Omaha daily bee., 1895-12-04

and rcmedyiug the embarrassmeuts Il
which the national treasury has beci
. subjected since the advent of the pres
ent administration. Tho larger portion
of the message is devoted to historical
statement of financial legislation, go
ing back to the war period which il
preparatory TO n declaration, fore
stalled by several public addresses o.
the secretary of the treasury, that thl
"only thorough and practical remedy
for our troubles Is found in the retire
ment and cancellation of our United
States notes, commonly called green
backs and the outstanding treasury
notes issued by the government in pay
ment of silver purchases under the act
OF 1890" In order TO accomplish this
the president would issue longtime
bonds, thus adding nearly $500
100000 to the bonded indebted
ness of the nation, involving an
annual interest charge of not
less than $1,000 900, and he processes
TO believe that this would be COM
pensated for "by renewed activity and
enterprise in all business circles. the
restored confidence at home. the rein
stated faith in our monetary strength
abroad. and the stimulation of every
interest and industry that would follow
the cancellation of the gold demand
obligations now atllicting us" How in
crcasng the public debt and the annual
| demand upon the treasury. already in
,I,.
ment. could result in restoring conf
dence may be plain to the financial un-
derstanding of Mr.. Cleveland, but it
will not be to most people.
The president says that in the present
| stage of our difficulty it is not easy to
rue receipts directly affects it, and yet
he shows that during the period when
the revenues of the government eX-
| ceeded the expenditures the legal tender
| notes We're at no time Il source of trouble
to the treasury, the total amount of such
notes presented for redemption in over
eleven years following resumption in
1879 being only about S2S,O0O,O0O.
whereas since 1892, or the period in
which the receipts of the government
have been falling steadily below eX-
penditures. the Withdrawals of gold
from the treasury through redemption
of legal tender notes have amounted to
about S3000OOOOO. 1t is true that other
conditions besides that of Inadequate
revenue have doubtless contributed to
the Withdrawals of gold, as the declin-
ing exports and the swelling imports of
merchandise since the democratic tariff
went into effect, but none the less the
chief cause of the drain upon the treas
ury gold reserve has been the fact that
the income of the government was less
than the outgo and it was consequently
compelled to increase it's intcrest-bear-
ing debt. 1t Is not sufficient answer
to this to say that ''the question
whether or not our current receipts met
our current expenses has not entered
into the estimate of our Solvency," for
as soon as it became evident that there
was danger of having to draw upon
the gold reserve to pay current obliga
tons every holder of legal tender notes
would naturally desire to obtain gold for
them. This explains whatever domestic
boarding Of the yellow metal has taken
place.
OF course Mr.. Cleveland, entertain
ing the views he does, makes no recon-
mendatlon regarding an increase in the
revenue. Indeed, he makes no refer
ence whatever to this subject. very gen
%
portance, and it is not easy to divine his
purpose in ignoring it. 1t was expected
that he would make some practical sug
gestions. it having been given out that
he would recommend some measures of |
internal taxation, among them an addi |
tional tax on beer. a reasonable infer !
ence from his failure to say anything |
on the subject may be that he intended |
to convey to congress the intimation that |
he is satisfied with the present revenue |
legislation and will not approve any |
change in it, How congress will regard |
the matter remains to be seen, but in
the absence of any recommendation
from the president regarding the rcve-
me tie branch of congress in which
revenue measures must originate may
very properly and reasonably decide to
let the subject rest. If it should deter
mine to do this congress will have lit |
tie to DO beyond passing the appropria-
ton bills. for it Is absolutely certain
not to give any extended consideration
to the presidents currency policy. 1t
is safe to say that not one-fourth of the
men i'm congress favor that policy.
1t has been reportel that Mr.. Cleve-
land would surprise the country by pro-
an aggressive foreign policy.
There is nothing of the kind in the
but on the contrary an OK
ceedinGly calm and conservative state
ment of our international relations, the
only suggestion of an aggressive nature
made relating to the possibility of com
mercial retaliation in the case of cOun-
tries which discriminate against our
products. The Monroe doctrine is not
mentioned in the message, there being
only vague reference to it in the state
ment regarding the Venezuelan CON