lack OF
proper provisiods for its maintenance in
some form to meet the business interests
of the country and security of the people.
II has been found that the high price of
bonds, not to speak of their scarcity, has
already very materially effected the increase
of the national bank circulation and ad-
versely to the requirements OF the natura
increase of business. The President has
had his attention called to the necessity Of
early legislation to meet this emergency,
urging rs a reason, in which the people
are directly concerned, that a continuance
of the present tendency to a curtailment
of this class of the circulating medium
will have the effect of contraction Of the
currency to degree that will be seriously
felt in every department OF life.
The President will also call attention to
the regulation of silver coinage by placing
discretionary power in the Secretary of the
Treasury and the reduction of the re-
ceipts bya reduction of customs duties
and internal revenue taxes in order TO
prevent the redundance of revenue Ond too
great an excess of the surplus fund. The
President, from the data furnished by
Treasury officers will be able to show that
because another year has passed without
trouble, notwithstanding the indifference
manifested toward the indifference mai
tested toward his recommendation last
year on the same subject, it does no follow
that danger has passed. He shows that
the favorable conditions of trade ayerted
the complications then, but that we are
now so much nearer q crisis, and that
when it comes it will come suddenly and
will require prompt treatment.