Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-09

falls below 500. 900 900 how will II be re-
plenished except by selling more bones? Is |
there any other way practicable under eX
istlng laws? The serious question then is |
shall We continue the policy that has been
pursued in the past. that is when the gold
reserve reaches the point of danger, issue
more bonds TO prevent these recurring
drains upon the gold reserve? II no fur
Their legislation is had and the policy of
selling bonds is to be continued, then
Congress should give the Secretary Of the
Treasury authority to sell bonds at long
or short periods. bearing less rate OF in
terest than is now authorized by law.
earnestly recommend that 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 redemption
III 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 and gets 1t
from the government he should not re-
ceive back from the government a United
states note without paying gold in ex-
ehange for 1t. 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 non-interest- bearing dont
surely 1t should not pay them out again
except on demand and for gold. II hey
are put out in any other way they may
return again to he followed hy another
bond issue 10 redeem them-anothcr inter-
tst-bearing debt TO redeem a non interest
bearing debt.
In my view il is of the utmost import
\ ance that the government should be re-
lteved from tho burden Of providing all
the gold required for exchanges aud OK
| 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
drain Of gold redemption. The whole
strain rests upon the government and tho
size Of the gold reserve in the Treasury
has come to be. with or without reason
the signal of danger or Of security. This
ought to be stopped.
II we are to have an era Of prosperity
in the country, with sufficient receipts fol
the exports of tho government, we mas
feel no immediate embarrassment from
our present currency; but the danger still
exists, and will be ever present, menachg
|
ues. And besides, it is in times of ade
quate revenues and business tranquility
that the government should prepare foI
the worst. We cannot avoid without seri
Gus consequences the wise consideration
and prompt solution OF this question.
The Secretary of the Treasury has out
lined plan in great detail for the pur
pose of removing the threatened recur
| nf opf
save us from future embarrassment OF
that account. To this plan l invite you
careful consideration.
l concur with the Secretary of the Urea
sury in his recommendation that nationa
banks be allowed to issue notes to thu
face value of the bonds which they hav
deposited for circulation, and that tn
tax on circulating notes secured by de
posit of such bonds be reduced to one
half Of one per cent per annum. l ais
. join him in recommending that authorit
be given for the establishment of nationa
banks with a minimum capital Of S25 900
This will enable the smaller villages an
agricultural regions of the country to b
, supplied with currency to meet thei
needs. L...
l recommend that the issue OF nations
bank notes be restricted to the denOminH
tion Of ten dollars and upwards. If tn
suggestions l have herein made sha
Z have the approval OF Congress, then
| would recommend that national banks
required TO redeem their notes in gold.
( THE CUBAN PROBLEM.
The most important problem with whic
this government Is now called upon
deal pertaining to its foreign relation
{ concerns its duty toward Spain and tn
: Cuban insurrection. Problems and col
a ditions more or less in common with thos
5 now existing have confronted this go,
: eminent at various times in the pas
y The story of Cuba for many years hs
been one OF unrest, growing disconten
= an effort toward a larger enjoyment
9 liberty and self-control; Of organized r
y sistance to the mother country; of d
II preston after distress and warfare an
y Of Intellectual settlement to be followt
g by renewed revolt. For no enduriT
o period since the enfranchisement of Il
n continental possessions of Spain in Il
Western continent has the condition
Cuba Or the policy of Spain toward Cul
"a not caused concern to the United States.
le The prospect from time to time tn
y the weakness Of spains hold upon Il
ot island and the political vicissitudes al
embarrassments Of the home governme
g might lead TO the transfer of Cuba to
" continental power called forth. betwe
,e 1923 and 1860. various emphatic declar
l. lions of the policy Of the United Stat
to permit no disturbance Of Cubas co
W nection with Spain under the direction
y independence or acquisition by us throul
~ purchase; nor has there been any chan
VI OF this declared policy since upon [
~ part of the government.
70 The revolution which began In Is
" lasted for ten years, despite the strenuo
", efforts OF the successive pennsular &c
" ernments to suppress 1t. Then, as no
~ the government OF the United States Il
'e titled its grave concern and offered
aid to put an end to bloodshed In Cul
ne The overtures made by General Ora
~ we're refused, and the war dragged
Ne cntailing great loss of life and treasu
or and Increased injury to American int,
eu ests. besides throwing enough announC
- burdens Of neutrality upon this govei
" ment In 1878 peace was brought about
- the truce of Zanjon, obtained by negot
~. lions between the Spanish command
~, Martinez De Campos, and the insurgt
~ leaders.
w The present instruction broke out
~ February, 1896 II is not my purpose
,in this time to recall its remarkable increi
~ or to characterize its tenacious resistar
ia against the enormous forces mas,
~ against il by Spain. The revolt and
an efforts to subdue 1t carried destruction
~ every quarter OF the island. develop
II wide proportions and defying the effo
~ Of Spain for its suppression The civilii
n.