Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-06

means 10 prevent these recurring drains
upon the gold reserve? If no further leg
is.ation is had and the policy of selling
bonds is to be continued, then Congress
should give the Secretary of the Treasury
authority to sell bonds at long or short
periods, bearing a less rate of interest than
is now authorized by law.
His enda
1 earnestly recommend as soon as the
receipts of the Government are quite sutii-
cient to pay all the expenses of the Gov
eminent, that when any of the United
States notes are presented for redemption
in gold and redeemed in GOLD such
notes shall be kept ard set apart, and only
paid out in exchange for gold. This is
an obvious duty. If the holder of the
Urited States note prefers the gold ana
gets it from the Government, he should not
receive back from the Government "a United
States note without paying gold in ex-
charge for it. The reason for this is made
all the more apparent when the Govern
ment issues an interest-bearing debt TO
provide gold for the redemption of United
States notes-a ron-interest- bearing debt
Surely it should not pay them out again
except on demand and for gold. If they
are put out in any other way, they may
return again to be followed by another bond
issue to redeem then-ar other interest
hearing debt to redeem NEUTRALITY-SUSPICIOUS. r
ing debt.
In my view it 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 export
This responsibility is alone borne by the
Government without any of the usual and
Eec essary banking powers to help itself
The banks Go not feel The strain of gold
redemption. The whole strain rests upon
the Government and the size of the gold
reserve in the Treasury has come to be
with or without reason. the signal of dan
ger or of security. This ought to be
stepped.
II We are to have an era of prosperity in
the country, with sufficient receipts for
the expenses of the Government, we NAV
feel no immediate embarrassment from or
present currency; but the danger still exists
and Will be ever present menacing us so
long as the existing system continues And
besides it is in times of adequate revenues
and business tranquility that the Gov
eminent should prepare for the worst. We
can not avoid without serious consciousness
the wise consideration and prompt solution
of this question.
The Secretary Of the Treasury has ONT
l1Led plan in great detail, for the purpose
OF removing the threatened recurrence of
depleted gold reserve and save us from
future embarrassment on that account. To
this plan L invite your careful considera-
ton.
1 concur with the Secretary Of the Treas
ury in his recommendation that National
banks be allowed to issue notes to the face
he
tied for circulation, anG that the tax on
circulating notes secured by deposit of
such bonds be reduced to one-half Of ono
per cent per annUm. l also join him in
recommending that authority be given for
the establish ent of National bsnL, nith
minimum capital of $4,000 This will
enable the smaller villages and AGRICULTURAL
regions of the country to be supplied with
currency to meet their needs.
recommend that the issue of National
pahk notes be restricted to the deromina-
tioh OF len dollars and upward. If the sug-
sesuons have herein made shall have the
approval OF Congress. then would recon-
meEd that National banks be required to
redeem their notes in gold.
THE CUBAN QUESTION.
The most important problem with which
this government is low called upon IN daa,
pertaining to its foreign relations concerns
Its duty toward Spain and the Cuban in
surrection. Problems and conditions more
or less in common with those now existing
nave confronted this government at va
rions times In the past. The story of Cuba
Tor many years has been one of unrest.
growing discomfort; an effort toward
larger enjoyment of liberty and self-con-
troll; OF organized resistance to the mother
country; of depression after distress and
warfare and of Intellectual settlement To no
followed by renewed revolt For no endur-
ing period since the Acknowledgement of the
continental possessions OF Spain in the
western continent has the condition Of
Cuba or the policy of Spain toward China
not caused concern to the United States.
The prospect frcm time to time that the
weakness of SPANS hold upon the Island
and the political vicissitudes and embar-
rassment OF the home government might
lead TO the transfer of Cuba to a continent
tai power called forth, between 1923 and
1850, various emphatic declarations of the
policy of the United States to permit no
disturbance Of Cuba's connection with
Spain unless in the direction of fndepen-
Ger ce OF acquisition by us through pur-
chase: ncr has there been any change of
this declared policy since upon the part of
the government.
The revolution which began in 1893 1osta