Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1897-12-09
MKINLEY'S MESSAGE
Urges Action to Prevent Repeated
Bond Issues.
SHOULD NOT RECOGNIZE CUBA.

SHOULD NOT RECOGNIZE CUBA.
Spain Should Be Given Time TO Per-
feca the Proposed Autonomy Plan
Promised by sagasta's Cablnet-Fa-
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-
ton 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 1t has already accomplished as
sures us of its timeliness and wisdom.
To test its permanent value further
time will be required, and the people,
satisfied with it's operation and results
| thus far, are in no mind to withhold
from 1t fair trial.
The next question pressing for con-
sideration is that of the currency.
With the great resources of the gov
| eminent 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
tionaI 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 5000 000, 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 a constant replenishment of
the gold reserve, especially In times of
| panic and insufficient revenue, and dur
| ing the preceding administration $780,
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 it 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
Their 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 less rate of in
| terest than is now authorized by law.
The president says
81 earnestly recommend, as soon as
the receipts of the government are
| quite sufficient to pay ali 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. If
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-
i dents mind, to giving an interest bear
| ing debt, government bond for nom
| interest bearing debt, a United States
note.
| The president invites careful con
sideration for the detail plan of the Sec
rotary 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 l per cent, and that ma
tional banks may be established with
| capital of $4,000. 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 Question.
The president devotes much space
to a consideration of the Cuban ques-
ton. Summarizing the History of for
mer outbreaks, the president comes
down to the present insurrection, speak
| ing Of its 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-
| lions give rise to gravest apprehen-
sions. There is no desire to profit by
| Spafn's misfortunes, and we have only
| the desire to see the Cubans enjoying
that measure of self control which is
the inalienable right of all. OF the con-
centration policy of Weyler he SAYS:
1T has utterly failed as 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
enter the firm and earnest protest of
| this government. He outlines his in
Btructions to Minister Woodford which
were in substance to impress upon
! the Spanish government the sincere
wish of the United States to lend it's
! aid toward the ending of the war by
reaching a peaceful and lasting re-
suit Just as honorable to Spain and to
the Cuban people.
The Spanish reply to Mr.. Woodford
was, in the presidents opinion, in the
! direction of a better understanding It
admitted our friendly purposes and
deep interest, and declared that the
new government was bound to a
change Of policy that should satisfy
the United States and pacify Cuba
within reasonable time. To this end,
political reforms will be put into effect
and military operations conducted on
humane lines. 1t was suggested that
Spain be left free to conduct military
operations and grant political reforms,
while the United States for its part
should enforce neutral obligations and
cut Off the assistance which the insur-
gents, It was asserted, received from
this country. Early and complete pac-
| ification Is hoped for.
The president declares that the Span
ish disposition to charge US with fall
ure to meet international duties is base
less, and points to the efforts this gov