The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-12-07
W'KINLEYS
MESSAGE !
Urges Action to Prevent Repeated Bond
Issues.
SHOULD NOT RECOGNIZE CUBA |
Spain Should be Given Time TO Perfect the
Proposed Autonomy Plan Promised
by sagasta's Cabinet-Favors
Hawaiian Annexation.

Washington Dec. THE attendance
in both houses of congress yesterday
was notably large, despite the known
fact that no business would be trans
acted The event of the day was, of
course, the reading of the presidents
message, a voluminous document of IA
600 words, and at the conclusion of the
reading both houses adjourned until
today.
The message congratulates congress
upon assembling under felicitous con-
ditions. Peace and good will with all
the nations of the earth remain un-
broken, he says, and we should feel
genuine satisfaction at the growing
spirit Of fraternal regard and unifica-
tion in all sections of our country and
the lifting of great public sense above
party prejudice.
Beginning with the subject of the
finances the president says that, while
the full effect of the legislation of the
extra session has not yet been realized
what it has already accomplished as
sures us of it's timeliness and wisdom
To test its permanent value further
time will be required and the people
satisfied with its operation and results
WlInnOIO
from it a fair trial.
The next question pressing for con-
sideration is that of the currency.
With the great resources of the gov
ernment and with the honorable ex-
ample of the past before us, we ought
not to hesitate to enter upon a cur
rency revision which will make our de-
mand obligations less onerous to the
government and relieve our financial
laws from ambiguity and doubt The
evil of the present system is found in
the great cost to the government of
maintaining at parity with gold our
different forms of money, and the ex-
perience of the past four years have
demonstrated that this is not only an
expensive charge upon the government,
but a dangerous menace to our ma
tional credit
Protection Against Bond Issues.
1t is manifest that we must devise
some plan to protect the government
against bond issues for repeated re-
demptiOns. We have $780, 900, 900 Of
currency which the government by SOL
emn enactment has undertaken to keep
at par, and nobody is obliged to redeem
in gold but the government, which
must redeem in gold. The law which
requires the payment out of the treas
ury of redeemed United States notes
demands constant replenishment Of
the gold reserve, especially in times of
panic and insufficient revenue, and dur
ing the preceding administration 1862. o.
3l5, 400 AZ per cent bonds were issued
and sold to sustain the gold reserve and
pay the expenses of the government
In excess Of the revenue. While il is
true that greater part of this is
used to supply deficient revenues, a
considerable portion was required to
maintain the gold reserve. If no fur
ther legislation is to be had to cor
rect this, and the policy of selling
bonds is to be continued, then congress
should give the secretary of the treas
ury authority to sell bonds at long or
short periods, bearing a less rate of in
terest than is now authorized by law.
The president says:
Il earnestly recommend, as soon as
the receipts Of the government are
quite sufficient to pay al the expenses
of the government, that when any
United States notes are presented for
redemption in gold and are redeemed in
gold, such notes shall be kept and set
apart and only paid out in exchange
for gold. This is an obvious duty. II
the holder of the United States note
prefers the gold and gets it from the
government he should not receive back
from the government United States
note without paying gold in exchange
for it," That amounts, to the presi-
dents mind, to giving an interest bear
ing debt, a government bond for a nom
interest bearing debt, United States
note.
The president invites careful con
sideration for the detail plan of the sec
retary of the treasury to protect the
gold reserve. He concurs with him in
the recommendation that national
banks be allowed to issue notes to the
face value of their bonds deposited:
that the circulating tax be reduced to
one-half Of / per cent and that ma
tional banks may be established with
a capital of $685. He also recon-
mends that the issue of national bank
notes be restricted to the denomina-
ton of $40 and upward, and that they
be required to redeem their notes in
gold.
The Cuban Quest ion.
The president devotes much space
to a consideration of the Cuban ques-
tion. Summarizing the History of for
mer outbreaks, the president comes
down to the present insurrection, speak
ing Of It's remarkable increase, its ten
acious existence against enormous
forces massed by Spain, the wide
spread destruction OF property and the
disregard of the civilized code of war
on both sides. He says these condi-
tions give rise to gravest apprehen-
sions. There is no desire to profit bv
Spain's misfortunes, and we have only
the desire to see the Cubans enjoying
that measure of self control which rs
the inalienable right Of all. OF the con-
centration policy of Weyler he says:
1T has utterly failed as a war meas
ure. 1t is not civilized warfare; It is
determination"
Against this abuse OF the rights of
war, the president says he has felt
constrained on repeated occasions to