Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1895-12-10

NOnAAAONNs
In accordance with the recon-
mendation Of the secretary Of
state, it has been decided to FIJI
consular positions paying from
0 to $500 annually, by
promotion and transfer from some
position in the department
of state. These promotions are to
be made by examination, and in
clude 196 places. Legislation is
needed for consular inspection.
The President recommends that
ambassadors and ministers at for
eign courts be provided with Off
cial residence. He suggests that
while avoiding the glitter and
show Of foreign nations, this coun-
try should not suffer by compar-
ison through the shabbiness and
parsimony of its diplomatic corps.
OUR NATIONAL FINANCIAL SIT
UATIoN.
As we turn from a review Of our
foreign relations the contempla-
ton Of our national financial sit
uation we are Immediately aware
that we approach a subject of do
nestle concern more important
than any other that can engage
our attention and one at present
in such a perplexing and delicate
predicament as to require prompt
and wise treatment. We may
we'll be encouraged to earnest eff
fort in this direction when we re-
call the steps already taken
towards improving our economic
and financial situation, and when
we appreciate how well the way
has been prepared for further pro-
gress by an aroused and intelligent
popular interest in the subjects.
By the 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 markets of the
world, has been superseded by a
tariff policy which in principle is
based upon a denial of the right.
The compulsory purchase and
coinage of silver by the govern
ment unchecked and regulated by
business conditions and needless
of our currency needs, which for
more than fifteen years diluted
our circulating medium, under
mined confidence abroad in our f.
nancial ability and ct last culmi-
mated in distress and panic at
home, has been recently stopped
by the repeal of the laws which
forced this reckless scheme upon
the country.
The things thus accomplished,
Notwithstanding their extreme i'm
portance and benefcent efforts fall
far short of curing the monetary
evils from which we suffer as q
result of long indulgence in i'll
advised financial experience. After
explainlngthe resumption Of specie
payment and the creation of a re.
serve gold fund of $l00,000,0 900
the President gives a brief none.
tary history of the United States
quoting the fact that in July, 1890
congress provided for the purchase
of silver bullion, but decided thai
gold and silver must be kept at {
parity. The redeemed treasury
notes, treated MS gold obligation
in 1893, amounted to 1855, 000, 900
with $500, 000,0 900 outstanding
This served to deplete the gold re.
serve in April 1893 to 97,O13,30C
and the President ascribes its fur
ther depletion to high tariff laws
in vogue until the passage of the
Wilson bill and to the infusion oil
silver into the country and the in.
creasing agitation for it's free coin.
age. In consequence of these con.
ditioDs the reserve had fallen in
February, 1894 to $685. 38, 377, &
decrease of S3l,OO0,0O0 in nine
months. To relieve this state OF
affairs, S162, 000, 900 in bonds were
issued in 3 per cent under the re-
sumption act of 1875.
THE GOLD RESERVE.
President Cleveland explains
the necessity for the Morgan syn.
dictate contract and declares If a.
its session in July congress haC
authorized Che issuance of 3 pei
cent bonds, SIG, 900 would have
been saved. Despite these efforts
the gold reserve is about in thl
same condition, there being $40,
l333,967 on hand at present. Be
tween 1870 and 1890 but $4,000,
1000 of gold was withdrawn, whill
between 1890 and 1895 the amour
is 1876, 100000. This is attribute,
to the increased purchase of silver
The government has paid in gol,
nine tenths of the notes and owe
them all. II has incurred a bond
ed Indebtedness Of S95, 100000 il
in establishing the gold reserv
and expended S162,315,4 400 in al
effort to maintain it, besides an
uual interest of $1,000, 900. I'm
mediate legislative relief is asked