The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-08

TWO GREAT POINTS,


TWO GkLAI POINTS,
The last annual message which Grover
Cleveland Will ever send TO Congress
went TO that body yesterday. and Will
be read with deepest interest at home
and abroad.
Two questions overshadow all tho
others-important as is an increase OF
the national revcnue-yiz.. the Cuban I'M
brogllo and the settlement Of our money
matters upon a system at once safe and
suitable to the needs OF our whole coun-
try.
The Cuban question. we think. the
President has handled in a mastery
manner. That # will please the Span
iards is not TO be supposed. The "miles
gloriosus" of Plautus was not moro vain
and inflated than are the Spanish people.
To please them It would be necessary
to say that they were wise and righteous
as well as brave and honorable. and that
the conquest of Cuba would soon be ac-
compllshod and that the United States
approved their course towards the Gu
bans.
There Is no hope. therefore Of gratify-
ing Spanish pride. The position. how
ever. of the President IS just and inn
partial. What plan he has for at once
satisfying the honor Of Spain. securing
practical autonomy for Cuba. and keep
ing within the limits of the Constitution
Of tho United States. we cannot SUI
gcst. We do not know any portion OF
our Constitution which would authorize
this government TO stand sponsor for
Cuba in her dealings with Spain. If
Mr.. Cleveland can accomplish the Abe-
ration Of Cuba, ne viii have added to his
administration q distinction which Will
do much to compensate Tor the troubles
which arose from the Venezuelan blum
der; a blundor which has been happily
turned into a great diplomatic success.
but which will ever remain as a monu-
mental blundcr.
The President recognizes the defects
Of our financial system. but only su=-
gosts the retirement Of the Creenback
and Treasury notes by the issuance OK
bonds and the enlargement Of the rights
Of national banks to issue notes TO the
par Of their government bonds.
These propositions tre very disap-
pointing.
no Congress will for a long time be
found to issue bonds TO restore the gov
ornments notes. and the issuance of
national bank notes TO the par Of tie
bonds is good enough as far as # goes.
but this whole idea Of issuing bank
notes only on bonds is wrong.
Tho President has not gotten from
under the shadow of the national bank
act.
Notes should be issued against good,
solvent. convertible assets. Government
bonds are not the only assets that are
good. solvent and convertible. In tho
recent financial crisis we saw govern
mcnt bonds decline more thaa some
railroad bonds.
We cordially concur in the necessity
for the removal OF the constant menace
With which the greenbacks and Treasury
notes threaten the gold reserve. This.
however. can be accomplished without
an issue Of bonds. but viii require a
complete reformation Of our banking
system, and the result will be greatly
aided by an abundant revenue for the
government.
TO get the relief we need IN the South
and West viii require earnest and united
effort by the representatives, Of those
sections. The danger IS that they viii
fly of at the free silver tangent and
lose the opportunity TO secure wise and
practical legislation.