Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1896-12-09
Wednesday, December 9, 1896.

this country, the president intimates
that he is aware of very strong feel
ing. He is aware of the fact that il
has been suggested that war with
Spain should be neither large in pro-
portions or doubtful in issue; but OF
this, be says, there is no need to ex-
press an opinion. The fact remains,
however, that the United States has a
character to maintain, and that it
must not fall into the error that might
makes right. In concluding this sub
iect, the president gives utterance to
some expressions which might be con-
strued as sounding rather warlike.
He says:
"Deferring the choice of ways and
methods until the time for action ar
rives, we should make them depend
upon the precise conditions then ex-
isting; and they should not be deter
mined upon without giving careful
heed to every consideration involving
our honor and our interest, or the in.
ternational duty we owe to Spain.
Until we face the contingencies sug-
gested, or the situation is by other
incidents imperatively changed, we
should continue in the line of con-
duct heretofore pursued, thus in all
circumstances exhibiting our obedience
10 the requirements of public law and
our regard for the position we occupy
in the family of nations. A contem-
plation of emergencies that may arise
should plainly lead us to avoid their
creation, either through care
less disregard of present duty or even
an undue stimulation and ill-timed
expression of feeling. But 1 have
deemed it not amiss to remind the
congress that a time may arrive when
u correct policy and care for our in
terests as we'll as regard for the in
terests of other nations and their citi-
zens, joined by considerations of hu-
mauity and a desire to see rich and
fertile country, intimately related to
us, saved from complete devastation,
will constrain our government to such
action as will subserve the interests
thus involved and at the same time
promise to Cuba and its inhabitants
an Opportunity to enjoy the blessings
of peace"
Brief reference is made to the con-
dition of affairs in Turkey, and the
president expresses the opinion that
he does not believe this country will
be allowed to much longer offend the
sight of all Christendom.
There is quite chapter on trusts,
and although there is little effort to
explain why existing laws on the sub
ject have not been enforced, the presi:
dent expresses the opinion that the
trusts should be promptly crushed.
He does not think that tho Federal
government has sufficient authority in
the premises; but thinks that if the
various state governments would take
hold of the matter, their united efforts
would accomplish the desired end.
On the financial question, the presi-
dent, discourses as follows:
81 am more convinced than ever
that we can have no assured financial
peace and safety until the government
curl ency obligations upon which gold
NAV be demanded from the treasury
are withdrawn from circulation and
cancelled. This might be done, as has
been heretofore recommended, by their
exchange for long term bonds bearing
a low rate of interest, or by their re-
demption with the proceeds of such
bonds. Even if only the United
States notes known as greenbacks
were thus retired, it is probable that
the treasury notes issued in payment
of silver purchases under the act of
July IA, 1890, now paid in gola when
demanded, would not create much dis
turbance, as they might, from time to
time. when received in the treasury
by REDEMPTION in gold or otherwise, be
gradually and prudently replaced by
silver coin. This plan of issuing
bonds for the purpose of redemption
certainly appears to be the most effect
i've and direct path to the needed re-
form. In default of this, however, it
would be step in the rig ght direction
if currency obligations redeemable in
gold, whenever redeemed, should be
cancelled instead of being reissued.
This operation would be slow reme-
DIV, but it would improve present
conditions. National banks should
redeem their own notes. They should
be allowed to issue circulation to par
value of bonds deposited as security
for it's redemption, and the tax on this
circulation should be reduced to one
fourth of one per cent.
"In considering projects for the re-
tirement of United States notes and
treasury notes issued under the law of
1890, l am of the opinion that we
have placed too much stress upon the
danger of contracting the currency
and have calculated too little upon
the gold that would be added to our
circulation if invited to us by better
and safer financial methods. 1t is not
so much contraction of our currency
that should be avoided as its unequal
distribution. This might be obviated,
and any fear of harmful contraction at
the same time removed, by allowing
the organization of smaller banks and
in less populous communities than are
now permitted, and also authorizing
existing banks to establish branches in
small communities under proper re-
strictions. The entire case may ne
presented by the statement that the
day of sensible and sound financial
methods will not dawn upon us until