The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-04
WEDNESDAY, Dec. a, 199
THE PRESIDENTS MESSAGE.

The central idea in the Presidents
very exhaustive aud very interesting
message is the retirement of the green
backs as the only means of stopping the
withdrawal of gold for shipment and
the consequent evils of our financial
system. He does not dwell upon the
Importance of any other kind of money
to replace the contraction that would
follow, but suggests that the currency
thus withdrawn might be replaced by
such gold as would be used in their re-
tirement or by an increase in the circu-
lation of national banks. He recon
mends that national banks be allowed
to issue circulation to the par value
of the bonds deposited and the
tax on their circulation be reduced to
one fourth of one per cent.
The recommendation to withdraw the
greenbacks from circulation, replacing
them with long term bonds, is the ablest
portion of the message, and is an argu-
ment of great force, and one that will
carry great weight. There is no well in
formed e an who will not endorse all
that is said of the present effects OF the
evil of fat money, and who will not
agree with the President in saying that
a system so menacing to stability in the
financial operations of the government
ought to be abolished.
The people agreed with Mr..
Cleveland when he declared that
the Sherman law ought to be re-
pealed. They agree with him now when
he says greenbacks ought to be retired.
But they were right then in insistil 6
that some just and better financial legis
lation should be incorporated in the re-
peal of the Sherman act. They have
since seen and felt the wrong of repeal
ing the Sherman act and trusting to the
future to secure the legislation necessary
to replace the money Withdrawn. While
DESTROYS OF substituting Sherman pur-
chase notes and United States Treasury
notes with broader and better money,
the people will thunder their disapproyal
of any further contraction. Whether
State bank notes (for which the President
has no coed word, or the free
coinage of silver at the ratio of Is to /
or some other ratio, or something else is
to be the permanent policy of govern
ment. it does not admit of doubt that
a stable currency and prosperous times
cannot be secured and maintained by
withdrawing three hundred and forty
six million dollars from circulation and
stopping at this contraction and not en-
braclng in the bill further legislation. Such
legislation might give temporary relief to
the Treasury gold reserve, but would re-
tard returning prosperity among the
people, particularly in undaveloped sec
tons and agricultural communities
which are greatly in need of increasing
instead of contracting the circulation.
The President enlages upon the
arguments against coinage of sill
yer, stating his position with more
than mis- usually clear cut and
vigorous phrases. This portion of
his message could not be called dis
cussion. He treats the matter as be-
yond the pale of discussion, seeming to
content himself with fortifying the po-
sition he has taken on the money ques-
ton and dealing heavy blows to those
whom he calls advocates of cheap
money. He is most vigorous, however,
in his defense of the bond issue for
which he has received severe criticism.
The tariff question is dismissed in a
few ringing words.
Every man in America ought to read
the full and interesting review of our
. perplexing foreign relations. There is
dignifed assertion, of protection OF
American interests in all parts of the
world coupled with an evident Partially
for arbi AS lh method OF settling
international disputes.
The message appears in full IN other
columns of this paper.