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About Independence enterprise. (Independence, Polk County, Or.) 189?-190? | View Entire Issue (Dec. 12, 1895)
lMlKSl DENTS ANNUAL THE FINANCIAL QUESTION AND OUR FOREIGN RELATIONS. . a A siren IMe CongrrM i.ir - tlrenie.it f tireenbech. Which Ai t,l l IU Uud h lruletl..B ,.f the tinlit Kceer Fund. Washington. Dec 3. rrw.id.-ut Cleveland' first message to the Hfty fourth oougre was preaeuted ,to. ua read iu the two house today. It la follows: , The pivseut assemblage of the legis lative brauoh of our government oo cur at a time wheu the interest of our people aud the needs of the oonu trv (jive especial prominence to the condition of oar foreign relationa ami the exigencies of our national finance The report of tlie heada of the govern meat department fully plainly ex hibit what has been accomplished within the scope of their respective duties, aud present such recommend tioua for the bettoruieut of our conn try' oonditioua aa patriotio and intel ligent labor and observation suggest, I therefore deem my executive duty a,innteW performed, at this time, by presenting to congress the important f i ,. lifiiuf inn. as related to DUHSCfl V v.. - - - ' inumnim with foreigu nations, .,.l a statement of the finacial prob lems which confront us. omitting, ex cept as thev are related to these topics, reference to departmental opera tions. I earnestly invite, nowever, m. only the careful consideration, but the severely critical scrutiny of the con gress aud my fellow countrymen to the reports concerning these departmental operations. If justly aud fairly exam Hied, thev will furnish proof of assidu cons and painstaking care for the pub lic welfare. 1 press the recommendations they contain upon the respectful attention of those charged with the duty of leg islation, because I believe their adop tion would promote the people's good. of the life and property of foreigners, wore followed by the disgrace and dis missal of certain provincial official found derelict iu duty, and the pun iahuient bv death of a similar number of those adjudged guilty of participat ing in the outrage. Chiua will not forget either our kindly aervioe to her citiaou during the late war, nor the further fact that, while furnishing all the facilities at our command to further the negotia tions of a peace between ner aim pan, we sought no advantages, and interposed no oouuael. The govern, menu of both China aud Japan have iu special dispatches, transmitted through their respective diplomatic representa tive, expressed iu a most ploasiug maimer their grateful appreciation of our assistance to their eitueu during the uuhappv atrogglo oi tne of our aid in paving the way to their nuhiptiou of peaceful relations. water. The need of a more effective enforcement of existing regulation, as well a the adoption of audi additional regulation a experience lias shown to Ik. absolutely necessary to carry out the intent of the award, have oii earn estly urgtKt upon the British govern- i...t ilms far without effective result. I" the meantime, the deple tion of the aeal herds by mean of lagio hunting ha o harmfully pro gressed, that, unl. their alaughter i at ouoe cheeked, their extinction, with in a few year aeoiii to lie a matter of absolute certainty. ..... mi regulation, ... --- . ,,,,. ' ,lf ,,iu,r educational Veneituelan ll.lrjr IHannte. it h..lmr amiareut that the boundary dispute betweeu Great Uritaiu and the ; republic ot Veueauola concerning thej limits of Hiitish Guiana, was ap- stage, a nomine jem tonia an , themselves ot a privilege ae ... , ,o them by the treaty J S and their Hgua and Great liritaii of January JS, a a edl, itn ,, IM.u. . V1 , vigorously enforced by a a-- . - - .ttaiiti. tvr 1111 1 1 1I 111 m - j adiiiinistratlon to qutto strip, the case of llm Hi 1. Hatch, and of severs men, who had boon summarily from Nicaragua and treated v aidorable indignity. prove.,, " at Hiva. nin-- i ., mi ri,ort. w iH-cuiiiary indeinntty. ","" , i,i,vil.iiii of the . . . . iimiii.ir. ii.iviirL.in t'T ..." 4 This movement meant a .. within our power. Win - , e" ' T": . I.. . an attempt iilshviee- regret. i'"' , '. ,,.,,. , country-'on our part to obtain "'-J expelled , Hon concerning w..- .... ...... ' t.t tl... .ilstiirld .imirter el trie 1 by Ureat Uritatn upon Niaragua'fusal to admit Ha win, was enforced by Ureal Uritaiu. Miilo the iK.verelgnty and Jurisdiction ot NUuiraaua was in no way questioned Uritaiu. the former arhi- OUR FOREIGN RELATIONS. Questions That Have Arl.en Durin, the Past Year With Other .Nations. By mandatory tariff legislation, in January last, the Argentine Republic, the value of the large mar- to tha free importation of its wools uuder oar last tariff act, has admitted certain products of the United Sute to enter at reduced duties. It is pleasing to note that the efforts we have made to enlarge the exchanges of trade on a sound basis of mutual bene t are in this instance appreciated by the country from which our woolen factories drew their needful supply of raw materials. The missions boundary dispute be tween the Argentine Republic and Brazil, referred to the president of the United States as arbitrator during the term of my predecessor, and which was submitted to me for determina tion, resulted in an award in favor of Brazil, upon the historical and docu mentary evidence presented; thus end ing a long-protracted controversy, and again demonstrating the wisdom and desirability of settling international boundary disputes by recourse to friendly aribtration. Negotiations are progressing for a revival of the United States and Chil ean claims commission, whose work WAS ahrnDtlv terminated last year by the expiration of the stipulated time within which amends could be made. n,ii iu a ateo of irreat interest and inm-tance. both in its direct conge quenoes upon her own -welfare, and as civinr.inir the ascendency of sound finan cial principles in one of the most influ ential of the soutn American rejjuunuo. The Waller Incl.le.it. The customary cordial relatious be tweeu tlii country aud France have been undisturbed, with the exceptiou that a full explanation of the treat ment of Johu U Waller by the expedi tionary miliury authorities of France still remain to lie given. Mr. Waller, formery Unite.! Stata cousul at Tama tive. remained iu Madagascar after his term of office expire.!, and was, appar entlv, successful iu procuring business concessions from the Hovas, of greater or leas value. kttr tliH ooonnatiou of Tamative and the declaration of martial law by the French, he was arrested upon van nhTua. anion? them that of ooui- niunicaiiug luuiwrj ui.g.uia..v- . enemies of France; was tried aud cou victed by a military tribunal aud sou tmiwil to thirtv Tears' imprisonment. Following the course justified uy auun- dant precedouU, this goverumeut re quested from that of France the record of the proceedings or tne r reutii u.u.. nal, which resulted iu Mr. Waller's condemnation. This request has been complied with to the extent of supply ing a copy of the official record, from which appear the constitution aud or ganization of the court, the charges as fxrmnktnt and the iroueral course aud result of the trial, and by which it is tht the accused was tried in open court and was defended by coun ael; but the evidence adduced in sup port of the charges, which was not re ceived by the French minister for for till the first week in Oo a1uip Viae thrift far been witheld, the VV'crv i French government taking the ground ...... ... nrvlnnrinn in resoonse to our L 1-1 II L ,l demand, would establish a bad preee dent. The efforts of our ambassador to secure it. however, though tmpeaea oy recent changes in the French ministry, hve not been relaxed, and it is couu Hontw Miiected that some satisfactory solution of the matter will be shortly Meanwhile it appears that tr Wallnr'a confinement has every al wioHnn which the state of his health and all the other circumstances of the case demand or permit An aereeable contrast to tne amer m hove noted, respecting a matter where nothing is vht. meant such a mutually satisfao tory outcome as tne true menu. u. ujo case require, is the recent resolution of the French chambers favoring the con clusion of a permanent treaty of abri- tration between the two countries. An invitation has been extended oy France to the government and the peo nle of the United States to participate in a great international exposm"" . Paris in 1900. as a suitable commemo- ,,tinn nf th close of this, the world's marvelous century of progress. heartily recommend iU acceptance, to aether with suoh legslation as will ad osiniitalv nrovide lor a oue muracuui tion of this government and ita people on the occasion. liiutr an acute statement ot lite iuwiwi the Unit.nl Statea, aa regard tne con troverav. aoomed to la rtHiuired, both on iu owu account and iu view of its ,1-. with the friendly power di rectly cuHH.rued . . i . trarr conduct, iu n-gard to nritian - furnilimHl the ground "'- pr.KHHdiug. t.eallni With the fsar. The coronation of the ciarof Hussia, ... ..... in Mav next, invite the Iu July last, thoro-..urtioiiwtlou of the United fore, a dispatch waa addressed to our : ,(JtoMi H1i i wHiidanco with usiiga ambassador at London for comuiunlca-1 ipUmmtio propriety, our minister tion to the British government, iu o he iinlH,riMl court lias 1hhii dlrtn'ta.1 which the attitude of the United 8tatea . w r(.,nilM,ut our governiuent ou this waa fully and distinctly set forth. The 1 tHVa(tlllUi general conclusions theretu rtaohel aud t;ornV)lM,aoiu'e la on f.'t touching formulated are lu uusiauce uin ; ,,10 .,rHli0e of Kussian ihiiisuis traditional and established policy of h , iUriMliot ion of the United State to interrogate oitiaou a to tneir ra a.... China and Japan. The close of the momentous straggle k.Mn China and Japan, wmie re lieving the diplomatic agente of this government from the delicate duty thev undertook, at the request of both countries, of rendering such service to the subjects of either belligerent within vo.Titr.rial limits of the otner as oar neutral position permitted, devel twi a domestic condition in the Chi omnira which has caused much anxiety and called for prompt and care f ul attention. Kitner as a result oi weak control by the central govern mentover the provincial administra tions, following a diminution of the traditional governmental authority under the stress of an overwhelming national disaster, or as a manifesta tion, upon good opportunity, of the aversion of the Chinese population to all foreign ways and undertakings, there have occurred, in widely separ ated provinces of China, serious out; breaks of the old fanatical spirit against foreigners, which, unchecked by the local authorities, if not actually connived at by them, have culminated in mob attacks on foreign missionary stations, causing much destruction of property, and attended with personal injnries as well aa loss of life. Al though but one American citizen was reported to have been actually wound ed, and although the destruction of property may have fallen more heavily upon the missionaries of other nationalities than onr own, it plainly behooves this government to take the most prompt and decided action to guard against similar, or, perhaps, more dreadful calamities befalling the hun dreds of Americans In that country. The demands of the United State and other powers for the degradation and punishment of the responsible offi cials of the respective cities and pror incea who, by neglect or otherwise, had permitted uprisings, and for the adoption of stern measures by the em -peror'a government "for the protection this gi4erumout is tlrmly opposed to a forcible itierew by any Kuroioau power of It territorial possessions ou thi continent; that this policy is aa well founded lu principle a it i strongly supported by numerous preee dents; ' that as a cousoqueuee, the United States is bouud to protest ... i, aiilurmmimit of area of n ... , lir-i.wi. Uiunini in oerotfauou . m; ighu aud agaiust the will oi n cue-, xuela; that, oouaidoring tlie disparity , in strength of Great Uritaiu and cue xuohCthe territorial dispute between them can be reasonably settled only by frieudlv, impartial arbitration, ana that the resort to such arbitration should include the whole controversy, and is not satisfactory if oue of the powers concerned is permitted to araw au arbitrary line through the territory in debate, and to declare mat n ... submit to arbitration ouly tne portion lying on one aide of it. In view oi theaeTfnuolusions, the dispatch in ques tion called upon the British govern ment for a definite answer to the que- ),tW it would not submit tne territorial controversy betweeu itself and Venezuela, in its entirety, to im partial arbitration. The answer of the British goverumeut has not yet been received, but ia expected shortly, when further communication on the subject will probably be made to congress. iisccrtatil' Jew au- religious faith, ami upon ....... t. ihttrtHIX to deny the thenticatiou of passports or legal docu ment for urn. iu Kussia- Inasmuch such a proceeding Impose a disability, which, iu case of a auooesaioti to prop erty in Hussia. may I found to i l treaty riuht of our citizens, aud which i an obnoxious inavsiou of ...,r,(,.ri,.l inr s.liottoll. 11 ! remonstrance, tn re suit of which, it is hoped, will remove the cause of coinplaiut. Tl... iw.n.lina claim of waling vo ...i, h,.. i Tinted States, seized in Itnsaiau waters remain unadjusted. Our recent convention with Hussia es ...t.iiAimi a miulua viveudi as to iin iurisdictiou ill such ease prevented further difficulty nature. thwarted Turkish government ....-I al lit no achsc a uratutitou entanglement of the I t.. tl... ... -called Kt.'"i i in..'., .-..i"'-" , all OH Cloil wUhllmTigh. ..J long, by treaty, to oerta n great hun ,u,w..r. and which eUd for it.... in iH.lttieal matter i... maul uoverimient and re FgUmsfnW.miofll,. nm MuMulman ' f the ult. bt it ro aolo- ly front or deaire to have all aoourato k'nowUMlge of the condition, and our tT,.rt to care for th.o entitled to our T'l. . t,r.talllinn III l'lil i"""' ...... ' ... it... vicinity f h wnieu ar- " - ...i i..i attoroa opiHirtuiu . ' f familiarity with tie in a uii-." . t.ii.,.. i.r anair. .. ...u,.l,l,. steiui for lha MUie u pr,.te.Htoii of any interest of our mu trvmetl wltliin nw.i ... i. ...... i,. iu. r.iuiid imiH.riliHl. w.iiu.t ....a"- - . . lttotnau ifoverniiH'lit n .uu-.t Imperial irade. H!""1 taxation an AU"'!..'"" K.'P"'." obtained, by our elicited of has this The t issmtl all forever from college for girl at Scutari ....r liuvn also IxH'il our envoy at Constantinople, that im it... i.,-. .i..t!, ,m iuaiiitaiii.Nl and ad -I l.v nur eoiilltrvmell shall bo ,.,r.,.l in thoeliiovuiellt of all tlli" .1 ..iLiai.n thlMllghoUt tl"' Hi... ...... - empire shall lai prot.M-ted. lhe gov ... .....! however, ill view of of rXIst nlmttiiiatatliHI. is far from relying upon such assurance a the limit its duty. THE NATION'S FINANCES. u( Martial Law Early in January Competition With Germany Our relations with the states of the German empire are, in some respecta, tvrjical of a condition oi tnings eise where found in countries whose pro trade are similar to our own. The close rivalries of competing industries, the influence of the delu sive doctrine that the internal develop ment of a nation is promoted and its wealth increased by a policy, which is undertaking to reserve iU home mar kets for the exclusive use of its own nroduoers. necessarily obstructs this class in foreign markets, and prevents free access to the products of the world; the desire to retain trade in time-worn ruts, regardless of the inexorable laws of new needs and changed conditions of demand and supply, and our own halting tardiness in inviting a free ex change of commodities, and by this means imperiling our footing in the external markets naturally open to us, have created a situation somewhat in jurious to American export interests not only in Germany, where they are perhaps most noticeable, but in the ad jacent countries. England's Behring- Sea Policy. Our relations with Great Britain, always intimate and important, have demanded, during the past year, a greater share of consideration than is usuaL Several vexatious questions were left undetermined by the decision of the Behring sea arbitration tribunal. The application of the principles laid down by that august body has not been followed by the results they were in tended to accomplish, either because the principles themselves lacked in breadth and deflnitness, or because their execution has been more or less imperfect Much correspondence has been exchanged between the two gov ernments on the subject of preventing the exterminating slaughter of seals. The insufficiency of the British pa trol of Behring sea, under the regula tions agreed on by the two govern ments, has been pointed out, and yet IeHned. last an uprising against the government of Hawaii waa promptly suppressed, aianui i forthwith proclaimed, and numerous arrests were made of persons suspected of being in sympathy with the royalist party. Among these were several oiti lensofthe United States, who were either convicted by a military court . ' j A .... V. tmnriaiinment. ana semeuueu w uw., -r j t.A .fl.r,tit trial or nne, or were uojiuiwu The United States, while denying pro tection to such aa had taken the Ha waiian oath of allegiance, insisted tnai martial law, though altering the fri. of instioe. could not supersede justice itself, and demanded a stay of execution until the proceedings had been submitted to this government ana knowledge obtained therefrom that our citizens had received fair trial. The death sentences were subsequently com muted, or were remitted on condition of leaving the islands. The cases of certain Americana arrested and expell a , .ehi trarr order, without formal evi jj charge or trial, have had attention, and in some instances nave ueeu iuuuu to justify remonstrance and a oiaim ior indemnity, which Hawaii has not thus faif oonoeded. Lynching or Italians In Colorado. The deplorable lynching of several Italian laborers in Colorado was nat urally followed by international repre sentations, and I am happy to say that the best efforU of the state, in which the outrages occurred, have been put forward to discover and punish the au thors of this atrocious crime. The de pendent families of some of the unfor tunate victims invite, by their deplor able condition, gracious provision for their needs. Treaty With Hamoa. In my last two auuual message I called the attention of cougress to the position occupied as one of the parties to a treaty or agreement by which we became jointly bound with England aud Uermany to ao interfere with the mwerumcnt and coutrol Samoa aa iu effect to asiime the management of lta affairs. May 9. 181M. I transmitted ,i.o unaM a anueial message, with .V. V..U c" v. , - accompanying documents, giving In formation ou the subject and empha sizing the opinion I have at all time ......rtaiiuwl that our situation iu this matter was inconsistent with the mis sion and traditi"iis of our goverumeut, in violation of the prinuiplea we pro t.ym and iu all its obaaoa. mischievous a.,ri vexatious. I again press this sub ject upon the at'ntiun of congress and ask for auon legiiianve aoiiuu, or im pression, as will lead the way to onr relief from obligation both irksome and unnatural. The New Japan. Japan has furnished abundant evi dence of her vast gain in every trait and characteristic which constitute a nation's greatness. We have reason for congratulation in the fact that the government of the United States by the exchange of liberal treaty stipula tions with the new Japan, was the first to recognize her wonderful advance, and to extend the consideration and confi dence due to her national enlighten ment; and progressive character. Guatemalan Boundary Dispute. The boundary dispute which lately threatened to embroil Guatemala and Mexico, has happily yielded to pacific counsel, and itt determination has, by the joint agreement of the parties, been submitted to the sole arbitration of the United States minister to Mexico. The commission appointed under the con vention of February 18, 1889, to set new monumenU along the boundary between the United States and Mex ioo, has completed its task. Mosquito Indian Nation. In last year's message I narrated, at some length, the jnrisdictionkl ques tions then freshly arisen in the Mos quito Indian strip of Nioaragua. Since that time, by the voluntary act of the Mosquito nation the territory reserved to them has been incorporated with the Indians formally auD- C i.l.an Insurrection. Cuba is again gravely disturbed. An insurrection, in one respect more active than the last proceeding revolt which continued from 1808 to 1878, now ex ists in a large part of the eastorn inter ior of the island, meuaoing even some population on the ooast, beside de ranging the commercial exchanges of the island, of which our oouutry Ukea the predominant share, thla flagrant condition of hostilities, by arousing sentimental sympathy aud tnoiting ad venturous support among our people, has entailed earnest effort on the part of this government to enforce obedience to our neutrality laws, and to prevent the territory of the United State from being abused as a vantage ground from which to aid those bearing arms against Spanish sovereignty. Whatever may be the traditional sympathy of our countrymen, aa indi viduals. with a people who seem to be struggling for lurger autonomy and greater freedom, and as suoh sympathy nat.nrallv must be in behalf oi our neighbors, yet the plain duty of their govermeut is to observe in good faith the recognized obligations oi interna tional relationships. The performance of this duty should not be made more difficult by a disregard ou the part of our citizens of the obligations growing out of their allegiance to their oountry which should restrain them from vio lating as individuals, the neutrality which the nation of which they are members is bound to observe in its re lations to friendly sovereign states. Though neither the warmth of our peo ple's sympathy with the Cuban lusur gents, nor our loss and material dam aee. consequent upon the futile eudea vors thus far made to restore peace aud order, nor any shock our humane re nonsibilitv may have received from the cruelties, which appear to especi ally characterize this sanguinary aud fiercely conducted war, have in the least shaken the determination of the government to honestly fulfill evory international obligation, yet it is to be earnestly hoped, ou every ground, that the devastation of armed conflict may speedily be stayed, and order and quiet restored to the distracted island, nring inir in their train the activity and thrift of peaceful pursuits. Nifarapua. ments, nas iweu imwku u, . . .. . v only two British ships have been on jesting themselves to be governmed by oniy iwo "mbu v conBral laws and reirulaton of the police duty during una aeuauu m - o The Ottoman Km pi re. Occurrences in Turkey have contin ued to excite alarm concerning the re rjorted massacre of Christians iu Ar menia, and the developemcnt there and in other districts of a spirit of fanatic hostility to Christian influences natui ally excited apprehension for the safety of the devoted men and women wno, dependents of the foreign missionary societies in the United States, reside Tha yue.tlon Hetlewed and the ... Leading to the Boon .". A we turn to a review of our na tional financial situation, we are im mediately aware that we approach subject of domestic concern more im portant than any otlier wnu n i.i -gage our attetituoti, and oue, at pres ent, iusuch a perplexing and delicate predicament a to require prompt ami wise treatment We may well be en oouarged to earliest effort lu thi di rection when we recall tno su.p al ready taken toward improving our economic and iliiaucial attuati.ui and when we appreciate how well the way has been prepared for further progre by au aroused aud intelligent popular iutorest ill these subject. By command of the peoplo a custom revenue system, designed for the pro tection and benefit of favored clasa., at the expense of the groat mass of our countrymen, and which, while ineffi cient for the purpose of revenue, cur tailed our trade relation and impeded nnr niitranoe to the markeU of the world, ha been superseded by a tariff m.lier. which, iu uriuciple. is based r ' . . . . : . .l . unon a denial or tna rignt oi mo gov erumetit to obstruct the avenue of our people's cheap living, or leaseu their mimfort ami contentment fcr the sake of according especial advautagea to fa vorites, and which, while encouraging nnr intercourse and trade with other nation, rcooginao tha fact that Amer loan solf-rnliauoo, thrift and ingenuity nan bnild uo our country' Industrie and develop it resources more surely than euervating paternalism. The compulsory purchase and coin aue of silver by tlie government, un ohecLed and unregulated by bnsine conditions and hoodies of our currency needs, which for more than tlftteu years diluted our oicrulating medium undermined confidence abroud iu our financial ability, and at last culmtnat ed in distress aud panic at home, ha been recently stopped by the repeal of law which forced thi reckle scheme unon the oouutry. The thing thu accomplished, uotwthstandiug tlioirex trome Importance and beneficent effect, fall far short of curing the monetary evils from which we suffer as a result of long indulgence lu ill-advised fliniu oiul expedients. The currency deuoimnatod United States notes, and commonlly known a greenbacks, was issued in a large vol nine during the late civil war aud was intended originally to meet the exi gencies of that period. It will be seen by reference to the debates iu oongress at the time the laws were passed, au thorizing the issue of these notes, that their advocates declared they were iu tended for only temporary use and to meet the emergency of the war. In almost, if not all the laws relating to them, some provision was made con templating thoir voluntary or compul sory retirement A large quantity of them, however, were kept oa foot and mingled with the curreucy of theoouu try, so that at the close of the year 1874 they amounted to o81,uU8,078 Immediately after that date, aud iu January, 1875, a law waa passed pro viding for the resumption or specie payment by which the secretary of the treasuiy was raqinred, whenever additional circulation was issued to national banks, to retire United States notes equal iu amount to 80 per cent of such additional bank circulation until anch notes were reduced to $300,000, 000. This law further provided that, on and after the first day of January 1879, the United States notes then out standing should tie redeemed in coin and in order to provide and prepare for such redemption the secretary of the treasury waa authorized, not only to use any surplus revenue of the gov ernment, but to iasne bond of the United States and dispose of them for coin, and to iiao tlio pr.M,,, purpose itoiitoiuplaled by the n,,,? In May, INJN, ami before ti, . thu appointed for the rdciii,t(U ' retirement of lliesn Holes, Hllothnr U, litn WW passed fmbldiliiig thi.lt I- ' ther .'iiiicellatloii and retirement, OI HI" Mil lll.ll, IMIWI.IIT, IMHIII imvloui, reoeeilH'll l-B.ieeil.Hl lipilll I an., tl..... i.i ihii.ib nans etrruUi..-. aa n-rtllithd I'V 111.) law i.r lu.. Ilia inn am. '.iin o.iiaiilllillUK ,. .L tine .if the pasaagu of tha not Ujua ding their further retlmmnui . ;IHl,ilNI,01il. Tim law of IHJH did nt t..ii it si. tluct prohibiting, but conlaiu.M U( dilioti the following express mivlm, Aii.i wuoii any oi stun im. , hu redeemed, or im received tutu uv treasury, under any law fmiu u, source w hal.iver, and shsll beluu. t. the United Hlt, they shall tim I retired, cainM.llod or destroyed, j, they shall la reissued and p,td uut again and kept III elreutatii.ti." Thi wa the condition of strain J,,, uary I, 171', wineii iiu.i t-u npoii four year ir.ir as tlie dtw entering upon tin. redemption, and tirem.'lit f all thew. note ui fw which uch abundant means hid Ut providixl. The government w put iu the u ouialou situation ot owing the linden of it nolo tlelit psyalilit lit guld & demand, which ooutd neither be rttli ed by receiving such uutes In da charge of obligations dim the govwt incut, ll.T cancelled by actual patuat' iu gold. It wa forced to rnlwc without redemption aud topaywlibw: ai.iltti.H. There had been issued and old 5, 600,000 nl iHiini auinoriswi ny tlx n sumption act . t 1 87 ft, the pna-rnli whirl!, together with the other g"ld li the (ri-asury, created gold fuinMnroi ! auRlcieiit to meet the deniuil which might ! uiadu up.ni it f..r ilJ redemption of outstanding I'nttrJ State in !. Thi fund, togeth.-rwiil stK'h gold as iiiiglit lie frm lime li time In the treasury available for tl uiirpose, ha been since our gold t serve, and 1 1 00,000,000 lis) been f garded au adtHiuatu amount to i eouipllsh lu nbjwL This fun ammint.il January I, IN7U, to till loa.'JiiO, and though, thereafter. u, statilly fluctuating. It did tint f i I b low tiiat um until July, ln j. i Aurll. 1HU1I, fur the first lime uo in eatablishliient. till reaerve niounl. In lea thau 1 1 00.000,000, ounUioini at that date only $117.01 1 .830. tn the meantime. In July, 1V0. n act had Uwu paaand directing Uff u.ivermueut monthly purchase of ti ver than had been rwpilred quderpr ious lw. and providing tht In ps ment for such stiver, treasury uulel tha Uiilusl State should b la.nf.1 layable on demand in gold or silt coin at the discretion of the sovwui of the treasury. It was, hower, d dared in tha act to I "tha esUbliuli ml policy of th UuiU'd Stati to msl tain the two metal on a pniy w ,.llir. mam the tireaeut lKl ' till, or uch ratio a my w provw by law." Iu view of tbl declaration u w .i i l-.il. I.. f.,r ilia teci ... v uwmvu " -- . . .... j tary of thu treasury to exeroiw disw tion iu term conferred on him by r fusing to pay gold on tho oU wol demaudiMl, lecuo by uch cnscnnif nation iu favor of the gold annar w so-called parity of the two eUl would be dtvjtruyed and grave md dl gorou coneiuiitlWMI would W procilj tated by aftlrraing or aocciiiuanui oonatantly wld.miug disparity betwM their actual valu. under tne '"i rurl., It llina ntaultnd that the tresf ,.t.d iaaiwul In navment of allvi "J - r-i 1 Durchase. under the law oi inv -i miceiuiarily treated a gold obligaUoi ut tin. i.i.tinn of tha holder. - -r - . , mi, The noUMt ou Novemuer i, i1..... tl. law rami nulling tlie utonth purchasa of ailver waa TP,H an.o.inted ui more than $155,000,001 The note of thi description now rt stauditni. added to tlie t-uneu m.. note sstill u.idiiuiuishe.1 by rodeuipn or oanoBllation. constitute a volume gold obligation amounting to iit $500,000,000. These oliugauou. trill ittut-riimattlfM. W hiuh. evr aim k,iua tt inlil rtwrurvu. Iwve H a.Hvv r - - - - at.. .li.t.l.ii'u ir Tho reserve, as ha lawn sUiUd, w fallen in Anril. I8US. to $U7,01I,J It has from that time to the presf'l with verv few and unimportant uiadily decresn'l except it ha boon temporarily repb ished by tho sale of bonds. Ann the can.. for this constant aud u i.. thi fund may mentioned tho great falliug off in port uuder the operation oi me w. ! .-i l I.. f,.m. wbi law, uniu rooeiiv.j' ,. , .in..iu.i ..... .,.h..nifl of oommoditl ...;.. .....I, ma. and neot'SSiUl to some extent the payment of our H anoe in gold. The nnuatural inflnH of silver into our oouutry and we ,.ro..ai.. ...iiutinn for lta fn-e ana K........I ..,.7........ whieh-bav cresfl ..11..VUI. .. apprehension aa to our dispostion . t.ii ire tn nrkllf 1111111 mild rjaviueuta, 1 1 ii.... r.f biA at noil ooiineuueub iiuii..,b v- . l u.. ... ,.f Invaatmetlt OI ' am. uid ib.'l'lnsa .i u..i a w.ll a the return ..... alralv sold abroad, al .u- 1.1..1. foreign exohanf tiU lilll C W - ' a i..,i,w.wi thrt Mhioment oi Ifum iu uw ii i vv 1 1 In oonaoquonce of these n(nti the gold reserve, on February, 1. I waa nuuuni i - - . I..-. .v,o it nnn.000 during nH llllVJ V ! fuaa-' a , tha. or aiuoe r a (ion T .. ...... I,. luliinilfllt. heiiig n1 i O WO. Aba IlH.-ll .n..""-' - o. ... .... ..th.ir manner of niiut!in K..in. noaaible. resort L..A ... .w .,,,1 .ale ofi bon provided by the resumption aotoi i Fifty million of these ooune yielding $08,883,895.71. WJicn .jji .k- fnnd of g"'d on hand. A a result of tbia operat .u: ...ui,.v, h.d Buffered i" withdrawal in the mea;jtima. t" aocl t4 I I