Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1897-12-06
THE PRESIDENTS MESSAGE.


upon assem- bling under felicitous con-
ditions. Peace and good will with all
the nations of the earth continue un-
broken, be says, and We should feel
genuine satisfaction at the growing
spirit of fraternal regard and uni6ca-
ton in all sections of our country and
the lifting of great public questions
above party prejudice.
Beginning with the subject Of the f.
nances the President says that while
the full effect of the legislation OF the
extra session has not yet been realiz ed
what it has already accomplished as
sures US Of its timeiness and wisdom.
| To test its permanent value further
time will be required and The people,
satisfied with its operation and results
thus far, are in no mind to withhold
from it fair trial The next question
pressing for consideration is that of the
currency. With the great resources OF
the government and with the horrible
example Of tie past before US. we ought
not to hesitate to enter upon currency
revision which will make our demand
obligation less onerous to the govern
ment and relieve our financial laws
from ambiguity aud doubt. The evil
of the present system is found in the
greatcost to the government ofmaintain-
ing at parity with gold our different
| forms Of money and the experience OF
| the past four years has demonstrated
that this is not only an expensive
charge upon the government but a
| dangerous meuace to the national cred
it. 1t is manifest that me must devise
some plan to protect the government
against bond issues for repeated re.
dempt, ons. We have nine hundred mil
hons of currency which the government
by solemn enactment has undertaken
to keep at par and nobody is obliged
10 redeem in gold tut the government,
which must borrow the gold. The law
which requires the payment out of the
Treasury of redeemed United States
notes demands q constant replenish
ment of the gold reserve, especially in
times of panic and insufficient revenue
and during the preceding administla.
ton $262,3l5, 400 AZ per cent. bonds
we're issued and sold to sustain the gold
reserve and pay the expenses of the
government in excess of revenue.
While it is true that greater part Of
this is used to supply deficient reve'
uues, considerable portion was re-
uuired 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 Treas
ury authority to sell bonds at long OF
short periods, bearing less rate of in
terest than is now authorized by law
The President says; II earnestly recon-
mend as soon az the receipts of the
government are quite sufficient to pay
all the expenses of the government thai
when any United States notes are pre-
sented for redemption in gold and are
redeemed in gold, such notes shall be
Kept aud set apart, and only paid ou
in exchange for gold. This is an obvi
Gus duty. If the holder OF the United
States note prefers the gold and gets il
from the government ne should not re
ceive back from the government Unit
ed States note without paying gold
10 exchange for it," That amounts, in
the Presidents mind, to giving an iu'
terest-bearDg debt, q government
bond, for pon-interest bearing debt
United States note. The govern
meot should be relieved from the bur
den of providing all the gold required
for exchanges and exports. This ought
to be stopped. With an era of pros
perity and sufficient receipts we may
feel 10 immediate embarrassment, bui
the danger will be ever present.
The President INVITES careful consid'
GRAFTON for the detail plan of the Secre.
tary of the Treasury to protect the gold
reserve. He concurs with him in the
recommendation that national banks
be allowed to issue notes to the face
value of their bonds deposited; that the
circulating tax be reduced to one-halI
of one per cent, and that national
banks NAV be established with cap
ital of S25 900. He also recommends
that the issue of national bank notes be
restricted to the denomination Of ten
dollars and upwards, and that they be
required to redeem their notes in gold.
Turning to foreign affairs the Presi-
dent devotes much space in his mes.
sage to a consideration of the Cuban
question, which he says is the most i'm
portant problem with which our gov
eminent is now called upon to deal in
its foreign relations. Summarizing
the history of former outbreaks, the
President comes down to the present
instruction, speaking Of its remark
able increase, its tenacious existence
against enormous forces massed by
Spain, the widespread destruction OF
property and the disregard of the civil
lied code of war on both sides. He
says these conditions give rise to ap-
prehensions. There is no desire on our
part to profit by Spain's misfortunes
and we have only the desire to see the
Cubans enjoying that measure of self
control which is the inalienable right of
man. Of the concentration policy OF
Wevler he says: ''It has utterly failed
as war measure. 1t is not civilized
warfare-it is determination"
Against this abuse of the rights OF
war the President says he has felt con-
strained on repeated occasions to enter
the firm and earnest protest of this
government. He outlines his instruc.
lions to Minister Woodford which were
in substance to impress upon the Span
ish government the sincere wish of the
United States to lend its aid toward
the ending of the War by reaching a
peaceful and lasting result, just and
! honorable to Spain and to the Cuban