North Carolina Newspapers

Su Utnty fmlfr if n. ir M s President Discusses Questions Now Agitating the People. CURRENCY REFORM AND CUBANS Reference Mad to the Necessity of I ra ined tat a Klnis 1 Kevislon Interfer ence lu SpanNit tQalr Itocardcd as In admlsiabia II' i senate Urged to Ratify the Hawaiian i reaty. To the Seuute and Ilouse of Represen tatives: It gives me pleasure to extend greet ing to the Fifty-fifth congress assem bled in regn ur session at the seat of government, with many of whose sen- iitors and 1 :-.-:: entatives I have been m , the legislative ser mectine occurs under fe 1 associated vice. Their licitous conditions, justifying sincere congratulation and calling for our grate ful acknowledgement to a beneficent providence, which has so signally blessed and prospered us as a natiou. Peace and good will with all the natious of the earth continue unbroken. A matter of great satisfaction is the growing fueling of fraternal regard and unification of ail sections of our coun try, the incompleteness of which has too long delayed realization of the highest blessing of the Union. The spirit of patriotism is universal and is eyer in creasing in fervor. The public questions Which now most engross us are lifted far above either partisanship, prejudices or former sectional differences. They affect every part of ourconim m country alike and permit of no division on anci ent lines. Questions of foreign policy, of revenue, tho soundness of the cur rency, the inviolability of national obli gations, the improvement of tho public service, appeal to the individual con science of every earnest citizen to what ever party he belongs or in whatever section of tho country he may reside. The extra session of this congress which closed during July, last, enacted important legislation, and while its full effect has not yet been realized, what it has already accomplished assures U3 of its timeliness and wisdom. To test its permanent value further, time will be required and the people, satisfied with its operation aud results thus far, are in no mind to withhold from it a fair trial. Tariff legislation having been settled by the extra session of congress, the question next pressing for considera tion is that of th currency. The work of putting our finances upon a sound basis, difficult as it may seem, will appear easier when we recall tho financial operations of the government; since 1866. On June 16 of that year we had outstanding demand liabilities in the sum of $728,868,447.41. On Jan. 1. 1879. these liabilities had been reduced to f443;839,495.88. Of our interest bear ing obligations, the figures are even more striking. On July 1, 1866. the principal of the interest bearing debt of the government was $2,382,331,208, On July 1, 1893, this sum had been reduced to $585,037,100, or an aggregate reduc tion of $1 ,747. 294. 108. The interest bear ing debt of tho United on Dec. 1, 19i, was 817.365.620. The government money now outstanding (Dec. 1) con sists of $346,681,016 of United States notes, $107.793,2$0 of treasury notes is sued by authority of the law of 1890, $344,963,504 of "silver certificate, and $01,286,761 of standard 6ilver dollars. No Time to Hesitate. With the great resources of tho gov ernment and with honorable example of the past before us, we ought not to hesitate to enter upon a currency re vision which wiL make our demand ob ligations less onerous to the govern ment and relieve our financial laws from ambiguity- and doubt. The brief review of what was accom plished from the close of the war to makes unreasonable and ground les any distrust, either of our financial alnlitv or soundness; while the situation from 1893 to 1897 must admonish con gress of the immediate necessity of so legislating as to make the return of the Conditions then prevailing impossible. There are many plans proposed as a remedy for the real evil. It is not that our currency of every kind is not good. for every dollar of it is good good be cause the government's pledge is out to keep it so, "and that pledge will not be broken. However, the guaranty of our I purpose to keep the pledge will be best j shown by advancing toward its fulfill- ! ment. ! The evil of the present system is j found in the great cost to the govern ment of maintaining the parity of our different forms of money, that is, keep ing all of them at par with gold. We surely cannot be longer heedless oL the burden this imposes upon the people, ever under fairly prosperous conditions, while the past four years have demon strated that it is not only and expen sive charge upon the government, but a daugerdus menace to the national credit. It s manifest that we must devise c ome plan to protect the government against bond issues for repeated re demptions. We must either curtail tho opportunity for speculation, made easy by the multiplied redemptions of ur demand obligations, or increase the Id r'- rvg for their redemption,. Wa KNLEi MESSAGE PROTECTION ! HICKORY, NORTH CAROLINA, THURSDAY, have 900.000. 0001rcurreucy which the government by solemn enactment has undertaken to keep at par with gold. Nobody is obliged to redeem in gold but the government. The banks are not required to redeem in gold- The gov ernment is obliged to keep equal with gold all its outstanding currency and coin outstandings while its receipts are not required to be paid in gold. They are paid in every kind of mouey but gold, and the only means by which the government can with certaiuty get gold is by borrowing. It can get it in no other way when it most needs it. The government without any fixed gold revenue is pledged to maintain gold re demption, which it has steadily and faithfully done, and which, under the authority now glven, it will continue to do. The law which requires the govern ment, after having redeemed its UuHed States note, to pay them out again as current funds, demands a constant re- filenishment of the gold reserve. This s especially so in times of business panic and when the revenues are in sufficient to meet the expenses of the government. At such times the gov ernment Iibs no other way to supply it j deficit and maiutaiu redemption but through the increase of its bonded debt, as during tho administration of my predecessor, when $263,315,400 of 4 per cent bonds were issued and sold and the proceeds used to pay the expense of the government in excess of the rev- enues and sustain the gold reserve. Whiie it is true that the meat- r part of tho proceeds of these bonds wre used to supply deficient revenues, a consid erable portion was required to maiutaiu the gold reserve. wnu our revenues equal to our ex penses, thero would ba no deficit requir ing tho issuauce ot bonus. But if tlu- gold reserve falls below $100,000,300 how wii it be replenished except by selling more bonds? Is there any other way practicable under existing law: The serious question then is, shall we continue tho policy that has been pur sued in the past; that is, that when the government reserve reaches the pcint of danger, issna more bonds and supply tho needed gold, or shall we provide other means to prevent those recurring drains upon tne com res-jrver it no further legislation is had and the policv of selling bonds is to be eontiniv3d,hn congress should give the secretary of tho treasury authority to sell bond at Unix or short periods, bearing u less rate of interest than is now authorized ly law. As to Uttliei Stwte. Nott4. l earnestly recommeua as soon as ijih receipts or tne government are quite sufficient to pay all the expenses of tii government that when any of ihe United States notes aro.preseuted for re demption in gold and aro redeemed in gold, such notes shall be kept and set apart and only paid out in exchange for gold. This is an obvious duty. If the holder of the Uuited States pre fers the gold aud gets it from the gov ernment he should not receive back from the government a Uuited States note without paying gold in exchange for it. The reason for this is made all the more apparent when the govern ment issues an interest bearing debt to provide gold for the redemption of United States notes auouiuterest bear ing debt. Surely it should not pay them out again except on demand aud for gold. If they are put out in any other way, they return again to be fol lowed by another bond issue to redeem them another interest bearing debt to redeem a noninterest bearing debt. In my view it is of the utmost impor tance that the government should bo relieved from the burden of providing all tho gold required for exchanges an 1 exporr. This responsibility is alone bo.ua bv the government without any of th- usual and necessary banting powers to j help itsoif. The bauks do noc feel the j strain of tho gold redemption. Tne j whole strain rests upon the governing and the size of the gold reserve in the ! treasury has come to be with, or with- j out reason, the signal of danger or of i security. This ought to be stopped if we are to have an era of prosperity in the country. .With sufficient receipts for the expenses of the government we may feel no immediate embarrassment from our present currency, but the dan ger still exists, aud wilibe ever present, menacing us so loner as the existing sys tem continues. And beside, it is in time of adequate revenues aud business tranquility that the government should prepare for the worst. We cannot avoid without serious consequences the wise consideration and prompt solution of this question. I The secretary of the treasury has out I lined a plan in great detail for the pur pose of removing the tnreateuea recur rence of a depleted gold reserve and save us from future enibarass merit on that account. To this plan I iuvite vour careful consideration I concur with the secretary of the treasury in his recommendation that national banks be allowed to issue note to the face value of tae bonds which they have deposited for circulation, and that the tax on circulating n tes se cured bv nepo-it of such bond be re duced one-half of 1 percent perauuum. I also join him in recommending that authontv be given for the establishment of national banks with a minimum cap ital of $;r.0CHj. This wiil enable the smaller villages and agricultural regions of the country to be supplied with cur rency to meet their needs. I recommend that the issue of na tional bank notes be restricted to the denomination of $10 and upwards. If the suggestions I have herein made shall have tho approval of coagres. then I INDUSTRY ! ENTERPRISE ! woulti recommend that be required to redeem gold. national ban as their notes in NO CUBAN INTERFERENCE. Pre Id eat MeKlaley Kail ewe ! tha Tmmi. step of Ills ra4eaao. The most importaut problem with which this government is now called upon to deal pertaining to its foreign relations concerns its duty toward Spain and to the Cuban insurrection. Prob lems and conditions more or less in com mon with those now existing have con fronted this trovernment at various times in the past. The story of Cuba for many years has been one of unrest; growiug discouteut; an effort toward a larger enjoyment of liberty aud self con- tro; of organized resiitance to the mother country; of depression after dis tress aud warfare and of ineffectual et- tlement to this by reuewed revolt For no enduring period since the enfran chisement of the continental possession ot tmin in the western continent ha the condition of Cuba or the policy of Spain toward Cuba not caused concern to the United States. The prospect from time to time that the weakness of Spaiu's hold ou the island aud the political vicissitude! aud embarrassments of the home govern- ment might lead to the transfer of Cuba to a continental power called forth be tween 1823 and 1860 various emphatio declarations of the policy of the United btates to permit no disturbance of Cu ba's connection with Spain uuless in the direction of independence or acqui sition by us through purchase: nor has there been any change of this declared policy since upon the part of tho govern- Hent The present insurrection hrk not tn February, 185. It is not my purpose at this time to recall its remarkable in crease or to characterize its teuacious resistance against the enormous forces massed against it by Spain. The revolt and the effortss to subdue it carried de struction to every quarter of the island, developing wide proportions and defy ing the efforts of Spain for its suppres sion. The civilized code was regarded no less so by the Spaniards than by the Cubans. The existing conditions cannot but fill this government aud the American people with the grave t appreheuslon. There is no desiro on the part ot our people to profit by the -aisfortunes of Spain. Ye hive oulv W'a desire to see the Cubans prosperous a ad contented. enioyinir that measure of self control wh.ch is the malienab.o right of man. protected in tueir right to reap the ben efit of the txhaustless treasures of their country. The cruel policy of concentration was initiated Feb. 16. I8i). The productive districts controlled by the Spanish ar mies were depopulated. The agricult ural inhabitants were herded in aud about the carrisou towns, tneir lands laid waste aud their dwellings de stroyed. This policy of the lute cabinet of tspaiu was justified as a necessary measure of war aud as a means of cut ting off supplies from the insurgent. It has utterly failed a a war measure. It was not civilized warfare. It was extermination. Aeamst this abuse of the rteht of war, I have felt constrained on re seated occasious to enter the firm and earnest protest of this government. There was much of public cuiidem na tion of American citizens by alleged arrests aud long imprisonment, await ing trial or pending judicial proceed ings. I feit it my first duty to make instant demands for the release or peedy trial of all American citizens under arrest Before the chauge of the Bpaish cabinet iu October last 22 pris oners, citizens of the United States, had been given their freedom. Mr. lVonifuri' Instructions. The instructions given to our new minister to Spain before his departure for his vt uirected him t uupr-- upon that goveruineut tne i:iceie wish of the United States to lend its ui i-v waid the eniiu of the war in Cqji ty reaching a peaceful and 1js:iii r-.-u.t, just and honorable uuki to Spa.u .! to the Cuban people. The reply to our note was receive i ou Oct -3. It is iu the direction of a bet ter understanding. It appreciates the friendly purposes of this government. It admits that our couutry is deeply affected by the war in Cube; and that its desires for peace are just It declares that the present Spanish government is bound by every consideration to a chance of policy tnat should satisfy the United States and pacify Cuba within a reasonable time. To this end Spain has decided to put into effect the politi cal reforms heretofore advocated by the present premier without halting for any consideration iu the path which, in its ja igm-nt, leads to peace. Tne mil itary oerat:orn, it is sid. wi.l con tinue but will be humane aud con ducted with all regard for private rights, being accompanied by j liticai action leading to the autonomy of Cuba, whibi guarding Spam. i sovereignty. This, it is claimed, will re.ait in invest ing i al-.i with a distinct personality; the ia;i i to be governed by an execu tive and by a local council or chamber, res-rv.i: to Spam the control of the I re:n relations, the army aui navy au i t!-.- jiw.cul a im:::iira:io:. Toac c nn p.!-. i :ms the prsent gv?r;ime it pr y to modify existing le:i..tti : by ti-.vre. leaving the rpauiu c ntr. v;ta th; aid of Cuban senators au i i .-!- Utir-" , and , ts ..ive ta -,.uomi: pr-K'.'-.u ei!iix PROSPERITY ! DFXEMBER 9, 1897. In the absence of a declaration of tb measures that the govenitneat prvfMt to take iu carrying out its proffer of good offices it suggest that Spam be left free to conduct military operations and grant political reforms, while the United States for JU part shall en f ore its neutral obligations and rut off the assistance which it U asserted the lusar geuts receive from this couutry. The supposition of an indefinite prokntgatiot of the war t denied. It is asserted thai the western provinces are already we. I nigh reclaimed; that the planting of tobacco therein hss been resumed and that by force of arms aud uw aud am ple reform very early aui complete pacification is hoped for. Di-caiou of the question of interna tional dunes aud respousibidties of the United States as Spain understands them ts presented with an apparent dis- posttiou to rhartre as with fatiure la tul regard. This charge is without any baal in fact It could not hare been made if Spain had been cognizant t the constant efforts this government hai made at the coft of millions aud by the employment of the administrative ma chinery of the nation at coram aud M perform it full duty under the law of nation, mat it lias succetsiuiiy pre vented the ueparture of a single mtu tary expedition or armed veei fnm our shores iu violation of our laws would seem to be a sufficient end. Throughout all these horrors and dan gers to our own peace, this government has never iu any way abrogated its sov ereign prerogative of reserving to tttelf the determination of its policy and course according to its own high sense of right aud iu consonance with the dearest interests aud couvictions of out own people-should the prolongation of the strife so demand. Of the untried measures there remain ouly recoKuitiou of the insurgent as belligerents; recognition of the lnd pendeuce of Cuba; neutral intervention to end the war by imposing a rational compromise between the contestants. and intervention iu favor of one or the other party. I speak not of forcible an nexation, for that cannot be thought of. That by our code of morality would be criminal aggression. Opnl to Kvcog-altla. I regard the recognition of the bel ligerency of the Cuban Insurgents as now unwise aud therefore inadmissible. Should that stsp hereafter be deemed wise as a measure of right and duty the executive will take it Intervention upon humanitarian grounds has been frequently suggested aud has not railed to receive my most anxious and earnest consideration. But should such a step be now taken when it i. apparent that a hopeful change has supervened lu the policy of Spain to ward Cuba? A new government has taken office in the mother country. It is pledged if advance to the declaratioti tnat ail the nort tu the world cannot suffice to maintain peace in Cuba by tne bayonet; that vague promises of reform after subjugation afford no solution of the insular problem, that with a subsM tutiou of commanders must come change of tne past system of warfare for one in harmony with a new poller which shall not longer aim to drive the Cubans to the "horrible alternative of taking to the thicket or succumbing in misery, that the reforms must be iu stituted in accordance with the needs and circumstances of the time and that tnese reforms, while desigued to give full autonomv to the colony and to cre ate a virtual entity aud self routro'lM administration, shall vet courve ami affirm the sovereignty of Spsiu by a jui distribution of powers and burdens ufiu a basis of mutual interest untainted by methods of selfish expediency. It is houestly due t Spain and to out zrieniliy relations wun Spain that sue should be giveu a reasonable cluuc t realize her expectations an l o pr ve the asserted efficacy of the new oruer of thines to which she stands irrevi-ablv committed. She has recalled the om mauder whose brutal orders inflamed the American mind and shocke.i thr civiliz-d world. She has modified th horrible order of concentration a?id un dertaken to care for the hejpies and permit those who desire to resume th cultivation of their fields to do sosssiiid assures them of the protection of the Spanish government in their lawful oc cupations. She has just released th Competitor" prisoners, heretofore sen tenced to death, and who have beii the subject of repeated diplomatic r rre pondence during both this aud the pre ceding administration. Not a single American citizen i now under arrest or iu confinement in Cuo I of whom this government ha auv knowledge. The nesr future will den I onstrate whether the Indispensable r. i ! dition of a righteous t-ace. jat alik J to the Cubans aud to Spain as wii a equitable to all our interests mil i mat'lv involved in the welfare of On is likely to be attained If not. th ft igencv of further and other a t; in i t the Unite! States will remain t t taken. When that time new that ac tion will be determined in tne irie ol indisputable light and daty. It wi',1 b faceJ witnout mbffivinc or heita'icy in the light of the obligation tats ffov ema-iit owes to itse.f, to the p- p who nave con filed n it toe pro ecu n of their interests and honor and tu no inanity. Surr of the nzht, keeping fre f r m all .:5en oure.ve, actuuM cny 1 y uprscht and ritrt ti- com'. -irUoa, mivei neither by paction cr sr!2'ms. the government will routine lt wtt-.v f o. care over th rights and pr rrty .i Continued on Page C. HUHBEH 49 naia Ltttsr. After a few weeks absence I will try to give you some news. Mr. Itr Fox is much improve! &nd boiw he will again ! remtoml to health. Mr. and Mrs. John Smith, of Stanly. were here with Mr. Foi while h waa very ick. Mien Lillh Crotie srx-nt Saturday iu Newton. Mr. J. ?. Hunter arid family will move to ( harlot te in a fW mm.k Mr. II outer haa normte! a tvaltlnn ith Mr. S. II. Youngblood. After a long time all our mills have again starts! on full time da r an, 1 night. lam indeed Mrry for our rorrra- poiith-ut from Maiden to the wtoo KnterpriM- who haa not yet brvrx! ny of the McKinley prosperity. I am certain if he will look around at the industry of our town he can toon see great difference In various wava. A little more thati twelve months ago not one of our cotton mills waa run. ning and you could look around on the street and nee from one to two dozen oop!e standing around most any time of day idle, nothing to do. The merchant had Now our milU are running day and night and every one of our Idle people have gone. Where are they? They are at work making money and they are standing it with the inerclianta, consequently they all have work and are niakinir inonev. Now von hardly pick up a man to do a small job of work bcaufM I hey are em ployed daily and don't care to do little turns. We have thre mtfrm tnilfs In Maiden, all of which are ruuning on full time day and night and employ ing between four and six hundred hands which were out of employment a little more than a year ago. We have a roller mill which last Tear only ran two to three days In a week. I or the past six or eight months the tuill haa been running on full time every day and partly at night. Em ployment for every one and good ka gv. What more do we want? If that is not a breeze of prosperi ty" 1 don't know what to call it, I think you would be aafe iu calling It ahuont a cyclone. ()ur shakers aaJd if McKiuley waa elected confidence would be restored and every man could get regular employment and good wage. Manufacturing enter prises would be started and money would flow. Kvery man could find employment. Since the mills have started the wood daily. waggons are bef inning to run Only thoae of us who were out of employment lat year appreciate the McKinley rteze of prosperity. Mier mongers are those who do not really suffer aflliction hut make a trade of it and it is often a very thri ving busine, too. They are scat tered among every claa of people, bat the) "belong; t-siH-cially to the Demo crats. The jealous Democrat always looka at the worst side of whatever Is done. K-ry one must e daily instance of leop!e who complain from a mere habit of complaining. With some Democrats growling is chronic. Hut we ought to hear In mind that growling never did any one nn v U" d atid with all grow s very an-cmifo-t :.!! to tne parti- who indulge in it. rcxiUML Til Urat D.tary Vl. u -pine, editor 1 isaiiwa, HI. - tu.f. sas: ' We won't keep house without Dr. King's New Discovery for Consumption. Coughs, and Cold. Kx fwriuienled with many others, hat n-er got the true remedy until we u-Mml Dr. King's New Diwovery. No other remedy cui take its plare in our home, a in it we have a certain and sure cure for Coughs. Colds. Whoop Cougb. etc." It is 11 le to exriment with other remedies, even if they are urged on you as just a good a Dr. King's New Discovery. They are not a gocd. because this rniy haa a re cord of cures and beaidee Is guaranteed. It noer fails to satisfy. Trial Nit tie !rr at Miuford Drug Co.'a Drug Store. Ik-etou DeuJOcruXs haTe r.nomiaat 1 JoLah tuincy for mayor. An at tempt to obtain an cniortaeot of the Chicago piriform fail! and a Dryan Democrat will b a candidate gaict Mr. Qalncy.