Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-04
FROM THE PRESIDENT

FnUh .'-.--.--'..
..,,ors TO see every particle Of
sgyfa',,. duty IN favor of refined sugar
ef'. nut OF our tariff law. III, with all
dofN u, now accorded the sugar+re-
ne l",.te,cst IN our tarin laws, u stiii
ftihk - 10 the extent OF closed re-
Nns and thousands of discharged
tne,",, IL would seem TO present n
fopslesS '"0
81 ..,,ver else Is done or omitted,
N.@sliy repeat here the recommendation
OF made In another portion OF this
n's ',,,ication. that the additional duty
ce tenth Of cent per pound laid
Wv .ucar imported from countries
bounty on its export be AFRO
II seems TO me that exceedingly
l'..sat considerations point TO the pro-
~ this amendment.
FREE sHIP-BUILDING.
,,.,,. the advent OF n new tariff policy.
Nr calculated to relieve the con-
~ ~ our land In the cost OF their
Ne but TO invite better de-
-.ut Of American thrift, and create
' closer and more profitable com
81 Ia relations with the rest OF the
% follows as a logical, imperative
',,v that we should at once remove
.sIlf IL not the only obstacle which
d, long prevented our participation
tte foreign carrying trade of the sea.
..,in built upon the theory that II Is
-. 90 check imports. and that a nome
.f should bound the industry and
', ~ American producers, was htly
.,..a.atrd by refusal 10 allow Amcri-
r.e,stry 70 vessels built abroad.
-.h owned and navigatcd 10y our peo-
aims exhibiting a Willingness to aDan-
.u contest for the advantages OF
-.r.sn transoccanic carriage. our
t.ff policy. built upon the theory
.I. g.. well 10 encourage such impor-
.....-. as our people need, and that our
.-ie and manufactures should find
.,.ts IN every part of the habitabIe
.. IS consistently supplemented by
r-ca'eet possible liberty to our citi-
..s m tho ownership and navigation Of
... m which our products and manu-
..-,s may he transported. The mil
Ems now paid 10 foreigners for carrying
-..,n passengers and products across
49,. ..as should De turned into American
,..ls. sh.p-building, which has been pro-
.....t 10 strangulation. should be'revived
.. Gle. prospect Of profitable employment
o. sfi.s when built. and the American
.s.r should be resurrected and again
.t. hs place. a sturdy and Industrious
.t.f.r IA time Of peace and patriotic
-. ,lf. defender OF American interests
, rr. day OF conflict
r.. ancient provision Of our law
Saving American registry to ships built
- ~ owned by Americans appears
OBJ. IN OF present conditions not only
f. a failure for good at every point.
... o., De nearer relic of barbarlsm than
...tt.re that exists under the permis-
,r ~ Is statute Of the United States. /
,.ra.-tly recommend its prompt repeal.
THE BOND ISSUE.
ur-us the last month the gold reserved
- o.. Treasury for the purpose OF re-
.u.c The notes Of the government cir
....ar as money in the hands Of the
... became so reduced. and its fur
..-. .ulOti0n in the near future seemed
g.. certain. that IN the exercise Of proper
.-. fr the public welfare. Ii became
..-.ry - replcnish this reserve and
.l- maintain popular faith in the ability
... l.t,rmlnation OF the government 10
-t .s agreed. It's pecuniary obligations.
ru.ll have been well. IL in this emer-
.. authority had existed TO issue
NJ the government bearing a low
r.. Df interest. and maturing within n
.rt Ier.oi. but the Congress having
,.l O. confer such authority, resort was
..r|t.lN Lhl 10 the ltSuilpllOn-dCt OF
- end. pursuant 10 It's provisions.
- were issued. drawing interest at
r. ra,e Of per cent. per annum, ana
r.tlrlE ten years after their issue. that
i- Tie shortest time authorized by
GU. act ] am glad TO say. however that
.l ttl sale Of these bonds. the premium
t.t operated to reduce the rate OF
'.rsst q be paid by the government 10
.s taan three per cent.
POOR FINANCIERING.
Nothing could be worse or further re-
rt.l from sensible finance than the re-
l..as existing between the currency the
fuMcnt has issued, the gold held for
Exemption. and the means which
Doe resOrJed 10 FOR the purpose Of
nishing such redemption fund when
red. Even IL the claims upon this
were confined 20 the obligations orig
.Iv intended. and # the redemption Of
.-- obligations meant their cancella-
tr the fund would be very small. But
t.-e Obligations. when received and re-
deemed in gold. are not cancelled, but
.r-r uc1. and may do duty many times
I- auy ~ drawing gold from the Urea
.- Thus we have an endless chain in
rron constantly depicting the Urea
..-.- gold and never near final rest.
ASST ttis was not bad enough. we have,
o. ill., statutory declaration that ii is
,. policy Of the government to maintain
rtrfv between gold and silver aided
.. force and momentum Of this exhaust
r- process aud added largely TO the
.--.y OBLIGATIONS claiming this pecu-
.r ..l redemption. our small gold re-
...,. +, thu- subject 10 drain from every
M The demands that increase our dan
r.r .I-, increase the necessity OF pro-
..-irr fhis reserve against depletion, and
most unsatisfactory to know that the
r-t-rt..u afforded Is only n temporary
...u IL is perfectly and palpably
.a chat The only way under present
l..s ny which this reserve, when
r..s'v depleted. can be replenished
through the issue and sale OF bonds
t, lovsrnm.nt for gold, and yet Con-
BIAS not only thus far declined TO
...-l. The issue of bonds hest suited
% ..e. "a purpose. but there seems TO be
disposition IN some quarters TO deny
l.'t t.a necessity and power for the is
-of 1.uls at all.
cannot for moment believe that any
l.r citizens are deliberately willing
r.t t4.Ir Iov<rnInent should default In
-. -...-i.-y Obligations. or that its imam
i...fat.une should be reduced To SILL
.. AZ any rate. | should not feel
oar r.r Iltv was done II | omitted any
COULD make TO avert such ca
...v 81. long. therefore, as no pro-
"a lis made for the final redemption
.. tr. Ilttlng aside Of the currency obl-
..t..- now used 70 repeatedly and con
g.t.v Draw from the government us
md 1853 long as no better authority
l.. issues s. allowed than at pres,
.' exists. such authority will be utiliZed
t.r and rs often as il becomes ne
-. 60 maintaln a sufficient gold re-
.-,. ami in abundant time to save the
~ aur country and make good me
-...I declarations Of our government
erATE-BANK CIRCULATION.
o...r.as relating to our banks ana cur
ar- closely connected with the SUD
-t referred 20. and they also pre-
... some unsatisfactory features. from
..t among them are the lack OF eiSs a.
.'r u our currency circulation ana us
...r rt concentration in financial cen
... when It is most needed in other pd''S
". country. .,,
r- af.plute enforcement or the gov
....n, from the circulation OF the cur
..r.. NJ the country Is needed. rms con.
.,.a cannot bc Immediately reacheui Du'
step In that direction. ana as
elastic cuTINil-