Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-12-03
full settlement with such consideration
and indulgence toward Nicaragua as are
| consistent,

consistent.
The president asks legislation to break
the treaty or agreement by which this
country is Jointly bound with England
and Germany to assume management in
Samoa.
Special attention is called to the stu.
alton in Cuba and the strict neutrality OF
the government is advised, despite the
sentimental sympathy and adventurous
support aroused in America by the stories
of cruelty and the natural love of liberty.
Military arrests of American citizens, the
rights of the American consular officers
to protect the property of Americans,
and the Alliance incident have been rec
ognized and are explained.
Regarding occurrences in Turkey, while
exciting concern, information is hard to
obtain. But our consul at Sivas has been
instructed to investigate. 1t is not the
intention of this government to become
entangled in the eastern question, but
simply to care for those entitled 70 its
protection. Ships have been sent to
points of actual disturbances, and,
ON DEMAND OF OUR MINISTER,
orders have been issued by the sultan
Il ~ Turklsh soldiers shall guard and
escort American refugees to the coast. It
is earnestly hoped that prompt and effec-
tive action on the part of the great
European powers will not be delayed.
Owing to the growth of American in
terests in foreign countries the improve
ment of the consular service is urged. In
accordance with the recommendation of
the secretary of state, it has been decided
to fill consular positions paying from
5000 to $2,500 annually by promotion
or transfer from some other position in
the department of state. These promo
tions are to be made by examination and
are to include 1856 places. Legislation is
needed for consul inspection.
The president recommends that am
bassadors and ministers at foreign courts
be provided with official residences. He
suggests that, while avoiding the glitter
and show of foreign nations, this country
should not suffer by comparison through
the shahbiness and parsimony of its
diplomatic corps.
NATIONAL FINANCIAL SITUATION.
As we turn from review of our for
eign relations to the contem plation of
our national financial situation, we are
Immediately aware that we approach a
subject of domestic concern more i'm.
portant than any other that can engage
our attention and one at present in such
delicate and precarious predicament as
to require prompt and wise treatment.
We may we'll be encouraged to earnest
effort in this direction when we recall the
efforts already taken toward improving
our economic and financial situation and
when We appreciate how we'll the way has
been prepared for further progress by
an aroused and intelligent popular in.
terest in the subjects.
By the command of the people GUS
toms revenue system, designed for the
protection and benefit of the favored
classes at the expense Of the great mass
of our countrymsn, and which, while in
efficient for tie purpose Of revenues, cur
tailed our trade relations and impaired
our entrance to the markets of the
world, has been superseded by tariff
policy which in principle is based upon
a denial of the right to tax the many for
the benefit OF the few. Z
THE suBJEor or CURRENCY.
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 debased our cir
culating medium, undermined confidence
abroad in our financial ability, and at
last eliminated in distress and panic at
home, has been recently stopped by the
repeal of the laws which forced this reck-
less scheme upon the country.
The things thus accomplished, not
withstanding their extreme Importance
and beneficent effects, fall far short of
curing the monetary evils from which we
suffer as a result of long indulgence in
i'll advised financial expedients.
After explaining the resumption of
specie payments and the creation of
reserve gold fund of 100000, 900, the
president gives brief monetary history
of the United States, quoting the fact
that in July, 1890, congress provided for
the issuance of silver bullion, but decided
that gold and silver must be kept at a
parity.
WHAT DEPLETED THE GOLD RESERVE.
The redeemed treasury notes, treated
as gold obligations, in 1898 amounted to
$155, 100000, with $5O0,0O0,00O outstand-
ing. This served to deplete the gold re-
serve in April, 1898, to $97,O1l $3.50; and
the president ascribes its further de.
pletion to the high tariff laws in vogue
until the passage OF the Wilson bill, to-
gether with the infusion of silver into the
country and the increasing agitation for
it's free coinage.
In consequence of these conditions the
reserve had fallen in February, 1894, to
$65, ,377, a loss of $31, 100000 in nine
months. To relieve this state of affairs
162,OOO,OOO of bords were issued in three
periods under the REDEEM ption act of 1890.
President Cleveland explains the neoes-
sity for the Morgan syndicate contract,
and declares that if, at its session IN July,
congress had authorized the Issue of
per cent bonds, $16,0O0,O00 would have
been saved.
Despite these efforts the gold reserve
is now about in the same condition, there
being but $79,330,906 on hand at present.
coNDlTioN OF THE GOLD RESERVE.
Bet~ cen 1889 and 1880 but $28, 100000
of gold was withdrawn, while between
1890 and 1896 the amount was 1915, ,OO0,-
OOC. This is attributed to the increased
purchase of silver.
The government has paid in gold nine
tenths Of the notes and owes them all.
Il has incurred bonded indebtedness Of
&95, ,60O,O 900 in establishing the gold re.
serve and expended $l62, 500 In an Of.
fort to maintain 1t, besides annual in
terest OF $1l,O00O00.
Immediate legislative relief is asked.
Greenbacks aud treasury notes should be
retired by exchanging them for bonds
with small terminations. Tho secretary
Of the treasury should bs empowered to
sell bonds abroad for gold In order to
cancel these notes. The amount of cur.
rar nv Ahna withdrawn xnnld not ha over