Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1897-12-09

Washington. Dec. 6.-Prrsislent MeKin-
~ io.iay sent his annual message 10
Congress. He congraiulates II upon as.
-mbhns under felicitous conditions.
Peace and good will with all the nations
Il the earth continue unhroken. he says,
AMI Ne should feel genuine satisfaction
At the growing spirit Of fraternal regard
and uniication in all sections of our
country and the lifting Of great public
gaesitans above party prejudice.
Tavt0 aaa Curres~y.
Beginning with the subject Of the
sasnces. the President says that while
the full effect OF the legislation % the
extra session has not yet been realized.
what il has already accomplished assures
rs n its timeliness aud wisdom. To test
its PERMANENT value further time will h.
required and the people satisfied with its
eperation ard results thus far are In no
mind to withhold il from a fair trial.
The next question pressing for con-
sisi'-ration u that of the currency. With
N. great Usourees Of the government
and with the honorable example Of the
past before us. we ought not TO hesitate
To enter upon a currency revision which
viii make our demand obligation less
onerOus to the government and to relieve
our financial laws from ambiguity and
deubt. The evil of the present system j.
found in the great eost TO the govern
ment of maintaining at parity with gold
our different forms Of money. and the ex-
per'ence OF the past four years have de-
moa-trated that this Is not only an expen-
sive charge upon the government. but
dangerous menace TO the national credit
II il manifest that We must devise some
plan to protect the government against
bond issues for repealed redemptions.
We have nine hundred millions II cur
rency which the government. by solemn
Enactment. has undertaken to keep at
par. and nobody is obliged to rc.ipem in
Sold but the government. which must
borrow the gold. The law which requires
the payment out Of the Treasury Of ~
deemed United States notes demands a
constant replenishnent Of the gold re-
serve. especially in times OF panic and in
sufficient revenue. and during the pre-
celing administration S2i2.315.+O four
half per cent. bonds were issued and sold
10 sustain the gold reserve and pay the
EXPENSES Of the government in excess Of
revenue. While 1t is true that a greater
part Of this was used to supply deficient
revenues. considerable portion was re-
CURED TO maintain the gold reserve.
II no further legislation is to be had
TO correct this 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 used by Jaw. The President
says:
1 earnestly recommend. as soon as
TIE receipts OF the government are quite
sufficient to pay all the expenses OF the
government, that when any United States
hotes are presented for redemption in
gold and are redeemed in gold. such notes
snail BE kept and set apart and only paid
ont in exchange for gold. This is an OBJ
tious duty. II the holder Of the United
states note prefers the gold and gets il
ifoin the government. he should not NJ
teive hack from the government United
s'at's note without paying gold in ex-
change for it,
That amounts. TO the Presidents mind.
giving an interest-bearing debt,
government bond for u non-interest bear
ing debt. United States note. The gov
eminent should be relieved from the bur
o'a OF providing all the gold required
ior exchanges and exports. This ought
10 he stopped With an era Of prosperity
and sufficient receipts we may feel no i'm
msiiafe embarrassment. but the danger
VIII be ever present.
:. Inc President invites careful eonsidera-
u"h Tor the detailed plan Of the Secre-
'"f' Oi the Treasury to protect the gold
reserve. he concurs with him in the rec
,uiiiisndation that national banks be al
'"ed TO issue notes to the face value
" 'heir bonds deposited: that the circu-
'anhs tax be reduced to one-half Of
Per cent, and that national banks may be
established with a capital Of $25, 900. He
-" recommends that the issue of ma
uonal bank notes b. restricted 10 the de-
aou'nation Of 80 and upward. and that
gold.
The Cuban PssAsea.
turning to foreign Affairs the President
ue'o'es much space in his message TO a
eyns, ieration Of the Cuban question,
sn'eh ne says is the most important prob
.em with which our government is now
;.sed upon to deal in it's foreign .cla-
uons- Summarizing the history Of form
" outbreaks. the President Gomez DIVA
- .ne present insurrecticn. speaS.as q
.s remarkable increase. its tenacious TX
eaee against enormous forces nsassed
y spain, the widespread destruction ef
property and the disregard OF the civil
.1eu code Of war on both sides. He says
- conditions give rise to grave ai'pre-
inere is NO desire ON our part to profit
spain's misfortune. and we have only
ne desire to see the Cubans enjoying
a' measure Of self-control which Is
as ilaiienabie right OF man 0s the
ssTIsSseniration IT. policy Of weyler. ne says:
=, ~ mas utterly failed a q war measure.
= a.. : not civilized warfare-it Is exter-
~ AGAINST this abuse OF the rights OF war
a. - resident says b has felt constrained
repeated oceasious to enter the srm
~ ~ earnest protest Of this government.
Ne Ne oaslines bis Instructions 10 Minlssrr
,"oeatord. which were In substance 10
@essss upon ~ upeais> Seysssnsns Tie