The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-12-07
THE PRESIDENTS
FIRST REAL MESSAGE

obviously just, for If the holder of the
United Stalks notes prefers the gold and
gets 1t from the government me should
not receive back from the government
a United States note without paying gold
for it. This is made all the more APP
parent when the government issues an
interesting bearing note to provide gold
for tine redemption of United States
notes-a non-nterest bearing debt. Sure
ly 1t should not pay them out again eX-
oept on demand and for gold. II they
are put out i'm any other way they
return again to be followed by announcer
bond issue to redeem them-another in
terest bearing debt to redeem a non-in-
teuest bearing debt
In my view III is of the utmost import
Hnce 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 the 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 with
out reason the signal of danger or of
security. This ought to be stopped if
we are 10 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 be ever-present
menacing us 50 long as the existing sys-
ITEM continues. = Besides 1T is in times of
adequate revenues and business tranquil
aty that the government should prepare
for the worst We cannot avoid with
out serious consequence the wise consid-
eradion and prompt settlement of this
question.
The secretary of the treasury has out
lined a plan in great detaIlI for aIhe pur-
pose of removing the recurrence of a
deficit in the gold reserve and save us
from embarrassment on that account.
To this plan l invite your careful con-
sidIeration.
1 concur with the secretary Of the
TREASURY in his recommendation that ma
tional banks be allowed to issue notes to
the face value of bonds which they have
deposited for security and that the tax
on circulating notes required on deposit
per annum. I also join him in recon-
mending that every opportunity be given
for the establishment of national banks
with minimum capital of $4,000. This
will enable the smaller villages and ag-
ricu]tural regions of the country to be
supplied with currency to meet their
needs.
National Bank Note Restrictions
recommend that the issue of national
bank notes be restricted to the denom-
dnations of SO and upwards.
II the suggestions / have herefn made
shall have the approval of congress,
then I would recommend that national
banks be required to redeem their notes
i'm gold.
The most important problem with
which this government Is now called
upon to deal, pertaining to Its foreign
relations concerns it's duty towards
Spain and the Cuban Instruction Prob
1ems and considerations more or less in
common with those existing involved the
government at various times in the past.
The story of Cuba has been ONE of I'M
rest, growing contentment, an effort
towards a larger enjoyment of liberty
and self control of organized resistance
to the mother country; of depression af-
ter distress and warfare and of fnef1ac-
tuaq settlement to be followed by re-
mewed revolution. For no enduring pc
riod since the enfranchfssment of the
colonial possessions of Spain in the west
ern continent has the condition of Cuba
or the policy of Spain towards Cuba not
caused concern to s4le United States.
The prospect from time to time that
the weakness of Spain's hold on the
island and the political vicissitudes and
embarra ssments of the home govern
ment might lead to the transfer of Cuba
to a continental power called forth be-
tween 1923 and 1860 various emphatic dec
laratons of The policy of the United
States to permit no disturbance of Gu
ba's connection with Spain unless in
the direction of independence or acqui-
sition by the United States Through pur-
chase, nor has there been any change of
this declared policy since upon the part
of the government. The revolution,
which began in 1868, lasted ten years
despite the strenuous efforts of the pc
ninsular government to suppress it,
Then ais now the government of the
United States testified it's grave concern
and offered its aid to put an end to
bloodshed in Cuba. The offers made by
Gen. Grant were refused and the war
dragged ON, causing great loss of life
and treasure and great injustice to
Americans besides throwing enhanced
burdens upon his government. In 1878
peace was brought about by the treaty
of Sanjone, obtained by negotiations be-
tween the Spanish commander Martinez
B. Campos and the insurgent leaders.
The Situation In Cuba
The present instruction broke our
in February, 1895. 1t is not my purpose
at this time to recall it's remarkable in
cidents or to discuss it's tenacious resist
ance against she enormous forces massad
against it by SPAIN The revolt and the
efforts to subduls it. carried destruction
to every quarter of the island, develop
ing wide proportions and defying the
efforts of Spain fer 9ts suppression. The
evilness of the period was regarded no
less so by the Spaniards than by the
Cubans. The existing conditions cannot
but fill this government and the Ameri-