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BULLOCH TIMES.
STATESBORO, GA.
China is furnishing a chain of forts
along her seacoasfc with Krupp guns,
England is to have no poet laureate,
not, at least, uutil one arises of suffi¬
cient distinction to be worthy to suc¬
ceed Wordsworth and Tennyson.
Gladstone thinks that there is no such
man in England at the present time.
mmmmmrn
The British training squadron,
which consists of four training cruis¬
ers, and in which about 1200 young
officers and seamen have annually been
trained in the management of vessels
under sail, is to be abolished. The
Admiralty evidently assumes that it is
unnecessary to teach an art which, in
these days of steam war ships, might
uever,be practiced.
M. Martin Conway, who is lecturing
at the Royal Institution in London on
his recent exploration in the Hima
layas, has traversed more ground in
those perilous regions than any other
explorer. Although his join uevings
there have covered over 3000 miles,
he say* that the section of country
which he explored compared with the
mountainous region that has not yet
been touched is as the sixe of a post¬
age stamp to that of a large quarto
page.
-..... ......
Autborship and book publishing are
in a bad way in France, according to
a number of experts who have been
figuring on the situation. It is said
by M. Albert Cira, and corroborated
by other experts, that there are
scarcely six novelists in France who
can count on receiving equal to or
above 10,000 fraucs a year for their
literary work An examination of the
books of a prominent publisher of Paris
showed that two-thirds of the accounts
opened for works ot‘ fiction, verse,
travel, domestic economy and military
science showed considerable losses.
A volume of reasons are offered in ex¬
planation of the situation, but the
facts are admitted.
Development pf the coal be.ls.it
Western Texas promises, according to
the St. Louis Republic, to add very
materially to the wealth of that por¬
tion of the Stale. Fuel is very scarce
at present in the surrounding conn
try, but that is because of the lack of
roadways from the coal fields. The
best road there until recently was
a burro path. A wagon road was
finished last year and a railroad is now
being built. It is to connect with the
Texas and Pacific at Van Horn and tin;
Southern Pacific at Haskell. The
State Geologist of Texas has just made
his report on the coal in Presidio
County: “On account of its quality
and extent as well as from its location
in a region otherwise practically desti¬
tute of fuel, this deposit of coal must
prove,” he says, “to be a prominent
factor in the development of the west¬
ern portion of the State.’’ Western
Texas is to be congratulated on the
prospects, as are also the gentlemen
of St. Joseph, Mo., who recently in
vested in some 136,000 acres of land in
Presidio County.
In the effort to prevent the supply
ing of firearms to natives of the Pacific
islands regulations have just been
made by the British High Commis¬
sioner for the Western Pacific pro¬
hibiting British vessels from carrying
more than one rifle and one 1 pistol for
each member of the crew and each
bona fide passenger not a native. It
has also been made an offense, punish
able by fine and imprisonment, for
any person to supply firearms, ammuni
tion, explosives or intoxicating
liquors to , tbe ,, natives of of the
1 any J
Pacific islands under British control
or protection. Unscrupulous traders
have recently supplied the natives of
several of these islands with Win
cheater rifles and ammunition, with
the result that the natives so armed
have made raids on neighboring islands
and slaughtered the inhabitants. A
British war vessel on a recent tour oi
the islands found that a party of these
armed marauders, notorious cannibals,
had visited a near-by island and
butchered the inhabitants of a large
village, leaving every evidence of sub
sequent horrible cannibalistic prac
tices.
BLAND BILL VETOED.
Tbe Presitet Rejsc's tbe Measure ,*»4
Bins Bis Reasons Tberefor.
Full Text of His Message as Sent to
the House.
President Cleveland line vetoed the
Bland Seigniorage bill, and in a mes¬
sage to the house he explains his reas¬
ons for not approving the measure.
Following is the message in full:
To the House of ltepresentatlves:
I return without my approval
bill numbered 4956, entitled “An act
directing the coinage of silver bullion
held in the treasury, and for other pur¬
poses.”
My strong desire to avoid disagreement
with those in both bouses of congress
who have supported this bill would lead
me to approve it if I could believe that
the pulbic good would not be thereby
endangered and that such action on my
part would be a proper discharge of offi¬
cial duty.
Inasmuch, however, as I am unable
to satisfy myself that the proposed legis¬
lation is either wise or opportune, my
conception of the obligations and re¬
sponsibilities attached to the great
office 1 hold, forbids indulgence of my
personal desire and inexorably confines
me to that coarse which is dictated by
my reason and judgment, and pointed
out by sincere purpose to protect and
promote the general interests of our
people. year’s
last panic.
The financial disturbance which swept
over the country during last year was
unparalleled in its severity and tlisas
trow* consequences. There seemed to be
almost entirely a displacement of faith in
our financial ability and loss of confi¬
dence in our fiscal policy. Among those
who attempted to assign causes for our
distress, it was very generally conceded
that the operation of the provision of
1 lie law then in force which required the
government to purchase monthly a
large amount of silver bullion and issue
its notes in payment therefyr, was either
entirely, or to a large extent, responsi¬
ble for our condition. This ied to the
repeal, on the first day of November,
1893, of this statutory provision. We
had even fallen so low in the depths of
depression and timidity and apprehen¬
sion, had so completely gained control
in financial circles, that our rapid reeu
peration could not be reasonably ex¬
pected. Our recovery lias, nevertheless,
steadily progressed, and, though less
Hpw five,wontb(e have elapsed since the
repeal of the mischievous silver purchase
requirement, wholesome improvement
is unmistakably apparent.
CONFIDENCE LARGELY RESTORED.
Confidence in our absolute solvency is
to such an extent re-instated, and faith
in our disposition to adhere to sound
financial methods is so far restored as
to produce most encouraging results,
both at home and abroad. The wheels
of domestic industry have been slowly
in motion, and the tide of foreign
investment has again started in our di
reetion.
Our recovery being so well under way,
nothing should be done to check our
convalescence, nor should we forget that
a relapse at this lime would almost snre
jy reduce us to a lower stage of financial
distress than that from which we are
just emerging.
IT WOULD RETARD CONVALESCENCE.
I believe that if the bill under consider¬
ation should become law, it would be re¬
garded as retrogression from the finan¬
cial intentions indicated by our recent
repeal of the provision for the coinage of
silver bullion purchases; that it would
weaken if it did not destroy the return
j n] r faith and confidence in our sound
financial tendencies, and that as a conse
quence our progress to renewed business
health would be unfortunately checked,
and a return to our recent distressing
plight seriously threatened.
This proposed legislation is so related
to the currency conditions growing out
of the law compelling the purchase of sil¬
ver by the government that a glance at
HUC ' 1 conditions and a partial review of
tI,e ,uw refen ' etl to imt v not nnprofit
-
able.
Between the fourteenth day of August,
1890, when the law became operative,
and the first day of November, 1893,
when the clause it contained directing
ti,e purchase of silver was repealed, there
' vere purchased by the secretary of the
treasury more than one hundred and
sixty-eight . * . . . millions .... of , of . silver .. „
ounces
bullion, and in payment for this bullion
the government issued its treasury notes
of various denominations amounting to
nearly one hundred and fifty-six millions
of dollars, which notes were immediately
added to the currency in circulation
among our people.
Such notes were, by law, made legal
tender In payments of all debts, public
and private, except when otherwise ex¬
pressly stipulated, and were made receiv¬
able for customs, taxes and all public
dues, and when so received might be re¬
issued. They were also permitted to be
held by banking associations as part of
their lawful reserves. On demand of
holders these treasury notes were to be
redeemed in gold or silver eoiD.in the Uis-
cretion of the secretary of the treusury,
but it was declared" as a part of this re
demption proivsion that it was ‘-the
established policy of the United States t<>
maintain the two metals on a parity
with each other upon the present legal
ratio or such ratio as may be provided
liy law.”
Money coined from such bullion was to
be standard silver dollars, and, after
directing the immediate coinage of a lit
tle less than twentj’-eight millions of
ounces, the law provided that as much
of the remaining bullion should be there¬
after coined as might be necessary to
provide for the redemption of the treas¬
ury notes issued on its purchase, and
that “any gain or seigniorage arising
from such coinage shall be accounted for
and paid into the treasury.”
THE SEIGNIORAGE DEFINED,
This gain or seigniorage evidently indi¬
cates so much bullion owned by the gov¬
ernment as should remain after using a
sufficient amount to coin as many stand¬
ard silver dollars as should equal in
number of dollars represented by treas
urv notes issued in paymlnt of the ent ire
quantity of bullion. These treasury
notes now outstanding and in cireuln
tion amount to $152,951,280, and
although there has been thus far but a
comparatively Bmall amount of this bul
lion coined, yet the so-called gain or
seigniorage, as above, defined, which
would arise from the coinage of the
entire mass, has been easily ascertained
to be a quantity of bullion sufficient to
make when coined fifty-five millions, one
hundred .and iifty-six thousand six hun
dred and eighty-one standard silver dol
iars.
TJIE QUESTION OF PARITV.
Considering the present intrinsic rela¬
tion between gold and silver the main¬
tenance of the parity between the two
metals, as mentioned in this Jaw, can
mean nothing less than the maintenance
of such parity in the estimation and con¬
fidence of the people who use our money in
their daily transactions. Manifestly, main¬
tenance of this parity can only be accom¬
plished so far as it is affected by these
treasury notes and in the estimation of
the holders of the same by giving to
such holders, on their redemption, the
coin, whether it is gold or silver which
they prefer.
It follows that wjiile, in terms, the
law leaves the choice of tbe coin to be
paid on such redemption tq, the discre¬
tion of the secretary' of the treasury,
that discretion, if opposed to tbe de¬
mands of the holder, is entirely inconsis¬
tent with the effective and beneficial
maintenance of the parity between 1 the
two metals.
If both gold and silver are to serve us
as money, and 'people if they <rf ogether aje to
'supply to -* and stable
our a siw
currency, the necessity of preserving this
parity is obvious.
QUOTES THE PLATFORM.
Such necessity lias been repeatedly' eon
ceded in the platforms of both political
parties and in our federal statutes. It is
nowhere more emphatically recognized
than in the recent law which repealed
the provision under which the bullion
now on hand was purchased. This law
insists upon the maintenance of the par¬
ity in the value of the coins of the two
metals and “the equal power of every
dollar at all times in the markets and in
payments of debts.”
The secretary of the treasury has, there¬
fore, for the best of reasons not. only
promptly complied with every demand
for the redemption of these treasury
notes in gold, but the present situation
as well as the letter and spirit of the law
appear plainly to justify', if they do not
enjoin, upon him the continuation of
such redemption.
THE CONDITIONS SUMMARIZED.
The conditions I have endeavored to
present may be thus summarized:
First, the government has purchased
and now has on hand sufficient silver
bullion to permit the coinage of all the
silver dollars necessary to redeem in such
dollars, the treasury notes issued for the
purchase of said silver bullion, and
enough besides to coin as a gain or seig¬
niorage fifty-fi 6 > million one hundred and
fifty-six thousand six hundred and
eighty-one additional standard silver
dollars.
Second, there are outstanding and now
in circulation treasury notes issued in
payment of bullion purchased amount¬
ing to $152,951,280. These notes are
legal tender in payment of all debts, pub¬
lic and private, except when otherwise
expressly stipulated. They are receiva¬
ble for customs, taxes and all public dues.
When held by banking associations, they
may be counted as a part of their lawful
reserves and they are redeemed by- the
government in gold at the op¬
tion of the holder. These
advantageous attributes were deliber¬
ately attached to these notes at tiie time
of their issue. They are fully understood
by our people to whom such notes have
been distributed as currency, and have
inspired confidence in their safety and
value, and have undoubtedly thus in¬
duced their continued and contented
use as money instead of anxiety for
their redemption.
SPECIFIC OBJECTIONS STATED.
Having referred to some incidents
which I deem relevant to the subject, it
remains for me to submit a specific state¬
ment of my objections to the bill now
under consideration.
t tus bill consist* of two sections, t v
eluding one which merely appropriate*! a
sum sufficient to carry the act into effect.
The first section provides for the inimcd*
ate coinage of the silver bullion in t't*
treasury, which represents the so-called
gain or seigniorage or which wout
arise from the coinage of all the bullion
on baud, which gain or seigniorage this
section declares to be $55,136,081. It
directs that the money be coined, or cer¬
tificates issued thereon shall be used m
the payment of public expenditures, and
provides that, if the needs of the treas¬
ury demand it, the secretary of the treas¬
ury may, in his discretion, issue Bilver
certificates in excess of such coinage, not
exceeding the amount of tlie seigniorage,
in said section authorized to be coined.
The second section directs that, as
soon as possible after the coinage of this
seigniorage, ibe remainder of the bullion
held by the government shall be coined
into legal tender standard silver dollars,
and that they shall be held in the treas¬
ury for the redemption of the treasury
notes issued in the purchase of said bull¬
ion. It provides that, as fast ns the
bullion shall be coined for the redemption
( ,f e aid notes, they shall not be reissued,
but shall be canceled and destroyed in
amounts equal to coin held at anytime
i n the treasury derived from the coinage
provided for; and that the silver certifi
cates shall be issued on such coin in tlio
manner now provided by law.
it is, however, specially declared in
said section that the act shall not be
construed to change existing law relat
to the legal tender character of the
mode of redemption of the treassury
notes issued for the purchase of silver
bullion to be coined.
ITS UNFORTUNATE CONSTRUCTION.
The entire bill is most unfortunately
constructed. Nearly every sentence pre¬
sents uncertainty and invites contro¬
versy as to its meaning and intent.
The first section is especially faulty in
this respect, and it is extremely doubtful
whether its language will permit the
consummation of its supposed purposes.
1 am led to believe that the promoters
of the bid intended, in this section, to
provide for the coinage of the bullion con¬
stituting the gain or seigniorage, as it is
called, into standard silver dollars, and
yet there is positively nothing in the sec¬
tion to prevent its coinage into any des¬
cription of silver coins now authorized
under any existing law. I suppose this
section was also intended in case the
needs pf the treasury called for money
faster than the seigniorage bullion could
actually be coined to permit the issue of
silver certificates hi advance of such coin
age, but its language would seem to per¬
mit the issuance of such certificates to
double the amount of the seigniorage as
stated, one half of which would not rep¬
resent, an ounce of silver in the treasury.
The debate upon this section in con¬
gress developed earnest and positive
difference of opinion as to its object and
meaning. In any event I am clear that
the present perplexities and embarrass¬
ments of the secretary of the treasury
ought not to he augmented by devolving
upon him the execution of a law so uncer¬
tain tfnd confused. I am not. willing,
however, to rest my' objection to this sec¬
tion solely on these grounds.
THE USE OF SILVER.
In my judgment sound finance docs not
commend the further infusion of silver
into our currency at this time, unaccom¬
panied by further adequate provisions
for the maintenance in our treasury' of a
safe gold reserve.
Doubts also arise as to the meaning
and construction of the second section
of the bill. If the silver dollars therein
directed to be coined are. as the section
provides, to be held in the treasury for
the redemption of treasury notes. It is
suggested that, strictly speaking, certifi¬
cates cannot be issued on • such coin “in
the manner now provided by law” be¬
cause these dollars are money held in the
treasury for the express purpose of re
deeming treasury notes, on demand,
which \* ould ordinarily mean that they
were set apart for the purpose of substi
tuting them for these treasury notes.
They are not, therefore, held in such
way ns to furnish a basis for certificates
according to any provision of existing
law. If, however, silver certificates can
properly be issued upon these dollars,
there is nothing in the section to indicate
the characteristics and functions of these
certificates. If they were to be of the
same, character as silver certificates in
circulation under existing laws, they
would at best be receivable only for cus¬
toms, taxes and all public dues: and
under the language of this section it is to
Ray the least extremely doubtful whether
the certificates it contemplates would be
lawfully received even for such purposes.
Whatever else may be said of the uncer¬
tainties of expression in this bill, they
certainly ought not to be found in legis¬
lation affecting subjects so important
and fnr reaching as our finances and cur¬
rency.
In stating other and more important
reasons for my disapproval of this section,
I shall however assume that under its
provisions the treasury notes issued in
payment for silver bullion will continue
to be redeemed ns heretofore in silver or
gold at the option of the holders, and
that if, when they are presented for re¬
or reach the treasury in any
other manner, there are in the treasury
silver dollars equal in nominal
value to such treasury notes, then, and
that case, the notes will be destroyed
silver certificates to an equal
amount be substituted.
ILL-ADVISED AND DANGEROUS,
I am convinced that this scbeuae is ill
advised and dangerous. As the uttiroate
result of its operation, treasury notes,
which are legal tender for all « 8 *bts, pub¬
lic and private, and which are mleeuia
ble in gold and silver at the option of the
holder, will be replaced by silver certifi¬
cates which, whatever may Iw their char¬
acter and description, will have r one of
these qualities.
In anticipation of the result,
and as an immediate effect,
treasury notes will naturally ap
predate In value and desirability. The
tact that gold can be realised upon them
and the further fact that their destruc¬
tion has been decreed when they reach
the treasury, must tend to their
withdrawal from general erreuietion, to
be immediately presented for gold re¬
demption or to be hoarded for presenta¬
tion at a more convenient sea-son.
WOULD I) ECU EASE THE GOLD RESERVE.
The sequel of both operation# will be
a large addition to the silver currency in
our circulation and a eorreepoDeing re¬
duction of the gold in the treasury.
The argument has been made that
these things will not. occur at once, be¬
cause a long time must elapse before the
coinage of anything but the seigniorage
can be entered upon. If the physical
effects of the execution of the second sec¬
tion of this bill are not to bo realized
until far in the future, this may furnish
a strong reason why it should, not be
passed so much in advance, but a. post
ponement of its actual operation cannot
prevent the fear and loss of confidence
and nervous precaution which would im¬
mediately follow its passage and bring
about its worst consequences.
I regard this section of the bill as em¬
bodying a plan by which the govern¬
ment will be obliged to pay out its
scanty store of gold for no other pur¬
pose than to force an unnatural addition
of silver money into the hands ofourpeo
pie.
This is an exact reversal of the policy
which safe finance dictates it we are to
preserve the parity between gold and sil¬
ver and maintain sensible bimetallism.
We have now outstanding more than
three hundred and thirty-eight millions
of dollars in silver certificates issued
under existing laws. They ere serving
the purpose of money usefully am!
without question. Our gold re¬
serve, amounting to only a little
more than one hundred millions,
of dollars is directly charged with the
redemptionof three hundred and forty-six
millions of United States bondy.
WOULD TEND TO MONOMLTA U-M.
When it is proposed to inflate our sil
ver currency it is time for strengthening
oe>f jjpold reserve instead of depicting it.
Ilunnot conceive of 9 . longer step toward
siiVer inonometalism than we take when
we tfpend our gold to buy silv er certifi¬
cates for circulation, especially' in view of
tbe practical difficulties surronn, g the
replenishment of our gold. *
This leads me to earnestly pr* r ent the
desirability of granting to the secretary
of the treasury better power than now
exists to issue bonds to protect oar gold
reserve when for any reason it should be
necessary. Our currency is in such a con¬
futed condition and our financial affairs
are apt to assume at any time s< * critical
a position that it seems fo me such a
course is dictated by ordinary prudence.
FAVORS COINING SEIGNIORAGE.
I am not insensible to the arguments
in favor of coining the bullion s^gnfor¬
age now in the treasury, and 1 believe it
could be done safely and with advantage
if the secretary' of the treasury had the
power to issue bonds at a low rate of in
terest under authority in substitution of
that now existing and better suited to
the protection of the treasury.
I hope a way will present itself in the
near future for the adjustment of our
monetary affairs in such a comprehensive
and conservative manner as will accord
to silver its proper place in our currency,
but in the meantime 1 am extremely
solicitous that whatever action we take
on this subject may be such astopre
vent loss and discouragement to ourpeo
pleat home and destruction of confi¬
dence in our financial management
abroad. Grover Cleveland.
Executive Mansion, March 29, 1894.
The shifting about of the Admirals
of the United States Navy necessi¬
tated by the approaching retirement
of several now commanding in foreign
waters is a tiling of frequent occur¬
rence, because no Rear Admiral ever
long enjoys that rank on the active
list. Of last year’s six Rear Admirals
only three remain on the active list.
Few of the Rear Admirals can remain
more than three or four years on the
active list. Admirals Drum, Greer,
Wallser, and Stanton, who are among
the latest promotions, have been in
the service from -14 to 47 years.
Germany, whose population is
about 50,000,000, had 21,621 physi ¬
cians in 1898, against 20,500 in 1892;
that is, an increase of 1,121. That
makes about 4.87 doctors for every
10,000 inhabitants, but they are nob
equally divided throughout the Em¬
pire ; for in some regions t here are not
even two doctors for every 10,000 in¬
habitants. while in other districts
there are thirty of them for the same
number of population. Germany
possesses also 915 dentists and 4,988
druggists.