The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-12-09

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serious question then Is, shall we con
tlnue the policy that has been pursued in
the past; that is, when the gold reserve
reaches the point Of danger, issue more
bonds and supply the needed gold, or shall
we provide utner means to prevent these
recurring drains upon the gold reserveY
III no further legislation Is had and the
policy of selling ponds is to be continued,
then congress should give the secretary OF
the treasury authority to sell bonds at
long or short pciiods, bearing less rate
of interest than is now authorized by law.
require Gold For Greenbncks.
I earnestly recommend as soon as the
receipts of tie government are quite sufil-
cicnt to pay all the expenses of the gov.
ernment, that when any of the United
States notes are presented for redemption
i'm gold and are redeemed In gold, such
notes shall be kept and set apart, and
only paid out in exchange for gold. This
Is an obvious duty. II the holder Of the
United States note prefers the gold ana
gets II from the government, he should
not receive back from the government
United States note without paying gold
in exchange for It. The reasOnrfor this Is
made all the more apparent when the.
government issues an intercst-bearing
debt to provide gold for the redemption
of United States nOtes-a nOn-iqterest-
bearing debt Surely 1t should not pay
them out again except for demand and for
gold. IL they are put out in any other
way, they may return again to be fol-
lowed by another bond issue TO redeem
them-an intercst-bcaring debt to redeem
a bearing debt.
In my view 1t is of the utmost import
ance that the government should be
relieved of 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 help 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 without reason the signal of dan
ger or of security. This ought to be
stopped.
III we are to have an era of prosperity in
the country, with sufficient receipts for
the expenses of the government, we may
feel no immediate embarrassment from
our present currency; but the danger still
exists and will be ever present menacng
us so long as the existing system con.
tinues. And besides, II Is In time of ade.
quate revenues and business tranquility
that the government should prepar' for
the worst We cannot avoid without
serious consequences the wise considera
ton and prompt solution of this question
Plan of Gage Endorsed.
The secretary of the treasury has out
| lined plan in great detail for the pur
pose of removing the Threatened rccur
rance of a depleted gold reserve and say,
us from future embarrassment on tina
account. To this plan L invite your care
| full consideration.
| concur with the secretary Of the treas
ury in his recommendation that the ma
| tional banks be allowed TO issue notes t
the face value of the bonds which the,
have deposited for circulation, and tha
| the tax on circulating notes secured ID,
deposit of such bonds be reduced to one
half of one per cent per annum. | ais
| Join him In recommending that authorit,
be given for the establishment of ma
| tional banks with minimum capital q
| $4,000. This will enable the smallc
| villages and agricultural regions of tn
country to be supplied with currency +
meet their needs.
/ recommend that the issue Of nationa
| bank notes be restricted to the denomina
tion of $40 and upward. If the sugges
tions / have herein made shall have tn
approval of congress then ] would recon-
mend that national banks be required I
redeem their notes in gold.
Recommendation Regarding Cuba.
The most important problem wit
which this government is now called upo
to deal pertaining to its foreign relation
concerns its duty toward Spain and til
| Cuban insurrection. Problembs and cor
ditions more or less I'M common with thos
now existing have confronted this goN
ernment ut various times in the pas
The story of Cuba for many years ha
been one of unrest; growing dissent
an effort toward a large enjoyment G
liberty and self control; of organized IT
| sistance to the mother country; of dc
preston after distress and warfare, and q
| Intellectual settlement to be followed b.
renewed revolt. For no enduring perio
since the enfranchiscment of the cont
mental possessions of Spain in the west
ern continent has the condition of Cub
or the policy of Spain toward Cuba no
caused concern TO the United States.
The prospect from time to time that tn
weakness OF Spains hold upon the islanC
and the political vicissltudes and embar
easements of the home government Nigh
lead to the transfer OF Cuba to u CONT
mental power called forth, between 1872
and 1850 various emphatic declaration
of the policy of the United States to per
nit no disturbance Of Cuba's connection
with Spain unless in the direction of in
dependence or acquisition by us through
purchase nor has there been any chang
of this declared policy since upon th
part of the government. The revolution
! which began in 1858 lasted for ten years
despite the strenuous efforts of the sue
cessive peninsular governments to sup
press 1t. Then, as now, the government
of the United States testified TO its grav,
concern and offered its aid to put an en'
to the bloodshed in Cuba. The overture
made by General Grant were refused an
the war dragged on, entailing great los
| of life and increased injury to American
, interests beside throwing enhanced bun
dens of neutrality upon this government
| In 1873 peace was brought about by tn
truce of Zanjon, obtained by negotiation
between the Spanish commander, MAJ
! timex de Campos and the insurgent leat
| ers.
Rules OF Civilized War Ignored.
The present instruction broke out 1
February, 1896. 1t is not my purpose d
this time to recall its remarkable increas
or TO characterize its tenacious resistanc
against the enormous forces masse
: against 1t by Spain. The revolt and tn
efforts to subdue it carried destructio
to every quarter of the island, develOpin
wide proportions and defying the effort
Of Spain for its suppression. The civi
lied code of war has been disregardeC
no less so by the Spaniards than by tn
CubanS.
The existing conditions cannot but fl
this government and the American poopl
with the gravest apprehensions. There
no desire ON the part of our people
prUnt by the mlstortunes OF Spain. W.
have only the desire to see the Cuban
prosperous and contented, enjoying tina
measure of self control which Is the IN
alienable right of man, protected III thei
right to reap the benefit of the exhaustles
treasures Of their country
The offer made by my predecessor II
| Inc N Ilu of