Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1897-12-11

Ivy NV I><&tA IN ttfTf ktn0 OA NRontN Naa
gold. and sbe only means by which the
Governments can with certainty get gold IL
by borrowing. IL can get IL in no other 4
way when Il most needs IL. The Govern
pledged 10 maintain gold redemption which 4
il has steadily and faithfully done. and J
which. under the authority row given, a. I
will continue 20 do.
The Bond Issaes.
The Law which requires the Government.
after having redeemed its United States
notes to pay them out again "a current
funds demands constant replenishment
OF the geld reserve. This II especially 50
IN times OF business panic and when the
revenues arc insufficient TO meet the ex-
penscs OF the Government. At such times
the Government has no other way TO sup
Y1y its denctr and maintain redemption but
through the Increase Of its bonded debt. -
during the administration ofny predecessor
when ESD. SlS.too OF ~ per cent. bonds
were issued and sold and the proceeds used
20 pay the expenses OF the Government.
With our revenues equal TO cur expenses
there would be 90 dencit requiring the Is
e1ance % bonds But IL the gold reserve
falls below Sloo. coo 600. how will a be re-
pleniShed except by selling more bonds
i there any other way practicable under
existing Law?
The serious question then f. shall We
continue the policy that has been pursued
IN she past that IS when the gold reserve
reaches the point % danger. issue more
boHda S~a sapply the needed Cold-sr shall
we provide other meSns 20 prevent these
recurring drains upon tho gold reserved II
no further legislation Is had and the policy
O; selling bonds l. 20 be continued. then
Congress should give the Secretary q tho
Treasury authority 10 sell bonds az long or
short periods. bearing a less rate OF inter-
est than Is now authorized by law.
The Endless Chain.
earnestly recommend. as soon as the
receipts % the Government are quite sun
cient 10 pay all the expenses OF the Gov
/ eminent. that when any 81 the United
States notes a Re presented for redemption
7 tn gold. and are redeemed iu gold. such
notes shall be kept and set apart.
I and only paid out IA exchange
for gold This IS an obvious duty
II the holder % the United States
note prefers the gold. and gets Il from the
Government he should not receive back
from the Government United States note
without paying gold In exchange for IL.
In my view IL is OF the utmost importance
that the Government should De relieved
from the burden Of providing all the gold
required for exchanges and export. This
responsibility 4 alone borne by the q ov-
eminent without any OF the usual and
necessary banking powers 20 help Itself
TIC banks ~ act feel the strain OF gold
redemption. The whole strata rests upor
the Government. and the size ~ the golt
reserve Ia the Treasury has come TO be
With or without reason. the signal % dan
ser or OF security. This ought 10 b
stopped.
The Secretary OF tho Treasury has out
lined n plan in great detail Cor the purPos
Of removing the Threatened recurrence o
depleted gold reserve.
{ Regarding Cubs.
The most important problem with whic
=. this Government a. now called upon 10 del
, pertaining % its foreign relations concern
Us dUty toward Spain ant the Cuban insu
recttcu- The story Of Cuba for many yea
4 has been one of unrest. For no cndurin
period since the enfranchisement % n
continental possessions OF Spain IN q
Western Continent has the condition
y Cuba or the policy OF spain toward Gu
not caused concern 10 the United States
= The prospect from time 20 time tect ?
"a weakness Of Spain's held upon the isla;
Z, and the political vicissitudes and emha
F. easements % the home Government m "
le lead TO the transfer q Cgba 90 a Coutine
- tai power called forth. between lr13 a.
h. Is60. various emphatic declarations % Z
" policy Of the United States 20 permit
~ di<tu rhance % Cutls connection vi
"a Spaiu. unless "a She direction % inteps
"a dence or acquisition by Us through "a
d. chase. nor has there been any change
this declared policy since upon the part
Do che Government.
ID Th, present insu rrection broke out
L. February. 1885. Il 81 not my purpose
90 this time 20 recall its remarkable incre'
- or % characterize its tenacious resistaI
a. against the enormous forces mas.
~ against Il by Spain. The revolt and
80 efforts 20 subdus d. carried destruction
er every quarter % the island. develop
Ia wide Proportions. and deiying the
ar forts OF Spain for its srppressi
no The civilized code % war
% been disregar led. no less 80 by the Sp
- iarts than by the Cubans. The exist
lal conditions cannot bat Oh this Governm
lic and the American people with the Ct eat
IN apprehension. 1here IL no desire on
At part Of our people 10 profit by the mis-
&C. tunes % spain. We have only the deslr
see the Cubans prosperous and content
lcl enjoying that measure % self-cOntrol WI
All Is the inallenahle right OF man
1ct Good Onlces Refused
a. The oler made by my predecessor
= AVrll. 1896 rendering the friendly Office
80 thi- Government. failed. Any medal
ca orr part was not accepted. IN brief
I. answer read. There Is 40 efIectual wa.
uaeify Cuba unless IL begins with the a.
I'll Submission % the rebels 20 the mo
country The cruel policy 81 coDcentre
bv Was initiated February &c. 1895. The
ion ductivc districts controlled BY the spa
+. ~ armies were depopulated. The agricui
oar al inhabitants were herded In and al
IL N the garrison towns, their lands laid "
-. and fheir dwellings destroyed This pS
arn- the late Cabinet % Spain justlhed
necessary measure Of war. aud a. r N
en- OF cutting OF supplies from tho inss1 rg
i % IL ha- utterly failed a war measu re-
tate was not civilized warfare. IL was exter
lr-t