The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1897-12-14

ecs the Currency Question and
Makes Recomn endations Spain
should Be Given Chance to En-
ton of Hawaii Strongly Urged.
force Autonomy In Cuba-Annex-
alton of Hawaii stronggly Urged.
Washington Dec. president McKin-
lev yesterday sent his annual message to
congress. He congratulated it upon as
senbling under felicitous conditions.
Peace and good will with all the nations
of the earth continue unbroken, he says,
and we should feel genuine satisfaction
at the growing spirit of fraternal regard
and unifcation in all sections of our
country and the lifting of great public
questions above party prejudice.
BEGINNING with the subject Of the hnan-
effect of the legislation of the extra ses-
sion has not yet been realized, what 1t
has already accomplished assures us of
its timeliness and wisdom. To test its
permanent value further, time will be re-
duired and the people, satisfied with it's
operation and results thus far, are in no
mind to withhold from it a fair trial.
The next question pressing for considera-
ton is that of the currency. with the
great resources of the government ana
with the honorable example of the past
ter upon a currency revision which Will
make our demand obligation less onerous
to the government and relieve our imam
cial laws from ambiguity and doubt. Inc
evil of the present system is found IN the
great cost to the government OF MAINTAIN
ing at a parity with gold our different
forms of money, and the experience or
the past four years have demonstrated
that this is not only an expense charged
upon the government but dangerous
menace to the national credit. 1t is man
ct
protect the government against bond is
sues for repeated redemptions. we nave
nine hundred millions of currency which
the government by solemn enactment mas
undertaken to keep at par and NOBODY is
obliged to redeem in gold but the govern
ment which must borrow the gold. The
law which requires the payment out OF
the treasury of redeemed United States
notes demands
Constant RepIenishment
of the go4d reserve, especially IN times
the preceding administration $262, 80, 4O0
Az per cent bonds were issued and sold
to sustain the gold reserves, and pay the
expenses of the government in excess OF
revenue. While It is true that greater
part of this is used to supply cCfcient
revenues a considerable portion was re-
no further legislation is to be had, TO cor
rect this and the policy of selling BONDS
is to be continued, then congress should
give the secretary of the treasury au-
RODS bearing a less rate of interest than
is now authorized by law. Tne PRESIDENT
says: Il earnestly recommend as soon as
the receipts of the government are quite
sufficient to pay all the expenses OF the
government that when any United states
notes are presented for redemption IN
cold and are redeemed in gold, such otes
Shall be kept set apart and only pald out
in exchange for gold. This is an "bVlous
duty if the holder of the United states
note prefers the gold and gets it from the
government, he should not receive pack
from the government a United States
note without paying gold i'll exchange
dents mind. to giving an Understanding
debit. a government bond. for a non-;nter-
est bearing debt. United States note:
The government should pc retleFeu l.,d u rn a.
oIIired for exchanges and exports This
ought to be stopped. With an era OF
prosperity and sufficient recelpts We nay h7,t
feel no Immediate embarrassment out
the danger will be ever present.
The president invites careful consldera-
ton for the detailed plan OF the secr ea
tarv of the treasury to protect the Solu
reserve He concurs with him in the rec
concentration that national p3rKs re DE-
lowed to issue notes to the race value -
their bonds deposited; that the circCl I.
INC tax be reduced to one-half or one per
cent and that national fanH KS nay nody 1 ge
esta blished with a capital OF Szo,uOu; ne
oIcC recommends that the issue OF Nd
fionaI hanks be restricted to the denomi [-
nstion of SO and upwards, and that they
he REQUIRED to redeem their notes IN golo
regarding Foreign AHnlFA'
r,,ntne 70 foreign affairs, the presi-
ANT davotes much space in his mesSage
t ~ consideration of the Cuban question,
which he says is the most lInportai -
nrohlem with which our goVeTnlffe e It's ~
ppnyg called upon to deal in It's IorelsHt
reI"+ions Summarizing the history on
former outbreaks, the president comes
;no of it's remarkable increase, It's te-
tr6 existence against enormous
forces massed by Spain, the Wia a aisre
destruction Of properly roSe Of afu war on both
ss;des He SAYS these conditions give rise
fn erayest apprehensions. There Is no
desire on our part TO pro oniv " fhe desire
ms! y! 80 tha Cubans enjoying that measure
- - sseIfecontrol which is the inalIenaple
light Of man OF the ffp baa utterY
poicy o. Var measure It is not civil
iZad warfare---it is exterminatlon.
AGAINST this abuse of the rights u.s. OF War
~ nresident says he had felt con-
the the ,n pfes on repeated occasions to enter
az Arm and honest protest OF this goY-
arnroant He outlines his Instructions "
Nils 70 impress upon the Spanish gov
srnment the sincere wish Of the Unlteq
States to lend its aid toward the endlng
81 the war BY st re and heonorpahe to Spain
snd n the Cuban people. It was also
asked whether Spain, OF her own vonlioit'
Should not make proposals d9r seI.dtiil nnn
Emulate sl1n an indefinite period for the ac-
dompShmenIsth Of ra this result to Mr. woodfora
ne l., the PRESIDENTS opinion, in the di=
rwe efi of a better understanding. It ad-
mitted our friendly purposes and deep IN
ferest. and declared tina the new goVe3Fn-
Mani was bound to a change of n9llcy
+pot should satisfy the United States and
pacify Cuba within reasonable time. Io
sffsct and military operations conducted
on humane nan lines. It was suggested that
Spain be left free to conduct military
operations and grant POLITICAL REFORMS
should enforce neutral obligations and