The Algona Upper Des Moines from Algona, Iowa on December 4, 1895 · Page 3
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The Algona Upper Des Moines from Algona, Iowa · Page 3

Algona, Iowa
Issue Date:
Wednesday, December 4, 1895
Page 3
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, IfiMWflSit ffitfttftert RtW tag fufhfsliW.tWs gwsrnacrit ftBunttfit «8« tot ttkiflg ifcrt u 'W rfesricKinfifti .mm ( CdMsifftltt Ufl to not to- *»ei{ .. Oft8 «6tW§ deiiVefed,t9«8ftf f^ss. to* jf l •«-,.< - fJfilted bt trie ,.. a tlfflfe' whBrtlthe tnteresW of oiif, Itetjinti ith6>^ds at the countty^ive (flat iWbfWIhehce to the fedndUltthiftf "feign .relations and the exigencies i' ( fl&tJ8rlai finances. The fepw is of MdS of the several adhllhlBtratlVe thients of the goverttrrtent .fully plainly exhibit what has been nc- ...Hshed Within the se6t>e of their re- fcttve duties, and present mich recom- ' 6f our mutation as related to out* y'a condition AS patriotic and In- ent labor and observation suggest. fe deem my! executive duty rberfoMMed at'thts'titrte by Sling, «j dortki'eS*' the 'important ibf .the Bftuatl6n as related tB 4 «]iJP (jurse with foreign hatlt»hB.-and 'a fifint of. the financial problems K' c'otifront ns, omitting, except ns relate to these topics, any reference aepurtmental oppratlona. ' " ' ' ' ' |V FOttEION fciiefi jlteafcttfiHi '• 8tt ' 8uF 'Witt fi restriauena - jgntu** fctteh /Ujkdflj- £lfi6t$ the" ^jie^euony n>»-»wjBj,«u- ftt}ftlfAH6n of 4 iu61i \ft p6ljcy 4 "W^lil.d be "ted fej? t -.-«..- .and bee , Cubn, Enclntiil,' Spain and Turkey sj. et of the momentous ween China andrJapan. while re- Vthe^dfptimatte" 'amenta 6«J this ' . tiif iUffsfrftttoMU (juegtloh* th6« iy ftHscfi' in ifte MofQUtb indiafl Strip 6t NieAMfeoft. sinftjf nut ««*, bf tte wunttty act- Of Ml* Mb*4ttH» fi«16n,Jh« tCrritftfy - v 8 .ia§t. the At«aiieft,*>wi!ir .yehim'cnt from the delicate duly, thdy fdertook at; the 'request of*t)oth t;oun- .•Jes, f of, rendering such servlct- to the ftbjects of cither belligerent within the fitprial, -limits. of .the -other HS our Stral position permitted, developed a ^iestic 'condition In" the ChlnesH nn- fewhich hascansetl much anxlety-ntid prompt and careful attention., Ih'er* as ;a> result 'of a weak' control/by ^central 'government over' the proV'" ijllradmlnlstratlons, following' a dl- fution of traditional governmental |iprity\ under the streas of nn nver- elmlhg ' national disaster', or an a ftifesta'tion upon good , opportunity the' aversion o€ the Chineso popula- l"tovall foreign,' ways and under's, there have occurred In widely ated, 'provinces of China serious tfcealts . of the old fanatical spirit ,1ris(; ' foreigners, which, unchecked the local authorities, if not actually Ej'hiv'ed at by them, have culminated "Snob attacks on foreign missionary ijons, 'causing much destruction of jpe'rty and attended with personal in- Jes as well as loss of life. If : . The Chinese Missions. ' Vlthough but one American, citizen sV reported to have been actually pu'nded/and although the destruction "roporty.may have fallen more heavi* 'the missionaries of other na. than ''our. own, it, plainly be- mVed'this government -to take the at prompt and decided action to aa'rd against similar or perhaps more feodful calamities befalling the hun- --' of American mission states have grown up throughout the nt'erior of China, under .the temperate ule of , toleration, custom and imperial iictt . The demands of the United States Ltidjother powers for the degradation n'dT)unishment of the 'responsible of- Bcials of the respective cities and prov- fc'es^, who liy 'neglect or otherwise, had grmitted uprisings, and for'the'adop- pn of stern measures by the emperor's avernment for the protection' of life rid property of foreigners were fol- pwed by tho disgrace and dismissal of ;o*rtaln provincial ofliclala found dere- tct'- in "jtb^lr. duty, and 'the punlsh- ppt by death' of a number of those q>"und pulity of actual participation. In tje'. outrages. < This government also .insisted that a eclal American commission should |flt the- province 'where the first dis— finances occurred, fov~the purpose of FSstlgailon. This latter commission, ''e'd.'after much opposition, has gone, land from .Tientsin, ,acc,ompatf(ed ' suitable Chinese escort, and by Us (Jgnstratlon of the readiness and abll- |bf our j^vornmcnt to protect its zcms wl»act, it is believed, as a ptJInflueiVtJal deterrent of any ' e energetic stops we'have thus talc-' ,rb all the more likely to result in re safety to our 'citizens In China, .use- .the Imperial government is, jersuaded, entirely convinced that : gln=» only the liberty find pro*:.our OWT citizen,? swl recess fpr ay'm,ay hftye snlTec* 1 ^ itve no ulterior <1<?sigps lepts, jiolitloal m otherwise, £hina --• forget Richer our kindly sorvr , ,r cltUens during her tote war llV further fact that, while fur- t an the facilities, at our co»> to 1 : farther the negotiation, of a «*bPt)VPon. lior and Ji^pftrj, we F'n.0 advantages and interpose^ •jpselb .Thp ,t."}Qyprnrne / n(.s of both tja,pj|';,Tapfm i)a.vo, in ^plr/il tlls», «', transrnltterj through their re» --'"" lomaHc representatives ex- most pleasing mariner their >reo!iat!nn of our assistance iaens fluting the unhappy of ithe value fif our alVj in •aW fr/\ t fl-»£»l w ' VIADII ivin fr!/t n Q f _ , frepi mM^^^V'^,m^ w^ty&;m£W'$M- W$)J8» .;-vU^, ^0 Jt)w -»xte.r>{ j , of, l%f*i(in^ppf>>-'We - ponstUHtlg^ i;?6rlcanizatlon • of < the i court, the' buf relations i«ith ....... Intimate and important. httV6 .tlemandefl durlnff tho past year even a 'freaier share Of Cdnslderatlon than Is usual. Several Vexatious questions were left Undetermined "by the ueclsi&h of the Ber- Ins sea arbitration trlbuHali The appll«, cation of the principles laid down by that ttutust body has not been "followed by tho results they were Intended' to accomplish, either because the frrmelples. themselves ,l^l?ed r in,breadth,and'.xl^nnltoness or be-,, cause /their execution 1 has'been more or leaadmUcBtecti .M,U^h5,Cor,*esp,onctcnce .has been exchanged between,the two governments on the subject Of preventing,the exterminating slaughter, of seals. The insufficiency 6f the British, patrol of Bering Sea, 1 under'th6'*f>gu1atlons agreed on Uy the tWo governments has boon pointed out, and>yet 6ttiy two British ships haVe been on police duty during 1 thin season in those waters.< , • < • i, Th6 need of a more effective enforce- 'ment; Qf e?ls.tlng regulations as well as the adoption of "such additional regulations as experience has shown to bo abftoltt'tely necessary to carry out tho intent of tho award have been earnestly urged Upon tho British government, but thus far without effective I results, .'In the meantime the depletion of the seal herds by.means of polaglo hunting has so alarmingly [progressed that unless their, slaughter,its at onco effectively checked their extinction' within,' a'few s years seems to bo a^ matter of absolute certainty, j The understanding by -which the United .States was to pay, and Great Britain to reqeive, a lump-sum of $420,000 In full settlement of all British'Clalmq for damages arising from our-solzuro of British sealing vessels unauthorized under tile award of ,the Paris tribunal of arbitration, was not confirmed by the last Congress, which declined to make the necessary appropriation. I am still of the opinion that this arrangement was a judicious and advantageous one for the government, and I earnestly recommend that It bo again considered and sanctioned. Alnaknii Boundary. The commissioners appointed to mark the international boundary in Passama- quoddy bay according to the description of the treaty of Ghent have not yet fully Agreed. The completion of tho preliminary 'survey of that Alaskan boundary which follows the contour of tho coast from the southernmost point of Prince <ff Wales Island unlil it strikes tho one hundred and forty-first meridian at or near the summit of Mount St. Ellas awaits further necessary appropriation, which i? urgently recommended.' This survey was undertaken under tho provisions of the convention entered into by this country and Groat Britain July 22, 1892, ana tho Supplementary convention of Fob. 3, 1S94. As to tho remaining section of the Alaskan boundary, which follows the ono hundred and forty-first meridian northwardly from Mount St. Ellas to tho Frozen ocean, tho settlement of which Involves the physical location of the meridian mentioned, no conventional agreement has yet been made. Tho ascortalnment of a given meridian at a particular point Is a work requiring much time ancl careful observations and surveys. Such observations and surveys were undertaken by tho United States coast and geodetic'survey In 1890 and 1891, while similar work in the same quarters under British auspices are believed to give nearly coincident results; but those surveys have been Independently conducted and no International* agreement to mark tho^e or any other parts of the ono hundred and forty-first meridian by permanent monuments has yet been .made. -In-the 'meantime tho valley of the Yukon is becoming a highway through the' hitherto unexplored wilds of Alaska, and abundant mineral wealth has been discovered in that region, especially, at or .near the Junction of the boundary- meridian with the Yukon and its tributaries. In these circumstances it is expedient, and, indeed, imperative, that the Jurisdlctlonal limits of the respective governments in this region" be speedily determined. Her Britannic majesty's government has proposed a Joint delimitation of the one hundred and forty<-flrst meridian by an international commission of experts, whiqh. if Congress will authorize it and make duo provisions therefor can be accomplished with no unreasonable delay. It is Jmposr Bible to overlook the vital .importance of pontinuing. i ' ' ' Defend^ Wop-rop Pofltrlne, It beingRpparent that the boundary dls.' pu(.o between Great Britain and the ,w public of Veneaueja conce,rnlnp? the limits pf British Guiana was approaching an acute stage, a definite statement of the interest and policy of the'United'States at? regards the pontrpversy seemed; to be re? quired both on its pwn account and in yiew of its venations with the fvl0P41y powers 'dJropUy, concerned) In,'July, las, 4 * therefore, a. dispatch was a4dresse.^ to PW ambassador at fcpnfton, |or communication to the British eoverninonti l n which the flistlnQtly pet fprtU, The ^eneraj con- therein r9ftQ})ed and fwfnuJfttea ,„ .ubstance that tl)§ ? traj}tton,al a n$ esta^llBb^poycy of' th,Js ;goye?nra^nt }s firmly opposed tp'ft foreme jnjjrsa^o'by any jgurqpean po^er- #f its territorial, pP8? sessions on this continent; that tilts policy is as, we{i four$9<j in principle as it }s fltrppgly Bunpoj-teiJ' by. nuroersusrnprece' enfB: that as a, oQn,g,eau,enQe.we yn(ted . ahd feguUtlctts of'tho Heptiblld iflriMd 6t thbir awn feuSl6thi.iM tbfttitWiens; 4«4 thtts availing themselves of a,prlvltcge : secufedas them by the tfoaty between Miearagua «tid dfeit Mrltftltt of Jantfafy S8, i860. > *H» CaHntrt Attain ' After' this extenstbft of urtifofm Nlcafftguah admlnisttatlon to the Mosquito strip, the k-aas of the ttrltuh vlco-cohaUl, Hatcln aha of several 6f his ebutttfytneft, • whs had beoh summarily ' expelled from Nicaragua , and treated with considerable Indignity, froVoked a claim by Great Crimtn \wn Klcaragua fof pecuniary , indemnity, which, uiJon^Nicar- agua's refusal to admit liability, Was enforced by Great 6f Haiti. l Whllo thd savewlghty aiid jurlfidletton of Nicaragua was In ho way .questioned by Great Britain, tho former's arbitrary conduct in regard to British subjects furnished the '<groUrtd for this proceeding; ' A British naval force' occupied without resistance' the' Pablfto Mature of Cwrttilft? but was Boon nft«r withdrawn upon tho promise''that tho rum demanded would bo paid, throughout this Incident thn kindly olttctm ot the-United States were Invrtked and wore employed In favor of as peaceful a settlement and'as much consideration and Indulgence toward Nicaragua u were consistent-with tho nature of the caso.. Our efforts 'havo «lnce been mado tho subject 'ot appreciative and Grateful recognition by Nicaragua. Turkey nlid Armenia, Occurrences In Turkey have continued to excite concern. The reported massacre of .Christians In Armenia nnd the development there and In other districts of a spirit of fanatic hostility to Christian Influences naturally excited appre- hension'for the Safety of the'devoted men and'women-wlio, as dependents ot the foreign missionary societies In the tlnlted States, reside In Turkey,-under the guarantee of law and .usage and in the legitimate performance Of their educational and religious mission. No efforts-have been spared In,their behalf, and their proteetlon"ln'person and property has-been-earnestly and vigorously enforced by every means within our power. I regret, however, that an attempt on our part to obtain better Information concerning the true condition of affairs In the disturbed, quarter of the Ottoman empire, by.sending thither the United States consul at Slvas, to make investigation and report, was thwarted by the objections of the Turkish government. This'movement on our part was In no sense' meant as a gratuitous entanglement ' of tho United States In the so-called Eastern question, nor as an officious Interference with the right and duty which belong by treaty to certain great European powers, calling for their intervention In political matters affecting the good government and religious freedom of the non-Mussulman subjects >of the sultan, but it arose solely from our desire to have an accurate knowledge of the conditions In our'efforts tO'Care for, those entitled to our protection.. ' , The presence ot our naval vessels, which are now in tho vicinity ot the disturbed localities, affords opportunities to acquire a moiiBura of familiarity with tho condition of affairs,, and .will enable ua to nmkq suitable steps for the protection of any Interests of our countrymen •within roach ot our ships that might be found Imperiled. Tho Ottoman government has lately Issued an Imperial trade, exempting forever from taxation an American college for girls at Scutari. Repeated uesurnncea have also been obtained by our envoy at Constantinople that similar Institutions, maintained nnd administered by our countrymen, shall bo Hocurcd in the enjoyment of all rigliU, and that our citizens throughout the empire shall be protected. Tho government, however, in view of existing facts, is far from rolylns upon ouch assurances us tho limit of its duty. Our minister has been vigilant and alert in-affoiding all possible protection in individual caw jyh.qre danger threatened or safety was Imperiled. «Wo hava sent ships as far toward the points of •actual disturbance as It Is possible for them to go, where tboy offer refuge to thope obliged to flqe, and we Jiavo the promise ot other powers which havo ships in thp neighborhood, that our citlzono, 'as well as theirs, will be received and protected on board these ships. Qu the demand of our minister, orders have Veen Issued by the Sultan, that Turkish soldiers shall guard am} qscort to the coast American refugees. « MlSilo»»rl«H Are Safe. Those orders • have b?on carried -.out, and our latest intelligence gives assurance of the present personal safety of our citizens «nd missionaries. Though thus far no lives of American citizens' havo been sacrificed, there can be no doubt that serious loss and destruction of mission property have resulted from riotous conflicts nna outrageous attacHa. By treaty.' severs! /of the mqift pqwerful Byrp- pean powera have secured a right anij-h^ve Sssumed a flVJty'uet pjly \i\ bpbalf oS t|hplr own citizens an'4 in furtherance-ot tnelr own interests, but os agents of the Christian world, Their right is to enforce such con« 4u«t of the Turkish, government «? will re» ItralR fanatical, totality,, and » tWs lalls, their, duty (B 19, so inw' er e as t« insure agjMnjjt such drpadfui occurrences in Turhey as havo lately shocked civilisation, The powers declare this right' and this duty to be thelra 'alone, and it la earnestly toopea that, ' ana effective acttoij pn their part will i delayed, ' . , ' , \ The new consulates at gr^rgum, anfl < . made* b£ lhe;tfrUte<J Slates againet.'tftlg act a& fiot.Uelfit JU8tlRea;b? ft fitttte Ojf war, nttt* fcerrriisaibte irTfespsbt of ves» sels an the usual paths of commerce, not tolerable Ih VieW"of,the Wdhlon fcferil occasioned td inhefcentllM and preiJerty, The act was disavowed, 'with full expression tit regret and assurance af noh* recUrrehce-of such just cause' of complaint, While the offending officer was relieved of his command. Military ar» rests of citizens ,6f. the Unlte,d, States in, Cuba have occasioned frequent reclama» tldiis. Where held tm criminal charges their delivery to the of dtnary civil jurisdiction for trial has been demanded and obtained In conformity wtth treaty provisions, and where merely detained by way.df military precautlon,under a proclaimed statelet Beige, without formulated,' accusation, their , reicftse^or trial has been Insisted upon. -The right "of American consular onlcers in the island to prefer protests and demands in such cases having been < questioned by the insular authorities, . their enjoyment- of 'the privileges stipulated by treaty -for the consuls of Germany was claimed under thb most favored nation provision of our own convention, and was promptly recognized. • , this rewire wnBtfntid i» Js«s than OoO,OM r earitainlfig at that date enlj? ' A*h \. fcrt in the mettfittmev nnd-lft-JfulyY iSflfy &tt liad.beett DAssed directing larger ei-rimenial monthly purchases of. thaw hatT been 'f emitted utfdfef., pr taws, and providing that Hi payment ' such silver treasury notes of the United States should be la&Ued payable on de> ttiand Ih gold Of Silver Coin at the discretion of the Secretary of the tfcb-SUfy, it wa.8, however, rteulntod in tho net to be "fho established policy of the Uhltcd States to tnalhtalh tho two niotals on 'a parity with each other Upon tho preseiH Will targe legal ratio, of each ratio aa Vltled by law, bo pro* , bavo been prevlslgnajiy flHpa by trusted employes of the department of state, T*>e*e appointees, >tti9H«tU. now in Turkey, have 1'INANOE AI4» TAlttVP. Itcllrument at the Uroenbuck* IH BATH* eitly nccommonded. ' , As wo'turn from a review of our foreign relations to the' contemplation of our national Hnanclal situation, we'are Immediately awttro 'that we approach ci( subject. ,of, domestic concern more Important than any other that can engage our attention, and one at present In such a perplexing and delicate predicament -as 'to f 'require .prompt and Wise 'treatment'. We muy well' be 'encouraged to earnest : efrnrt Irn this direction when wo recall the: steps already taken toward Improving our economic and financial situation, and when we appreciate how well the way 1ms been prepared for further progress by an^ aroused nnd Intelligent popular inter- net in these subjects. By command of Hie people ti custoniH-vevcnun system, thf people a customs-revenue system, designed for the protection and benefit of favored clnssos ill I ho expense of tho great mass of our countrymen, and which, while Ineiriclcnt for tho purpose of revenue, curtailed our trade relations and impeded' our entrance to the markets of the world, has been superseded by a tariff policy which in principle Is based upon a denial of the right of the government to obstruct, the avenues to' our people's cheap living or lessen their comfort and contentment for the sake of- according especial advantages to favorites and' which, while en* couraglng our 1 Intercourse and trade" with other nations,' recognizes the fact' that American self-reliance, thrift and 1 ingenuity can 'build up our country's Industry and develop Its resources more surely than enervating paternalism. Tho Silver Kotos. The compulsory purchase and coinage of silver by the government unchecked and unregulated by business conditions and heedless of our currency needs, which for more than fifteen years diluted our circulating medium, undermined confidence abroad In our financial ability, and at lasl, culminated In distress, and panic; at home, has been recently stopped- by the repeal of 'the laws wl}ich forced this raokless sohqme upon the country. The' things thus accomplished, notwithstanding their extreme irnportonne and beneficent effects, fall far short ot curlng'the monetary evils from which .we suffer as a result of long indulgence in ill-advised financial expedients, Tho currency denominated .United States notes, and commonly known as greenbacks, was iss,uqd li>_ large volume during the late civ}l war and was Intended originally to meet the exlgon,ojpg of that period, It wilj be seen by a reference to the de? bates In cpngress at the time tho Jawti were passed authorising the Issue of these notes, that- their advocates declared they were intended for only tern-' porary use and to meet the' emergency of war, in almost If- not nil the^laws relating to them some provision was made contemplating their voluntary or compulsory reMrprnsnti A large quantity of 'them, however,' were kept on foot and minsled 'wl,th the, cvu'pney 'of tho country, • so that at the clopo of the.' year 1874 they 'amounted to $381,999,073. * The Resumption 'Acf, Immediately after that date, a,na in Janr uary, 1875, a law was passed providing for the resumption o,f specie payments, by, which thq secretary pf the treasury was required, whenever Additional cjr« cujatlon was Issued to national banks, to rnt|re Upload Slates nodes enuftl In omount to SO per cent nf such adOHIojnal national )iaq); circulation' until such notns wore rfrtHcefl to ISOQ.QOO.OJW, Thjff Jaw further provided thaf in view ot this declaration it was, not deemed permissible for trro secretary of the treasury to exercise the discretion lit terms conferred on him by refusing to pay gold on these notes when demanded, be- CauSo by "such discrimination in favor of the Rold dollar tlio ao-called parity of the two metals < Wo Jld bo destroyed'arul grave and.dttnBerou8.con u ««iuei}fic^. ; ^.ould boj?re- clpltated by atTtrtnlng or acobn'tiitiUn'K the constantly widening disparity between their actual values under the existing ratio. It thus resulted-' that: the treasury notes Issued in payment, of silver, purchases under the law of 1890 were necessarily treated as gold obligations, at the option of the holder. These notes on the 1st day of November,, 1893, when the law compelling tho< monthly purch/uie ofi all- vor was repealed, amountcd<lo' wore than .J155,000,000."The notes of this description now'outstanding' added5'to "the United States notes still undlmlntshed by 10- domptlou or cn.nep.lln.Uou constitute a volume -of gold obligations amounting' 'to nearly $500,000,000. These ' obligations are , tho instruments which, ; ev6r> slnco wo havo had a gold reserve, have tieoh used to deplete It. This reBerve, aa hus been'Stated, 1 had fallen In April, 1803, to $97,011,330. U has from that time to the present, with vnry few and unimportant, upward movements, steadily decreased, except us It hus been temporarily roplenlslicit by the sale of- bonds. Mottlnlay Hill Among the causes for this constant and uniform shrinkage In thl» fund may be mentioned the great falling off of export!! under the operation of the tar I it law until recently In force, which crippled our exchange of commodities with foreign nations and necessitated,to some extent, the payment of our balances In gold; the unnatural Infusion ot stiver Into our'currency,'and thp. ItiuroaslnB agitation for Its free and unlimited coinage, which have created u.pproh,on- islon as .to our disposition or ability ( to continue gold payments; the consequent hoarding! of gold at home and the stoppage of Investments,of foreign capital,, as well as the return of ,our qecuyltles already sold abroad, and the high rate of foreign exchange, which'induced the Art t fa is I 1 " 1st en mat to, —..„. financial scheme the j incurred 'a .bdndM 600,000 IH- - nndt»f $162i815,40tHn' it! .that Hie hiuiuai interefetsCBat'fi Btlch bonded indebtedness " $li,000,000> that a*e6 ' present Bourse may" bond issued atid ; that.,\ve of are threatened, with aL sake rif aup'blyfng gold'ftfr; fi men t, of home,-tt fiicllitating Its hoarding?, ,- ., e, certainly bufehl; to arrest atteatldn* provoke, immediate legislative 1 'relle am cdrtwlnced the only thorotfgh' ; an for ( our« trpubieafl found W thb 1 retirement" and >bahdelll •tlbn'of ,o«r^ United StatcS JnfJte«,"<j6W morily called greenbacks, and .thojout stttndlhg treasury ^notba Js8,tiea»by.\t '' edvernment In rthases Under the.act 'National t bellevri this could 'be oorripltished 'by tile , exchange notes for United Statesibonds of, small, ' Wnll as large denornlnaUons,' low rftte of IntoreBt.- 1 They should tte?li>nfi tnrm bonds, thus inorcaslnffvthelr":dcel blllly as invesments, , and ,b&.?&ttW th " '' payment"' couldt* bo; well , period, far removed from present :flnn.nclttlAf l»urUoii8'*and' perplexities, v \yhon ;rwlrti'"ihrl crearfeti' roserit- 'and*-*, re'soUrCe's^th™ prosperity-* andX more eatjllyimatf.,^;;:,,**?* ,,. To further Insure \.theycancellatlonBo] ifiHft niPiff»B v ftnrl ' nlsn 1 t»*rtvlrlAVn.Ctt'jW?m shipment against; of; our gold to be drawn » matter of speculation. , In-consequetjce Qj,lheije esflfldlUpns. the 'gold reserve on the first day of 'February, 1894, was reduced to $65,438,377, having lost more than $31,000,000 during the preceding , nine months, or since April, 1893. Its replenishment being neqessary, and no other manner of accomplishing it being possible, resort was had to the Issue and sale of bonds provided for by the resumption act of 1H75, , Raids on the Gold Reserve- In February, 1895, the situation was exceedingly critical. With' a i reserve 1 perilously low and a refusal of congressional .aid, everything Indicated that the end, of gold payments by the government vvns imminent. The result of,prlor bond issues had been exceedingly unsatisfactory, and the largo withdrawals, of gold immediately succeeding their pub- those notes' and 'also' provide' 1 which,cfoldi may bo added to ou in ,licu of them, a feature , In J the should bo an authority given to the 1 ' tnry \>C the treasury h to 'dispose**'<L , — r|n , bonds abroad for gold,if. necessity/J6&J complete tho contemplated ~ redemption*; and cancellation, permitting -hint ,to (l tl tho prococcla of such bonds, tq.ta'k'o"; nnd cancel nny,of tho notes lha^may'})0| In tho treasury'or that may l ^bo';recblvp<i<' by the governement on any account, 1 "^ Tho currency withdrawn, by, the ^Qtlr mcnt of the United ' States u nbtedMu)d& treasury notes, amounting i'jto-5-probabjK less than $406,000,000,, " r ,ohlght>, Supplied by such gold as £»•« be used ou their Retirement ,^,- r ™, l>y aii'Increase in the circulation)of^oura national banks.,. Though tlio aggregat-" 1 "' capital of those ,",npw "-" 4 —• Ll -'-" t amounts to,more tHan'?( outstanding circulation, ba^ed security, amounts to only^ab.Ouw.^viBv.Tjii 000,000,' They are 1 authorized «'to % %susf notes'amounting,.to 90 "'"~ l bonds, deposited ]tq secure fi thelr ;> c latlori,' but, in, no' event' beyond 'amb'uff t ! of 'their 'capital -stoolc, 'and^ ' are obllged'to pay 1 pc'r cent tax on'thetfl '* circulation they iss ( ue. Unsls.ot Mnnif r ClrculntionJ l ",.";'||^|l riJj I think they should) be! i circulation' equal >'to "th .the bonds they deposit t'o'secure itra' * t \i n t- Hirt t-r> •%*• <x*-> % 4-ViAt«t rtt MA*il n *->««' <->Wn<< that - tax on 1 circulation^ shoul,d| lic salp lri,opQti to, a An ,' In some yespeqts jnpre actr ' prec ¥«-go . ef the twitf ; ' mnwtos after the ynjtfld States notes tljon 1p - ?olJ5, January,, 1879, outstanding , . , reasonable suspicion that a large 'part of (he gold paid'ipto the. treasury upon such sales was , promptly drawn out again by t}ie presentation of Uni.ted States notes or treasury notes and found its way to the handsel 1 those wfio Iiafl only temporarily parted* with It. in the purchase of bonds, - ' .„ „, In this' emergency and m view of Us surrounding' perplexities, It becaw'e entirely apparent to those upon whom the struggle for safety was< devolved, inoi only that our sojd reserve must,, for the third time In less than thjrleen months, be 'restored by another Issue and sale of bonds bearing a high rate of Interest, and >Jftd|y suited Ip.the purpose; but that a plan must be adopted for their disposition promising better results than those rfial(ze4 'on 'previous Bales, An agreement* was .therefore 'made with a number of bankers, wljfireby bond?! described I and stipulated ["that ' account, ,-ln addition, they shoul$i. . lovvod to substitute o,r. deposH»in,;Ji£u'ojE the bonds now renujr^Uas saqu'rltyjfoii their circulation those, which"-woujd*Be issued, for the purpose, of.;retirlngai»l. United States notes and treasury, notes.? 5 The banks'fllrondy existing, if they'd??! sired to nv!.;i i.,—%.,'og ot the provl' slops of the law thus modified, < issue circulation In. afldjtlo'n'to th'i ready, outstanding, 'amounting'to ,**io,i; OOO.QQO, ^wljlch would >ne>J,r;y r ,ap,i> quite' ,cqua,l the curreney^propos^d to-Jfe^a " celled/ At any rate,'! should" confide ly; expect tp, see the pthers rffff'ff^ pmv««j 1 vu, 1 ^« l ,u» tt <*t^«J5<fA«' themselyes of the, proposed encoup ments to Issue circulation, ahd'prorni fill any vacuum'an$ supply overyiV.„„ renoy, need. t „ ,-» -•,;>„- ^rv»'^fti 'I ^o ijot 'overlook 'thel^ct 'tha'i tn<& cnnnplln.Hnn nf thw i-i,anoni«w .-nr»*Aai'ia^ of the treasury 'notes i'l wduld leave, the aot«aj-ownersh>p of 'sufficient, OQO.QOO In standard dollars. ' It ,. g of conslrloratlot) whether^his'mJght,nbK| from tlrne,^o time, be goijverted mt'9'«o ' ]a,rs or into, circulation, , 9010. t In .th& ,pf 187&, paya ed In Uio;,;resum.{UJon ble^ In' 1 colTr thirty y ' years' ' , after their date, bearing Interest af'tfta rate of ,4' per «enf. 'per.' annum, 'and amounting tO'#b9Ut $S?,oo9iftOO, b$ exchange^ for y go)d, re« weight, amounting to a little $C5,ooo,QQO. This (?olrt was to be delivered In such Installments as would its , (JeJJyery - w|,tfiin frpm the date pf the ., least oneThalf pf the amoimt W98 W bq fu,rnishe(i from abroacj, 5 ., j durine tU^ 9anMnM»ric^ they'wpwld by ey^ry , power protect the-goverpmenl i . the secretary Q£ the. treasury the coHntry, Whaler 'ia ft^em Hppn fully Bp by- carejf SB; , e^gy descent a dangerojia 4e, - wju .pot- bo ' , tol); States A" d 9,lsP° s 9-Of l h «ro for coin; agd the; prooeesfs. Jfgr the p^rpwe? J><m\m by jjjejtafutp, ft> Moy, J JS78, > au<| before.. 4ftteH»(V» appoint ?4'fpr'the redemption of -!- u *»*w«'Wt TUe wntnjcfrtw proyjiri tjjat |j> p«ia ftMtborlZ? jnglj their terms In gold end-bearing Interest at rate,pf 3 per (Hint 4Ay» fa ptstim^a at nar;{nr;it)ii

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