The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1893-12-13

The following are the portions of Pres
ident Cleveland's message, submitted tC
Congress Monday, relating to the Hawa
iian question, Silver, Pensions, and ths
Tariff. The whole is too much for US t
publish, and the remainder being but ;
review Of the Departmental reports, j.
not of any vital interest to the general
reader:
THE HAWAIIAN QUESTION.
Itis hardly necessary for me 10 state tha
the questions arising from our relations
with Hawaii have caused serious embar
rassment Just prior to the installation
Of the present Administration, the ex-
isting government of Hawaii had beer
suddenly overthrown, and a treaty o.
annexation had been negotiated between
the Provisional Government Of the Is
lands and the United States, and sub.
miIted to the Senate for ratification
This treaty withdrew for examination
and dispatched Hon. James II. Blount
Of Georgia, to Honolulu as a special Com.
missioner to make an impartial invest.
CATION of the circumstances attending
the change of government, and of all
the conditions bearing upon the subject
of the treaty.
After q thorough andexhaustive exam.
ination, Mr.. Blnunt submitted to me his
report, showing beyond all question that
the Constitutional Government of Ha-
waii had been subverted with the active
aid Of our representative to that govern
ment, and through the intimidation caus-
ed by the presence of an armed naval
force Of the United States, which was
landed for that purpose at the instance
of our Minister. Upon the facts devel-
oped, it seemed to me the only honora-
bic course for our Government to pursue
was to undo the wrong that had been
done by those representing US, and to re-
store, as far as practicable, the status ex-
isting at the time Of our foTcible inter-
vention. With view Of accomplishing
this result, within the Constitutional
limits of Executive power, and recogniz-
ing all our obligations and responsible
ties growing out ofany changed conditions
brought about by our unjustifiable inter-
ference, our present Minister at Honolu-
Ia has received appropriate instructions
to that end. Thus far no information OF
the accomplishment of any definite re-
suits has been received from him.
Additional advices are soon expected.
When received they viii be promptly
sent to Congress, together with all other
information at hand, accompanied by a
special Executive message fully detailing
all the facts necessary TO complete un-
derstandiDg of the case, and presenting
a history of the material events leading
to the present situation.
SILVER.
The purchases of silver under the law
of July IA. 1890, during the last fiscal
year, aggregated "a. .OOS, ,l62 80 fine ounces,
which enst s45,53I ,374.53. The total
amount of silver purchased from the
time that law became operative until the
repeal of its purchasing clause, on the lst
day of November, 1898, was l6s,674 $780,
46 fine ounces, which cost S155, $50, ,940s4.
Between the Is: day Of March, 1873, and
the lst day of November, 1898, the Gov
ernment purchased, under all laws, 503,-
003,7I7 fine ounces of silver at cost OF
S5l6622 ,94s. The silver dollars that have
been coined under the act of July 18th,
1890, number 36,07s, ,2s5. The seignior-
age arising from such coinage was s69,-
77,09S.39, leaving on hand in the mints
40, 0,699, ,760 fine ounces Of silver, which
cost sl26. 26.75s,2ls.
Our total coinage of ell metals, during
the last fiscal year, consisted of 81, go
SO pieces valued at s43.6S5, 1850, OF
which there was $3OO3s ,l4O in gold coin,
s5,345,7l5in silver dollars, S7,2l7, ,220 90
in subsidiary silver coin, and 81 ,0s6, l02.
90 in minor coins.
During the calendar year 1892 the pro-
duction of precious metals in the United
States was estimated to be l,596.375 fine
ounces of gold of the commercial and
coinage value of s3S.OO0OO0, and 5s.Oo0,-
600 fine ounces Of silver of the bullion
OF market value ef $50, go, 900, and of the
coinage value of s7f,9s9990.
1t is estimated that on the first day OF
July, 1898, the metallic stock of money in
the United States, consisting of coin and
bullion, amounted to sl,2l3,559,l69 Of
which s597. .697 ,6s5 was gold and s6I5..
SCI, ,4S4 was silver.
One hundred and nineteen National
Banks were organized during the year
ending October 81, 1895, with capital OF
Sll,230,o0O. Forty-six went into yolun-
tsry liquidation and one hundred and
fifty-eight suspended. Sixty-fve Of the
suspended Banks were insolvent, eighty
six resumed business, and seven remain
in the hands Of Bank Examiners with
prospects of speedy resumption.
The recent repeal Of the provision OF
law requiring the purchase of Silver
bullion by the Government as feature
of our monetary scheme, has made an en-
tire charge in the complexion Of our cur
rency affairs. do not doubt that the
ultimate result Of this action will be
most salu,ary and fsr-reaching.
In the natur Of things, however, it is
impossible to kSow, at this time, pre-
cisely what conditions will be brought
about by the change, or what, if any,
supplementary legislation may, in the
light sf such conditions. appear to be
essential or expedient. CT course, after
the recent financial 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 returned to trade and
enterprise, a survey Of the situation will
probably disclose safe path leading to
a permanently sound currency, sbund-
antly sufficient to meet every require
ment Of our increasing population and
business In the pursuit of this, We
should resolutely turn away from allur-
ing and temporary expedients, determin-
ed to be content with nothing less than
a lasting and comprehensive financial
plan. In these circumstances am con-