The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-12-12
THE PRESIDENTS MESSAGE.
Joined to His Idols,

Joined to His Idols.
Cleveland has sent in another mes
sage. A weak resume of his subordin-
ate's reports:-a wishy-washy, skim
milk, diabetic performance.
He recommends larger standing
army and it's withdrawal from the
frontier and location near the great
cities. Why not? The white. people
are taxed to feed the red-people and
the red-people are happy; but the
white-people are hungry and thanking
God in the soup-houses, and hence the
army must come in from the frontier
to look after the new savages of our
high civilization. Now. if we could
only tax the red-people to feed the
wbite-people!
Cleveland says:
'"The execution of the policy of con-
centrating the army at important CEN
ters OF population and transportation
foreshadOwed in the last annual re-
port OF the secretary, has resulted in,
the abandonment of fifteen of the
smaller posts, which was effected un-
der plan which assemblies organiza-
tlons of the same regiments hitherto
widely separated. This renders our
small forces more readily effective for
any service which they may be called
on TO perform, Increases the extent of
the territory under protection, with
out diminishing the security hereto
fore afforded to any locality, improves
the discipline, training and esprit de
corps Of the army"
And he is in favor of covering the
land with banks on basis of $50 de-
posted for every $lOO issued; the de-
poslts to be in greenbacks, which
would thus be withdrawn from circu-
lation: and every dollar of money
would then come to the people from
the banks, and bear interest-in fact
could not be gotten into circulation
until some one gives a note for it. He
says:
ut is proposed to repeal all laws
providing for the deposit of United
States bonds as security for circula-
tion; to permit national banks to is
sue circulating notes not exceeding in
amount 70 per cent of their paid up
and unimpaired capital, provided they
| deposit with the government as a
| guarantee fund in the United States
| legal tender notes, including treasury
notes OF 1890, a sum equal in amount
! to 30 per cent Of the notes they desire
to issue, this deposit to be maintained
| at all times; but whenever any bank
retires any part of it's circulation, a
proportlonate part Of its guarantee
fund shall be returned to it; to per-
nit the secretary of the treasury to
prepare and keep on hand ready for is
sue IN case an increase in circulation
is desired, blank national bank notes
Tor each bank having a circulation
and to repeal the provisions Of the
present law imposing limitations and
restrictions upon banks desiring to re-
duce or increase their circulation
thus permitting such increase or re-
| ductlOn within the limit Of Is per ce Mt
OF capital to be quickly made as emer-
| gencies arise.
"In addition to the guarantee fund
required, it is proposed to provide a
safety fund for the Immediate re-
demption Of the circulating notes of
failed banks by imposing a small an
nual tax. say one-half of l per cent.
upon the average circulation of each
bank until the fund amounts to per
cent Of the total circulation outs tand-
ing. When bank fails its guarantee
fund is to be paid into this safety
fund, and its notes are to be redeemed
IN the flrSt instance from such safety
fund thus augumented-anv impair
ment Of such fund caused thereby to
| be made good from the immediate
available cash assets of said bank. and
| if these should be sufficient. such i'm
| pairmcnt to be made good by pro rata
assessment among other banks, their
contributions constituting first lien
upon the assets of a failed bank in ia
vor of the contributing banks: AS a
| further security it is contemplated
that the existing provision fixing the
| liability of stakeholder is to be retain
| ed, and the banks indie btedness on ac-
count of its circulating notes is to be
made first lien on all of its assets. :"
The Omaha World-Herald sums up
the message as follows:
The president has raised an issue
which is destined to divide the
| Democratic party into two hostile
| factions. The plan proposed is in SUBJ
stance the Baltimore plan, and stops
at nothing short of the annihila ation
of government paper money and the
substitution therefor of bank paper
The issue is made clear and distinct,
and the war will be- waged with in
creasing vigor until the government
issues all paper money or none
This is pretty good analysis of the
| message. l, D.
Our Immense Gain,
An estimate made by the New York
Outlook gives the following figures: