Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1896-12-07

Spain and the insurgent Cubans, upon
tho lines above indicated, may be at
once inaugurated and pushed to an i'm.
mediate and successful issue.
Whatever circumstances may arise,
our policy and our interests would con-
strain Us to object to the acquisition OF
the island or an interference with its
control by any other power. Ii should
Dc added that while We are anxious 10
accord all due respect to the sovereignty
OF Spain, We cannot view the pending
conflict in ail its features, and proper
II apprehend our inevitably close rels-
tions to it, and It's possible results. with
out considering that By the course OF
events we may be drawn Into such an
unusual and unprecedented condition,
as will fix limit to our patient waiting
| Tor spain TO end the contest.
When the inability OF Spain to deal
successfully with the instruction has
| become manifest and when hopeless
struggle has degenerated into strife
| which means nothing more than the
useless sacrifice OF human life, situa-
| ton will be presented in which cur OBJ
legations TO the sovereignty of Spain
will be superseded by higher obliga-
tons, which We can hardly hesitate to
recognize and discharge, deferrine
the choice OF ways and methods until
the time for action arrives. Until We
face the contingencies suggested, or the
situation is by other incidents impera-
lively changed, We should continue in
the line of conduct heretofore pursued.
The Venezuelan boundary question
has ceased to be matter Of difference
between Great Bratain and the United
States, their respective governments
having agreed upon the substantial pro-
visions OF treaty between Great
| Britain and Nenezuela submitting the
whole controversy TO arbitration. The
| provisions ofthe treaty are so eminent
ly just and fair that the assent Of Vene.
zuela thereto may confidently be an
ticipated.
Negotiations for treaty Of general
arbitration for all differences between
Great Britain and the United States are
far advanced and promise to reach a
successful consummation al an early
dae.
The scheme OF examining applicants
for certain consular positions TO test
their competency and fitness, adopted
under an executive order issued on the
10Th OF September, 1895, mas fully
demonstrated the usefulness OF this in
| novation. In connection with this plan
Of examination promotions and trans
fers Of deserving incumbents have been
quite extensively made with excellent
results.
desire to repeat the recommends.
ton contained in my last annual mes
sage in favor of providing at public ez-
pense official residences for our ambas-
sailors and ministers at foreign capitals.
Following the discussion OF foreign
affairs the President reviews the reports
OF the various Cabinet officers and the
workings of the departments of which
they are the heads.
Regarding the revenue the Presi.
dent says: l believe our pre-
sent tariff law, if allowed fair oppor.
tunity, will in the near future yield
revenue which, with reasonably Geo.
nomical expenditures. will overcome
all deficiencies. In the meantime no
deficit that has occurred or may occur
need excite or disturb us. To meet any
such deficit we have in the Treasury, in
addition to gold reserve of one hun
dred millions, q surplus of more than one
hundred and twenty.eight millions Of dollars
applicable to the payment Of the expenses OF
the government and which must, unless eI-
pended for that purpose, remain a useless
II 81 I'D
in any event be perverted from the purpose
Of its exaction from our people. The payment
therefore, OF any deficiency in the revenue
from this fund is nothing more than ite prop
CT and legitimate use. II is not one OF the
functions Of Our government 70 acc1mulste
and make additions to fund not needed Tor
immediate expenditure II i iumeeEura5ly
better TO appropriate our surplus 20 the psy
nent Of j1stifabe expenses than 70 allow i
70 become an invitation 10 reckless appco-
priations and extra7agant expenditures.
Because We may be enjoying temporary
relief from the depressing influence Of none
tary distress, We should not De lulled mo 8
false security nor lead to forget the sudden
ness Of past visitatons. | Am more Convinced
than ever that We can have 10 assured anar.
cial peace and safety until the govennar.
currency obligations upon which gold nay &c
demanded from the Treasury are Withdrawn
from circulation and Cancelled. This nigh:
be done, az has been heretofore recommended.
By their exchange for long-term bonds bearing
a low rate OF interest or by their redemption
with the proceeds Of such bonds. Even II
only the United States notes known as green
backs were thus retired, il Is probable that
the Treasury notes issued in payment OF
silver purchases under the act Of July IA,
1880, now paid in gold when demanded. |
would not create much disturbance, as they |
might. from time to time. when received in
the Treasury by redemption in gold o.
otherwise be gradually and prudently re.
placed by silver coin. This plan Of issuing
bonds for the purpose OF redemption certainly
appears to be the most effective and direct
path to the needed reform. In default OF
this, however, it would be step in
the right direction if currency obliga-
tons reJeemable in gold, whenever 80
redeemed, should be Cancelled instead of being
reissued This operation would BE- slow
remedy, but it would improve present condi-
tious. National banks should redeem their
own notes. They should be allowed to issue
circulation to the par value OF bonds deposit
ed as security for its redemption, and the tax
on their circulation should be reduced to one
fourth of 1 per cent. In considering pro-
ects for the retirement Of United States notes
and Treasury notes issued under the Ja" OF
1890, am of the opinion that we have p &C.
ed too much stress upon the danger oil con.
tracing the currency, and have calculated
too little upon the gold that would be added
to our circulation if invited to Us oy better
and safer financial methods. 1t Is not so
much contraction of our currency that
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