Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-12-12
recommendation for an Abandonment or the
samoan government Is renewed.
The b InsurrcctiOn,

| samoan government Is renewed.
The Cuban InsurrcctiOn.
OF Cuba. the president says the United
States must preserve international faith,
whatever the sympathy of our citizens with
the insurgents. He continues:
Though neither the warmth of our PEG
Plies sympathy with the Cuban insurgents,
nor our loss or material damage consequent
upon the futile ende3ToTs thus far made
TO restore peace and order. nor any shock
our humane sensibillties may have received
from the %cruclties which appear to charac-
terize this sanguinary and iiercely conduct
ed war, have in the least shaken the deter
mination of the government TO honestly
fulfil every international obligation, yet IL
Is TO be earnestly hoped on every ground
that the devastation OF armed conflict may
speedily be stayed and order and quiet re-
stored to the distracted island. bringing
In their train the activity and thrift of
peaceful pursuits"
The Alliance incident and SPANS disa-
vowal Of ii and assurance of a non-recur-
renee Of similar Interference. are stated.
The president then expresses his regret
that the Turkish government should have
thwarted the purpose TO send to the dis
turbed quarter OF the empire the United
States consul at Siyas, in order to investi.
gate and report. Every effort, he says,
is put forth to insure the safety of Ameri-
can citizens, and the United States minis
ter is alert, but, he goes on, several of the
most powerful European powers have as
sumed a duty as agents of the Christian
world in Turkey to restrain fanatical brut-
Atty, and sit is earnestly hoped that prompt
and effective action on their part will not
be delayed"
The message recommends at length an i'm
provement in the consular service, by some
plan of appointment and control.
Fully half the message is devoted to n
discussion of the financial situation.
u rnTnrnnn1 - tha YaanIn - ,I. 100000.
says, "a 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 in
efficient for the purpose of revenue. cur
tailed our trade relations and impeded our
entrance to the markets of the world, has
been superseded by the tariff policy which
in principle is based upon a denial Of the
right of the government to obstruct the
avenues of our peoples cheap living or
lessen their comfort and contentment, for
the sake OF according especial advantages
TO favOrites. and while encouraging our
intercourse and trade with other nations.
r. recognizes the fact that American self-re-
lance, thrift and ingenuity can build up
our ~country'S industry and develop it's re-
sources more surely than enervating pa
tCIualism.'
But this and the repeal Of the silver pur-
chase law, it is said. falls far short of cur
ing the financial evils from which we suf-
fer.
The Currency Question.
A lengthy review follows of the growth
of our currency, especially the United
States notes and treasury notes and the con
SeQucnt endless drain on the gold reserve
Of the treasury.
The president states that "among the
causes for this constant and uniform shrink
age IN this fund, may be attributed the
| great falling off in pNp,FtS under the nppra-
tion OF the tariff law, until recently in
force, which crippled our exchange of com
moditics with foreign nations and necessi-
tated TO some extent the payment of our
balances In gold. The unnatural infusion
of silver into our currency and the increas-
ing agitation for its free and unlimited coin
age. which have created apprehension as
TO our disposition or ability TO continue
gold payments; the consequent boarding Of
gold at home and the stOppage of invest
mentS of foreign capital, as we'll as the re-
turn of our securities already sold abroad;
and the high rate of foreign exchange
which induced the shipment Of our gold
TO be drawn against, as a matter Of spec
ulatiOn."
The history Of the various bond
transactions which have been resorted to
in order TO replenish the gold reserve, is
reviewed and the constant subsequent fall
Ing Off pointed out. Of the last transaction
with the syndicate, the president says:
THE performance OF this contract not
only restored the reserve, but checked for
a time the Withdrawals of gold and brought
on a period Of restored confidence, and such
peace and quiet in business circles as were
of the greatest possible value TO every
interest that affect our peopie. / have never
bad the slightest misgiviug concerning the
wisdom or prUprtstT CT this arrangement,
and am quite willing TO answer for my
share 81 responsibility :3T rs promotion. /
IniinUn II nynrta1 q liE9Sfar tho I'm
minence of which was fortunately not at
the time generally understood by our
people"
We are now, the president says, nearly
where We started, and nearly all of the
gold withdrawn has been paid out on
United States notes, which still remain
uncance,led. Therefore, he says. II am
convinced the only thorough and practicable
remedy for our troubles Is found in the
retirement and cancellation OF our United
States notes, commonly called greenbacks,
and the outstanding treasury notes issued
by the government in payment OF silver
purchases, under the act of 1890"
The method he proposes is TO exchange
for bonds, small and large, and bearing a
low rate of interest, and for a long term.
The increase In the bonded debt would
be compensated by renewed activity and
enterprise and restored confidence. A
:. troublesome Indebtedness would be can
ceIled instead Of the menace of unending
bonds.
THE obligations necessary to fund this
Indebtedness would not equal In amount
those which we have been relieved since
1881 by anticipation and payment beyond
the requirements OF the sinking fund, out
OF our surplus revenues.
THE currency withdrawn by the retire
, ment of the United States notes and treas
ury notes, amounting to probably less thar
1886, o00,O 600 might be supplied by such goll
as would be used on their retirement, or by
a, an increase in the circulation Of our nation
al banks. . . l think they should b.
9 allowed TO Issue circulation equal TO thu
: par value of the bonds they deposit 10 sc
! cure, and that the tax on their circulation
= should be reduced to one-fourth of one pc
> cent, which would undoubtedly meet al
, the expense of the government incurre'
u on their account. In addition, they shoul,
: be allowed to substitute or deposit in lie
, of the bonds now required as security 70
a tneir circulation, those which would b
issued for the purpose of retiring tn
; United States notes and treasury notes"
D 1t Is estimated that this would increas
the national bank circulation by nearl
as much as the currency retired. Re
4 I