Arizona republican., 1897-12-07


 ] There are many plans proposed as a remedy for the evil. Before we can find the true remedy we must app e. ciate the real evil. Every dollar of our currency is good because the gov ernment pledge. is out to keep it so. However, the best guarantee of cur purpose to keep it so will be advanc- ; ing toward the fulflment of the pledge.
 The evil of the present system is found in the great cost to the govern ment in maintaining the parity of the four different forms of money that is keeping all at par with gold. |. is manifest that we must devise some plan to protect the government against bond issues fer repeated re- demption. We must either curtail the opportunity for speculation, made easy by multiplied redemptions of our demand obligations, or increase the gold reserve for redemption. We have $90,000,O00 of currency wh1ch the government has undertaken to keep at par with gold. Banks are not required to redeem gold. The receipts of the government are not required to be paid in gold and the only means by which the government can get gold is by borrowing
 We may feel no embarrassment from our present currency but the danger still exists and will be evar present as long as the existing system exists. The secretary of the treasury has outlined a plan in great detail To this plan I invite your careful consideration. I concur with the sec retary in his recommendations that notes to the face value of the bonds which they have deposited for circu- lating notes secured by deposits of such bonds be neduced to one-half of l per cent per anmum. I also join the recommendatiom that authority be given for the establishment of ma tional banks with a minimum of $25,- GOO capital. recommend that the is- sue of national bank notes be re- stricted to denominations of S1O and banks be required to redeem thet- notes in gold.
 THE ENDLESS CHAIN. A serious question is, shall we con- tinue the policy when the gold reserve reaches the danger point, of issuing more bonds to supply needed gold, or provide means to prevent recurring drains on the gold reserve. I earn estly recommend that when. the re- cepts of the government are quite sufficient to pay the expenses of the government, when any of the United States notes are presented for redem l ption in gold and are redeemed in gold, such notes shall be kept and set apart and only paid out in exchange for gold. In my view it is of the ut l most importance that the government l! should be relieved from the business of providing for all gold required for | exchange and export. The whole l strain of gold redemption rests upon | the government. This ought to be stopped if we are to have an era of | prosperity.
 THE CUBAN SITUATION.
 The most important problem this | government is called upon to deal with pertaining to foreign relations l is our duty towards Spain and the Cuban insurrection. These conditions cannot but fill the government and 1 the American people with the gravest 1 approximations. There is no desire to profit by the misfortunes of Spain Our only dsdre is to see the Cubans prosperous and enjoying that measure of self control which is the inalienable 1 right of man. The cruel policy of i concentration was initiated by Spain February 16, 1896. It has utterly l failed as a war measure. It is not 1 civilized warfare. It was extermina- 1 tion- Against this I have felt con- i strained on repeated occasions to en- ter a firm protest. The instructions i of our minister to Spain directed him i to impress upon Spain the sincere wish of the United States to lend it's aid toward ending the war by peaceful means and for peaceful results No l solution was proposed which would humiliate Spain.
 ''The reply to our note was received on October 25. 1t is in the direction I of a better understanding. It appre- iciates the friendly purpose of this government, admits that our country is deaply affected by the war and that it's desire for peace is just Spain has therefore decided to put into effect military reforms in the path which
 in its judgment leads to peace. I'm 1 mediate amelioration of existing con-
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