The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-12-13

undo the wrong that had been done
Dy those representing us, and to re-
store, as far as practicable, the status
existing at the time of our forcible i'm
tervention.
PROGRESS OF ARBITRATION.
BY a concurrent resolution passed by
the senate February Ia, 1890, and by the
house of representatives on the 3rd of
April following, the president was re-
quested ito invite from time to time, as
dt occasions may arise, negotiations
with any government with which the
United States has or may have diplo-
matte relations, to the end that any diff
ferences or disputes arising between the
two governments which cannot be adj
justed by diplomatic agency, may he
referred to arbitration and be peaceably
adjusted by such means"
April is, 1890, the International
American Conference of Washington,
by resolution expressed the wish that
the controversies between the republics
OF America and the nations of Europe
might be settled by arbitration and rec
commended that the government of each
nation represented in that conference
should communicate this wish to all
friendly powers.
A favorable response has been re-
ceived from Great Britain in the shape
Of resolution adopted by the parlia-
mont July 10th, last, cordially sympa-
thizing with the purpose in view and
expressing the hope that her maiesty's
government will lendready co operation
TO the government of the United States
upon the basis of the concurrent reso-
luton above quoted.
1t affords me signal pleasure to lay,
this parliamentary resolution before the,
| congress, and to express my sincere,
qualification that the sentiment Of two!
great and kindred nations is thus au-.
thoritatively manifested in favor of the
rational and peaceable settlement of
International quarrels by honorable re-
sort to arbitration.
STATE OF THE TREASURY.
The secretary Of the treasury reports
that tho receipts Of the government
from all sources during the fiscal year
ending June 80, 1893, amounted to
B461 ,7l6,561.94, and it's expenditures to
8459, ,674.20. There was collected;
from customs S295, 1855, ,O16.73, and from
internal revenue $l61, ,027, ,623.92. Our
I'll, an increase of S52, ,453,007 over the
preceding year, and importations free
of duty amounted to $i44 ,545, ,211, a de-
crease from the preceding year of
S13, ,455, ,447' Internal revenue receipts
exceeded of the proceeding year by
81, ,147, ,440.32.
1t is estimated upon the basis of
|
ceipts of the government for the year
ending June 80, 1894, will be $3.50, ,121,-
365.3s and it's expenditures S45S, ,121,-
365.3S, resulting in a deficiency of
S2S.00O,O0O.
On the first day Of November. 1903,
the amount of money of all kinds in
circulation, or not included in treas
ury holdings, was Sl,71S,544, ,6S2. an IN
crease for the year of SIP s,047.
Estimating our population at 87, 1885,
900 at the time mentioned, the per
capita circulation was $25 40.
During the year 119 banks were or
| ganized In thirty-two states and ter
ritories with a capital stock of SILL
10000, distributed as follows:
! Forty-four with IL capital stock of
S5,135,000 in the eastern states; FORTY
one with capital stock of 81, $40, 900,
west of the Mississippi river, and thir-
| ty-four with capital stock of So, ,755, 600
IN the central and southern states.
Within the same period 15S banks
! suspended with a capital stock of $780,
100000. OF this number cighty-six
with a capital stock of Sis, ,2o5, 900 re-
sumed, and siXty-five passed into the
hands of receivers, witha capital stock
of $40, ss5, 900.
THE SHERMAN LAW REPEAL.
The recent repeal of the provision of
law requiring the purchase Of silver
bullion by the government as u feature
of our monetary scheme has made an
entire change in the complexion OF our
currency affairs. l do not doubt that
the ultimate result of this action will be
most salutary and far-reaching.
In the nature of things, however, it is
impossible to know at this time precisely
what conditions will be brought about
by the change, or what, if any, supple
mentary legislation may, in the light Of
such conditions, appear to be essential
or expedient.
perturbation, time is necessary for the
re-establishment of business confidence.
When, however, through this restored
| confidence, the money which has been
frightened into boarding places is re-
turned to trade and enterprise, a survey
of the situation will probably disclose a
safe path leading to permanently sound
currency abundantly sufficient to meet
every requirement of our increasing
population and business.
In the pursuit of this object we should
resolutely turn away from all allurino
and temporary eXpcdients, determined
to be content with nothing less than a
lasting and comprehensive financial
plan.
REASONABLE DELAY THE BEST.
In these circumstances am convinced
| oIiOo st lSdooiiiDlc ucliy III (eallDG Win
this subject, instead of being injurious,
will increase the probability of wise ac-
| tinn.
THE MONETARY CONFERENCE.
The monetary conference which as
sembled at Brussels upon our invitation,
was adjourned to the 3Oth day of No
vember in the present year.
| The consideration just stated and
the fact that a definite proposition
from us seemed to be expected upon
The rcasscmBling Of tie conference
ID me to express willingness to have
the meeting still further postponed.
1t seems to me that it would be wise
to give general authority to the prcsi-
dent to invite other nations to such a
conference at any time when there
should be fair prospect of accom-
plishing an international agreement
OH the subject of coinage.
AS TO A BOND ISSUE.
/ desire also to earnestly suggest
the wisdom of amending tho existing
statutes IN regard to the issuance Of
government bonds.
The authority now vested in the
secretary Of the treasury to issue
bonds is not as clear as it should be
and the bonds authorized are disad-
yantageous 10 the government, both
os to the time of their maturity and
rate of interest.
OUR MILITARY FOOTING.
| Tho nf ,t,