Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-07

so,d reserve falls below 500. GOO ooa ,n,.,
VIII VI De replenished except hw so, iuo
more bonds? Is there any otbon ...ae
practicable under existing law Ths
serious question then ISL shall We ON ne
~ s."ue the policy that has been pursued
III tne past, that Is. when the gold re-
serve reaches the point of danger ;ss'so
more bonds and supply the needed ro,d.
or snail we provide other means - NV.
vent these recurring drains unon A.
gold reserve? II no further Ieesslo.tn's
Is had. and the policy of selling honds =.
To- 70 Dc continued. then congress should
thortty to sell bonds at long or s,nut
periods. bearing less rate of Interest
tnan Is now authorized by law.
l earnestly recommend, as soon no ~.
receipts or the government are outte
sumcaent to pay all the expenses Of the
government. that when any of the
United states notes are presented for
reaemption IN gold and are redeemed in
eoio' sucn notes shall be kept and
set apart. and only paid out in
exchange for gold. This ia an onv,o,.
duty. II the holder OF the Irnited Statas
note prefers the gold and gets IT from the
government, he should not receive back
Ilo"i the government a United States
~ wi'hout paying gold in exchange for
H. ne reason for this is made all the
more apparent when the government is
sues sues an interest-bearing debt to provide
SUI LOT the redemption of United States
notes-a non-interest bearing debt. Sure
~ ~ should not pay them out again ex-
cept on demand and for gold. If thew ara
put cut IN any other way they may re-
aurh again. to be followed by another is
sue to redeem them-another interest
Gearing oept to redeem a non-interest-
bearing debt.
4 9 nf tln
ahce that the government should be re-
iieVed from the burden of providing all
Tue gold required for exchanges and ex-
port. This responsibility is alone borne
ny the government. without any of the
usual and necessary banking powers to
heip Itself. The banks do not feel the
strain OF gold redemption. The whole
strain rests upon the government, and
the size OF the gold reserve in the treas
ury mas come to be, with or without rea-
son. the signal of danger or of security.
This ought to be stopped
II we are to have an era Of prosperity
IN the country, with sufficient receipts
ior the expenses of the government. We
may feel no immediate embarrassment
from our present currency. but the dan
ger still exists and will ever be present.
menacing us so long as the existing sys-
TEN continues. Besides, it is in times of
adequate revenues and business tranquil
ity that the government should leepare
for the worst. We cannot avoid, with
out serious consequences. wise consider
Grafton and prompt solution of this Ques-
ton.
The secretary of the treasury has out
lined plan in great detail for the pur-
pose of removing the threatened recur-
renee of depleted gold reserve and save
US from future embarrassment on that
account. To this plan invite your
careful consideration.
l concur with the secretary of the
treasury in his recommendation that ma
tlonal banks be allowed to issue notes to
the face value of the bonds which they
have deposited for circulation. and that
the tax on circulating notes secured by
deposit of such bonds be reduced to one
half of one per cent per annum l. also
join him in recommending that authority
be given for the establishment of national
banks OF minimum capital stock of $25.-
600. This will enable the smaller villages
and agricultural regions of the country
to be supplied with currency. to meet
their needs. l recommend that the issue
of national bank notes be restricted to
the denomination of $40 and upwards. If
the suggestions I have herein made shall
have the approval of congress. then /
would recommend that-natienal banks
be required to redeem their notes in gold.
CUBAN RESURRECTION.
luC uoSl iuUOISdHl pAOUlSh VIII
which this government is now called
upon to deal is pertaining to it's foreign
relations and concerning its duty toward
Spain and the Cuban insurrection. Prob
lens and conditions, more or less COM
mon with those now existing. have con-
fronted this government at various
times in the past. The story of Cuba
for many years has been one Of unrest,
OF growing discomfort. of an effort to-
ward a larger enjoyment of liberty and
seif-control; of organi ed resistance to
the mother country; of depression after
distress and warfare, and of Intellectual
settlement, to be followed by renewed
revolt.
For no enduring period since the en-
y anohisement of the continental pos
fessicns of Spain in the western conti-
nent has the condition of Cuba or the
policy of Spain toward CUBA not caused
concern to the United States. The pros
pect from time to time that the weak
ness of Spain's hold upon the island and
the present vicssitudes and embarrass-
ments of the home government might lead
to the transfer of Cuba to continental
power called forth. between 1923 and 1860,
various emphatic declarations of the pol
icy of the United States to permit no dis
turbance Of Cuba,s connection with Spain
unless in the direction of independence or
acquisition by us through purchase; nor
has there been any change of this de-
clared policy since. upon the part of the
government. The revolution which began
in 1868 lasted for ten years, despite the
strenuous efforts Of the successive penin-
sular governments to suppress It, Then.
as now, the government of the United
States testified iN. grave concern and Of
fered it's aid to pdt fan end to bloodshed
in Cuba. The overtures made by Gen.
Grant were refused and the war dragged
on, entailing great loss of life and treas
ure, and increased injury to American
interests, besides throwing enhanced bur-
dens of neutrality upon this government
In 1875 peace was brought about by the
truce of Zanjon, obtained by negotiations
between the Spanish commander. Mar
tinez de Campos, and the insurgent
leaders.
The present insurrection broke out In
February, 1895. 1t is not my purpose at
this time to recall its remarkable in
crease, or to characterize its tenacious
resistance against the enormous forces
massed against it by Spain. The revolt
and the efforts to subdue 1t carried de-
struction to every quarter of the island.
developing wide proportions and defytng
the efforts of Spain for its suppression
The civilized code of war has been dis
regarded, no less so by the Spaniards
than by the Cubans. ,,
The existing conditions cannot but I'LL
I,4 mn