Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1895-12-11

to our relations with Mexico. Nicaragua
and Russia. The recommendation for
the abandonment of the Samoan agree
ment is renewed
Must be Neutral Toward Cuba.
Of Cuba the President says the United
States must preserve international faith.
whatever the sympathies of our citizens
may be. He continues ..Though nei-
Their the warmth of our peoples sympa-
thy with Cuban insurgents nor our loss
or material damage consequent upon the
futile endeayors hat nave thus far been
made to restore peace and order, nor any
shock our humane SenSibilitieS NAV have
received from the cruelties which an
pear to have especially characterized this.
SanSuInary and fierceIy conducted war.
have in the least shaken the determina-
ton of the government to honestly fulfill
every international obligation. vet IT is to
be honestly hoped on every ground that
the devastation of armed conflict NAV
speedily be stayed and order and quiet
restored to the devastated island. bring
ing in their train the activity and thrift
of peaceful pursuits" The Alliance in
cldent and SPANS disavowal of it and
assurances of a non-recurrence of similar
interference are stated.
The Turkish O~utrages.
The President then expresses his re-
greet that the Turkish government should
have thwarted the purpose to send to
that disturbed quarter of the empire the
United States consul at Sivas in order
to investigate and report. Every effort,
he says, is being put forth to insure the
safety of American residents, and the
United States minister is alert. But, he
goes on, several of the most powerful
European powers have assumed a duty
as agents of the Christian world in Tur-
key to restrain fanatical brutality, and
it is earnestly hoped that prompt and ef-
fective action on their part will not be
delayed.
The message recommends at length an
improvement in the consular service by
some plan. of appointment and control.
The Financial situation.
Fully half the message is devoted to
the financial situation. by command of
the people," the message says, "a Gus
toms 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 effect
for the purpose of revenue, curtailed our
relations and impeded our entrance to
the markets of the world, has been SUPER
seeded by a tariff policy which in prin-
clple Is based upOn a denial of the right
OF the government to obStruct the ave-
nues to our cheap living or lessen their
comfort and contentment for the sake of
according especial advantages to ia
%vorites, n which, while encouraging
our intercourse and trade with other
nations. recognizes the fact that Ameri-
can self-reliance, thrift and ingenuity
bulld up our country's industry and de-
yelOp its resources more surely than
cnervatlng paternaliSm."
But this and the repeal of the silver
purchase law, it is said, fall far short
of curing the financial evils from which
we suffer. A lengthy review follows of
the growth of our currency and par
tictlarly the United States notes and
treasury notes, and the consequent end
less drain Oh the gold reserve of the
treasury.
The President states that among the
causes for this constant and uniform
shrlnkage i'll this fund may be mentioned
a great falling off of exports under the
operation of the tariff law until recently
III force, which crippled our exchange
with foreign nations and necessitated to
some extent the payment of our balances
III gold; the unnatural IL usion of silver
INTO our currency, and the increasing
agitation from its free and unlimited
coinage, which have created apprehen-
sion as to our disposition or ability to
make gold payments. The consequent
shortage of gold at home and the stop-
ping of investments of foreign capital.
as we'll as the return 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 speculation
The Bond Syndicate.
The history of various bond transac-
tons which had to be r~esorted to in
order to replenish the gold reserve is
reviewed and the subsequent fallings off
pointed out. OF the last transa ction
with the syndicate the President says:
The performance of this contract not
Only restored 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 ey-
cry interest that affect our people. [
have never had the slightest misgiving
concerning the wisdom or propriety of
this arrangement and am quite willing to
answer for my full share of RESPONSE
blllty for it's promotion. [ believe it
averted a disaster, the imminence of
Which was fortunately not at the time
generally known to 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
uncancelled. The President says: Il am
convinced the only thorough and practi-
cal remedy for our roubleS is found in
the retirement and cancellation of 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 $780,
Retiring Treasury Notes.
The method he proposes is the ex-
change of these notes for bonds, small
and large. and bearing a low rate of in
terest and for q long term The increase
in the bonded debt would be compen-
stated by renewed activity and enter
prise and restored confidence at home.
A troublesome indebtedness would be
cancelled instead of remaining in the
shape of a menace of %unending bonds.
1.-The obligations necessary to fund
this Indebtedness would not equal in
amount those which we nave been re-
lieved Of since 1884 by anticipation and
payment beyond the requirements of the
sinking fund out of our surplus revenue.
"The currency withdrawn by the re-
tirement of the United States notes and
treasury notes, amounting to probably
less than $4S6, 600. 900. might be supplied
by such gold as would be used in their
retirement or by an increase on the cir
c~ulation of our national banks. / think
they should be allowed to issue circula-
ton equal to the par value Of the bonds
they deposit to secure it. and that the
tax on circulation should be reduced to