The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-12-08

sufficient to pay all the expenses of tho
government. that when any of the
| United States notes are presented for
| redemption I'm gold and are redeemed in
! gold. such notes shall be kept and
set apart, and only paid out III
exchange for gold. This is an obvious
duty. If the holder of the United States
note prefers the gold and gets 1t from the
! government. he should not receive back
from the government a United States
| note without paying gold in exchange for
| II. The reason for this is made all the
more apparent when the government is
sues an interest bearing debt to provide
! gold for the redemption of United states
! notes-a non-nterest bearing debt. Sure
! ly 1t should not pay them out again eX'
| cept on demand and for gold If they are
| put out in any other way they may re-
turn again, to be followed by another is
| sue to redeem them-another interest
! bearing debt to redeem a non-interest-
| bearing debt
In my view 1t is of the utmost import
| ance that the government should be re-
| lieved from the burden of providing all
| the gold required for exchanges and ex-
! port. This responsibility is alone borne
| by the government without any of the
| usual and necessary banking powers to
! help 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 has come to be, with or without rea-
son, the signal of danger or OF security.
| This ought to be stopped
If we are to have an era of prosperity
in the country. with sufficient receipts
for the expenses of the government we
! may feel no immediate embarrassment
! from our present currency, but the dam
ger still exists and will ever be present.
! menacing US so long as the existing sys-
| TEN continues. Besides, it is i'll times OF
adequate revenues and business tranquil
| ity that the government should ~ pare
| for the worsA 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 a plan in great detail for the pur-
| pose of removing the threatened recur-
renee of a depleted gold reserve and save
us from future embarrassment on that
account. 10 this plan | invite your
careful consideration.
l concur with the secretary of the
treasury in his recommendation hat ma
| tional banks be allowed to issue notes to
the face value of the bonds watch they
have deposited for circulation, and that
the tax on circulating notes secured by
deposit of such bonds b. reduced to one
half of one per cent per annum. so
join him in recommending that authority
be given for the estabisnme t Of nationa.
| banks OF a minimum capital stock. Cf So
! UUU. MS Will eildDle lne SlUdlieI VIVA
| and agricultural regions OF the country
to be supplied with currency to NEE.
their needs. / recommend that the issue
of national bank notes be restricted to
the denomination of $40 and upwards. If
the suggestions l have herein made hall
have the approval of congress, then
would recommend that national banks
be required to redeem their notes IN gold.
CUBAN INSURRECTION.
The most important problem with
which this government is now called
| upon to deal is pertaining to its foreign
relations and concerning it's 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 che 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
| self-contro; of organi ed resistance to
the mother country; of depression after
distress -pnd warfare, and of Intellectual
settlement to be followed by renewed
| revolt.
For no enduring period since the u
fran h!sement Of the continental PCS
sessions of Spain In the western CONT
| nent has the condition of Cuba or t >
policy of Spain toward CUBA not eau /
| concern 20 ne United States. The pros
pect from time 10 time that the weak
ness of siIin : hold upon the island and
the present Vicissltudes and embarrass-
mcn,s OF he h. me goYCrnne nt might led
to the transfer of Cuba to contineu' Il
power called forth, between 1898 and 1850,
various empna ic declarations Of the pol
Icy of the Uni,cd States to permit no dis
| turbance of Cuba s connec ion with Spain
| unless in the direction OF ild"pc. denCe or
acquisition by US through pa chase; nor
has there been any change Of this de-
clared policy since, upon tie part of the
in 1865 lasted for ten years despite the
strenuous efforts of the succe sive penln-
sular governments to suppress II. Then,
as now. the government OF The United
States testified y grave concern ana Of
fered its aid to pat AN end to blood he'd
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 broug.t about by the
truce Of Hanjon, obtained by negotiations
between the Spanish commander, Mar
tineZ de Cdmpos, and the insurGent
leg ders.
The present instruction broke out in
February, 1895. 1t Is not my purpose al
this time to recall It's remarkable in
crease. or to characterize / tenacious
resistance against the enormous frees
massed against it by Spain. The revolt
and the efforts 10 subdue 1t carried de-
struction to every quarter of the island
developing wide proportions and derNing
the efforts of Spain for its suppress on
The civilized code of war has been dis
regarded, no less so by the spanlards
than by The Cubans.
The existing conditions cannot but III
this government and the American PEG
pie with the gray, 81 apprehs ms on. There
is no desire on the part of our people tC
profit by the misfortunes of Spain. We
have only the desire TO see the Cub ms
prosperous and contented, enjoying thai
measure of self-control which is the in
alienable right of man, protc cted in theil
right to reap the benefit of the exhaust
less treasures of their country. The Offer
made by my predecessor in April, 1895
rendering the friendly offices of this gov
eminent failed. Any mediation on oul
part was not accepted. In brief the an
swer read: There is no efrectual way
to pacify cuba unless 1t begins with tn,
! actual submission of the rebels to the
mother country" Then only could Spair
act in the promised direction, of her owr
motion and after her own Plans.
The cruel policy of concentration wa.
initiated Feb. lG. 1896. The productive dis
tricts controlled by the Spanish armie.
were depopulated The agricultural in
habitants were herded in and about tn,
garrison towns, their lands laid waste ant
: their dwellings destroyed. This policS
] ba lat la on nf Cd a