The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-12-05
recommendation for an abandonment Of the
Samoan government Is renewed.
The Cuban JnHurrectiOn

/ OI CUBA, the president says Inea sOHlIeu
| States must preserve international faith,
whatever the sympathy Of our citizens with
the insurgents. He continues
"ThOugh neither the warmth of our peO-
| pies sympathy with the Cuban Insurgents,
| nor our loss or material damage consequent
| upon the futile endeayors thus far made
| to restore peace and order, nor any shock
| our humane sensibilities may have received
| from the cruelties which appear to charac-
| terize this sanguinary and fercely conduct
| ed war, have in the least shaken the deter
! minatlon Of the government to honestly
| fulfil every international obligation, yet it
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 Spain's dsa-
vowal OF 1t 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 Sivas, in order to inyesti-
| 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 duty as agents Of the Christian
| world In Turkey to restrain fanatica brut-
atty, and "it 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 q
| discussion of the financial situation.
| by command of the people," the message
| says, "a customs revenue system designed
| for the protection and benefit of favored
/ nf
OF our countrymen, and which, while in
e1hcent- 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been superseded by the tariff policy which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 q 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.
| cCgnlZ4s the fact that American selfre-
lance, thrift and ingenuity can build up
our country's industry and develop it's re-
sources more surely than enervating pa
| ttrnaliSm."
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 leHSluy review 1OllOWS OF the growth
OF our currency, especially the United
States notes and treasury notes and the con-
sequent 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 railing off in exports under the opera
ton Of the tariff law, until recently in
force, which crippled our exchange Of com
moultles with foreign nations and necessi-
tated TO some extent the payment of our
balances in gold. The unnatural infusion
ol silver INTO our currency and the increas-
Ing agitation for it's free and unlimited coin
age, which have created apprehension as
to our disposition ability to continue
Sold payments; the consequent boarding of
gold at nome and the stoppage of invest
ments OF foreign capital, as we'll as the re-
turn OF our securities already sold abroad;
ana 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 rcsorted to
r III oraef 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:
| Ihe performance of this contract not
only restored the reserve, but checked for
time the Withdrawals of gold and brought
| VA " p>AAOu VI ACotOIeu COuuueuco, anu SuCu
peace and quiet in business circles as were
OF, the greatest possible value to every
| interest that affect our people. I have never
mad the slightest misgiving concerning the
wisdom or propriety Of this arrangement,
ana am quite willing to answer for my
share OF responsibility for its promotion.
believe it averted disaster, the i'm
minence of which was fortunately not at
the time generally understood by our
! peoSle."
We are now, tile president says, nearly
where we started and nearly all of the
United States notes, which still remain
uncanceiled. Therefore, he says. Il 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 greenback
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 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
| celled instead of the menace of amending
. | bonds. x
''The obligations necessary to fund this
Indebtedness would not equal in amount
\ those which we have been relieved since
| 1884 by anticipation and payment beyond
the requirements of the sinking fund, out
81 Of our surplus revenues
"The currency withdrawn by the retire.
ment OF the United States notes and treas.
ury notes, amounting to probably less than
$4S6,OOO,O might be supplied by such gold
as would be used on their retirement, or by
an increase in the circulation of our nation.
al banks. I think they should be
allowed to issue circulation equal to the
par value of the bonds they deposit to Sc
| cure, and that the tax on their circulation
) should be reduced to one-f fourth Of one pei
cent, which would undoubtedly meet all
| the expense of the government incurred
on their account. In addition, they should
: be allowed to substitute or deposit in lieu
1 of the bonds now required as security fol-
2 their circulation, those which would be
E; issued for the purpose of retiring the
! United States notes and treasury notes"
: 1t is estimated that this would increase
: the national bank circulation by nearly
| as much as the currency retired. Re
: strictions in the law on the location OF
: national banks, the president says, might
; be done away with, and branch banks
: authorized.
Rut there MIGHT NOT ho tho rocoSc;+1 20,