New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

317 800 The contract also gave the pahkers
an option on any other bonds that might DC
issued I'D to October 1. This contract subjected
the Administration to violent criticism from re
publicans and silver men, When the syndfcate
put the 4 per cents on the market the loan was
eagerly taken up in both New-York and Lonooh
and the market quotation for the bonds rose a.
high as us This occasioned further pit'e'
attacks on the Administration for having az
cepted so low figure as lo41s. In oelenee
was urged that when the contract was mace tne
suspension Of gold payments at least at th'
Sub-Treasury in this city. was within 1oIty
eight hours OF realization, and that the GOV
eminent was thus at the mercy OF the bankers
The deficit in the Treasury for the year emu
ing June 30 1888 was x42S2D.og
In maintaining the reserve the Government
was measurably successful Under the syhu'
cate contract. the gold in the Treasury increased
steadily until with the last payment Tor oohos
under the contract June 20. II STOOD a.
Sl07 100000. About the middle OF July tns
Withdrawals for export were considerapie. a'!u
on the Doth the syndicate indicated purpose te
fulfil it's obligation 10 sustain the Treasury oy
depositing enough gold to make good the amount
withdrawn. Further deposits were mace on Au
gust Is and 30. During September the same
process continued, and various Natlonai Dahhs
not connected with the syndicate turned over
gold TO the Treasury. but by the micd OF lhe
month the reserve not above S3o,oc'V"'
The syndicate announced on the l3th tna'
ury after October ]. when all obligations under
the contract would cease.
THE ALLIANCE INCIDENT.
on March the United States mail steamship
Alliance. while passing the eastern point OF
Cuba, was fired on b. Spanish gunbOat. A
week later Secretary Gresham demanded OF
Spain prompt dsavowal OF the unauthorized
act" and insisted on immediate and positive
orders to Spanish commanders not to inter
fere with legitimate American commerce. Spain
on May 16 disavowed the cruisers act. expressed
regret therefor and promised that no repetition
of it should occur.
On January an armed uprising Of royalists
took place in Hawaii. led by former officers OF
the deposed Queen. Much fault was found with
the Administration because no United states
warship was there at the time. ship was
promptly dispatched. but on January ~ Presl'
dent Cleveland made public statement that il
was sent not because there had been any change
In the policy of the Administration. but from
motives of extreme caution" because OF pos
sible danger to American citizens. The com
manders instructions explicitly forbade him 10
extend protection to any American citizen VINO
should have participated in the civil comrno-
ton
The dissatisfaction of the country with the re-
suits of Democratic rule was plainly manifested
in the election on November D. 1871 when a
Republican majority of HI was returned to the
Democrats failed Of reelection.
THE LIvTH CONGRESS.
The first session of the LIvth Congress began
on December >. 1895. and extended to June IL.
1856 1t was made up thus:
Senate-Republicans 43: Democrats. 80: In
dependents Including the Silver Senator's OF
Nevada. Il. Total. So.
House-Thomas B. Reed. OF Maine (Rep).
Speaker Republicans 2lS: Democrats. 104; In
dependents and Popuiists. {; vacancy. l. To-
tai $50.
The annual Message OF President Clevelan 1
was devoted to two subjects-foreign relations
and National finances. He said that Great
Britain had been called on for a definite answer
to the question whether she VIC uld or would not
submit the Venezuelan boundary dispute to
arbitration, and that an answer was soon ex-
pected As respects Cuba, he urged a strict OBJ
servance Of neutrality not only by the Govern
ment. out by all citizens. He spoke Of the in
adequacy of the regulations under the Behring
Sea arbitration to insure the preservation OF
the seal herds. and urgently recommended action
looking to the settlement OF Canadian claims
against the United States that ere invalidated
by the Paris Tribunal.
The currency question was discussed at length.
The President defended the bond syndicate
contract pointing out that the good effect Of
that operation had recently ceased and that
the gold reserve stood at 9.33S%;6 with a
ptoSpcSt VI uctIcdSc Ill the near future.
He declared that the only thorough going rem
edy for the trouble lay in the retirement Of the
greenbacks and the Treasury notes Of 1890 by
the issue Of lOw-rate and long term bonds He
denied the assertion that il the deficit i'm
the revenue rather than the currency stua-
ton pure and simple. that was responsible for
the repeated bond issues. At the time of each
bond issue. he affirmed. there had been in the
Treasury safe surplus for ordinary opera
tons. exclusive OF the gold reserve and he de-.
clared that at no time had there been any
thought Of meeting the expenses Of the Govern
ment from the proceeds of bonds.
WARLIKE MESSAGE ON VENEZUELA
The annual Message was speedily lost sight