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About The Lincoln independent. (Lincoln, Neb.) 1895-1896 | View Entire Issue (Dec. 6, 1895)
ai?i PRESIDENT'S MESSAGE. FINANCIAL DISCUSSION, BOTH FULLY REVIEWED. Neutrality Law In Kcgard to Cuba Must He Strictly Compiled With An Filinustlvo Argument fur the Ite tlroinrnt of (jreenfoack ur Financial Trouble Thor oughly Bet Forth. VARniN(! ro?f, i)oc. 3. The following s the President's nieNsjip-e: To the ('onghi-.rh or the Unitkd Statbs.:- Th pro-eut assemblage of the legislative branch of our govornmoat occur at a timn when tlio interests of our jiooplo am! the needs of tho country give spciul prominen-e to tlio cowl tion of our foreign mint ions nnd tlio exi gencies of our national finances. Tun reports of tho several administrative departments of tho government fully nnd plainly exhibit what has been an omplishcd within the scope of their respective duties mid pre tent such recommend ations for tho betterment of nurcoiintry'i con dition as patriotic and iutolig.'ut luboraud ohtnrvution suggest. l therefore l cm my executive duty ndn. iimitoly performo I at this time by presenting to tho Congru-s tho important phase of our situation a related to our itiPircourso with foreign nations, mid a statement of tlio fiirin cial problems which confront us, omitting, nxcrpt a they are minted to thpao t. ipics, any rofoionce 1 1 departmental operations. I earnestly invito, hownvnr, not only the careful consideration, but the severely critical rcrutiny of tho Congress nnd my fallow coun trymen to tho reporta concerning these depart mental oporntlom. If Justly and fairly exam ined they furnish proof of assiduous and painstaking euro for tho public welfare. 1 press the rocomtiienthitiuiis they contain u)inn tlio respectful attention "f those rlmrgod with tiio duty of legislation, because 1 believe their adoption would proinoto thu pnoplo's good. Missionary KlotB In China. The clow of tli momniitoiu struggla between China and Japan, while relieving tlio diplo matic agnnts of this government frol the deli cate duty they undertook at request of Loth countries of rendering snth fervio to suhjo.!ls of cither belligerent within thn territory limitH of the other um our neutral position permitted, developed a iloine.slie condition in the Cliiuosu empire which fins cuusod much anxiety and culled for prompt and cureful attention. Kilheru a roult of a weak control b the cen triil government over thu provincial adminis t ration?, following n diminution of traditional governmental authority undur the stress f an overwhelming natiounl disaster, or a mniiifesU tion tipon good opportunity of thn uvctnion of tlio Chinese population to all foreign ways and undertaking, thcro luivo occurred in widely separated provinces of China serious outbreak of thn old fanatic il spirit against foreigners, which, uucliockod by the local antlio.-itien, if dot actually connived at by them, havo culmin ated in mob attacks on foreign nilsHionary stations, ca ising much destruction of proper ty , and at tended wit h piusoiiiil injuries as well an loss of life. Although but ono American citi.cn was roportni to bavo been actually wounded, and although tho destruction of properly may havo fiillou more heavily upon the missionaries of other national! fos than our own, it plain! behooved this government 'o tako the most prompt aud decided actios to uard against suuilur or porliap mora dread ful culumitio. Tho demands of tho United St rites and oilier powers for the degradation aud punishment of ho roaponsible ollicials of t!io respective cities aud provinces who by neglect or otlurwiso had permitted up-rising!! und for the adoption of stern measures by the Kmperor's government for tlio protection of tlielifn and property of foreigners, wero followed by tho disgrace and riia riinmil of certain provincial officials found derelict in duty, and the punishment by dualli of a number of those found guilty of actual rarticipation in tho outrages. This govern ment also insisted that a special American commission should visit tho province where the first disturbances occurred for tho purpoto of investigation. ThU latter commission, formed nftor much opposition, bus gone over land from Tien Tain accompanied by a suitable Chinese escort, und by its demonstration of the readiness and ability of our government to pro tect its citizons, will act, it is believed, as a most inllucntial deterrent of any similar outbreaks. Tho Wullur Case, Tho customary cordial relations between tliU country and Franco havo been undisturbed, with the exception that a full explanation of tha treatment of John L. Waller by tho exi. ditiouury military authorities of i'runce still remains to bo given. Mr. Waller, formerly t'nited States consul to Tumutnve, remuinel in MiuUgatc ar lifter his term of otlice expired and was apparently successful in procuring business concessions from the llovus, of greuter or less value. Alter the occupation of Tunm tave and the decluration of martial law by tho French, ho was arrested upon various charges, among them, thai of communicating military information to the enemy of r ranee, was tried and convicted by a military tribunal and seutenred to twenty jears luipriminment. Fol lowing the course jutilled bj abundant prece dents, thui goveruiueiit demuuded triim that, cifrruoce the record of tho proceedings of tho French tribunal, wliich resulted in Mr. Wal ler' condemuiitioik 'ibis request has been complied with to the extent (f supplying a Copy of the Iwni-tiei.il nci-rd from which apxur the ronttitution and organization of the Court, llc rliaves as for mulated nnd the generul course and re-nit of tho trial nnd by w Inch it whk shown tli.it tli i su-cufe.lw.ts trie I In p' ti court and was de fended by comiwl. Itut t!in evoli lice ,i.!,.n cd in support o( tho charge, which w:u put i i reived I'V thn tl:nli untiU r of foieign atVairs Villi the lir-t fk in October, has lima far J u Witldi" d, the l unch noicrmnen t.ikunt the ground that lis )niluctiuii in r.-. oi,i ir deniand would esUhlt .ii bid prn'etli nt, 1 ettort cif our nti.lu- .elur to ptiK-nrv it, In 'C"i llioiigh iiipedcd tiv riMi nl i l..nu-i in I he I remit nun. I;) l.ucii"t Iwi relael atel , It Is roS'tdoull i penlrd t lint snw .i'l.t ic- Inn soiutteii of the in'i'lir will ...til I Irai htd. tfn ''ilf a s p tli.il Mr, Hul- ; l ci,tjiieiuut I ttti allot italii'ii width ' lb stste of In h liii n i I all ll oil., i ri.ru 4.- i UlW-e tof the C di mxi d or p-Iloil, I Trad (wmpllcatlnti Ultsi l.rruisey, tint P-Ut'li I'U ll it il- III i i.iti.,jh eaipoec e In tik'tii sMM't i piI of aciili INm if lliieg et'Wti fe ti.uii-t pi u ciMintrv !, whitftt .tMlii'tii siid tii.i ait iim tsr 11 our ' liftH. 1 It 1 l.w ttllty l.f Sk'ltug iB l.t- llet; th't inlt,eil it id till iMullt iJim-1 I !). Hut lh b.t in l l. ! -til -l a i,4iini ( mill il.. S i I IU l ll In I. I l ) 4 , ..It ') wtitcti, lii au litikint l.i l-e ii I'ttiiimii W-K tor ti e. in lis miI i i pn I i-vm. Vr aiilv lUlf ' I I tit-If Mil. m In i i,M(i i ir, fcft a ltd 1 1 nl h nt e-, t i 1,4 kt , ti II, Wrtd , llti ti ,ftittst i i.t. lt ItiiKi urns lu'i'. rtg'-il id I K. iti t( 'ii-l't la i i f lu- w rU a , I I aig- I i. li. t i l 1. 1 a-, I ni p v. an 1 1! ii t ilir .f In Im- la itti tl lita tiaa , l.4 i.f it iuai iifii alti it, i Hi -aaa Pvp , taj iwf l-t. t(g ia M. siv eit tl St.ais- iia ! i ,. - I. i.i. rf trft at t a IlltllS S a tliii , , !... tt i lu t"i tMi .lt IU I .., k. .1 itl lit I tn. t-. , t.i 1 II. aiwtiij Mt I ftli rati. ttat in at j i. fii t..-Ml, I a ti tt) t (t.,ia. lat -If set l at ra'ta " I I'llt f l.jM-t ll. It it-n -i ,Hitf. Im' IH'lhtl tltf tl.a tin Mill. I I-. I M.at 1 i If . w. ,.,, u ia i"imii lit l. a - I -.! I. tlt'll! I" stt.a It! 1 '. g , l IL I ,. I I1...I an ,.t.-ti In CI 1 at-) vf I V- tiUitf al,..,.!, . it in irii,t ,. a,a I .1 kia'ai. .i mi. ti at t y- a 'i '! int- e-it soundness, to guarantee thoso fjualitira. Nor aro these dimultis confined to our food products designed fir exportation. Our great insurance coinpauiei, lor exam ie, navmg built ud a vat business abroad and invested a large share of their gains in foreign countries, in compliance with the local lawa and regula tions tlioa existing, now find then-.iolves within a narrowing circle of onerous aud unforeseen conditions, and are confronted by tho necessity of retirement from a Hold these made unprofit able if iuilcoi they ato not summarily ex polled, as some of them have lately been in Prussia. It is not to hi forgotten that inter rati naltrade can not bo one-sldoil Its cur rent are alternating and its movements should bo honestly reciprocal. V ithout this It almost ueces-arily doieneratas into a devi o to gam advantage or a contrivance to secure benoi.ts with only the semblance of a leturu. In our dealings with ntlirr nations, wo ou.-lit tj bo open-handed and scrupulously fair. This should be our policy as a producing nv tiou, and it plainly becomes us as a people wh lovo generosity and tho morul astKicts of na tional gooi faith and lecinrocal forbeariiice. These conaidornticns should not, however, con strain us to submit to unfair diKcrimUiiitiou nor to silently anpiioscn in vexatious hindrances to the enjoment of cur i h ire of thn legitimate advantages of proper trade relations. If an examination of the situation suggests such tnoisures o i r.ur part us would involve restric tions similar to thoso from which wo sillier, the way to such a c .urso is eapy; it sh iuld, how ever, by no mount bn lightl entered upon, since tho necessity for thn intitiqunition of such u policy would bo regretted by tho b"st seiiti- ment or our people, nrul becaiisn it naturally and logically might lead to cuUfepuonc of tho gravestcharacUr. 'J'hfi Uclirin Kea Mntter. Our rolation? w.th (ire.it I? Hull, nlwnvsi in timate mid important, have demanded, during tlm p ist year, even a greater sliaro of consider ation than is usual. Several vexatious (pipa t it'll wero left undetermined by tlio decision of the Hehring sea arbitration tribunal. The ap plication of tho principles laid down by tho august body has not beuu followed by tho ro sulPs they wore intended to accomplish, either b'causo the principle.! th msidveg lacked in brendth and de(liiileiii;si or bin nuie their cxo. cuti in has bleu more or less imparled. 'J ho understanding by which tho L'n-tml States was to pay uud (irout 1 rilain to receive a lump sum of $i't,0'JJ in full aettlemeut of nil llriti-h claim ford amiig's arising from our seizure of llritisli seuling ves ols nnaiitlKiri.i'd under tho uwuid of the i'aris tribunal of urbitratinu wai not. coiillrmol by tlio last ('ongniss, which do clinid to mnko tho ncccinarv mipropriut oii i am still of the opinion that this urningiment wus ll judicious and advantageous ono for tlio government, und I earnestly recommend that it In again considered bud siuclioned. if. however tin doc n:it meet with tho favor of Congress, it certainly will hardly dissent from the propoaition Hint tint govoiuineiit is bound to every consideration of honor and gjod faith to prori In for the sp'jedy udjiistinont of thoso claims by arbitration ii.stus only other alterna tive. A treaty of arbitration bus, therefore, been agreed upon nnd will bs immediately laid before tlio tv-mit so that, in one of the motes suggi.stoi, a final hettli inent insy bo reached j The Yeiiezochi lss-.ie. It being uppiirnut that tli.i liounriury dispute botwce.i (ireut Hri.uin and the Republic of Veue.uelu, con'oriiing thj limits of llritisli (iitineu, was approaching mi u-ttte stage, a ' dnlinitt Htutenimit of tlio inl-rest and policy of tlio United Stiles as regards tin coutroversy seemed to be required both on its owu account and in viuw of it relations with thn friendly powers directly c incerned. In July lust, tliero foie, a disput 'h was uddresre l to our amlmssa dor nt ltondon forcomiuiinicatiou to the llritisli government in wliich tho nttitudi of tho United bla os was fully nnd distinctly set forth. Tlm general conclusions there lunched nnl formu lated am in substance that tlm traditional and Oitablisheil policy of this government, is (irmly opposed to u loicibln increuto by nny ICuropcan power of its territorial possessions on this conti nent; Hint Ibis policy is us well founded in principle us it is strongly supported by nu morons precedents; that, us a cons-cpH u m tho In it'll ritnto is bound to pri.test uvaiust tho enlargement of the aria of Ihitish (itiinca n rieregnlion of the rightsj nnd tunitist tbo will of Veneiueln; that, considering the dispnrity in ttrengtu of Uront lirituin and Vcnenuelu, tho territorial disputo between them enn bo easily stilled only by friendly nnd impartial arbitra tion and that tho lnsort to such arbitration should include tin whole control cny and is not satisfied if one of tho powers conccrneJ is permitted to draw an arbitrary line through tho territory in deliat j and to docluro that it will submit to arbitration only (lie portion Ij In j on one side of it. In view of theio conclusions tho dir patch in question culled npm tho llritisli government for a dellniteanswer to thn question whether it would or would not submit the terri torial cont rover. y between itself uud Venezuela in its entirety p impartial arbitration. Tl:a answer of tin Hiitich government has not yet teen rweivei but is execteil shortly when further coinmiinicsti:in on the subject will prob ably lie made to congrn-s, The llitwallim Matter. Early in Juiiuury lust an uprising against thn government of llawaiiu was promptly siip pre.sed. Martial law was forthwith pro claimed nnd numerous arrests were n.ndo of persons suspected of lieing in sympathy with 'he lioynlist puity. Among these were several citizens of tho I nited Slates, who wero either convicted by a military court and sentenced to death, imprisonment or line, or wero deported without trial. The United States, while deny ing protection to those who hud taken the 11 a woiinnoatli of allegiance, iiiis'ed that martial law. though altering the fin ins of justice, could Hot supercede Justice itself, und demanded a staj of execution until tho proceedings had been submitted to this government, and know! ed;e ohtainrd thi rei'roin that our citii us had reiive! fnir trial. The death sentences were nib-i O'lclii l iMiuniutcd or were remitted on condition ot 1 uviii,- the i -lands. 'Ibaca-ei of certain A.uenchiis uircMi-d and expiiled by ar bitrary order, w.tiioii! fonniil charge or trial, bine had aitcnii u, and in sunn iusiatires have Isi ri found In justify r'iTioii tiauce lui.l n chum for indemnity, which I lav, mot oi thus far not conceded. W r. 'I hurti n, the Hawaiian . Minis t r, having furnished tins government abrrul aul nnsoc. tor u-liut.' ihui he la rM'ath-., hat course was pursued in, I his mice hor lm, lately Iw-en i-ecelied, l ym liliig uf Itntlms In olora lo. Tin ileplor ibie l.tichi.n i f several lin.i m I. t teen in t oliir.iil w .is n at nr il I) foi!o d by i'ltrrn ili. ml n-pr (illation nt-.il t um Ii i i-y losiy Ih it the li't illi.rt. of Itr si,,,, wl-ich tli- Ri iMitr.u- ir.'urreil bale bieiipiii for: Ii Pi tli -cover tin I putmn Im- mi' horn nl Hit. Mi. '.on. i iln , '!!. ! pi ml at I iii.i!i o( Stiiet i.f lii un tort i! i rile v id on im tic h) Iht-tr i'i pir,ili,t roieiiiinii i,i .iis poii.Miit (,t II. ctf lost. ih: in ttiif'-.,t' itiii ataiusl h 'l;.'a a't- ni m iv 1 hi ol lhriii4li i, c-sii-i 1 1 iti id tlu I e ions l a I i til a-, it. -in hi.-li un t.- kd by oor n. . i.nr -v I ...ll nnd ri,ti,- Ii li r it itut- , ,lr lb i i.to'i Ion., in m in '11 l.oidia i.ti inir t.of. nil I la'it lll'll I.Ut III lll1ttet and I'fl 11 111 I f',-l,iH W In l teeir cV.na-rlin ''il.p Ii.mi la lie- HVi t iti Iti .t w i" tiing toil I 1141 II, in pt ,-i.i ,.c. llli file I iIh-1 I it. . t !.,n is I ., . ,,, it w itianl.l. U.o-m :i-i s.. itr i.,,it , in r t' lie ie I ' .it i m llt -hi tt'i ait I a til -I i-w.il .lei leu . 11 i'ii-t tTttit, a iii l'"t I'trifd ati'ti in .:.liii 4 aa U ti'.l .-il tt!l- t..l.i'l l-i e- i I ti IL Int. Itl,i I t . I . i i i- ' ii Mil -t. it- -t I. ii,. r rii I ro'lo ' w t'.-s 1 1- i t t.f g ,i.i ) il..- t l . aa i te t a t ' -u I iiin ilti t't it f t,-' ! I f tif It ,lltl. .-I t .."! ,I .l tttttll'lll .1 i ie it. us I 11. ! I t l.i 1 1 t-ut ,,, . . id A It , tin i.ui II t r -tih I I nil lti ail . a 'i- an. t. ' m.i I - I'thi: i at i s... l t l it 4 II I I S". I It I Ml It. .Ma, .1 1 -H ;-l..,.- ' !' M t I 11 t.- I HI ft l tl giaa ii 4 fid tl c- tia.iti t.tit.KI ti silt itpt ,a I niafatMlilia foe liffrii J . I aa lot I I .. t in. !. a .f I' I I I' I 1 H IS 1 I , I I til It ili.li I i - ,.' Ilol tii,Miu. t s , I, i i in, a tfc, ttti far1 ,i l,- ,..! r i i ,l . -it In ll ... Ctrl !'., 1 1 , i g:i. iss'al wl tl.' UM Mil a. In' 111 ' .c.- t I r a I If "II I 'll I .1 111 S- . J i is i. Mir l.i I . . , i. ( ' I . ,, i. id I It ,.-..,, . in I I i ill ill 1. 1 I. I laa i i 41 . -i act I .- 1 1 a l.i I i, ... I ...! a.l.to'.l. to -, t t a i t J l , li tl'f kaa-sis .btiiipu iM t (Hajilafai Iney. U SI lalliuiti...,! n a. I talU.I l! ( attention of the Congress to thn position wa occupied as ono of tin parties to a treaty or agro-ment by which wo became jointly bounu with England and Germany to so interfere with the government and control of Samoa aa in eHect to assume the management of it affairs. On tho 6th day of May, loBl, I transmitted to the senate a special message with accompany ing documents giving information on the sub ject and emphasizing tho opinion J have at all times entertained that our situation on this matter was inconsistent with the mission and traditions of our government in violation of the principle wo profess and in all its phases mischievous and vexatious. I agiin press this subject upon the uttoution of Congress and ask for such legislative, action or expression as will lead tho way toour relief from obligations both irksome ami unnatural. The Cuban Rebellion. Cuba is again gravely disturbed, an insurrec tion in some respects moro octivo than the l ist proceeding revolt, wliich continued from 108 to J7S. now oxisti in a largo part of tho East cm intarior of th,' island, menacing even some populations on tho coast, liesiile. dnngoring the commercial exchanges of the island, of which our country takes thn predominant share, this flagrant condition of hostilities by a rousing sontimentn 1 sympathy and inciting ad venturous support among our fiooplo, has en tailed earnest effort on the part of this govern ment to enforjo obed enco t our neul rality laws and to prevn it the tirritory of the t'uito I Status from bsing iibusod us a vuntago ground from which to aid thnai in arms against Span ish sovereign! Whatever may bo the tradi tional sympathy of our countrymen, as indi viduals wl.h people who seem to ho struggling fo larger autonomy and greater frojilom deepened as such sympul hy nnturUlv must bo in bahalf of our neighbor. Vet tin plain duty of their government is In observe in good faith tlm tc-iigiu?cd obligations of into! national ro liit'onsliip. Tho performance of this duty should not bo tuad i mora difficult by atlisro- Kind on part of oureitiztnibi f tho obligations growing out. of their allegiance to their coun try which should restrain them from violating as individuals Hie neutrality which the naliou of w hi 'h they are members is bound to observo in its relations to friendly sovereign states. iliough neither the wnriulliol oarpeotdos sympathy with tho Cuban iiisurgents nor our loss and muteri.il danuige consequent upon tlio futile eiule:ivi ri thus fur iiindo to ri'store peace and order, nor any shock our hiiiiiane sen.ibili tin may havo receiv.il from the cruelties which appear to especially characterize this sanguinary ani fiercely conducted wur, have in tho lonst shaknu the ijolorminution of the gov ernment to honestly fuliiil every international oh illation: jet, it is t bn names: ly Imped, on every' grounds, that tlm devastation of nrnied ciinflict may sp n lily lie stayed and order and quiet restored to the distnictod in iind, bring ing in their train the uctibility nnd thriltof peucefiil ill: l-u i I The Turkish Troubles, Occuiroiiccs in Turkey have continued to ex- c ito concern. The reported massacres of Chris till is in Armenia nnd thv development there, und iu othar districts, of tlio t-pirit of fanatic host ility ti Christian infiuencs. naturally ex cited apprehension for the safety of tin devoted men and women who, as dependents of tho for eign missionary societies in the United Stales, mid reside in Turkey under tho guarantee ot Jaw und lisageiiud in tin legilimutv perform ance of their educational an I religious mission. No efforts have been spared in their behalf nnd thoir protectiiu in person mid property has boon earnestly and vigorously enforced by every ineuns within our power. I regr t, how ever, that an iitteiupt on our part to obtain bettor information concerning thn tru i condi tion of allairs in tho disturbed quarter of the Ottoman empire by binding the United States consul at. Siuiis to in iko investigation nnd rep irt. was thwarted by tin objections of the Turkish goveruiueiit. This movement, on our put t was in no tense meant, us a gra:uitous entanglement of the I 'nited States in tlia so called Kustorn question, nor n an olliciom in lorferoimo with I lie right nnl duty which be long by tronty to certain great Kuropcan powers cnllinx for their intervention in polit ical miitt-rs iitTectingth'! good government and religious freedom of thu non-M iissuliii.iii sub jects of the hultiin, but it urosi s ilely fruni our desire to havo an ureuroto knowledge o. tho cond.titions iu our efforts to cam for thoso en titled to our protection. Tho presence of our naval vesteLs which aro now in the vi-inity of tlio disturbed localities uH'ord opportunities to acquire a measure of famllinrity with tho condition of affairs and will enable us to tako suitable steps for the protection of any interests of our countrymen within reach of our ships that might lie found imperilled. Tho Ottoman government lias lately issued an iinpe:ial 1 radii exempting for ever from taxation an American rollegn for girls nt Scutari. Repeated assurances have ulso been obtained by our envoy at Constan tinople that similir institutions muiutaiiieil and administered by our countrymen shall be secured in the enjoyment of nil rights mid th it our citizens throughout tho elliptic shall be protected. On the demand of our minister orders have been issuid by the Sultan that Turkish soldiers shallguard and i sort to the coa-t American leftigces, and those orders havo beeu carried out. and our latest intelligence gives assuran-s of the present personal safety of our citizen! und missionaries. Though thus far no lives ol American citizoiis have been sacrilicml, there can bo no doubt that serioii" loss und destruc tion of mis'ioii property havo resultel from riotout conllicts and outn-.gaous attacks. Hy treaty several of the most powerful Kurl-un powers have secure I a right and as sumed a only not only in Ix-lnilr of their own citizens and in fiirther.ui'-e of their own inter ests but aa ngenli of the Christian World, Their right is to enforce such con luct of the Tuikiih government u will retrain fniuticul brutality, und in fact, their duty ii tn inte: foro so as In insure against ,-ucli drenlful occur relief i in Tuikey u lately allocked civilization. Thn isiwera dit-lure this riuht tin I this duly lu be tlieiis uhine, r.nd it la i-aiiiesl ly hoped that effective action nu their pert wili not be de layed. Ill It I INAMI'S. A Subject of the t. realist I in port a nee to the Atiirrii' in People. As we turn from a review of nur fornnti rela-luui- In the coin.. i. ,, lit ion (,( ,,rr n.ilional tiiiiineinl aitn ite"! ae ar iitinn-iloiti'ly m.avs lint we appM u li u i bjci t ol iloun-aia i-oi(-i-t m, niori ituiaiilniit than nui oilier Unit can i-i.ij.ivM' i.ttr at'eiitioti, nnl ii.ii at i.re-.i m i -ei Ii a i. rpl.-xitig iiii.l delu ate pn-tic iii-i-ut u In r. quiri roin pi and in..- Ir ain . ni. V.' it.sv w.l. la ii'..iii itfi'ti In err ist ciT. rt ill tint illcliui l.i n M ilt lb ,.; ill a i l.iken I w.it I I n ri ing our t'oiiiiiitit iiii.I tin in id ..I i nut ton. i. ml Ii ii ii i.ir.ci ,l,i ll.oX w il l!il i) nil- I . prep nt. I f,.r plltlii r pnira a by im ni.ni.e.l a id iul.-ll..;"n' p .ii!tr leti r "t i i lb ' snlvV , I't ... list 'I . ma 'i.i a cii.iiiii., i. t. i. 'ii- at .1. in, .l.-i.'i.-.l lor I e piiil,. t,i.i ,in t. n l, ut i. ,- ,., i lie-1-to ii i I In. v ni ninonn ,tt vnr i u i ti t tin ti .li I wl i Ii. wl i i 1 1. nib i .nt f it i, pur !.. f i ii niit, ch-i ,, , ,ri,., I,- r .iit.oii an I l. in I d i. nt . t If ii In lb tit tit, 1 1 ol ih- wikI I, lu. . -it .i, r,-,... I. a i, It isiii 'i Wnd., . .i ii, tpl.i, i ' I I .i ll if li e f l I.I I. f t-.i tfi- iti'Mfi,! I io-Iih I f'wt iiaioi.a of ll -'., l tin ii lliliif HI j ... n tfiell It'll t 11 cn.il I II I. 1,1. I . tl . ..,,a ,.f a. ... I I g 'l a mi ii I I l.i f .k.1 at. I a .i Ii kid i c ..i i.r i.l, (, i.i.ta an I Inl all il'i f l.ili.i l..,-ia 1 1.. I, 1 i:,, o it "-1 1 Iii ft ai d i .-I, .un c "i 1 . ! .. 1 i in In Ii a 1 1 if- b r , ii ..i.f a 1 ii-y 11. ia . ... ii .i,i. I (i t ... 1 .11 II... c.i I 11 i,r 11 ail 1 14'. j i.li I 11, a' 1 1 en. . 1 in 1,. i... a I i,.,i j tl t. 1 .a I........... 1 1 ..ni I ' it 1 1 - r 1111 t, 1, . a l.i, t, . 1 ,1, I 41''".' -1 I if 1 tti ,tl I i.t I f 1 ni , ' i,t ii ,t . 14. I u I ill.t.i --I, ,.,, , .1. . . , , I Vt,T f . .. I i 1 1. Ill 1 .'; I . I 1 . -: . .. . , , ., I-. .1. 1 I 1 it I....H, In I, n in 1,1 1 e t . I i ot .1 ! il. l.,i. wi tt I. , . ti,, t., (,!.,, - " I ... 1 i. ... 'i. I ,. f i .... I ,.,,-. f U . I I ' a 1 ) it . ,. I. . t tv . . ,..!,. P . a . - I 1 I , . , I . f f I ,, .,. ' i 1 a 1 ' !!. ' I 1 . a ' a , a t 1 f-s inn i ; 1 t ! 1 4 I . 1 i..a lmil,ili,, II. ...'i,1 n,. i i.ti, nil . t lis V4, , .1 I , I . 1.'.', I.ttt f.-.l f... I. M l a -.... t. k . a. 1 ...- 1, I .1 . 1, ! a ' i a Me ' ' 1 - I m rt I I ft' s I -I i,....;.i tt 1 I ... . t it .. perils! It will be e?n by a reference to tho debate in congress at the tmio law were passed authorizing the issue of these note that their advocate! declared they were in tended for only tompora-y use and to meet the emergency of war. In almost, if not all, tho Jaws rotating ti them, some provision was mucJo contemplating their voluntary or com pulsory retirement. A large quantity of them, However, were kept on foot and mingled with the currency of tho country, o that at tho close of the year 1HU they amounted to SlSl,- w'.itt.'i.H. Immediately nftir that date and in January, 1S7S, a law was passed providing for tno resumption of specie payment, by which tho Ee'mtiry of the Treaiury wai required, whenever additional circu lation was in 1 ued to National banks, to retire United States notes in equal amount to HO per cent of such additional National bank circulation until such notes were reduced to $;iilO.O"IO,0'JO. This law further provides tliut on nnd niter the last day of January, 1S7H. tho United States notes then outstanding, should be rodeemed in coin, and in order to provirlo ana prepare for such redemption the secretary of tho treasury was authorized not only to use any surplus revenues of the government, lint to issue bonds of tho United States und dispose of them for coin and to use the proceeds for tho purposes contemplated by the statute. iu May, 1H8, and before tho date thus ap pointed for the redemption an 1 retirement of these notes, another stututn was nassed for bidding their further cancellation und retiro- ment. Biimo of them had, however, been pre viously redeemed und cancelled upon tho issue of additional national bank circulation, as per mitied by the law of 1,175. so thut tho amount outstanding til the time of the passage of the act forbidding their further retirement was $ (WSIilB. Tho law of JHdS did not stop at dis tinct prohibition but contained in addition tho following provision, -'And when nny of said miles iniiy be redeemed or bo received into ths treasury under iny law, from any source whatever, and shall belong to tlm United Statos, theyi hall not bo retired, cancelled, or destroyed, but they shall be re-is. mod un i paid out again aujkept in circulation," This was tho condition of af faiis an tin 1st day of January, IsTit, which had Is'on lixrd upon four years before as tin duto for entering upon the r 'demotion und retire ment of all the-e notes, and for wliich such ubiiiidunt moans had been provided The gov. eminent was put in the uiiouiolous situation iV owing to lb i holders of its not';, debts pnyublo in gold on demand which iviuld neither bo re tired by receiving such notes in discharge of obligations due Hie government. not cancell'd'vy uclual payment in geld, it w,w forced to re deem without redemption and tl pay without acquittance. Thcro hut boon issumi and s:ild $?,i,5)0,013 of the b mds author zed by tho r hiimption act of lvff, the proceeds of which, togeth'irwith other gold iu tho treasury, create I a gold fund deemed sullicierit to meet the deinunds wliich might bo made ii-nm it for (ho redemption of I he out (binding United titatoi note, 'lliis fund, to g 't her with sue 1 other gold as might bo from time to timn iu tin trea.sitry uvailablo for the same purpose, has been sinco culled our gold res-irve and $1)0 OjO.0.1) has been regnrjed as im adequate amount t i accompli ill its object. This fund amounted on tho 1st day of January, li'.'.i, to $1 l4,li!U.13i and though there.11.er con stantly fluctuating, it did not fall below that sum in July, Kill. In April, 1S9.I, for tin first tiun since its' establishment this reserve amounted to lass than M U, 100,0 !0, con timing lit thut date only $4,tllJ,:i;iJ, The lionil Contract The message reviews at great length the low ering of the g ild reierve, the shipment of gold, the issuiin of bonds, the filtering into the bond contract Willi capitalists, umt his messages 10 Congress for relief. Continuing, the 1'resideut Tin Congress having declined to grant the necessary authority to euro this saving thn contract un ditied was carried out, resultiu? in u gold n-serv ) amounting to $10 T..V7 1 on the 8th day of July, IMti. '1 he performance of this contract not only restored the reserve but. chec'iid foratiino tho withdrawal! of gold and brought on a period of restored confidence and such peace and quiet in business circles as wo e of tin greatest possible value to every in terest that affects our people. 1 have never had the slightest misgiving concerning the wisdom or propriety of this arrangement, und am quits willing to answer for my full share of responsi bility for iti promotion. 1 believe it averted a disasler. th imminence of which is fortunately not ut this time gfinr ully understood by our people. Though tho contra t mentioned stnyed for u time the tide of gold withdrawal, its good r.-sul's coul.1 not be permanent. Hocent withdrawals have re duced the rn-orve from HJ7.li7l.'JIO on the) t th day of July. )Ni to WtsSfl.O. How long it will remain large enough to render ill increase unnecessary is only mnttir of conjecture, though quite bug) withdrawals for shipment in the immediate future aro pred cted in well informed quarters About 416.0lK),i)'J0 hai been w it lid raw 11 during the month of November Tho foregoing statement of events and condi tions develop Hie fact Hint after icreasing our ' interest bearing Uuidi.il indebtedness more than Ifl'i'i.fhW.iJtlU to mivo our gold reserve, wo ate nearly where we stnrled, having now in such reserve :ii,:i'i't,9-0. us agitinnt. Jlli.l5!t,:ii7, in February ISt'l, when tho lir-t bonds were issued. Though I he amount of gold drawn from the treasury appears to be very large, a rjrathered from the faets und ligures herein present it actually was much larger, considerable sums having liocn acquired by tlm treasury within the several ieriods stated without the isue of bonds. On the CSth of January, Ifl.'i, it was reported by the secrctury of the treasury that more than $l72,UW,'Kiil of gold had been withdrawn for hoarding or shipment during tin year pre coeding, lie now reports t liat from January 1. ISi'.i, to July II. I ", a period of more than lit year-, only 11 little over K'.Hs).(M) was with drawn nnd that, between July 11. My. the date ol the pns-aie ol I he law lor un im res-ed piir-i-ha-e id -live", and the lir-t day of llec, inbcr, I "., or itiiin less Hum lite n.id u hall yiar., then- was withdr-.'.Ytti nearly M.j.'iiiii.iii), milking Hie total of inure iluin Mi.lM,ll drawn friiin tin' im a ur in iti.M since .la'iiiitry 1 t., Isi'.i, ihe date liri'd in p.. i for 1 ho ri tiro ment of tlio Ui::tcil Stati - iii.Ii n. Aea'l) 27. slj.(i ot tin imhl ihusn ithdrawn Ii.im- Immui pud nut mi tl.i'.i. I nili'd Mm 4 Holes, and yi I every tme'iif the i I'i.'Si i.n 11 i I till llllt'itll '1 ll.-d und i 1 ly In do i 1 vice in fit -tun gold iti p'i 1 10 . .Mure than ti i.'ii'.n il in guilt lilts Since til r c-e Itll'lt I'I IS 11 Un 11 p il.l out lrtlll 111" tji'lt-.irt II, 'i.li the Hot s im,.ri ivi tin pnrr',a-e of iihcr b. ti.r g.iteriniieut; uud il fie t-,h'.i', uitioiint iti ti Ti'.'i, 101, ci.cit ilitt e more II. .111 l-',iil ill w ich bin. bin ii-iivl l eii'lmiges Im silver at the f. in-sl of 'lie lioldi r. n in. tin t'idl.,mling .tie! pit;ur'i In join lb. if nbl.-r nnd luor ri- pct.elil'i.,1 ,i;.. . 10 fulllte lal 1 ll t ll III" li ... i.n i...t.( te it I Mi Ji.ii I, I :, ni.ir 1 lb hi 4 . a' i a I l;.f Ud,. .- 11, . 1.1 t ii, 11 I- w.-t l.-M .1 It r 1 ,lf 1, . ,J, Ibi g..l. li .-, in r. w ia 'l M'l b it in.-c lit (be Ireasi.i Stl'i-ile id .ii-dt i . f,.. . p., a tloiii '''f.'ifi, Pol I'm a"id r. fi.i Htin.i.iitt . Iii ni.ifi. Itiaii f 1 i.n '1 . Vibjt h w.ti lb" qui-1 tin,' ft ,tl nta of lb aii.,1 mi. It b 'i I'.-. 'ii k 1 fir, d I. gin r.'pi II. In Inl 'til f r il -1.0 ri. . I ix 1 .1 1 1 1 1 -in 11 it- 1, id, I ,iiiii,i. a.-i l ili.'d I.l ni ati.t .1.. ,1 ai I 11' 1. in. t a f .i ' I I .1 . 1 .11 .t ti l..t' ,. . .a tin iii., r i...,i . 10 . i.( ..1 I ... I .1 ,, i i 1, fimral'l I' t.'I'l'St v I ia I 1- 0 It -a ... . , a I ti s l ,,i . nil 4 is r 1 1 . I. at I u 11- I e ;, ., I.di II . ni .li t f . (T nt II 1 i-.-i . ml i.f iltvt-f tM l.iiv -'in 0 i.t . ' I d I . i.. i, M .11,. I f I . I tl li. I- - ' In . I. '. i f 1.1 I I' I tl Hi ' 1 ..t It. ,', ' ' ' ,,! I l-r li.' ..I ..il 1 ... -i.. . I 1, ir I. ..iii I. a .in r 1 i. 1 I! , 1 d .' I 't .I.- :,i,. I hi 1,1a. I ' I 1 . I 1 1. 1 .. . a I l..- !. I t- I I i. .- ... a ', 1 , I lui- 1 1.. , .. ,,t II ,.. I t I u . it .. , I a' I l' i i ..i,i.l t- - it . ii ii.t I'.iJ.'n.i li. t.-i', r (ti.i, I, ... Iih t a '. .. tv - ui I a . It it 1 it -.1 1 liiiiiaii'Ul f lraa'if !. In ,.; - an t , 1 1... 4 . . t f ..-' t. . , . 1 . ,ir. ) 1. . 11. i i. t '. ' . I . a I - i. , 1.1- 1 , I a. 1 1 I '1. tat I" la I , I in if-11 ai- i-t t . It ii i t it .i" t .i ,1 1 r a . 1 t a till ' 11I1 1 1 I K - a t d ,lt 1 ,. il,- ,,..'it... I ..! , J -.1 lit .' .11- ti .... I- I t' it It , 1 : . , tli !. a, ..... 4 -1 ii I . .'. t . 11 .iii,, ... ... 1 I a I .. . I 1 1.1 .1. ait If , m " a, r , , t 1 1 . I I 1. 1 , , I ,,f t 1 I 1 " . .. a it 1 I' I ,1 ,, ..... anal interest charge of 6neh bonded In debteslness is more than J 1 l.OOU.tWO, tltut a continuance in our present course may result in further bond Issues, an I that we bavo bu tiered or are threatened with all this for the sake of supplying gold for foreign shipment or facilitating its hoarding at home, a situation is exhibited which certainly ought to ariest attention and provoke immedi ate legislative relief. 1 am convinced the only thorough aud practicable remedy foronrtrou. hies is found in the retirement and cancellation of our United States note9. commonly called gieenbacks and the outstanding treasury notes issued by the government in payment ot silver purchases under tho act of IS9O. I believe this could bo quite readily acconv plished by the ot change of these notes for U. S, bonds of small as well as large denominations bearing a low rate of interest. They should bo long torin bonds, thus increasing thoir desir ability bs investments and because their pay ment eould be well postponed tt a piriod far removed from pre.seut financial burdens and perpl xilio when with iinreasod prsp?rity and resources they would be moro easily met. To further insure the cancelation of theso notes and also provi lo u way by which gold may bo added to our currency in lieu of them, a feature in the plan should be uu autiority given to tho Secretary of the Treasu y to dispose of tho bonds abroad for gold if nec36sary, to complete tho contemplated re demption and cancellation permitting him use of the procee Is of such bonds to take no nnd cancel any of tho nota that may bo in tho treasury or that may bo received by tho gov ernment on any account. '1 he increase of our bonded debt involved in thin plan would bo amply compensated by renewed activity and en torpriso in all business circles, tho restored coiill lemo at home, tho reinstated faith in our monetary strength abroad, und tho stimulation of every interest un 1 industry that wiuld fo'low the cancellation of tho gold deniand obligation now bfllictiiig us. lu any event the bonds proposed would stand for tho extinguishment of a troublesome 111 debteduess, while iu the puth wo now follow thcro lurks the menace of unending bonds with our indebte Iness still undischarged and aggra vated in every feature Tlio obligation neces sary to find this indebtedness would not equal in amount those from whbh wo havo been re lieved since 18s by anticipation and payment beyomi the requirements of tho sinking fund out of our surplus revenues. Tho currency withdrawn by tho retirement of tho United States notes and treasury notes amounting to probably less than StJ.OlO.OM might bo supplied by such gold as would bo used on their retirement or by un inereu.) iti irregulation of our National banks. Though tho aggregate capital of t lies? now 111 existence amounts to mira than $ti 6.0JU,rM), their out standing circulation based on bond sesurity amounts to only about f It0.:3,nu0. The are authorized to issue, notes amount ing to ninety per cent, of tho bonds deposited to secure their circulation, but in no event beyond tin amount of t Inir capital slock they are obliged to pay one percent tax on the circulation they issue. I think they ought to be allowed lo issue cir culation equal to the par value of tho bonds they depo-it to se;uio it, and that the tixon their circulation should be reduced to oue. f.tirthof one per cent, wliich would undoubt edly meet all the expense tho government would incur on their Hcconn;. Iu addition they should bo allowed to stib-t.ttitc or deposit iu lieu of the bonds now required as security for their circulation thoie whi'h would bo is sued for the purpose of reining tlio United States roles and treasury note'. Tuo bank already existing, if they desired to avjil ihem selv2StV of tho provisions of law tlins modified could i-piio circulation in addition to that ul ready oiit.-tjuding, amounting to $47.(iU,00.), which would neury or quit ; equal tho currency proposed to ba cancelled. At any rat?, 1 shoul 1 confidentlycx pect to sei tin or.isting national banks or others to be organized avail themselves of tho proposed encouragements to iasuo circulation and promptly till any v.icuii'u and supply every currency neail. It has always seemed to mo that the provisions of law regarding tho cap ital of national I nnks wliich operate as 11 lim itation to I heir location fails t:) mate proper compensation for the fuppresiion of state luniks, which came near to tho people iu rill msc tioiis of tho country and readily furnished them with banking accommisUtious and facilities. Whatever is attempted should lie entered upon fully appreciating the fact that by care less, eapy itescent. we iiavo reached a dangerous depth and that our ascent will not. lie ac complished without laborious toil and struggle. We shall be wise if we realift that wo uro financially ill and thut our restoration to health may require heroic treatment. Inasmuch as tin withdraw il of our gold has resulted largely from fright, there is nothing apparent Hint will prevent iti continuance or recurr9iicc, with its natural consequences, ex cept Midi u change in our financial m-tliods as will reassure the frightened and mako the de sire for gold less iiiten-o. It U not ctenrtiow mi increae in levenue, unless it be in gold nnd satisfactory to thost whose only auxietv is to gain gold from the governments store. It Can not, therefore, bo sifo to rely upon increased revenues os u cure for our present troubles. It is possible that tho suggestion i f increased revenue us a remedy for the dirlieul- tie we aro considering may have originated in n:i intimation or tlisii'.r-t allegation th at tin Isondj wliich have U en issued ostonsibly to replenish ourgol I reserve were really issued to supply iusullicient revenue. Nothing can lis lurthsr friun C10 truth, llonds were issued to obtain gold for the uiaiiitenauceof our nutioiial crejit. Free Silver. While I have endeavore 1 to make a plain statement id the disordered condition of our currency and the present d.ngrs men u iu our prosperity und to sugu.-t a way which bills to a safer tinaueial ay-loin 1 have constantly had in mind tin fnc lint inany of inv c.iiintrjia 11, wlto.e sincerity I do not doubt, insist that the cure fur t.;n ills now threatening us liny lie found in the single and limple n ineilv uf tin free coinage of silver. 1 hey coliU nd that our uiiiils sbnli lx ui oneo tlir iwn 1. pen to tie fri nnd unlimited nnd io.li'is li nt column of both gold mid silver il.ill irs of full logil teiidi r qu thi), r ;,rdiei id titiiiii-lii.ii of um other 11 v rna i-iil, an I in fell view of the fact tha' tin rnli.i bi.tv.e u the if.st.ili which they nu-m-fi calls foe tun ."-nlr il cents worth uf g 1 1 in il. j.,,j ,;, ;r nt iln- pi. '.'lit 1e.1n1l.1rd mid unl fifty r.-etj i't ml ii-. -ic viortb uf siher 111 tin -Itor dullir. In It.- prceiii st. 1 1 uf ui.r ill i c . 1 1 1 y it 1 in.' C l ) lo liliiten tnnd how td inn. inn) ut ni.r f.. en ni iiiiiii. i.if.eia 11. I he lint .rl 111 ni.,. Ili.li l,- tin! til" qiMllility uf 11,1111.) fl-iivi-! in r.ietl.ll. pilin.lll-, bll' lite kill I if t!.,i) in iiat nil and nur Mini. I) to c. 111. 1:1 .,,1,. ,j .' all' li.l le , ill' l..i hi ,-, , .., t.(, it.ua ii in-lit huliiiiig ut iii. 1. 1 a. r i,tt,s t.iiiv m'l iiu,..iif iitlf 111 nt j in I 1 a . tirf uu- i . lion il 1 ra t,- an I in..ii. i ir .tie i. ;,. if ilr g,,, i" hu l in-., r U'-it i'i iu ( if r t I, ii K lu. l rte l-."ti iii I I 1 1 !!, . 1 -li if in, ,. a I n tiu f ur ji.,1 tiiit. l.iK ,.,iii a-dumi ur tilnl. Hy tu 1.. mini.. hi,i pi) . 1,1, , , , ,r, t,f o. r r.atn.a a. ti. , m ,, , ,.(,( ul it r oil I lilt t., un- g ,1 1 I ,. in. ( f ii iti.t . 1 . 11 . a . ,(,. " Il4 l tie tlii ei. too 1 1 , ur ran uti a I 1 1 if ,11 the i,,l..i It. 1 if -ion tlai, 1 . i, ,i Iln- til,- ,( 1 .' um j a.. ul I lie ,. liilbl i'l! I' ll Hi. I. ,11,, 1, it, I, a;l I" I III It-K.t , i, ( t ,, U 1,1 tiisj. I I : I I is 1. .'. ii,-. ., t.. ' of r'l liio- iarf - '' i' nail -a t -a -i'i" 1,., an a.a not r n .1 if 1 ! ,t '" 1 i-. 1 .' I..it i.f 1 , ,,. 1 h . ' m I' ! ii a . I iit ,, 1, , ' in 11.,' t.'...i ' . I . I i.i' 1.' 1 I.l .' il i . la . , t 11 .ul t: it ii,,t is. ' i. mini , 1 i .. 1 ... . , t, ..' t fi I A I'-.. t..l,.f S .1 1 I.,.', . . till , - a t it tl.n i. aa.tf I" I" ill .. iii tt..r a .1 I 11. . Mil I la -l.i f, -Hi 1 ,..'.t t . ...i r j i, un I tl. .. 1 1 r.iii'1,1 1. 'li I" a ' "i l it a -1 I (a ll .1 I " I it Is , I f II, 4,, t 1 1 l.f ., 1 ,1 I -l I 1 1 a i Hi it .' I ,i:- a I 1.. I .. I HI ... . 1 I .1 1 1 ' 1 , hi. ,1-1, 1 ii 4 ti nal,. If I ' H lu I I if III I ' ,l I ' If 1 ' I. . a I ii at fa. 1 1. I- I . I , ll. -n I i.i I,, ail notes taken from a surplus revenue to boy gold in tho market. Of course, he could not do thi without paying a premium. Private hold ers of gold, uulike the government having no parity to maintain, would not bo restrained from making the best bargain possiblo when they furnished gold to the treasury; but the moment the secretary of tho treasury bought gold on any tonus above par lie would estab lish n general und universal premium upon it. thus breaking down the purity between gold and silver which the government is pinged .to maintain, and opening the way to new and erious complications. In the meantime the premium would not re main stationary and tho absurd spoetacle might bo presented of a dealer selling gold to tha Government and with United States notes ut treasury notes in his hands imuiodiatoly clam oring for its return and a ro-nle at a higher premium. It may be claims d that, a large rev enuo and reduced receipts might favorably af fect tha situation under tlis?ussion by affording an opportunity affecting tliesi notes in the treasury when received, ani thus preventing their presentation for gold. Such retention to be useful ought to bo at least measurably per manent, and this is precisely what is prohib ited so far as United States notes are enn corued bjr law of 1878, forbidding their re; tiroment. That tho statute in so many words provides that theso note when roeoivoi into the treasury and belonging to the United States shall bo "1'aid out again aud kept iu circula tion." It will moreover be readily -seen that the government could not rofusi to pay out United States notes and trea-ury notes in cur rent transactions when demanded, and insist on paying out silver alouo uud still maintain tho purity betvvoau thut metal and tho cur rency reproseri' ing gold, llesiiles tho ac.cuniu lutioii in the treasury of currency of any kind exacted from the pool In through luxation is limit.- ..,, .I...I .... .... ....it 1 :. , . . j...-..,. . . n.,11 t.i uu ni noil ji, i.iiiiitii pro ceed fur without vigorous protest nguiustun unjustifiable retention of money. Were there, infinitely stronger roasons than can bo adduced for hoping that tuch uction would sesuro for us a bimetu'.lii! currency mov ing on lines of parity 1.11 cxp?rimenr, so novel and hazardous as thut proposed might well stagger those who believe that stability is an impaintive condition of sound money. No gov ernment, 10 hum 1 n contrivance or act of legis lation litis ever been abb to hold thotwo metal together in free coinage at a ratio appreciably different from that which is ostablishol in His markets of tin world. In the light of these experiences, which un cord with tho experiences of other nations, there is certainly no secure ground for the be lief that nu uct of Congress could now bridge un equality of 50 por cent between gold nnd sil ver at our present ratio, nor is thero the least possibility that our country, which lias less thnn one seventlt of the silver money iu the world, could by its action raise not only our owu, but a'l silver, to its lost ratio with gold. Our attempt to accomplish this by tho freo coinage of silver ut a ratio differing from tho uct ual relative value would bo tho signal for complete departure of gold from our cirrulu I ion, uud the collapse of our entire credit sys tem. Our country's indebtedness, whether owing by the government or existing between Individ nuls, has been contrac.nd with refar;;nce to our pres ent standard. To decree b; act of Congress that theso debls shall bo payable in less valua ble dollars than those within tlio contemplated nnd intenti ih of tho parties when contracted, would oporuto to transfer bv tho fiat law and without compensation, un amount of property and a volume of rights and interests nI;uot in calculable Those who udvocuto a blind and headlong plunge to freo coinage in the name of bimetallism and professing the boli-f, crni- trur- to all experience, that wo could thus establish a double standard ind coinage are certainly reckoning from a cloudy the standard of tho civilized world, nnd per i.i.'.i I'luuuiJ -ll. Ulllinill llttlt IIOS.1U7I1J III Ul single nation, However powerful that, nation may be. -. While the valuo of gold a standard is steadied bv almost iiniveri-al commend il nn l business it dues not despise silver nor seek its Imninhniect. W herever this stundurd is mnintninel there, is iu sido in free and unquestioned circulation a vol ume of silver curreucy sometimes equaling, nnd sometimes oven oxcerxiitw it in amount, both maintained at a purity notwithstandint; a de precation or fluctuation iu the intrinjic valuo of tilver. Ther? is a vast difleromc bntween a ntnn lanl of value uu i a currency for monetary use. The standard must u?ces.arily foe. fixed and certain. The currency may bv in diverse forms aud of various kinds. No silver standard country lias n gold currency iu circulation but an enlight ened and wise s-vstcni ..f llnnnen anMiro Ilia bsmlits of both gold anil silver ui cur.eucy anu circulating medium oy keeping tlio stanit- ard stable and all other currency at par wit,'' it. Such a system and sureh a standard Otlso gives free scope tor tho uso and cxpansiotn of sufo and conservative credit so indispen-jiblo to broad and growing commercial tr.injae,ioni and so wjII substitute! for tho actual u.se of money. The past is full of les.-on?. teachlnz not only the economic tlc.ugcrs. but tlio national im morality that follows in the train of such ex pedient. Iwill not. Micro that the American people, can be persuaded, after scber delibera tion, to jeopardize their nation's preitign nnd proni Handing by encouraging tnmcml nos trums, nor fiat they will yield t the false al lurements of cheap money, when they -Jeilie that it muft result in the veu);er.i::g of that llnanci.-l integrity and rectitude which thus far an our histiirv hria beti:i m. ftiivitledli eb tri.l .l ns 0110 ot the trans ul Cue Aniericuiiiin. ; 1 have ventured to cspress myself on t!ien subjecti with c.'irnostne s nnd elainnma uf , ........ . ....u .. .... , ,.,ui,t,r--n 1.1 speech because 1 cannot n I mtwilf of the belief if that then I'trl.s in the proji. sition for tho free coiliiiee of silver s1( iiMnjr',y uppmved mid !.,i.n!litlsili!ii'-itlv mi7...'iln I l.u no.liii..,!.. or my countrymen 11 serimn menace to our n-c,- J ticritv and insidious tei.;iita'.ion of our reonla 1 to wander fiom the iiilcgiuuce th-y owe to J . ..1.1:- I . .... . . 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