The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-07
THE PRESIDENTS MEssAGE.


IIe first takes up the currency ques-
\ ten. and deals with it at considerable
( length. lie would have the currency of
( the country put on a sound basis. He
says that the situation from 1893 60
/ 1887 must admonish congress of the
immediate necessity of so legisiating as
( to make the return of such conditions
4 then prevailing impossible. The evil of
/ the present system. says the president,
1 is found in the great cost Of main
/ tanning the parity with gold OF the
/ various kinds Of money. That is the
chief evil. 1t IS pointed out that the
1 government alone is compelled to re-
deem in sold. while at the same time
/ it has no gold revenue. The president
would have the drain on the gold re-
serve stopped by having it provided by
/ law that when government notes are
/ redeemed in gold they shall MOI be paid
out agaln, except for gold. This is SEN
! sible. He would have the government
relieved from the necessity of provid-
ing gold for exchange and export, and
! the remedy he suggests would relieve
( the government of the necessity of pro
Yiding it. His recommendations and
arguments on this point are very
/ largely an elaboration on Mr.. Cleye-
lands famous phrase about the endless
chain. In his discussion of the cur
rency question there are three really
! important points aside from that Of
cutting the endless chain. He takes
the position that all the governments
obligations are redeemable in gold. This
IS identical with the position taken by
Mr. Carlisle. He would have the iasse
OF national bank notes restricted to de-
nominations of ten dollars and up
wards. and he would require national
( banks to redeem their notes in gold.
This last recommendation is a very
radical departure from the policy that
has prevailed towards national banks
in the past, What the president has to
say on the currency question will com
mend itself to all who favor the gold
standard, though some may complain
because he did not come out with a
positive declaration against silver.
More space is devoted to the Cuban
question than to any other. The tone
of it all is very friendly to Spain, and
is very hopeful of good results from
the new policy inaugurated by Sa-
gasta and being carried out by Blanco.
There is q very elaborate argument
against according be1igerent rights to
the Cubans, and the position taken has
much to commend it. The president
makes plain wherein the according of
such rights would be fraught with
danger to the peace Of this country
because of the right of search The
president is satisfied that the Sagasta
government is sincere in its desire to
/ pacify Cuba along the lines of a gen
uine autonomy policy. The message
breathes quite different spirit on the
Cuban question from that in the St.
Louis platform.
The Hawaiian annexation treaty is
referred to. It is favored by the presi-
dent. It raises a smile to read that
no less is due to a people who Ter
nearly five years of demonstrated ca
pacity to fulfn the obligations Of self
governing statehood, come of their free
viii to merge their destinies in our body
polite"
A part of the message that has a
double interest for the west is that re-
ferring to the Wolcott comnlsaion.
on this subject the president says in
part:
The gratifying action Of cur great
sister republic of France in Joining this
country in the attempt to bring
about an agreement between the prin-
cipal commercial nations of Europe
whereby a fixed and relative value be-
+ tween gold and silver shall be secured,
furnishes assurance that we are not
alone among the larger nations of the
world in realizing the International
character of the problem and in the de-
sire of reaching some wise and practi-
cal solution Of it.
The British government has pub
lished q resume of the steps taken
jointly by The French ambassador in
London and the special ENJOYS of the
United States with whom our ambassa-
dor in London actively co-operated in
the presentation of this subject to her
majcsty's government. This win be laid
before congress. Our special ENJOYS
have not made their final report, as
further negotiations between the rep
resentauves Of this government and
the governments of other countries are
pending and in contemplation. They
believe that doubts which have been
raised in certain quarters respecting
the possibility of maintaining the sta
bility Of the parity between the metals
and kindred questions may yet be
solved by further negotiations.
Meanwhile it gives me satisfaction
to state that the special ENJOYS have
already demonstrated their ability and
fitness to deal with the subject, and it
is to be earnestly hoped that their la
bors may result in an international
agreement which win bring about
recognition of both gold and silver as
. money, upon such terms and with such
safeguards as VIII secure the use OF
both metals upon a basis which shall
work no injuries to any class of ou1
citizens
There is nothing very positive, re
assuring or hopeful about it. The
reference to the gratifying action OF
our great sister republic of France
is more in the nature of douceur for
those who fh0ughr the commission