Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-04
TUESDAY,. DECEMBER 4, lS9
The Presidents Message.

land 10 Congress is long and highly-in'
serest,np one. He touches upon every
subject that could be expected to receive
notice at his hands. reserving for the con-
illusion of his message what he had 70
say on the subject Of the tarin and the
banking system.
The President fully approves OF MT
rarlisle's scheme for modifying the pres
ent banking laws. He would like TO nave
nm "elastic currency" The bonds upon
(which the circulating notes OF the national
hanks are based will fall due In few
years, and 1t is not too soon to begin &c
Revise n substitute for the present ma
iional-bank system. Mr.. Carlisle would
repeal all laws providing for the deposi'
of United States bonds as security foi
circulation. Also. would permit national
banks to issue circulating notes not ex'
ceeding 75 per cent. of their paid-up ana
unimpaired capital. provided they de-
posit with the government as guarantee
In United States legal-tender notes. IN
Guiding Treasury notes OF 1880, sum
vquaI TO 30 per cent. of the notes they de-
sire 10 issue. etc, etc, etc.
Mr.. Carlisle and the President also re-
commend the exemption of State-bank
notes from taxation by the United States,
where IL is shown that they have not had
outstanding their circulating notes ex-
Feeding 70 per cent OF their paid-up and
nnimpaired capital; that their stockholders
are Individually liable for the redemption
Of their circulating notes TO the full ex-
tent of their ownership OF stock: that the
liability OF said banks upon their circu-
iating notes constitutes under their State
law first lien upon their assets; that
such banks have kept and maintained
guarantee fund in United States legal
lender notes, including Treasury notes of
ESQ. equal TO 30 per cent. of their circula-
ting notes when presented at their prin-
cipal or branch offices.
This new scheme of Mr.. Carlisle's Will
find favor In the eyes Of many persons.
indeed, the number Of those persons who
wish 10 see State-bank in circula-
fion Is large. The House Of Representa-
dives at its last session voted down a
proposition TO repeal the tax on State
bank notes All who believe that the
banking system TO be useful must be
credit-system will enlist In the cause or
exsmpting State-bank notes from taxa
lion.
The Presidents policy as TO future
bond-issues is not TO be misunderstood
on this point he is bold and emphatic.
Unless Congress takes measures TO avoid
the necessity of issuing more bonds,
bonds will be issued whenever in his
opinion the reserve is In danger.
The President declares for the pop
gun bills. He thinks our new tariff
needs important amendments, and comes
out boldly for putting coal and iron-ore
on the free list. We do not think that
The people desire a renewed agitation OF
the tariff question Just now. Business
and the businessmen are opposed to 1t.
However he speaks also of the "ad-
vent OF a new tariff policy" as II he
recognized the German law as pretty
permanent fixture"
The President would be glad to sec
every particle of dfferential duty in
favor Of refined sugar stricken out or the
tariff law But he will hardly have his
way In regard TO that matter. He be-
Genes terribly in earnest when he tells
Congress that whatever else Is done
or omitted. he recommends that the adj
uitlonal duty of one tenth of l cent pei
pound laid upon sugars imported from
countries paying a bounty upon Its ex'
port be abrogated.
The President makes some strong re-
marks on the abstract or general ques
tion OF a tariff. lie speaks about tarir
sbuilt upon the theory that 1t is made
20 check Imports" "Our new tarin
policy" quoth the President. lis bull
upon the theory that II is well to en-.
Courage such importations as our people
need" We like that phrase-"Our new
tariff policy"
We are glad TO see that the Presl
dent says nothing against the acquisition
OF Hawaii. but confines himself TO saying
that a new state of things now obtains
there and he has recognized the new
government.
Nicaragua having receded from the sug
gested forfeiture OF certain American
rights in that country, the President Is
satisfied on that question.
AS to Turkey and our troubles there
the President says that our government
recognizes the right OF expulsion. but not
the full claim set up by Turkey.
He gives a great deal Of attention I,
she reports OF the secretaries. AS to th'
Postmaster-Generars report, he says &
good many things which do not strike u
as being always wise. He Is for savin,
a good deal OF the money now expended
in various ways by the Post-office Depart
ment. However, we agree with him tina
''pretended" papers ought not to hav'
accorded TO them the same privileges a,
real papers. Rural delivery. re says. Il
too costly under present circumstances
The President still advocates civil-ser
Vice reform; but we think that upon this
ms upon several other matters, he viii
nnd that Congress does not concur II
his views.
The Intelligent people OF the countr,
WIZ cordially endorse what the Presiden
says In favor OF the weather service
i'ut we are not sure that they will lik
DIS denunciation OF the free distribution
VI seeos az vicious system"
:" appears that the operations Of tn
sreas American iife-insurancc companie
rave been extended throughout Europe
ana mat the President has taken occa
h0h 70 urge upon tho Russian Govern
mept equality Of treatment for them"
fne rules for the prevention OF COLTS
IONS al sea which were framed by IN
Maii.ime Conference held In washingto
IN 'Sss have been incorporated into stat
yves 81 the United States and Great BsI
Jan ana Will 10 into effect March /, Nv