The evening times., 1896-11-19


ence of p President Cleveland.
Only those who have the most important
business 10 transact with him are ad-
mitted. He has commenced the prepara-
ton OF his last message to Congress, nd
while he is preparing this he must have
quiet. As il is his 1inal document Of the
kind he is taking extra pains, and Will
doubtless devote a portion OF 1T to Ic-
view of the principal acts OF his administra-
ton.
1t will take him two weeks to finish it.
All the reports of the Cabinet officers. eX-
cept that OF the Secretary Of the Treasury.
are now nearly ready 10 be sent to the
President. Secretary Carlisle sends his
direct to Congress. 1t is the custom to
give these reports to the press as they are
prepared, and before the meeting Of Con-
gress, SO that they may be in the posse ssi On
OF the legislators before the first Monday
in December.
CAN BE EXPECTED SOON
This custom will be followed this year, ind
the first of the executive reports may he
looked for next week, The report of the
Secretary of State is usually withheld until
the presentation of the Presidents message,
for the reason that it deals exclusively with
relations with foreign nations, and pend
ing negotiations make IL necessary TO hold
back The document until the last moment
The foreign report this year will be
specially interesting on account OF the
contention, now happily settled. between
our government and that OF Great Britain
over the Venezuelan question, and our re-
lations with Spain, growing out of the in
surrection in Cuba The report of the
Secretary OF State, therefore, and the
recommendations which are certain to be
made liz connection with our foreign af-
fairs by the President will be awaited
with unusual interest by the people.
m. oh .f.ar fsr.. .ff of
the most interesting will doubtless be that
devoted to the currency. Little is risked
in predicting that lie will again discuss ut
length the pressing Necessity that exists
for remedial legislation in connection with
the fiscal affairs or the government, and
that he will renew his recommendation
OF last year for the permanent retirement
Of the greenbacks and the coin notes issued
under the Sherman act. The Treasury will
never be secure against the emharrass-
ments under which il has suffered the
past three or four years until provision
is made for the retirement and canceiisi-
tion of these outstanding gold demand
obligations.
The amount of United States notes out
standing is nearly S347 ,0OO, 900. The ie
sumption act required that these uotes
should be redeemed in gold after January / i,
1873, but unfortunately this was coupled
with "A mandate that when redeemed the
notes should be again paid out in iqui-
dation of national obligations. More II an
S95,oo0,00 in gold was accumulated in
exchange for bonds to meet the require
ments Of the resumption act, and since then
S262 100000 has been issued in bonds TO
secure gold with which To maintain d gold
reserve for the same purpose.
AN EXTRAORDINARY METHOD.
Since January l, 1879, the Treasury has
not only redeemed with gold the entire
amount ofthe United States notes. but 81 3D.
122 ,639 in excess of that amount, and
yet, Notwithstanding the redcmptions, ag
gregate nearly S+70 900 900, the gov
ernment still owes the S34T 900, 900 of
outstanding greenbacks. The same thing is
true of the Sherman notes, of which there
was issued S155 900, 900, and of which
there is still outstanding as a menace To
the Treasury S123,OO0, 900, notwith sta I'd
ing the fact that the Treasury has re-
deemed over S6,0OO.0 900 of them.
In his last annual message the President
recommended the exchange of these notes
for United States bonds bearing a low rate
of interest They should be Iung-'erm
bonds said the President, thus incrcas-
ing their desirIhility aS Investments and
because their payment could be well post
poned To a penud lar removed from Or asent
financial burdens ana perplexitieS. when.
with increased prosperity and resOur1 es
they would be more easily met"
This recommendation applies with greater
force now than il did one year ago a MI I is
ve-v nbahl"it Will h,. r.'rcwr,I in the forth.
coming mesa ge. 1t will receive. however.
no serious attention from Congress, but
business men Will recognize its force and
wisdom, and will agree that it embodies the
first step III any sound plan that must be
adopted IN the future to make the Treasury
secure against disaster that is ever present
in the present financial system that binds
and hampers its finances