The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1895-12-14
Recommendation for an abandonment Of thu
Samoan government Is renewed.
The Culnn Trarrrs.Dffnn

/ pic . oy ulpuIuy VII luC SuUuu Insurgents,
nor our loss or material damage consequent
upon the futile endeavors thus far made
to restore peace and order, nor any shock
our humane sensibilitics may have received
from the crucltics which appear to charac.
tcrize this sanguinary and tiercely conduct
ed war, have in the least shaken the deter.
minatiOn Of the government to honestly
fulfil every international obligation, yet 1t
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"
vOwal Of 1t ard assurance of a nOn-recur-
renee of similar interference, are stated.
The president then expresses his regret
that the Turkish government should have
thwartcd the purpose to send to the dis
'turbed quarter Of the empire the United
States consul at Sivas, in order to investi-
gate and report. Every effort, lie says,
is put forth to insure the safety of Amerl.
can citizens, and the United States minis
ter Is alert, but, he goes on. several Of the
most powerful European powers have as
sumed a duty as agents Of the Christian
world In Turkey to restrain fanatical brut-
atty, and at is earnestly hoped that prompt
] 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 a
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
classes at the expense of the great mass
OF our countrymen, and which, while In
efficient for the purpose of revenue, cur
tailed our trade relations and impedcd our
entrance to the markets Of the world, has
been superseded by the tariff policy which
In principle Is based upon 4 denial of the
right Of the government to obstruct the
avenues OF our peoples cheap living or
lessen their comfort and cOntcntment, for
the sake OF according especial advantages
to favorites, and while encouraging our
intercourse and trade with ether nations.
recognizes the fact that American self-re-
lance, thrift and ingenuity can build I'M
our country's industry and develop it's re-
sources more surely than encrvating pa
teinalism."
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 lengthy review follows Of the growth
Of our currency, especially the United
States notes and treasury notes and the con-
otuueuC eIluleSS ural0 on the TOlu reserve
of the treasury.
The president states that s.among the
causes for this constant and uniform shrink
age IN this fund, may be attributed the
great falling off In exports under the opera
ton of the tariff law, until recently in
force. which crippled our exchange of COM
modities with foreign nations and ncccssi-
tated to some extent the payment Of our
balances in gold. The unnatural Infusion
of silver into our currency and the %increas-
ing agitation for its free and unlimited coin
age, which have created apprehension as
to our disposition or ability to continue
gold payments; the consequent boarding Of
gold at home and the stoppage of invest
ments Of foreign capital, as we'll as the re-
turn of our securities already sold abroad;
and the high rate of foreign exchange
which induced the shipment of our gold
to be drawn against, as a matter Of spec
ulation."
h history Of the various bond
transactions which have been resorted to
reviewed and the constant subsequent fall
Ing OF pointed out. OF the last transaction
with the syndicate, the president says:s
THE performance Of this contract not
only restored the reserve, but checked for
q tim the Withdrawals of gold and brought
on a period Of restored confidence, and such
peace and quiet In business circles as were
of the greatest possible value to every
Interest that affect our people. I have never
had the slightest misgivlng concerning the
wisdom or propriety Of this arrangement,
and am quite willing to answer for my
share of responsibility for its promotion. I
believe it averted a disaster, the Inn.
mincnce of which was fortunately not at
the time generally understood by our
people,"
We are now, the president says, nearly
where we started, and nearly ali of the
gold Withdrawn has been paid out on
United States notes, which still remain
uncance.led. Therefore. he says. 81 en-
convinced the only thorough and practicable
remedy for our troubles is found in the
retirement and cancellation of our United
States notes, commonly called grcenbacks.
and the outstanding treasury notes issued
by the government in payment Of silver
purchases. under the act OF $780,
The method he proposes is to exchange
for bonds. small and large. and bearing a
low rate of interest. and Tor n 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 uncnding
bonds.
'"rhe obligations necessary to fund this
Indebtedness would not equal in amount
those which we have been relieved since
1854 by anticipation and payment beyond
the requirements Of the sinking fund, out
OF our surplus revenues.
'rhe currency Withdrawn by the retire.
ment Of the United States notes and treas
ury notes. amounting to probably less than
S4S6.OOO,OOO 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-fourth of one per
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 Yieu
OF the bonds now required as security for
their circulation, those which would be.
issued for the purpose Of retiring the
United States notes and TREASURY notes."
1t Is estimated that this would Increase
the national ban circulation by nearly
as much as tho currency retired. Re-
strietiOns in the law on the location of
national banks, the president says, might
be done away with, and branch banks
authorized.
But there might not be the necessity for
such an addition to the currency by new
Issues OF bank circulation. as at first glance
Is indicated, he says.
silver fer Fractional Coin.
The silver left in the treasury. he tbinks.
might be gradually converted into frae-
tional coin.
The government. he says, receives no gold
Ia payment Of revenues. nor would It II
the revenues were increased. The receints
are all in silver certificates, United States