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

nois until his death in May, 1895. Then
Richard Olney. OF Massachusetts previously
Attorney -GeneraD.
Secretary Of the Treasury-John G. Carlisle, OF
Kentucky
Secretary Of war-Daniel S Lamont, of New
York.
Secretary Of the Navy-Hilary A. Herbert, Of
Alabama.
Secretary Of the Interior-Hoke Smith OF
Georgia until his resignation in August 1876
Then David + Francis, Of Missouri.
SECRETARY Of Agriculture-Julus Sterling Morton,
OF Nebraska.
Attorney -General-Richard Olney. of Massachu-
sets until his appointment to be Secretary
of State in June. 1885. Then Judson Harmon,
Of Ohio
Postmaster General-Wilson S. Bissell OF New
York until his resignation in February, 1870
Then William L. Wilson, Of West Virginia
THE PRESIDENTS MESSAGE.
Mr. Cleveland was inaugurated for the second
time on March 4, 1898. In his inaugural address
be dwelt on the Importance Of sound and stable
currency, and emphasized the fact that the Gov
eminent in its executive and legislative branches
had been given to "a political party pledged IN
the most positive terms TO the accomplishment
Of tariff reform" He said that the ineXorable
laws Of finance and trade could not be defed
with impunity, and promised that none OF the
powers Of the Executive would be withheld when
their exercise was deemed necessary to maintain
the National credit or avert financial disaster
The verdict Of the voters, he declared, condemned
the injustice Of maintaining protection Tor pro-
tection's sake, and enjoined on the peoples ser
wants the duty OF exposing and destroying the
whole brood Of kindred evils which are the un-
wholesome progeny Of paternalism. The Presl-
dent called on Congress 10 give the country a
more just and equitable system OF Federal TAXA
don" He reasserted that the necessity Tor
revenue 10 support the Government furnished the
only justification for taxing the people, and said
that his party could only succeed in doing the
work set before il by the most sincere, harmonl-
and disnterested effort.
An extra session Of the Senate was called on
March G. at which there was reorganization of
the committees to correspond with the changed
political complexion Of the body. The Only bust
ness of Importance transacted was the cop6rma-
ton Of tho Presidents appointments
THE ADMINISTRATIONS SILVER POLICY
The renewal of heavy expectations Of gold
about the middle OF April brought pre- mnently
before the country the Administration's policy
In reference 10 gold. On April IL Secretary Car
, Isle suspended the issue Of gold certificates as
required by law when the greenback redemp-
oon fund fell below 500, and on the
SSh ne issued a statement tnat the Government
proposed to maintain the parity Of gold and
silver by all lawful means. His omission to
state what means were contemplated led to re-
ports that the coin certificates issued under the
Sherman act Of 1890 were to be redeemed in
silver. This occasioned statement from Pres-
den; Cleveland April % denying that such
course had been contemplated, and affirming
that the Cabinet was entirely harmonious in
IT'S purpose TO maintain the public credit
Nevertheless, the drain on the Treasurys gold
continued, and by June the net reserve had
ialen 70 SS99332l1. The situation improved
ourns the summer, and by August 10 the re-
serve was SlO3 SO, 80 Later there was an
o'hef reaction, and by October Il the reserve
mad sunk to ISL, 100000
change Of policy in the nurcbase Of silver
ooiioh under the Sherman act Of 1890 was made
~ secretary Carlisle on June II. The Law
called Tor the purchase Of 4,5OO.O 900 ounces
month"; or so much thereof as may be offered
d 'he market price" The Treasury had fol-
""eo the policy Of regarding the lowest price
!" which bullion was offered as the market
S''ee Out II was found that this at times
Meher Than the quoted prices in New-York
1o London Secretary Carlisle accordingly
made bids for bullion on these quotations with
result thai the amount purchased in July
Nno August fell below the prescribed 4. 100000
Ouhces. This policy was defended by the Secre-
~'y In letter made public on October 4, in
response 10 resolution Of the House Of Repre-
sntauves
THE PANIC OF 1856.
Inc return Of the Democrats 10 power. and
yer control Of all branches Of the Govern
'en' Tor the first time in thirty-two years quick
"'re fruit In series OF startling financial
aS'ers and universal feeling OF uncertainty
-" disturbance. The prices Of all securities