Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1897-12-11
MKINLEY'S MESSAGE
Urges Action to Prevent Repeated
Bond Issues.
SHOULD NOT RECOGNIZE CUBA.

cnUO1U HO1 6hOOdN1I6 OU bAs
spain should Be Given Time 20 Per-
reot the Proposed Autonomy Plan
Promised by eagasta's Cabinee-Rs-
Fsvors Hawaiian Annexation.
Washington, Dec. THE attendance
In both houses of congress yesterday
was notably large. despite the known
fact that no business would be trans
acted The event OF the day was. of
course. the reading OF the presidsnt's
message. voluminous document OF H..
600 words. and at the conclusion OF the
reading both houses adjourned until
today.
The message congratulates congress
upon assembling under felicitous con-
ditionE- Peace and good win with all
the nations OF the earth remain un-
broken. he says. and we should feel
genuine satisfaction at the growing
spirit OF fraternal regard and unifca-
tion In all sections OF our country and
the lifting OF great public sense above
party prejudice
Beginning with the subject OF the
finances the president says that, while
the full effect OF the legislation Of the
extra session has not yet baen realized,
what IL has already accomplished as
sures us OF it's timsIiness and wisdom.
To test its permanent value further
time VIII be required. and the people.
satisfied with its operation and results
thus far, are In no mind to withhold
from IL = fair trial.
The next question pressing for con-
sideration Is that OF the currency.
with the great resources OF the gov
ernmedt and with the honorable ex-
ample Of the past before Us. we ought
not to hesitate to snter upon = cur
rency revision which will make our de-
mand obligations less onerous to the
government and relieve our financial
+, laws from ambiguity and doubt The
| evil OF the present system II found In
1 the great cost to the government OF
maintaining at parity with gold our
! different forms OF money. and the ex-
J perience OF the past four years have
demonstrated that this is not only an
expensive charge upon the government.
but q dangerous menace to our ma
tional credit
| Protection Against Bond Issues.
1t In manifest that we must deviss
some plan TO protect the government
against bond issues for repeated re-
demptions. We have $500. .oo0. .000 of
currency which the government by sol
ann enactment has undertaken to keep
as par, and nobody is obliged to redeem
In gold but the government, which
must redeem In gold The law which
requires the payment out OF the treas
ury OF redeemed United States notes
demands q constant replenishment OF
the gold reserve, especially In times OF
panic and insufficient revenue, and dur
4-kw-
e1E, 400 AZ per cent bonds were issued
and sold to sustain the gold reserve and
pay the expenses OF the government
In excess OF the revenue. While Il Il
true that q greater part OF this ID
ussd to supply deficient revenues. &
considerable portion was required ts
maintain the gold reserve. II no fur
thar legislation II to be had to cor.
rset this, and the policy Of selling
bonds is to be continued. then congress
should give the secretary OF the treas
ury authority to sell bonds at long o.
short periods. bearing less rate Of In
tsrest than Is now authorized by law
The president says:
II earnestly recommend. as seen q.
sho receipts OF the government ar
, quite SUFFICIENT to pay al the expense
Of the government. that when an,
United States notes are presented 10
redemption IL gold and are redeemed II
, gold, such notes shall be kept and Sc
. apart and only paid out in exchang
/ fer geld This IL an obvious duty
! the holder Of the United States not
prefers the gold and gets IT from tn
. government he should not receive bacl
frsm the government . United State
| nets without paying gold In exehang
for It" That amounts. to the prssi
- nv.k -
. ing debt, q government bond, for q non
! interest bearing debt. United State
note.
The president invites careful oon
siderstfon for the detail plan Of the sss
I retery Of the treasury to protect tn
: | geld reserve. He cenours with him I
the Recommendation that nations
banks be allowed to issue notes to til
4 face value Of their bends deposited
= that thu circulating tax be reduced I
one-half Of 1 per cent. and that ns
: tiOnal banks may bo established wit
. capital Of $25. .o0o. He also re0cu
= nends that the issue Of national ban
notes bs restricted to the dsnomins
be required to redeem their notes |
II gold.
The Cuban Question.
!, The president devOtos much sDAG
:, to = consideration Of tie Cuban que
y tion- Summarizing the History Of To-
msr outbreaks. the president com,
down to the present insurreotion, spOal
fng Of it's remarkable increase. its tel
aeious existence against enormeI
forces masssd by Spain. the wid
! spread destruction Of property and Il
- = disregard Of the civilized code Of WI
70 en- beth sides. He says these eond
tions give rise to gravest apprehsl
. sions- There is no desire to pront I
Spain's misfortunes. and we have on
- the desire to see the Cubans snJOyiI
~ that measure OF self control which
- the inalisnable right Of all OF the CO.
> centratiOn policy OF Weyler he say
- TT has utterly failed as q war mea
III ure. It is not civilized warfare; 1t
determination"
Against this abuse Of the rights