Semi=weekly graphic., 1895-12-04


naturally excited apprehension tor tue
safety OF the devoted Hen and women
who, as dependents OF The foreign missionary
societies IN the L nj ed Suites &. side in iurEey
under the g'BrBntee uf lHW and nsuee aHd al
the legitimate performance 81 tuttr edecatiuial
and religions mission No efforts have been
spared ia thor To- hail. and thcie protection in
person und property has been earnestly and
vigorously enforced by every means within our
power.
our minister has been vigIlant and nlert in
affording all possible prot ction IL individual
cases where danger threatened or safety was
imperalei. We have sent ships as iur towards
the points of actual disturbances ns is possible
ion them 10 re where they ottrT refuge 10 those
obliged 10 Het aud We have tbs. promise OF other
powers which have ships in the uris Il buIhoud,
that our citizens as we'll ms their viii b3 pro-
tected on board of these ships.
fy treaty several of the most powerful
European powers have secured u right and as
sumed a duty not only in behAif OF their own
citizens and H. furthctance OF their own in
tefests but as agents o. til Christian world
Their right is 70 enforce such conduct
OF the HurlAsh.e government as VIII restrain IA
Hatieat brutality. 1he powers declare this
right and this duty is to be thers alone, und IT
IS earnestly hoped that pfoiupt and effective
action on their part VIII not be delayed.
In view OF the growth OF our interest in for
eign countries ami encouraging prospects for
general expansion OF our commerce. the
question of an improvement IN The consular
service hats iHer, a5ed In IMPORTANCE houeh
there Is no doubt that the great body IF con.
sular offices are rendering valuable service to
the trade aud industries of tire country the
need OF some plan Of appointment and control
which would lend to secure a higher average
of efficiency cannot be denied The ialDort-
ance of the subject has led Che executive 20
consider what Steps might properly be taken
without additional legislation. 1T was agreed
that all positions paying between &It0J ana
S35J0 shall hereafter be filed By promotion or
by appointment subject To examination US TO
ntneSS 70 mold such pluceS. The total IIum Der
OF positions as 0hgFe IS about lgi.
am thoroughly eunyiuC.d that in addition
their salaries, our ambassadors aud ministers
81 r.r, "A I,,-t Ia.
governmant with official Residences The SAL
rie5 of these officers are comparatively sInHH
and IN most cas- IS lnsuihc.cht TO tay with other
necessary expenses the cost OF maintaining
household establishment MIS- in keeping with
their important and delicate functions
These considerations and tire other advantages
OF hHFng II liked ant some nat permanent Ne
cations Tor our embassies would abundAntIy
JUSTIFY the moderate expenditure necessary to
carry out this su sEestion.
We may feel enco rage TO earn 50 effort in
this direction, when we rec IL the steps ady
taken toward improvin our ecouom and IL
nan al stu lion, ID whom WeappI ciate how
well the way has be- II prepared for future
progress ~ intelligent popular n,ere5t in
these subjects.
FINANCES.
The compulsory purchase AMI coinage of
silver by the government unchecked and un-
regulated Dybustuess conditions and heed ess
of our currency needs which for more than
fifteen years diluted our circulating medium
undermlnded confidence abroad in our financial
ability, and at least eliminated III distress and
panic at home. has been recently stopped Dy
the repeal OF The laws which forced tins reck-
less scheme upon the country. The things shis
accomplished. Notwithstanding their extreme
Importance and beneAcent effects fall far
short of curing the monetary evils from which
we suffer rs a result of long indulgence in i'll
advised financial eXpedients. The currency
denominated United States notes and com
monty known as greenpacks, was issued in
large volume during the late civil war, and in
tended originally to meet the extgeneies Of
that period, it Will be seen by a reference To
We're passed authorizing the issue of these
notes.
That their advocates declared that they were
intended for only temporary use and To meet
the Emergency Dt war. Ia almost, If not all the
laws relating r. them, some provision was made
their voluntary or compulsory
retirement. large quantity OF them, how
ever, were kept on foot and mingled with the
currency OF the country, so at the close OF the
year 1874 they amounted to 1881 ,ea9,07 j. Imme-
diately alter that date and In JauuAry, 1879, Il
law was passed providing for the resumption
OF specie payments by which the secretary
OF the treasury required whenever addl-
ttonal circulation was issued to national banks
to retire United states notes equal in amount
to 80 per cent of such additional national b INK
circulation. until such notes were reduc Il to
28th99 "a Ihl5 law further provided that
on and after the lst day Of January ! 80, the
United States noes then outstanding should
be redeemed In coin, and IN order TO provide
and prepare for sua h redemption the ssere airy
of the treasury Yves auth rid not only to use
any surplus revenues OF the government, but
pose Of them for coin and TO use the proceeds
for the pufpos contemplated by The statu 9
in May, 1878, and before the date thus appoints
ed Tor the redemption ana retirement OF these
notes, another statute WAS passed lorbIdding
their further cducell tlOn and retirement.
Some OF them had howey err been previously
and cancelled upon the issue OF ad-
ditional national bank circulation. as permit
ted by the law OF 1919, so that the amount out
standing at the time OF the passage OF the act
torbiddlng their further retirement was $780,
6o DIG. The law OF 1915 did not stop at distinct
prohibition, but contained in addition the fol-
lowing express provision: And when any Of
eeiVed into the treasury, under any
law from any Nluree whatever. and
shall belong to the United States, they shall
not be retired cancelled or destroyed but they
shall be ressuad ami paid out again, and kept
in circulation" This was the condition of
affairs on the i~t day OF January 1S79 which
had been fixed upon four years before as the
date for entering upoa the redemption and re
tirement OF ali those notes. and for which such
means had been provided The gov
was pat in the anomalous situation Of
owing to the holders OF its nOtas debts payable
IN god on demand which could neither be re
tired by receiving such notes In discharge of
obligations due the government, nor cancelled
by actual payment in gold. Il was forced to
redeem with redeml ton and to pay without
acquittanee.
There has been issued and sold SIS. 10000 of
the bonds authorized by the resumption act of
1875. The proceeds OF which. togeshe with
other gold in the treasury, created gold fund
might be made upon for the redemption OF
the outstanding United States notes. This
fund together with such otQer gold might
oe from time to time I'm the treasury available
for the same purpose has been since called our
gold reserve, and 100000, COO has been regarded
as an adequate amount to accomplish its OBJ
lect. This fund amounted on the
LIST DAY OF january, 1879 10 Sii4, l96,l30
and though thereafter constantly huctuating
II did not fall below that sum in July, 1922 Il
April, 1873, for the first time since its establish
ments this reserve amounted to less than SlG0,
900 600, containing at that date only $9I0u,330
In the meantime, and in July, 1890, mn act had
been passed directing larger governmental
purchases OF silver than had been Ie-
CURED under previous lawa and providing that
In payment for silver treasury notes OF the
United states should BE Issued payable on de
mand Ia gold or silver coin, at the discretion of
the secretary OF the treasury. 1t was. heWeyer.
declared in the act to be the established policy
ol the United states 10 MAINTAIN the two III tals
on parity with each other upon the present
legal ratio or such rotlo as may be provided by
law
In view of this declaration it WAS not deemed
permissible fer n C tary OF tn treasury
to exercise the discretion in terms confer ed
on him by refus NJ to pay gold on lhese notes
when demanded because by such di ,rmina-
ton AzJavor of the gold dohsrs the o-called
parity of the two mefals would be destroyed
snd grave and dangerous consequences woul
be precipitated BY affirming or ceutaating the
constantly Widedng dtparitV etween tho
circulation under the eXistin ratio
1t thus resulted that the treasury notes is
sued in payment of silver purchases under the
law of 1880 were necessarily treuted as god
obligations at the option OF the holder These
notes on the LIST day OF November, 1898, WIEN
the law compelling the monthly purchase of
silver was repealed, amounted to more than
el55 O0J,0O. These obligations are the instid
ments which, ever since we have had q gold
have been used to deplete IL.
This reserve, as has been stated I5t f5st4ef ia,
April, 1893. to s97.0ll.330 1t hus from that time
n tiQ md