Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-12-05

uVul u bSNuHlS SltSNSit1l III lGt Gust
ern question but simply to care for
those entitled to its protection. Ships
have been sent TO the point ot actual
disturbance and on tue demand of our
minister orders have been issued by
the sultan that Turkish soldiers shall
guard an escort of American refugees
to the coast. Is ii earnestly hoped that
prompt and effective action on the
part OF the great European powers will
not be delayed
Owing to the growth of American
interests in foreign countries the inn
provement of the consular service is
urged In accordance with the rec
concentration of secretary of state it
has been decided to fill consular posi-
tons paying from $1,000 to $4,000 luuu-
ally By promotion Or transfer FROM
some other position in the department
of state. These promotions are to be
made by examination and include 1876
places. Legislation is needed for con-
sular inspection The president rec
ommends that ambassadors and min
with official residences, He advocltes
that, while avoiding the glitter and
show Of foreign nations. this country
should not suffer by comparison
through the shabhiness and parsimony
of its diplomatic corps.
Our Finances.
AS we turn from a review of our
foreign relations to the contemplation
of the national financial situation we
are Immediately aware, says the pres
ident, that we approach subject OF
domestic concern more important than
any other that can engage our atten-
ton and one at present in such per-
picking and delicate predicament as to
require prompt and wise treatment.
We may we'll be encouraged to earnest
effort in this direction when we recall
the steps already taken towards i'm,
proving our economic and financial
situation and when we appreciate how
we'll the way has been prepared fol
further progress by an enforced and
intelligent popular interest in these
subjects. BY command of the people
customs 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 mar
kets of the world, has been super
seeded by a tariff policy which in prin-
ciple is based upon a denial of the
right. The compulsory purchase and
coinage of silver by the government
unchecked and regulated by business
conditions and needless of our cur
renCy needs, which for more than fiji
teen years diluted our circulating me-
dunn, undermined confidence abroad
in our financial ability and at last cul-
minated in distress and panic at home,
has been recently stopped by the re-
peal of the laws which forced this
reckless scheme upon the country. The
things thus accomplished, notwith-
standing their extreme Importance and
benefcent effects, fall far short of
curing the monetary evils from which
we suffer as a result of long indul-
gence in ill-adyised financial expedi-
ence.
After explaining the resumption of
specie payment and the creation of the
reserve gold fund of 100000, 900, the
president gives brief monetary his
tory of the United States, quoting the
fact that in July, $780, congress pro-
vided for the purchase of silver bull
lion but decided that gold and silver
must be kept at parity. The re-
deemed treasury notes, treated as gold
obligations in 1898, amounted to $155,-
100000 with $500,OO0,000 outstanding.
This served to deplete the gold re-
serve in April, 1898, to $97, oil $3.50: and
the president ascribes its further de-
pletion to high tariff laws in vogue
until the passage of the Wilson bill,
together with the infusion Of silver
into the currency and the increasing
agitation for its free coinage. In con-
sequence of these conditions the re-
serve had fallen in February, 1894, to
$G5, 1885, 77-a decrease of $31 10000
in nine months To relieve this state
of affairs $l62, 100000 in bonds were
issued in three periods under the re-
demption act of 1895. President Cleve-
land explains the necessity of the Nor
gan syndicate contract and declares
that if at it's special session in July
congress had authorized the issuance
of 3 per cent. bonds $16,000,000 would
have been saved. Despite these eff
forts the gold reserve is about in the
same condition, there being but $79,-
1893 ,966 on hand at present Between
1879 and 1890 but $2s 900, 900 of gold
was withdrawn while between 1890
and 1895 the amount Is 1876, 900, 900.
This is attributed to increased pur-
chase of silver The government has
paid in gold nine-tenths of its notes
and owes them all 1t has incurred
bonded Indebtedness of $95 5000 in
establishing the gold reserve and eX-
pended $1G2 ,315 400 in an effort to
maintain it besides paying an annual