New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-07
sell bonds at long or short periods bearing less
rate Of interest than 10 now authorized by law.

rate of interest than 10 now authorized by law.
GREENBAcKs ONLY FOR GOLD.
earnestly recommend. as soon as the receipts
of the Government are quite sufficient to pay all
the expenses of the Government. that when any
of the United States notes are presented for re-
dcmpt,on in gold and are redeemed in gold such
notes shall be kept and set apart ar d only paid
ont in exchange for gold. This is obvious
dutv. II the holder Of the United States note
nrefers the golo and gets 1t from the Govern
ment he should not receive back from the Gov
eminent a United States note without paying
gold In exchange for It, The reason for this Is
made all the more apparent when the Govern
ment issues an interest bearing debt to provide
gold for the redemption OF United States notes.
a Notwithstanding debt Surely 1t should
not pay them out again. except on demand and
for gold. If they put out in any other way
they may return again. to be followed by an
other bond issue to redeem theni-another inter-
est bearing debt to redeem a non-interest bear
ing debt.
BURDEN THAT SHOULD BE STOPPED
In nv view. It is Of the utmost Importance
that the Government should be relieved from
the burden Of providing 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
helm itself The 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 WITH
out reason. the signal Of danger or OF security
This ought to be stopped.
If we are to have any era OF prosperity IN the
country, with sufficient receipts for the ex-
penses Of the Government we may feel no I'M
mediate embarrassment from our present cur
rency; but the danger still exists. ana VIII DC
ever present menacing us long as the exist
ing system continues. And. besides, IL Is In
tin es of adequate revenues and business trah-
GUILTY. that the Government should prepare
for the worst. We cannot avoid without serious
consequences the wise consideration ana prompt
solution Of this question
The Secretary of the Treasury has outlined
plan in great detail for the purpose OF removing
the threatened recurrence Of a depleted gold re-
serve and save us from, future embarrassment
Oh that account To this plan invite your
careful consideration.
SECRETARY OF THE TREASURES PLAN
concur with the Secretary Of the Treasury
in his recommendation that National banks DO
allowed to issue notes to the face value OF the
bonds which they have deposited for circulation.
by deposit Of such bonds be reduced to one-haf
of ! per cent per annum. l also join him In
recommending that authority be given for the
establishment Of National banks OF minimum
capital stock Of $4,000 This will enable the
smaller villages and agricultural regions OF the
country to be supplied with currency to meet
their needs
recommend that the issue Of National bank
notes be restricted to the denomination OF slo
and upward. II the suggestions have herein
made shall have the approval CT Congress. then
/ would recommend that National banks be
required to redeem their notes in gold.
RELATIONS WITH SPAIN AND CUBA
The most important problem with which this
Government Is now called upon to deal pertain
Ing to its foreign relations concerns Its duty
toward Spain and the Cuban instruction.
Problems and conditions more or less In com
mon with those now existing have confronted
this Government at various times In the past
The story Of Cuba for many years has been
one Of unrest. growing discomfort. an effort
toward a larger enjoyment OF liberty and self
control Of organized resistance to the mother
country. Of depression after distress and war
fare and Of Intellectual settlement TO be fol-
lowed by renewed revolt. For no enduring
period since the enfranchisement OF the conti-
mental possessions Of Spain in the Western Con-
tnent has the condition OF Cuba or the policy
OF Spain toward Cuba not caused concern 10
the United States
The prospect from time to time that the weak
ness Of SPANS hold upon the island and the
present vicisstudes and embarassments Of the
home Government might lead to the transfer
Of Cuba to Continental Power called forth. be-
tween 1923 and 1850. various emphatic declara-
lions Of the policy Of the United States to per-
,.tth
Spain unless in the direction OF Independence
acquisition by US through purchase; nor has
there been any change OF this declared policy
since upon the part Of the Government.
The revolution which began in 1868 lasted for
ten years. despite the strenuous efforts OF the
successive Peninsular governments TO suppress
II. Then. now. the Government Of the United
States testified Its grave concern and offered
It's aid to put end to bloodshed in Cuba The
overtures made by General Grant were refused
and the dragged on. entailing great loss
OF life and treasure. and increased injury to
American interests. besides throwing enhanced
burdens Of neutrality upon this Government. In
1919 peace was brought about by the truce OF
Zanjon. obtained by negotiations between the
Spanish commander. Martinez de Campos and
the insurgent leaders
The present instruction broke out in Feb
ruary. 1895. 1t is not my purpose at this time
to recall its remarkable increase or to charac-
terize its tenacious resistance against the enor-
nous forces massed against 1t by Spain The
revolt and the efforts to subdue It carried de-
struction to every quarter Of the island develop
ing wide proportions and defying the efforts of
Spain for It's suppression. The civilized code OF
war has been disregarded. no less 50 by the
Spaniards than by the Cubans.
GRAVE ApPE.HENSrON CAr-crD
The existing conditions cannot but fill this
Government and the American people with the
gravest apprehension. There Is no desire on the
part of peOpe 20 proht ~ the 30