The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1897-12-16

FRIDAY
Is had and the policy of selling bonds 10
10 be continued, then congress should give
the secretary OF the treasury AUTHORITY TO
sell bonds at long or short periods. bea rino
a less rate of interest than Is now author
lied by law. | earnestly recommend. as
soon as the receipts of the government
are quite sufficient to pay all the expenses
or the government, that when any of the
United States notes are presented for re-
demption In gold and are redeemed in gold.
such notes shall be kept and only paid out
in exchange for gold. This is an obvious
duty. If the holder of the United States note
prefers gold from the government, he should
not receive back from the government
a United States note without paying gold
in exchange for it. The reason for this is
made all the more apparent when the gov
eminent issues an Understanding debt
to provide gold for the redemption OF,
United States nOtes-a Notwithstanding
debt. Surely it should not pay them out
again except on demand and for gold. Ii
they are put out in any other way they
may return again to be followed by an
other bond issue to redeem them-another
Understanding debt to redeem a nom
Understanding debt.
In my view, it is of the utmost import
ance that the government should be re-
lieved from the business of providing for
all the gold required for exchange or ex-
port. 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 the gold redemption. The
whole strain rests upon the government.
and the size of the gold reserve in the
treasury has come to be, with OF with
out reason, the signal of danger or of Sc
curity. This ought to be stopped.
If we are to have an eraFof 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, menacing
us as long as. the existing system con-
tfnues. And besides, it is in times of
adequate revenues and - business tram
quillity that the government should pre-
pare for the worst. We cannot avoid,
without serious Consequences, the wise
consideration and prompt solution of this
question. Fr ~
Plan of Secretary Gage. -
The secretary of the treasury has out
lined plan in great .1etail Tor the pur-
pose of removing threatened recurrence
of depleted gold reserve and saving US
from future embarrassment on that ac-
count. To this plan 1 invite your care
full consideration. 1 concur with the Sec
rotary of the treasury in his recommends,
ton that national banks be allowed to
issue notes to the face value of the
bonds which they deposited for circula-
ton, and that the tax on circulating
notes. secured by the deposit of such
bonds, be reduced to one-haif of one per
cent per annum. I also join him in
recommending that authority be given for
the establishment of national banks with
a minimum capital of $4,000. This will
enable the smaller villages and agricul-
tural regions of the country to be sup
piled with currency to meet their de-
mands. 1 recommend that the issue of
national bank notes be restricted to the
denomination of $40 and upwards. If the
suggestions / have herein made shall
have the approval of congress, then I
would recommend that national banks be
required to redeem their notes in gold. !
CUBA AND SPAIN
Attitude of the Administration I'm
the Present Rebellion.
The most important problem with which
this country is now called upon to deal,
that pertaining to it's foreign rela-
lions, concerns it's duty toward Spain and
the Cuban insurrectiOn. Problems and
conditions more or less in common 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 the larger enjoyment of
liberty and self-control; of organized re-
sistance to the mother country; or oppreS-
sion and warfare and of Intellectual set
tlement to be followed by renewed re-
volt. For no enduring period since the
enfranchisement of the continental pos
sessions of Spain in the Western conti-
nent has the condition of Cuba or the
policy of Spain toward Cuba not caused
concern to the United States. -~.@
The prospect from time to time that
the weakness of Spain's hold upon the
island and the political vicissitudes and
embarrassments of the home government
might lead to the transfer of Cuba to a
continental power called forth, between
1923 and 1860. various emphatic declara-
lions of the United States to permit no
disturbance of Cuba's connection with
Spain unless in the direction of independ-
ence or acquisition by the United States
through purchase, nor has there been any
change of this declared policy since upon
the part of this government.
The revolution which began in 1868
lasted for 10 years, despite the strenuous
efforts of the successive peninsular gov
ernments to suppress it. Then, as now,
the government of the United States tes-
tilted its grave concern and offered its aid
oyertures made by General Grant were
refused, and the war dragged on, entail
ing great loss of life and treasure, and
increased injury to American interests
besides throwing enhanced burdens OF
neutrality upon this government. In l0IS
peace was brought about by the truce
of Zanjon, obtained by negotiations be-
tween the Spanish commander, Martinez
de Campos, and the insurgent leaders
~lr>r7
The present instruction broke out in
February, 1885, 1t is not my purpose. at
this time, to recall its remarkable increase
or to characterize it's tenacious resistance
against the enormous forces maSSeo
against it by Spain. The revolt and the
efforts to subdue it carried destruction TO
every quarter of the island,s developing
wide proportions and defying the EFFORTS
of Spain for its suppression. The civilized
code of war has been disregarded. no
less SO by the SDaniards than by the
Cubans The existing conditions cannot
but fill this government and the Amer1-
can people with the gravest apprehen-
sion There Is no desire on the part OF
our people to profit by the misfortunes
of Spain We have only the desire to
see the Cubans prosperous and scontented
enioying that measure OF self-control
which is the inalienable right of man.
protected in their right to reap the bene-
At of the exhaustless treasures OF their
country. =,
The offer made by my predecessor, In
April, 1896, rendering the friendly omces
If this government, failed, and media
tion on our part was not accepted. In
brief. the answer read: There is no ef-
fectuai way to pacify Cuba, unless 1t pc
gins with the actual submission OF the
rebels to the mother country. Then only
can Spain act in the promised direction
of her own motion and after her own
plans.