'§M'' PRESIDENTIAL TALK. ANNUAL MESSAGE ,OF PRESI DENT CLEVELAND. ; J v.'k-; Nnl|i Affair* Uchtljr Touched Upon— Natation* of United State* With Other Hatton*—A Hlatory of the Trea»nry Difficulty and Effort* Pot Forth to ■enedy It—Other Subject* Coder Dl» anMtea. * . The President's Wabhikotos, Dec. a—The following b the President's message: To the Congress or vac United States:— fb« present assemblage ot the lasliltiin breach of our government occurs at a time tlm Uie micros ts of our pooplo and the Dos is of the country giro spcefal prominence to the (sedition ot our foreign relations and ths exl* fancies of oar national finances. Too reports m ths several administrative departments of the government fully and plainly exhibit what has been accomplished within the scope of their •espective duties and present snob recommend ations for tlm betterment of oar country’s eon titioa es patriotic and inte.llgent labor end observations suggest. ||1 therefore d-em my executive duty ad#, gaately performe i at this time by presenting to the Congress the important phases ot our dtuttloo as related to our intercourse with foreign nations, and a statement of the flnvn „ tiel problems which confront ns, omitting, ssccpt as thsy are related to these topic*, any reference to departmental operations. 1 earnestly invito, howjver, not only the sarcfnl consideration, but the severely critical •erutiny of the Congress and my f.dlow coun trymen to the reports concerning these depart mental operations. If justly and fairly exam feed they furnish proof of eesidnnue and painstaking care for tho public welfare. 1 press the recommendations they contain upon ths respectful attention of those rliarged with the doty of legislation, beenuse I believe their adoption would promote the people's good. Missionary Riots In China, The close of the momentous atruggl t between China and Japan, while icdioving the diplo matic agents of this government from tho deli* vateduty they unde took at request of both wuntriee of rendering tu t h service tos.ibjeiit (f either b.iligercnt within the torritor/ limits ■ tftiie other as our neutral position permitted, developed a domestic condition in the Chinese empire which lias caused much anxiety and lolled for prompt and careful attention. Either as a result of a weak control b/ tho cen tral government over ths provincial adminis trations, foliowing a diminution of tr udltional goror >montal authority under the stress of an overwhelming national disaster,ora manifesto- j Mon upon good opportunity ot the aversion ot the Chinese population to nil foreign ways and I undertakings, there hnva occurred in .widely j separated provinces of Chian serious outbreaks 1 at th* old fanatic d spirit against (oroigneis, 1 which, unchecked by the local antho (ties, if i •otactually connived ut by them, hate cnlmin- j •led in mob attacks on foreign missionary atatlensrfauslng much destruction of proper Ip, and attonded i '*■ m wlth pot tonal iu juries nr well Mloes of life. Although but one Amo lean ] elti'cn was Mportol to have boon actually > wounded, , gad although the destruction of ! property miy. have fallen moro heavily upon ! the misstrmnrtes of other national! i •» titan our i own, it plainly behooved this government to lake the most prompt and decided uctinn to yturd against aimUar or perhapa more dread tel calamities. i The demands at the United States and other power* for the degradation and punlahment ot the responsible officials of the respective cities pad provinces who by neglect or otherwise hail : permitted np-risings and for the»adoption ot •tarn measure* by the Emperor’s government j ter the protection of the life and property of i foreigners, were followed by the disgrnco and j tta kidil ot eertein piuvloeial officials toumi i terelict in duty, and the punishment by death et a number ot thoso found utility ol actual . participation in tho outrages. This govern fetet also insisted that a special American Mpmission should visit tho provtneo where teefirit disturbances occurred for tho purpoie & investigation. This lutter commission, ted after much opposition, has gono ovor Trbm Ttso Tain accompanied by a ettiiable Ghineso escort, and by its demonstration of (he •eadincu and ability of our government to pre fect it* citutens, will act, it is believed, us a moat feflnential uetorront of any similar outbreaks. The Waller' Ciuo. The customary cordial relations between this ! eonntrv and Franco have been undisturbed, With the exception that a full explanation of tea treatment of John L Waller by tho expo. dUionnry military authorities of France still remains to b* given. Mr. Waller, formerly United States consul to Tainatave, remained in ' Hadagaac ar after hi* Una of office expired tad waa apparently successful in procuring business concessions from tho Hovas, of greater •rites value. After the occupation of Tama lave and the declaration ot martial law by tho Trench, he was arrested uponvurious charges, among thorn, that of communicating military information to tho ahomy ot Franco, was tried and convicted by • military tribunal and , Sentenced to twenty yean imprisonment. Fol lowing the eouree justified by abundant prece dents, this government demanded from that, at Franco the resold of the proceedings of the Reach tribunal, which resulted iuMr. Wal . Mr’s condemnation. This request has beta complied with to the extent ,■ •* supplying a copy of tlio beneficial . areord from which appear the constitution and '^■Mantzatioa of the Court, the charge* os for * mulated and tbs general courts and result of i the trial snd by which it was shown that the 1 eneused wal tried in open court and was do ; teatfed by counsel. But tho evidence adduced iU Mpport ot the chaiges, which was not re r ’teHadby the French minister of foreign affair* • •Pttt.tho lint week in Oetoher, has thus tar ‘ heib Withheld. the Frcnoh govornmen - taking thagspiind that lie production iu response to : • ir dcmas-A would establish a laid precedent : The efforts of our ambassador to procure it, 4 however, thpugh Impeded by recent changes in tee French tninlgtry have not been relaxed and 1 i 1» ieconfidently expected that some uni*fac tory solution ot tee mettor will shortly be ; reached. Meanwhile it appears that Mr. >\ al . ler's confinement hoe oral,' alleviation which ' tee stato of his health and all tho other circu.u ataaeea ot ths ease demandor permit. Trade Conspllcatlons With Germany. Cter relation with the stitea of tee German empUe are in coma aspects typical of a condi tion of things elsewh re found in * .country ‘ Whose production and trade arc similar t# our ■ ewn- .The class rirulry of conpetlng Indus- < trtaat the influ onto of ths delusive doctrine teat tee intern d dove'opnysut of e natioa ia • prom .ted and its weal h inayoaw t by a policy which, in undertnkin ■ to rrso. ve Its owu mar juts for the exciu, ive use of its own producers, , •seraisrily obstruct their rales in foreign mar bets end prevents free access to markets of the world: the desire to retain trade in time-worn koto, regardless of tho inexorable law. of now •reds and changed conditions of demand and •apply, and our osm halting tardineai in invit- j teg a Ireo exchange of commodities and by this : repaus imperiling our footing ia tho external markets'naturally open to us, have created a situation somewhat iujurioui to Amm icon ex port interest!, ant redy iu (lermanv, where they •re perhaps moit noti.eabie, but In adjacent cfc i:~ uft' The export* effected ere lonely Imarbii >••1110 and other food product*, the ream ' oaelpneil for ucfaroreb'e tUacrfaain itfon belts* that their consumption it delctortona to the public health. This is all the uore Irritation' eietr of the fact that no European State U a* J-aloos of Use excellence and erholeroose o< it* exported food eappliee a* the United .** nor »o easily «bl». on account el father .*0UUdh***> to gnarnisteo. tltoM qisaiitus. 1 ■ ht»the** digflulti ao n fiend to on- food ] tuM*ft*iouedt>r exportation. Our arses t ooapanto-, for rxatn da having tad business abroad and ineeated a I _ atom at their sains fat foreign eouatrioa ! la compliance with the local lasrt ani remla ffooa thaa existing. now find their astro? within anarrowingelide of onaroae nad uoforoeeen eanititleaa. and an confronted hr tlio necessity Croat a laid beae mada nnpto&t* ate not euinmarUr ex is1?" •Mat if indeed gain*. a* nan* Wh It tea nf then l>ae* lately beets in It tenet to hr tejeHgi that Into nati nal trade can not be one-sided. It* eu renta ars alternating and its movements ahoold be honestly reciprocal Without this it almoat aecec arily decelerates into a deri e to gain advantage or a contrivance to lecare benefits with onl/ the eamblance of a letorn. In otlr dealing! with other nations wo ought to be open-handed and scrupnlously fair. Thin should bo our policy as a producing na tion, and it plainly becomes us ns speop.e wh > love generosity and the moral aspects of na tional goo I faith and reciprocal forbearance, 'these consideration} should not. howoror, con strain ns to submit to unfair discrimination nortosilently acquiosco in taxations htndrauccs to tho en.o/mont of our i haro of tho legitimate advantages of proper trade relations. If an examination of the situation euggosts sueh manures on our part a* would involve r stric tions similar to those from which ws suffer, the way to such a coarse is easy; it should, how STer, by no mount bo light! r entered upon, since the nocsssit > for tho inauguration of such • policy wonld be regretted by tho bsst senti ment of our people, and because it naturally and logically might lead to ounsepueacos of the grarest character. Th# BArhif ha Matter. Our relations with Groat B-ltaln, always la timate and important, hare demanded, during the past rear, even a greater abate of consider ation than ia usual. Several vexatious ques tion! were left undetermined by the deciaion of the Behring aea arbitration tribunal. The ap plication of the principles laid down by the august body baa not been followed by tho re sults they wore intended to accomplish, either because the principle* th tinsel ves lacked in breadth and definiteness or because their exe cution has been more or loss iruperSect. The understanding by which tlio Un'.tsd States was to pay and Great i ritaia to rocoire a lamp ■am of li'lt.OOt in full settlement of all British claim fur damage a arisiug from our seizure of British sealing ves els unauthorized under the award of the 1’aria tribunal of arbitration was not confirms 1 by the last Congrats, which de clined to make tho necessary appropriat on 1 am still of the opinion that this arrangement was a judicious and advantageous ouo for the government, and 1 earnestly recommend that it bt> again considered and sanctioned. If, | liowuver this does n >t meet with the favor of Cougress, it certainly will hardly diasent from I tho proposition that tho government is bound j to uvery consideration of honor and good fnith to provide for the speedy udjustmeut of those i •111inis by arbitration ns tin only other alterna tive. A treaty of arbitration has. therefore, i seen agreed upon and will be immediately laid i before the Scnati so that, in one of tho modes [ luggssteJ, a final settlement may be reached The Venezuela Issue, i It being apparent that the boundary dispute ■ between Great Bri.uin and tho Republic of Fennzuola, concerning the limits of British '■uin.'ll, was approaching an acuta stage, a 1 infinite slutcmeut of tho interest and policy of ; tho United States ns rogards the controversy teomod to bo required both on its own account ind in viotv of its relations with the friendly ' ilowers directly o ncernod. in July ls-t, thero- j Foie, u dls.iutch was addressed to our amUussa- ■ lor at London for communication 10 the British 1 government in which tho attitude of the United Hu eswaa fully and distinctly set forih. The tenoral conclusions there reached ani forma- ‘ iated are in substauce that the traditional and ■ •tabiishod policy of this government ia firmly i apposed to n (oiclble iucrouto by any European j bower of its territorial possessions on this cpnti- ' nent;tiiat this policy is as woll founded in ' wind pie at it is strongly supported oy no nerous pre-edonts; tiiat is a consequence the ; United Stiitoi ia bound to protest against the j in argemeut of tl.e aria of Biitish Guinea B ter. gatiua of iho rights and against the will of l Venezuela; that, coinidcriug the disparity in trength of Great Brit tin and Venezuela, the lonltoriol dispute betwoon them oan bo easily . uttlcd only by friendly and impartial arbitra- I lion and that th* le-ort, to such arbitration dioul.1 include tin whole controversy and is not sati.-iicd if one of the powers concerned ia t l ermitted to draw an arbitrary line through the erritory in debate and to declare that it will ■ubmit to arbitration only th* portion lying on me side of it in view of the.e conclusions th* dispatch in question called up >u the British joverim-.ent for a definite answer to the question ffhethor it would nr would not submit tho terri lorinl controversy between itself and Venezuela n its roll ety to impartial arbitration. The inswer of ths British government h.ia not yet icon receive i' lint is expected shortly when Fuith«r omnmunioution on the subject will prob* ib y lie made to congress. . , The Hawaiian Matter. ! Early in January last an uprising against the tovcrnmotit of Hawalia was promptly sup pressed. Martial law was forthwith pro duinicd and numerous arrests wore mado of per*ms suspected of being in sympathy with tho Royalist party. Among these worn several litizcns of tho United States, who were either convicted by a military court and sentenced to death, imprisonment or lino, or wore doportod without trial. Tfip United States, while deny ing protection to those who had taken the Ha waiian oath of allogiance, insisted that martial law, though altering the forms of justice, could aot suporcado justice itself, and demanded a stay of execution until the proceedings had been submitted to tills government, and knowl isdgo obtained therefrom that our citizens had received fair trial. Tho death oonteneos were subsequently commuted or were remitted on condition of leaving the islands. Tho cases oi certain Americans arrested and expelled by se . bitrary order, without formal chargo or trial, liavo had attention, and in somo instances have been found to justify romoustrance and a claim tor indemnity, which Hawaiia haa thus far not eoncodcd. Mr. Thurston, the Howalian Mini*- j tor, having furnished this government a bund- ! ant reason for askiug that ba be recalled, that course was pursued and his successor hoe Lately boon received. Lynching of Italian* In Colorado. f Tho doplorabto 1 inching of several Italian laborori in Colorado wasuuturilly followed by International representation and I am happy tos. y (hut ilo b-»t effort! of tbo State in which tli'ir outrages occurred have been put forth to di-cover and punish the authors of this, atrocious crlm •- Iho dependant famili-soi some of th* unfortunate victims invito by their deplorable condition gracious provision foi their needs. These manifestations against k ipless aliens may be traced through succes sive staves of the vicious padroni eystom which ttn-becked by onr immigration and contract labor statutes, controls th.-eo workers from the in ntantof landiag on our shore, and rarmi them out iu distant and often rude region.!, whore tueir cheapening rompetion iu tho fields Ot bread winning toil brings them in collision with other labor into o-ts. While welcoming, na we rhonld, those who sock our shores to murgo tlicms-lvos in , ur body politics and win per onnl competence by honost effort, we can not regard such assemblages as distinctively •lien laborer.-, hi-od out iu the mass to the profit of alien speculator! and shipped hithet and thither as tho orespo t of giin may dio- i tato, as otherwisi than repugnant to tho r ght of our civilization deterrent to individual ad vancement and hindrances to tho building up of stable emnmun.tiis resting upon tha whole some ambitions of tho citizen and constituting the prime factor iu tho prosperity and progress of our nation If legislation can reach this growing evil it oertaiuly should bs attempted. Congratulations for Japan, Japan haa furnished abundant evidence ot h>r vast gain in every trait and cliiraetoristie, that constitutes a nation's gr -atness. We hare ' reason tor oongra'ulation in th* foot that tha government of the United States, by the ex change of literal treaty stipulations with the new Japan, was tho first to recognize hor won derful advancement and to extend to her tha eonsi teratinn and confidence due to her na tional snJUghtenmont and progressive char acter. .. . . „ Samoan irruitmut Cniatts factory, la my hit taro annual nNMim 1 called the attention of the Congress to the position we occupied at one of tbi parties to a treaty or agte.-meat by which we became ointly bound • with England and Uermany to 10 interfere with the government and control of Samoa as la effOctrto assume the management of its affaire. Un the Sth day of May, is#l, 1 transmitted to the senate a special message with accompany* ing documents giving information on the sub ject and emphasizing the opinion I haro at all times entertained that our situation on thia matter was inconsistent with the mission and traditions of onr government in violation of the principle* wo profess end in all its phases lUs-kievous and vexatious- I again press tula •object upon the attention of Oongrefs and ask for such legislative action or •rpreceton u will lesd the waj to our roliel from obligation! both irkaoma and unnatural. Tha Caban BcbelIIon> Cuba la again gravely disturbed, an Insurree tion in some re; pacts more active than the liat proceeding revolt, which continued from 18G8 to 1878. now ezisti in a largo part of the East ern interior of the island, menacing even soma populationa on tho coast. Beside, den earing tbo commercial exchanges of tho island, of which our country takes the predominant share, this flagrant condition of hostilities by a rot)sing sentimental sympathy and inciting ad venturous support among our people, has on tailod earnest effort on the part of this govern ment to enforso obedenco in our neutrality laws and to prevent tho territory of the Unito 1 States from being abased as a vantage ground from which to aid those in arms againat Span ish sove reign tr Whatever may be tho tradi tional sympathy of our countrymen, as indi viduals with people who seem to be struggling for largor autonomy and greater freedom deepened as such sympathy naturally must be in behalf of our neighbor. Yet tbs plain duty of,their government is to observs in good faith the recognized obligations of .international re lationship. The performance of this duty should not be made more difllcult by a disre gard on part of onr citizens <>f tha obligations growing ont of their allegiance to their conn try whieh should restrain them from violating as individuals the neutrality which the nation which they ate members is bound to observe In its relations to friendly sovereign States, Though neither tha warmth of our people's sympathy with the Cuban insurgents nor our ■°as and material damage consequent upon the futile endeavor* thna far made to restore peace and order, nor any shock oar hnmane aendbili tie* may have receive 1 from the cruelties which appear to especially characterize this sanguinary and fiercely conducted war, have in the least shaken the determination of the gov ernment to honestly fulfill every international obligation f jet, it is to be earnestly hoped, on Ovary grounds, thnt the devastation of armed sonflict may sp edily bo stay od and order and quiet restored to the distracted island, bring ing in their train the actibility and thriftof peaceful pursuits. tm TnrKiin TroaHo. Occurrences in Turkey hare continued to ' es rite concern. The reportod massacres of Chris liana in Armenia and tin dorelopment thore, end in other districts, of the spirit of fans tie hostility to Christian infin’ncjs, naturally ex litcd apprehension for the safety of the dovoted men snd women who, as dependents of tho fop sign missionary societies in the United States, and reside in Turkey under the guarantee of law and usage and in the legitimate perform ance of their educational and religious mission. No efforts haro boon spared in their behalf and their protection in porson and property has been earnestly and rigorously enforcod by srory means within our power. I regret, how* erer, that an attempt on our part to obtain better information concerning the true condi tion of affairs in the disturbed quarter of the Ottoman ompiro by sending the United States consul at Siuas to make inrestigation and rep >rt was thwarted by tho objections of tho Turkish government- This moremout on bur part was in no senso meant as a gratuitous entanglement of tho United States in the so called Eastern question, nor ns an officious in terference with the rl3ht ant duty which be long by treaty to certain great European powers, calling for their intervention in polit ical matters affootingtho good gorornmentand religious fr?edom ot the nou-Unssulman tub loots of tho Sultan, but it arosi solely from our desire to hare an accurate knowledge ot the cooditltlons in onr efforts to ears for those en titled to onr protection. The presence of onr naval vessels which are low in the vi: inity of the disturbed localities afford opportunities to acquire a measure of familiarity with the condition of affaire and will enable us to take suitable steps for tho protection of any Interests of our countrymen within reach of our ships that might he fonnd imperilled. The Ottoman government has lately issued an imperial Irado exempting for ever from taxation an Amorioan collego for tirls at Scutari. Repeated assurances have ilao been obtained by onr envoy at Constan tinople that similtr institutions maintained ind administered by our countrymen shall be tenured in the enjoyment of all rights and that >ur citizens throughout the empire shall be protected. Ou tho domand of our minister orders have been issued by the Sultan that Turkish soldiers ■hall guard and ca.-ortto the const American -efugees end those ordors have boon carried put, and our latest intelligence gives assn ranse if tho pretout personal safoty of our citizens ind missionaries. Though thus far no lives of American oitizo-ia have been sacrificed, there tan be no doubt th at serious loss and dcstram tion of inis-ion proporty have results 1 from riotou* conflicts and outrageous attacks. By "treaty several of the most powerful European powers have secure I a right and as mined a duty not only in behalf of their own citizens and in furtherance of their own intor >sts. but as a gouts ot tho Christian world, rhoir right is to onforoo such oon luct ot tho I'urkish government as will restrain fanatical brutality, and in fact, their ifuty i< to interfere ■o as to insure against snoh dreadful occur rences in Turkey as lately shooked civilization. The powers declare this right and this duty to be thoire alone, and it ie earnestly hoped that sffoctive action on their purt will not be de layed. OCR FINANCES. 4 Subject of the Greatest Importance to the American People. Aa we torn from a review of our foreign rela tions to till contemplation of our national financial situation wo are immediately aware that wo approach a subject of domestic con iorn. more important than any other that can sngngo our attention, and one at present in wxch a perploxing and delicate predicament aa to require prompt and wise treat moot. We may well be encouraged to earnest effort in ilit s Ui action when wo recall the stops already taken t oward improving our economie and ftnanci d situation, and when to appreciate how well tin way has been prepared for further prograss by an aroused aad intelligent popular Interest in these subjects. JRy command of the people, a customs revenue system, designed for tho protection and benefit of favored classes at theexpnu o of the great majority of our coun trymen and whis'h, whi e moHki mt for the par peso of revenue. ourhil d oar trade relations ind imno l«d our t i.tr 4 tire to tho markets of tho world, has oeon superceded by n tariff policy Which, m principle, is based upon a denial of tho rizht of the government to obstruct the avenues of nnr people's cheap living or iessea their com fort and cont ntmont, fo the sake of according ipieial advantages to favorites, anH which, while encouraging our intercourse and . trade with otlier nutions, recognize* tho fact that American self reliance, thrift and enreuuity, can buildup our country's industries and de velop its resour os more surely than enervating paternalism. The compulsory purchase and •roinngo of silver b.’ the government unchecked and unregulated by busiross conditions and heedless of our curronc t needs, which for more than flftom years dilute l our circulating med ium, underminedconti den'o ab oad in our finan dal ability and at last culminated in distress and panic at homo has been recently stopped by the repeal of the laws which forced this reckless vchem . upon the country. The things thus ac complishe I notwithstanding their extreme im port nnre and teneheient effect*, fell far short of curing tho monetary evils trom which wo suf fer as a result of long indulgence in ill advised financial expedient*. Tho currency denom inated United States notes and commonly kno a n as green-banks was isined in large voU times during the late civil war anl intended originally to meet tho emergences of that period. It will be seen by a reference to tne debates in congress at the t mo laws were .passed authorizing the issue of these notes, that their advocates declared they were in tended for only tempore *y use and to meet the emergency of war. In almost, if not all, the , laws relating ti them, some provision was ; made contemplating their voluntary or com pulsory retirement. A large quantity of them, . however, were kept on foot and mingled with the currency of the country, so that at the cloee of tho year 1874 they amounted to $3Sl, W'j'itk immediately aft*r that date and In January, IS75, a law was posed providing for , tAe resum >tion of ti>ocie payment by . which the 6e ‘re ary of the Treasury was required, whenever additional circa latioa was Iqmed to National banka, coretiro united Stales notes In equal amount to 80 per cent of inch additional National bank circulation until such notes were reduced to $300,000,000. This law farther provides that on and after the last day of January. 1879, tho United States notes then outstanding, should be redeemed in coin, and in order to provide and prepare for such redemption the secretary of tho treasury was authorized not oniy to use any surplus revenues of the government, but to issue bonds of the United States and dispose of them for coin and to uso the proceods for tho purposes contemplated by the statute. In May, 1878, and before the date thus ap pointed for the redemption and retirement of these notes, another statute was passed for* bidding their further cancellation and retire ment Borne of them ha J, however, been pre viously redeomed and cancelled upon the issue of additional national bank circulation, ca per mitted by the law of 1875. so that the amount outstanding at the time of the passage of tho act forbidding their further retirement was $10,<*31,016. The law of 1878 did not stop at dis tinct prohibition but contained in addition the following provision, ‘‘And when any of said notes may be redeemed or be received into tho treasury under ■ng law, from any source whatever, and •hall belong to the United States, they* hall not be retired, cancelled, or destroyed, but they shall be re •issued and paid out again fad kept in circulation." This was the condition of af* fairs nn the 1st day of January, 187J, which had been fixed upon four years before as the date *°r entering upon the redemption and retire ment of ail these notes, and for which such abundant moans had been provided The gov* eminent was pnt in the anomolous situation of owing to th > holders of its notes, d bts payable in gold on demand which could neither be re* Ured by receiving such not s in discharge of obligations due the government not cancelled by actual payment in gold, it was forced to rs> deem without redemption and to pay without acanittanre. There has been issued and sold $96,530,000 of the binds author.sed by the resumption act of MS, the proceeds of which, together with other gold in the treasury, create I a gold fund deemed sufficient to meet the demands which might be made upon it for the redemption of the out standing United btates notes. This fund, to gether with snoi other gold as might be from time to time in the treasury available for the seine purpose, has been since railed our gold reserve and $100.0 >0,001 has been regarded' as an adequate amount to accomplish its object. This fund amounted on the 1st day of January, 1»<9, to $l--4,100,133 and though thereafter con stantly fluctuntiug, it did not fall below that sum in July, 1882. In April, 1883, for the first time since its establishment this reserve amounted to loss than 8110,000,000, containing at that date only $o7,011,330, The Bond Contract, Tho message reviews at great length the low •ring of the g >ld reiervo, the shipment of gold, the issuing of bonds, the entering into tho bond contract with enpitulists, and his messages 5o Congress for relief. Continuing, the President Mays: The Congress having declined to grant the necessary authority to secure this saving the contract unmodified was carried out, resulting in a gold reserve amounting to $107,571,253 on the 8th day of July, 1883. The performance of thie contract not only restored the reserve but cheeked for a time the withdrawals of gold and brought on a period of restored confidence and such peace and quiet in business circles as were of ths greatest possible value to every in . terest that affects our people. I have never had the slightest misgiving concerning the wisdom or propriety of this arrangement, and am quite willing to answer for my full share of responsi bility for its promotion. I believe it averted a disaster, the imminenee Of which la fortunately not at this time gener ally understood by our people Though the contra- t mentioned stayed for a time the tide of gold withdrawal, its good results could not be permanent. Becent withdrawals have re duced the reserve from $107,171,210 on the