The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-12-10
PRESIDENTS MESSAGE.


.tg IG1e1 ff5.4 isI FSgeJ
of the ,1untry. It's farmers ana
lab0rers nave TIE highest IN.
terest tia. every dollar Of paper
" coin issued 5y the government
shall be gC1i as any other. il
there is .1. Joss ralu8ble than an
other iii vi. used to pay them
for their leir crops. The
money lender will + .ect himself by
STIMULATING for payme. in gold, but
Inc lab1rer has never been able to do
that. TO place business upon a silver
Uasis would mean a sudden and severe
contraction Of the currency by the
withdrawal VI gold and gold notes and
such an unsettling vi All values az
would promise a commercial panic. !
caunot believe that people 50 strong
aad prOspcrOus az Ours will promote
such policy. The producers Of silver
arc entitled to just consideration, but
they should not forget that the gov
ecnment Is now buying and putting
out o. the market what is the equiv
alent Of the entire product Of our sill
yer mines. This il more than they
Inc nselyes thought Oi asking two
yea 8 agO. / believe it is the earnest
DE- re- Oi great majority Of the peo-
p!- as Is were, that a full coin use
she be made Of silver, just as soon az
th. cooperation Of other nations can
be secured and ratio fixed that
Wi give circulation equally to gold
and silver. The business Of the world
divides the use Of both metals, but
do not zee any prospect Of gain, but
much Of loss by giving up the present
system in which a full use is made Of
gOi i and large use Of silver for one
IN which in silver alone will circulate.
~ 1 al event would be at once fatal
TO nc further progress Of the silver
mg enent. Bi-metalism Is the desired
eU and the true friends Of silver will
BE- areful not TO Oyerrun the goal and
DgE 9 in silver mOnOmetalism with its
ne ssary attendants, the loss Of our
gO.a to Europe ana the relief Of the
pre- sure there for larger currency.
J 1--we endeayored by the use Of Off
cla. agencies to keep a close Observa-
Jon Of the state Of public sentiment in
Europe upon this question and
hay1 not found it to be such as
tJustify me in prOpOsing an interna-
tiOnal conference. There Is, however,
an sure, a growing sentiment in
Europe in favor Of q Larger use Of sill
yer, and know Of no more :fectual
way Of promoting this sentiment than
~ accumulaiing gold here. 4 scare
it, # gold in the European reserves
HIli be the most persuasive argument
for ne rise Of silver. The exports of
god to Europe, which began in Feb !
rulfy last, and continued to the close
~ July, aggregated over so, OOO, 900. !
The net loss Of gold during the fiscal
yeai was nearly S63, 0OO,000. That no
serious monetary disturbance result |
cd Tas most gratifying, and gave
fresh evidence Of the strength and /
stability Of our financial ingtitu- /
tons. With the movements Of crops
the outflow Of gold was speedily /
ended, and a return set in. Tn to /
ne smoer we had recovered Of our
Eo'H loss at the port Of
.,f" YORK S27554 900, and
J., confidently believed that
dorHg the winter and spring this az
gree ate VIII be steadily and largely
Increased. The presence Of large .
@h surplus in the treasury has for |
~ years been the subject Of much |
'Forable criticism and has furnish |
= argument to those WhO have de-
az . place the tariff upon a reye-
~ ~. 1t was agreed by all that
'draWal from circulation of
W. amount Of money was an ,
ia'2 a. ent to the business Of the Z
~, -. made necessary the in (
l ..l. ~ an :, the department at fire. q
W t1 ,Jn 3, to relieve tho threat
ID monetary pahlcs. Inc surplus I
March j, u. W, was sl83, 827, 100. /
q poiicy OF apo wing this surplus to q
, I'D I'd s9ntim 6fl he interest bear 3
: sernritieg Of tn 9 United States i
thought to be pr, Hferable to that '
denogItin0 it within Intere st in Il
IecfdI national banks There have a
I'm rsdeemed since the date last o
.nti,1ed. of interest bearing securi- )
u, & % O59, 800, resulting in red uc- o
m In the annual interest charge OF q
/ ga G85. The money which had u
,eu dsposited in banks without in u
resi- nas been gradually Withdrawn n
nj used in the redemption OF bonds u
ne rh iulJ OF Unl5 pOIICJ vi OnD "''' | ;.
eislation and Of the refundlnS OF 1t
10 u1r cent bonds has been large n
,crease of the money in circulation. "
1 tho date last named the circula- u
on gas 81, 4O4 ,2O5 1906, or S23.O3 per g.
anti while on the first day Of p
,acea Der, 1891. it had increased to y
J .5ll. 2G2, O70 or S24.38 per capita. The Is
naf " the secretary Of the treasury 81
} the holders of the 4 IL per cent io
ondg to extend the time of redemp- 81
Ion q the option Of the government, u
{ an interest Of 2 per cont, was ac- u
ep.pl by the holders Of about one L
ialf he amount and the unextended G
,ond5 are being redeemed on prcsen- o
alton, II
SECRETARY OF WAR. .
The report Of the secretary of war r
exhibits the results Of intelligent, pro- {
,ressive and business-like administra- C
ion Of department which has been
90 much regarded as one of mere
-outine. In the administration OF
army affairs some especially good l
work has been accomplished. The
,0nrtq of the secretary TO reduce the |