The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-28
GOLD BONDS IN QUESTION.
MIR. MkINLEY DECLINES TO STAND
SPONSOR FOR ANY SUCH Sc
CURTTIES.
HE SAYS THAT HE is SATISFIED.
AS Matter of Fact the Head of the
Treasury Department Is Disap-
pointed.

presidents message as 1t stands today
will be something Of q appointment
to those who have pinned their faith
in currency reform to the plan laid
down by Secretary Gage. The president
does not in any way discredit or antag-
onize the general currency scheme Of
his CHIEF financial officer, but on the
other hand It Is quite true that the
president Intentionally refrains from
indorsing certain portions of Secretary
Cages report. Unfortunately for the
success Of Mr.. Cages plan in congress
the president has thus far positively
declined to become responsible for GER
tain portions Of that plan on which the
whole scheme depends. One Of the
features Of Mr.. Cages currency scheme
was a proposed issue Of bonds payable
specifically IN gold" instead Of coin"
as provided for by existing law. The
secretary proposed TO take UP the
greenbacks gradually, and also refund
the existing Understanding debt. He
showed that the saving Of interest
would ultimately be sufficient to pro-
vide for the cost Of retiring the green
backs. The secretary Of the treasury
was firmly convinced that there would
be no difficulty in floating bonds at not
to exceed 21s per cent provided that
they were made payable in gold, so
that holders Of these securities could
be relieved Of all fear Of having their
securities paid ultimately in depre-
ciated silver dollars. This gold bond
was necessarily the foundation stone
of the secretary's plan, for he expected
the bonds to be eagerly taken by the
honIr1 tho haGiG n their
circulation.
Thus far the president has declined
to stand sponsor for any kind Of gov
eminent securities payable specifically
in gold. The difference between the
secretary and the president Is appar-
emily a. sharp one. The president does
not say that he is opposed to gold
bonds, but all the arguments Of Sec
rotary Gage and other members Of the
cabinet have been unavailing to induce
the president to give the proposed new
securities the benefit of executive in
dorsement, He asks congress TO take
steps at the earliest possible moment
to place the gold reserve in such a po-
sition as to protect it at all times and
make 1t Independent Of the revenues.
He believes it to be the foremost ques-
ton so far as financial legislation is
concerned.
Secretary Gage declares to all who
call upon him that he is perfectly sat
tsfed with that portion OF the mes
sage dealing with the financial sitUa-
ton, but in certain quarters the story
is current that the secretary Of the
treasury is bitterly disappointed over
his failure to induce the president to
come out squareIy for gold bonds,
which the secretary belives IS abso-
lutely necessary to protect the gold
reserve, to say nothing Of the proposed
retirement of the greenbacks.
Members of congress who have been
giving close attention to the situation
say that the only possible way in
which a gold bond could pass the
house would be through the influence
of direct executive sanction, and they
fear that, if the president maintains
significant silence on this question,
it will be quite impossible to unite
the Republicans, as the so-called BIZ
metallists in the party will claim that
the presidents silence was intention
al and that he was unwilling to sub
stitute a bond specifically payable in
gold for the present securities payable
in coin" which may mean either gold
or silver.
Upon the subject of the revenue,
the president, in his message, con-
graduates congress that the new tar
if has done all that was promised for
it, He shows, by the steady growth Of
receipts, that within short time they
will equal the expenditures. In this
Connection the president refers to the
improvement in business, attrtbuting
much of the gain to tariff changes
and the feeling that stability has been
restored
Prompt action on the Hawaiian an
nexation treaty is urged. The fact
that the proffer of the good Offices
of this government to- remove friction
between Hawaii and japan had pro-
duced good results is mentioned with
satisfaction.
The negotiation of an international
arbitration treaty between this coun- |
try and Great Britain is warmly |
commended.
Legislation to regulate and restrict |
immigration is advised. Upon this !
the president speaks with that force |
fulness that characterizes him upon |
all questions which concern labor He !
reminds congress that the Republican |
party stands committed to the protec- |
ton of American labor in other ways /
as well as by the tariff The chapter |
relating to immigration is likely to |
impress the country
Regarding Cuba, the president con- |
graduates congress upon the improved |
conditions. He holds out the hope /
that the troubles seem in a fair way /
toward settlement. He recommends /
that congress take no action that I
might embarrass the Spanish govern |
ment At the same time he says !
plainly that, should the hope of an |
early termination of the war turn out |
to be misplaced this country would |
not be able to hold aIoof He sets /
forth the material interests which the |
United States has at stake, and dwells |
on the duties Of the United States to /
Cuba. He traces the history of the !
relations between countries. and !
makes it clear that it is not his policy |
to maintain neutrality long unless |
Spain shall show progress toward res
t6ration of peace.