Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1895-12-05

pfONemenI OF the consular service is |
urged. In accordance with the recon-
mendation of the secretary of state If
has been decided to fill consular no.
sition paying from $1,000 to $4,000 an
nually by a promotion or transfer
from some other position in the de-
partment Of state. These promotions
are to be made by examination and in
clude 1876 places. Legislation is need
ed for consular inspection. The pres
ldent recommends that ambassadors
and ministers at foreign courts be pro-
v1ded with official residences. He adj
vocates that, while avoiding the gilt
ter and show of foreign nations, this
country should not suffer by COMPARE
son through the shabbiness end parsi-
mony of its diplomatic corps.
Our Finances.
AS we turn from review of our for
elgn relations to the contemplation of
the national financial situation we are
Immediately aware, says the president,
that we approach a subject of domes-
tic concern more important than any
other that can engage our attention
and one at present in such perplex-
ing and delicate predicament as to re-
quire prompt and wise treatment We
may we'll be encouraged to earnest eff
fort 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 ha hnnn
/ further progress by an enforced and
! intelligent popular interest in these
/ subjects. By command of the people 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 inefficient for the purpose of
| revenues, curtailed our trade relations
and impeded our entrance to the mar
/ kets of the world, has been superseded
! by tariff pOlicy'which in principle is
/ based upon denial of the right The
compulsory purchase. and coinage of
silver by the government unchecked
and regulated by business conditions
and needless of our currency needs,
which for more than fifteen years iii
| luted our circulating medium, under
mined confidence abroad in our finan-
/ cial ability and at last eliminated in
| distress and panic at home, has been
recently stripped by the repeal of the
laws which forced this reckless scheme
upon the country. The things thus
accomplished, notwithstanding their
| INN nd Of
fectS, fall far short of curing the none
tary evils from which we suffer as
result of long indulgence in ill-advised
financial expedience.
After explaining the resumption of
specie payment and the creation of the
reserve gold fund of $1OO,OOO,0OO, the
president gives a brief monetary his
tory of the United States, quoting the
fact that in July, 1890, 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 $685.
100000 with $500, 100000 outstanding,
This served to deplete the gold reserve
in April, 1898, to $97, oil, $780, and the
president ascribes its further depletion
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 it's free coinage. In consequence
of these conditions the reserve had
fallen in February, 1894, to $65, ABS, BIT
"a decrease OF $31, 900 900 in nine
months. To relieve this state of af-
fairs $162, 100000 in bonds were issued
in three periods under the redemption
act of 1895. President Cleveland ex-
plains the necessity of the Morgan
syndicate contract and declares that if
at it's special session in July congress
had authorized the issuance of per
cent. bonds $16,000,00O would have
been saved. Despite these efforts the
gold reserve is about in the same con-
dition, there being but $40, 1888 1855 en-
hand at present. Between 1879 and
1890 but s2S,OOO,00O of gold was with
drawn while between 1890 and 1895
the amount is $375,OC0,O 900. This is at
tributed to increased purchase of sill
yer. The government has paid in gold
ninetenths Of it's notes and owes them
all. It has incurred a bonded indebt-
edneSs of $95, 500, 900 in establishing
the gold reserve and expended $751;
! 315, 400 in an effort to maintain it be-
sides paying an annual interest of
11,O00, 900. Immediate legislation for
relief is asked. Greenbacks and treas
ury notes should be retired by eX-
/ changing them for bonds OF small de-
nomination. The secretary Of the
/ treasury should be empowered to sell
bonds abroad for gold i'll order to can
eel these notes. The amount of cur
rency thus withdrawn would not he
over 486,000,000, which would be re-
placed by gold. The president eug-
gests as relief to circulation that
banks be allowed to issue notes to the
full amount Of bonds deposited and
that the tax on their circulation be re-
duced to One-fourth of one per cent
AS a further relief it is suggested that
revenue collections be made payable in
gold. Not to pay out United States
and treasury notes on demand and to
insist in paying in silver notes the
president declares would injure the
parity between gold and silver which
the government is bound to maintain.
An excess of revenue receipts would
not alter the question of national solv-