The Globe-republican., 1893-12-08
It friendship. promptly disavowed the

| IL Is necessary lOr me 10 state tnal
| the questions arising from our relati rs with
just prior to the installation of the pres
| ent administration the existing govern
| ment OF Hawaii had been suddenly overthrow
| and treaty Of annexation had been negotiated
| between the provisional government of the
| island and the United Stsres and submitted to
! the senate for ratification This treaty I with
drew for EXAMINATION and dispatched Hon.
James A Blount, of Georgia, to Honolulu as a
special commission 10 make an impartial in.
vestigation Of the circumstances attending the
/ change OF government and Of all the conditions
/ bearing upon the subject Of the treaty. After
| Biount submitted to me his report
showing beyond all question that the
| constitutional government Of Hawaii had
| been subverted with the active aid of
/ our representatives 10 that vernment and
| through the intimidation caused by the pres
ence Of an armed naval force Of the United
Seates which was landed for that purpose at
the instance OF our minister. Upon the facts
developed il seemei TO me the only honorable
course for our government to pursue was to
undo the wrong that had been done b. those
representing and TO restore as far as prac-
ticable the status existing at the time Of our
forcible Intervention. With a view OF accom-
plishing this result within the cons titutional
Limits OF executive power and recog niZing
all our obligations and responsibilities grow
ing out Of any change OF conditions,
brought about our uniuStti1ble interference
our present minister at Honolulu has received
appropriate instructions 10 that end Thus
ar no Information OF the accomplishment Of
any definite result has been received from him
Additional adviceS are soon expected. When
received they will promptly be sent TO congress
! together with all other information a. hand.
accompanied BIZ a special executive MESSAGE
fully detailing all the facts necessary 70 COM
piete understanding Of the ciSa and presenting
= history of ali material, events leading up
TO the present situation
The Treasury.
The secretary Of the treasury reports that
the receipts of the government from all sources
during the fiscal year ended June 81. s23,
amounted to sI6l ia 56,.9i AID its expenditures
10 $50 s74.6.4 %. There was collected from
customs S95. 355. Ole IS and from internal reve-
nue. siG .0s1e23 90 Our dutiable imports
amounted 10 si2l $50 I'll increase OF 81, AS,
81 ever the preceding year, and importations
free of duty amounting 10 iH, iii.2Ii. . de-
crease from the preceding year of slt45,aI7
Internal revenue receipts exceeded those OF the
preceding yea- by s.. H'-:2
The total tax collected distilled spirits
was s9i,12! 2605 S.; on manufactured tobacco,
81. ss9. I'll -. and on fermented liquors 81,
5is,9saO1. We exported merchandise during
the year amounting to SsE, 64' 1874. decrease
Of 49,. 9s4 from the preceding year. The
amount Of gold exported was larger than any
previous year in the history OF the government
amounting to sOs 6sI 81. and exceeding the
amount exported during the prece ling year By
sas ASS, 5l. The sum paid from the treasury
for sugar bounty was g, s1i.l3.sS an increase
over the preceding year OF s ,.03 ,o53 O9.
1t IS estimated upon the basis OF present
revenue laws that the receipts OF the COVE n
ment for the year ending June 81, 1894. will be
d
3S5 So resulting in q deficiency OF %. 100 pOj
On the list day OF November. l.9), the amount
of money Of all kinds in circulate or not in
Guided in treasury holdings was S!,1Is, 5A 6s2.
an increase for the year of sIl24i 81. Esti
mating our population at 81 ,oo) at the time
mentioned. the per capita circulation was 80 SO
On the same date there was in the treasury
gold bullion amounting TO 50 65', -73. and silver
bullion which was purchased al cost OF $i26 :
a6i. 5l3
The purchase OF silver under the law of July
IL. 1897. during the last fiscal year, aggregated
$40 S. SO fine ounces, which cost ss5 ST.
S1i 81 The total amount OF silver purchased
from the time that law became operative until
the repeal of its purchasing clause the LIST
day of November. 1923, was l6S GA j9l 50 fine
ounces. which cost SI559G 24) ST Between the
LIST Gav Of March, ls9'. d the list day of
November 1898, the government purchased IN.
der al laws 5)3O13, III tine ounces OF silver IT
been coined under the act of Jul, H. Is9l, num-
be- 36eS-.2sh The seignioraye arising from
such coinage was 49,, $50 : 50. leaving on hand
il the minis IL ,Sl9. s5I fine ounces OF silver
which cost SIG. 15s2ls
Our total coinage OF all metals during the
last fiscal year consisted OF 99I, ~. SIS pieces
valued ii S4S. 6si. i73 81 of viii there was So
ssh in gold coin, s',Si37IS in silver dollars,
s'21, - 80 IN subsidiary silver coin and Si.DS =
l03 - il minor CONS During the calendar year
l-9I The production OF precious metals in the
United States was estimated to be I.3j SIS fine
ounces Of gold OF the commercial AMI coinage
value of SPOOL D and 50 JJ9, 0JO fine ounces of
silver OF bullion or market value of $50. $780,
0od and Of the coinage value Of s7I.9-9 80,
1t is estimated that OF the first day of July
80 the metallic stock of money in the United
States. consisting OF coin ard bullion amounted
10 :l,.ls as, l69 Of which $685.. ts .6s5 gold
and .6i5. s6I. iS4 was silver.
One hundred and nineteen NJ iolal banks
We're organized during the year ending October
81, 1929 with capital of ll,a3O ~, fort six
went into voluntary liquidation and ljs SIS
pen led SiXtyfve OF The suSps uded banks
were inSolve0'. eigh,y-six resumed business,
and seven remain il the hands of bank X.
umiuers with prospects Of speedy resumption
OF the new banks organized ~ were located
in the eastern states IL west OF tha Mississippi
river ana "a in the central and southern states
The total number OF banks in existence on the
:lst day of October i.9'. was All having an
aggregate capital OF 1926 .a5-.l1 The net in
crease il the circulation OF these banks during
the year was S3isS5,S ST. The rscen. repeal OF
the provision Of law requiring The purchase Of
ii YER bullion By the government AS a feature
OF our monetary scheme has made an entire
change in the complexion OF our currency at
fairs do Lot doubt that the III innate result
of this action will be most salutary and far
reaching.
In the nature Of things. however, il is impos
sible 10 know at this time precisely what condi-
tious will be brought about by the change. or
what, IL any, supplementary legislation may
in the light OF such conditions. appear to be es-
sential expedi ut OF course, after the re-
cent financial perturbation tim is necessary
for the re-eStablishmsut OF business confidence.
When. however, through this restored conf
dsnce, the money which has been frightened
into no IrdiuG laces is returned to trade and
enterprise, a survey OF the situation viii
probably disclose . safe path leading to
\ perm luentlT sound currency abuudantly
sUficiea: 10 NEE, every requirement Of Gu III
creasins population ami business. In the pur-
suit of this object we should resolutely turn
away from auuring and temporAr, ex-
pedieuts, determined to be conten;ed with
nothing less thaa lasting and COM
prehsnSive financial plan In these cir
Gums; anceS Am convinced that q reasonable
delay in dealing with the su jsct instead OF
being Injurious will increase the proba ability of