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
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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
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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,,,
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Hy tu 1.. mini.. hi,i pi) . 1,1, , , , ,r,
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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 . .... . . W I
. iii.ii unit i t nil nit t;i I' , . 11 II Ufra'tin I l,l s
nut ttisiriiii toe goo 1 imt'i mi l siacntv t.f
thuie who pies this M-lii.ce tli.it I Litvn I
iiuiKTieetly but with zcul sunibitled my J
llioii'hts upon this inurie;it )u subfect '
c.tniiot res.vtin fniiii h--:gnR Hie. 9
to r- 1.111, im. tli... vi 1. . ..n,t l..i...i :,. e- "
light of p'ttriott. M ii- iii nu t f 1 mi i etr e-
ni-e, nnd In vteigli stiaiii and ;o uiuti. 1
i'lenc-s of ineh ..gi-lwt:, o i,a lln-ir eifm '
iiiti..i. In 11 I in cm tuu'il m.itiili'i'i I
object adds gin illy t i tie d.riletiltr
tl iucriHti tin iu ul sitii.tttuii alrei jy
tip i 1 it .
In mm-lii i itti I es-nw i :l) entreat tl," p
ri si'titji ., ft inl. iLiUj-r ..! w.i'i
i biitred uli the ri'.iii Inlity of
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mir rti'ii'tiiitt cmiiitrv Pi f itiipttv an I Itii
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