The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-12-04

RoIhOds
Attention is called to the situation in
Cuba, and strict neutrality of this gov.
ernment is advised, despite the senti.
mental sympathy and adventurous sun.
port aroused in Americans by stories OF
cruelty and the natural love of liberty
Military arrests of American citizens, the
rights OF the American consular officers
TO protect property and the Alliance incl
dent have been recognized and exp aimed.
| Occurrences in Turkey, while exciting
concern, information is hard to obtain,
but our consulate is instructed to investi-
| gate. 1t is not the intention of this
government to become entangled in the
Eastern question, but simply to care for
those entitled to protection. instructions
have been sent in case Of actual disturb
ance, and on the demand Of our minister
orders have been issued by the sultan
that Turkish soldiers shall guard an es-
cort of American refugees to the coast. 1t
Is earnestly hoped that prompt and effec,
tive action on the part of the great Euro
pean powers will not be delayed. Owing
to the growth of American interests in
foreign countries the Improvement of the
consular service is urged.
In accordance with the recommendation
of the secretary of state, 1t has been de-
cided to fill consular positions paying
from $1,000 to $500 annually by promo
tion or transfer from some other position
In the department of state. These pro-
motions are to be made by examination
and include 1876 places
Legislation is needed for consular in
spection, the president recommends that
ambassadors and ministers at foreign
courts be provided with official residences.
He advocates that while averting the gilt
NJ chA xf -
country should not suffer by comparison
through the shabbiness and parsmony OF
its diplomatic corps.
AS we turn from a review of foreign
relations to the contemplation of our
national financial system, we are imme-
diately aware that we approach a sub
ject of domestic concern more important
than any other that can engage our at
tention, and one at present in such per-
picking and delicate predicament as to
require prompt and wise arrangement
We may well be encouraged to earnest
endeavor in this direction, when we recall
the steps already taken toward improv-
ing our economic and financial situation,
and when we appreciate how well the |
way has been prepared for further pro-
gress by an aroused and intelligent popu- |
lar interest In the subjects. BY command |
Vi ehV pOOplC a CuSlOIHS revenue system,
designed for the protection and benefit Of |
favored classes at the expense of the
great mass of our countrymen, and
which, while inefficient for the purpose
of revenues, curtailed our trade relations
and impeded our entrance to the markets
of the world, has been superseded by a
tariff policy, which in principle is based
upon denial of the right. The COM
pulsory purchase and coinage of silver by
the government, unprotected ard regu>
lated by business conditions and Needless
of our currency needs, which for more
than fifteen years deluded our crcula-
ton, undermined confidence abroad in our
financial ability, and at last eliminated
in distress and panic at home has been
recently stopped b. the repeal of the laws
which forced this reckless scheme upon
the country. The things thus accom-
pllshed, Notwithstanding their extreme
Importance and beneicent effects, fall
far short of curing the monetary evils
from which we suffer, as a result Of long
indulgence in ill-advised financial expedt-
ents After explaining the resumption
4 payment and the creation of the gold
'eserve fund of $l00. 0.60o,OO), the president
gives brief monetary history of the
United States, quoting the fact that in
July, 1890 congress provided for the pur-
,hase of silver bullion, but decided that
rold and silver must be kept at a parity.
rhe redeemed treasury notes, treated as
sold obligations in 1895, amounted to $780,
10000, with $5O0,0OO,OO0 outstanding. This
lelped to deplete the gold reserve in !
'pril 1893, to $97011,S 1880, and the president
scribes its further depletion to the high 6
ariff laws in vogue until the passage OF /
he Wilson bill, together with the infu- ,
ion of silver into the currency and the
Increasing agitation for its free coinage. ,
n consequence of these conditions the /
eserve had fallen in February, 1894, to I
rs 49S S77 a decrease of s31 600, 900 in nine r
months. 4
To relieve this state Of affairs s62 900, 900 !
n bonds were issued in three periods un- =
er the redemption act of 1895.
President Cleveland explains the neces- :
'ty of the Morgan syndicate contract. 4
I'd declares II at its session in July con- \
ress had authorized the issuance of 3
er cent bonds, $160OO.0OO would have (,
cen saved Despite these efforts tho =
Id reserve is about ir the same condl- n
or, there being but $40, 9G6 in hard at :,
resent. Between 1879 and 1890 but $'S,- +,
D3,t) Of gold was Withdrawn, while be- #
ween 1890 and 1895 the amount is $375,000 a,
%. This is attributed to the increased n
urchase of silver. The government has :,
aid in gold nine-tenths of its notes and a.
ives them all. 1t has incurred a bonded y
ldebtedness of $95,50O,0 900 in establishing n
he gold reserve, and expended 1852. .3l5, ,40U n
/ an effort to maintain II, besides an =,
ual interest of $11,0O0,OOO. Immediate u
gislative relief is asked. Greenbacks :,
nd treasury notes should be retired by
v"hsnging the bonds with small denomi
ations.
sr,o .ao.ator,, ~ sha traae,,r,, oho,,ld ha
npowered to sell notes abroad for gold =
order to cancel these notes The
mount of currency thus withdrawn
'ould not be over S4S6, 100000, which would a
e supplied by gold. The president sug-
ests as relief to circulation that banks g,
G allowed to issue notes to the full T.
Of bonds deposited, and the tax y
n their circulation reduced to one
1urth OF one per cent AS a further &,
sIef II is suggested that revenue collec- q
ons be made payable in gold. Not 10 a
ay out United States coin and treasury
otes on demand and to insist in paying
liver notes, the president declares. would
ijure the parity between gold and silver 7
'hich the government is bound TO main
ain. An excess Of revenue receipts
'ould not alter the question Of national
olyency. as I'm the struggle TO ma 'ntain p
he gold reserve the treasury could not =
ay debts with the money II had, but b
My with gold that to the foreign In a
estor Is the only concern. As the with n
rawal Of gold Is a direct result OF fright
here is nothing to alleviate the situation D
D much as legislation which will lessen =
he desire for gold. II is not clear how I,
n increase in revenue. unless II be in
old. ran satisfy those whose only desire ~
! to draw gold from the governn ent p
lore. Therefore a revenue increase is
epreciated.
Speaking Of the proposition 10 relieve the
nancial situation by the free coinage OF
liver at the ratio Of 10 10 l. the president
sclares that no government no human
'ntrivance. no act Of legislation has ever