Santa Fe daily New Mexican., 1897-12-06

of the treasury authority to sell bonds, at
of interest than is now authorized by law.
earnestly recommend, as soon as the
receipts of the government are quite suf-
fioent to pay all the expenses of the gov
eminent, that, when any United States
notes are presented for redempt in
gold and are redeemed in gold, such
notes shall be kept and set apart, and
only paid out in exchange for gold.
AN OBVIOUS DUTY OF CONGRESS-.
"This is an obvious duty. If the holder
of United States notes prefers gold and
gets it from the government, he should
not receive back from the government
the United States note without paying
gold in exchange for it, The reason for
this is made all the more apparent when
the governmet issues an interest bearing
debt to provide gold for the redemption
of United States notes, nonlnterest
bearing debt. Surely, 1t should not pay
them out again except on demand and
for gold. If they are put out in any
other way, they may return again to be
followed by another bond issue to re-
deem them, another interest bearing debt
to redeem non interest bearing debt.
SIN my view it is of the utmost i'm
portsnce that the government should be
relieved from the business of providing
for all the gold required for exchanges
and export. This responsibility is alone
borne by the government without any of
the usual and necessary banking powers to
help itself. Banks do not feel the strain
of 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 without reason, the sig
nal of danger or of security. This ought
to be stopped.
SHOULD PREPARE FOR THE WORST.
"If we are to have an era of prosperity
in the country, with sufficient receipts
for the exp penses of the government, we
from our present currency; but the dan
ger still exists and will be ever present
menaclng US as long as the existing sys-
tenn continues. And, besides, it is at
times inadeq uate to preserve the reserve
and business tranquility. The govern
ment should prepare for the worst. We
cannot avoid, without serious conse
quences, the wise consideration and
prompt solution of this question.
1.-THE secretary of the treasury has out.
lined plan in great detail for the pur-
pose of removing the threatened reour-
renee of depleted gold reserve and save
US from future embarrassment on that ac-
count. To this plan invite your oare-
ful consideration.
MORE NATIONAL BANK NOTES WANTED.
81 concur with the secretary of the
treasury in his accommodation Tat the
national banks be allowed to issue notes
to the face value of the bonds which they
have deposited for their circulation, and
that the tax on the circulating notes,
secured by the deposit of such bonds be
reduced to one-half of one per cent per
annum. also join him in recommend
ing that authority be given for the es-
tablishment of national banks with
minimum capital of $25,000. This will
enable the smaller villages and sgricul-
tural regions of the country to be sup.
piled with currency to meet their needs.
~ recommend that the issue of nation
al bank notes be restricted to the de-
nsominations of $40 and upwards. If the
suggestions have herein made shall have
the approval of congress, then would
recommend that the national banks be
required to redeem their notes in gold"
The Grave Cuban Problem.
Next the president takes up the Cuban
question, first referring to past revolu-
tions in the island and the repeated
declarations of the policy of the United
States to permit no disturbance of Oubs's
connection with Spain, unless in the
direction of independence or acq uisition
by the United States through purchase.
He continues: "Existing conditions
cannot but fill this government and the
American people with the gravest appre-
hension. The offer made by my predeces-
sor, in April, 1896, rendering the friendly
Offices of this government, failed, and
mediation on our part was not accepted.
Against an abuse of the rights of war
l have felt constrained on repeated oc-
oasions to enter the firm and earnest pro-
test of this government.
IN REHALF OF AMERICAN CITIZENS.
II felt it my first duty to make instant
demand for the release or speedy trial Of
all American citizens under arrest. Be-
fore the change in the Spanish cabinet, in
October last, 20 prisoners, citizens of the
United States, hac been given their free
dom.
"The instructions given 20 our new
minister to Spain, before his departure
for his post, directed him to impress upon
that government the sincere wish of the
United States to lend its aid toward end
ing the war in Cuba by reaching peace,
full and lasting result, just and honorable
alike to Spain and to the Cuban people,.
1t was stated that at this juncture our
government was constrained seriously to
inquire If the time was not ripe when
Spain, of her own volition, moved by her
own interests and every sentiment of
humanity, should put stop to this de-
war and make proposals Of a
settlement honorable to herself and Just
to her Cuban colony. 1t was urged that,
ss neighboring nation, with large inter-
ests in Cuba, We could be required to
wait only reasonable time for the moth
or country to establish it's authority and
restore peace and order within the borders
Of the island; that We could not contem-
plate an indefinite period for the accom-
plishment of this result
sPAIN's FRIENDLY REJoINDKR.
"a reply to our note was received on
the 23d day of October. II is in the d.
rection of better understanding. II ap-
preciates the friendly purposes of this
government. It admits that our country