Evening Star Newspaper, January 3, 1896, Page 3

Page views left: 0

You have reached the hourly page view limit. Unlock higher limit to our entire archive!

Subscribers enjoy higher page view limit, downloads, and exclusive features.

Text content (automatically generated)

c SPECIAL NOTICES: + MASONIC. — A SPECIAL COMMUNICATION OF Benjamin B. French » No. 15, F. A. A. M., Will be held SUNDAY, Sth tst.,-1:30 o'clock p.m. for the purpose of attending the funeral of our fate vrother, Past Master Jona.W. Whit- aker. A full attendance is requested. Dark elothing must be worn. - By order of the W. M. $a3-2t WM. A. GATLEY, Secretary. DISSOLUTION OF PARTNERSHIP. ‘The copartrersbip heretofore existing between the undersigned under the firm name of Ellis & Cuappel Is tole day dissolved by mutual conseht. iiliam K. Ellis baving purchased the interest 1, Will contimde the Keal e Estate, Loan at the old ~ stand, "No. 525 11th st. n. K. CYRUS W. OHAPPEL. ja3-2t OFFICE OF THE MUTUAL FIRE INSURA} Company of the District of Columbia, Washing- ton, D. C., January 3, 1896.—The annual meeting of the Mutual Fire Insurance Company of the Dis- triet_of Columbia be held on the THIRD MONDAY of JANUARY, 1896, the 20th instant, At the office of the conipans, corner of Pennsyl- ¥ania avenue and Ninth strect northwest, com- meneing at 9 o'clock a.m. By the charter of the company the election of seven managers to conduct the affairs of the com- pany Is required to be held at the above meeting. Ry the sixth article of the by-laws of the com- pany it is provided: “At the annual mecting of the company the first business in order shall be the appointment of a chairman, who shall conduct the meeting and election in accordance with the act of incorporation, between the. hours of o'clock a.m. and 6 o'clock p.m." Amount of premium notes held by the company. 461,582 00 .. Amount of cash 8,484 13 Becnrities 284/858 98 Kenl estate. 70,000 00 Office furniture Cm See 500 00 Loss=s by fire for the year 1895, ‘adjusted and paid. ..---° 009 ‘The annual statement will be ready for’ distri- bution at the office of the company about, January Tth Instant. By ofder of the board of managers. $a3-15t J. WESLEY BOTELER, Secretary. MES. McDONALD, READER AND TESD ME- dium, will bold seance TONIGHT, No. 15 11th st. se. Bring a flower for a message. 1t® WASHINGTON MARAET COMPANY. ay videud No. 38. A dividend of 40 cents a sbare on the capital stock of this company has been declated, and will be payable at the office of the company in Center DARRMLEL, We CORUIDEN: Secretary, $ BN, Secretary. WASHINGTON, D.C., Bee. 31, 1805. Jad-8t X SUITABLE REWARD WILL BE PAID For IN- formation concerning the whereabouts of Katie Frey. who left her residence, 725 Va. ave. DNDAY, Dee. 20, in company with her tne children, ‘Annie and Heric, aged 6 and 1, respeetivels. CUS C. FREY, 725 Va. ave. s.c., ‘Werhington, D.C. 1 EVERYTHING IS DELIGHTFUL AT OUR REGULAR 50c. DINNERS. There's an elezant menu—that contains all the substantiais and delicacies in season—hesldes dishes of, our own. | ‘There's such as you've neyer tast fore. the sexview. Js simply gaotlices: Every day ¥Sy FRITZ REUTER'S, COR’ PA. AVE. AND 4% ST. IN accORDANCE WITH THE BY-LAWS, PHE regular annual meeting of the stockholders of the Georgetown and. Teunallstown Railway Company wiil be held at the Power House, 324 st. ex- tended, Wednesday, JANUARY 8TH, NOON, Polls will be Ja3-4t* 0. T. CR EPIRITUALISM_AMSS MAGGIE GAULE OF BAL- tituore, the wonderfal medium, every FRIDAY during'day. for private aitttlogs, 05 1 st. n.w. Ve jase AY NIGHT, Wonu’s Hall, 721 6th st. rugs. pre- as, birds and animals by most modern and approved methods of scientific taxidermy at low prices. SCHMID'S EMPORIUM OF PETS, 712 12th st. mw., 1241 Pa. ave. nw. ‘Ja2-2w* FOR RENT_H IRMERLY OCCUPIED BY 13th st., just above ble cars; house built ia 1803; elegantly finished in ivory white; and electric Tights; 7 s communi. ‘Washington, D. C. ae JANUARY 1, 1896, sold to my son, Edward dyeing and ‘leaning business, 1068 Jefferson fest Washington, I desire to ex- Rivera pa daring the last" forty years, ani o forty years, rejuest a continuance ‘of the same. for By" on. Parties indebted to the firm at this date will pay ac pre- all creditors havi OPEN FIRES_THE RIDEAU STOVE, AN ARTIS- tle grate, may be used in any chimney, with or without mantel, and combines heating’ qualities with the res of an upen fire, burning hard ‘or soft coal or wood. J. H. CORNING, Tile Shop, 520-522 13th st. jal THE ANNUAL MEETING OF THE the Eckington and Ft , on WEDNESDAY, Janu- ary the hours of 12 and 2 o’elock p.m. Transfer books will 21 closed on — 5: MN EWBOLD, President. H. K. GRAY, Secretary. >” deztdtd STOCKHOLDERS OF THE 2 ook for the electiun of he com- pany, central” power’ station, on WEDNESDAY, Ree Gus or Jantary, 1806. ‘The polls will be'gpened at 10 a.m. and closed lates G. T. DUNLOP, President. ©. M. KOONES, Secreta de2L-15t WASHINGTON MARKET MPANY. ‘The annual a the stockholders of the ‘Washington Market pany will be held at the office of the ccmpany, in Center Market, in the eity of Washington, at 12 o'clock moon on the first MONDAY, being the 6th day of January, 1806, for the choice of thirteea directors to serve the engu'ng year, and to a¢t on any other subject within the power of the corporation that may come befor: the meeting. SAMUEL W. CURRIDEN, Secretary. Washington, D. C., Dec. 20, 1895. d2itojaé CALENDARS FUR ‘96. Hundreds of designs here. Prices frou $20 Tm. upward. de2 MeQUEEN'S, 1108 E STRI NW. ‘The '96 “Columbia” is the ‘fesult of 19 years of careful study and constant improve- ment. Poe ieee pert perfect, taken ali in all, it's ths acme of bicycle gerfection. "93 Co- Imcbias_ cost $100. DISTRICT CYCLB co. “Columbias,"” “Hartfords,”” 452 Pa. . = ave. ja2-14d Forgotten Blank Books? We've all kinds—Journals, Records, Ledgers, Day Books, Cash Books, ete. More styles here perhaps than elsewhere. Prices are lower roto. f7There’s nothing in the staticnery line that you could wish for the office and library—that We can’t = Easton & Rupp, 421 11th St., Popular-Priced Stationers. (Just above ave.). Ja3-14d Paint that lasts —and looks well while it lasts—is the sort of Pain* yon ought to use. ‘‘Model’”’ Paints are very durable; they are not easily af- fected by heat They are a good invest- -ment $1.50 gal. can. CHAS. E. HODGKWN, 913 7th st. Jal-15a More of youought to know of my process for duplicat- ing typewritten letters. So much Ike real typewriting that experts cannot tell the difference te BYRON 8. ADAMS, “Prompt Printer,” 512 11th st. Ja2-14d * = P-h-y-s-i-c-i-a-n-s —recommend and prescribe “Old Berkeley”” Rye Whisky. Isn't that pos- itive proof that “Old Berk- eley™ is the best? $1 full qt., and for sale here oniy. James Tharp, 812 FSt.N.W. jal-10a -- TWO CAR LOADS Of Bicycles will be here in plenty of time for the CHRISTMAS trade, at prices varying from $40 up to $75. All brand-new goods, 1996 pat- terns, and the best values we have ever offered at the prices. We can furnish all sizes from 24 to 28-inch wheels, and while these goods are not purctased for Christmas gifts only, they are well adapted for that purpose, being fully guaranteed by the manufacturers. 1896 patterns of RAMBLERS are also coming rapidly along, and While a little higher priced—$100—we can show you where the difference lies. You, can tell an 1896 RAMBLER wher you see It. Gormuliy & Jefieryllfig.Co., 1325 14TH N.W. 431 10th N.W. de21 THE EVENING STAR, FRIDAY, JANUARY-3, 1896--TWELVE PAGES, SHERMAN’S SPEECH He Reviews the Financial System of the Government. AGAINST RETIREMENT OF GREENBACKS ' Deficiency of Revenue the Cause of Present Difficulty. ADMINISTRATION CRITICISED One of the most important features of the present Congress was a speech delivered in the Senate today by Mr. Sherman on the financial situation of the country. “4 “The President in his annual message to Congress confined himself to two important subjects,” said Mr. Sherman; “one our for- eign relations, and the other the condition of our national finances. He followed it by another message on the application of the Monroe doctrine to the controversy between Great Britain and Venezuela. “While Congress has heartily, perhaps too hastily, but with entire unanimity, sup- ported him in maintaining the interests and honor of our country in the field of diplomacy, it has not and will not approve his recommendations on the more important Subject of our financial policy, and espe- cially of our currency. He Hi Mistaken the Cause. “He has mistaken the cause of our pres- ent financial condition in attributing it to the demand for gold for United States notes instead of the deficiency of revenue caused by the legislation of the-last Congress. He places the effect before the cause. He pro- Poses a8 a remedy the conversion ‘of the United States notes and the treasury notes into interest-bearing bonds, thus increas- ing’ the interest-bearing debt nearly $500,- 000,000. He proposes a line of public Policy that will produce a sharp contraction of our currency, add greatly to the burden of ex- isting debts, and arrest the Progress of al- most every American industry which now competes with foreign productions. “The President is supported in these views by Mr. Carlisle, his able Secretary of the Treasury, in his report to Congress. It is with diffidence I undertake to controvert their opinions, but my convictions are 30 strong that they are in error that I hope the strength of the facts I will submit to the Senate will convince it that the true line if public policy is to supply the government with ample means to meet the current ex- Penditures and to pay each year a portion of the public debt. The gold reserve provided for the redemption of United States notes can then be easily maintained without cost, except the loss of interest on the gold in the treasury, but with a saving of interest on United States notes and treasury notes of five times the interest lost by the gold held in reserve. A vastly greater benefit than saving interest is secured to our people by a national paper currency at par with coin, supported by the credit of the United States, and redeemed on demand in coin at tke treasury in the principal cit: United States. _ Bs a y ots The Only Difficulty. “The only difficulty in the way of an easy maintenance of our notes at par with coin is the fact that during this administration the revenues of the government have not been sufficient to meet the expenditures au- thorized by Congress. If Congress had pro- vided the necessary revenue or if the Presi- dent and Mr. Carlisle had refused to expend appropriations not mandatory in form, but permissive, so as to confine expenditures within receipts, they would have no difficulty with the reserve. This would have been a stalwart act in harmony with the President's character, and certainly within his power. All appropriations which are not provided to carry into effect existing law are permissive but not mandatory, and his refusal to ex- pend money in excess of the revenues of the government would not only be justified by public policy, but would have been heart- ily approved by the people of the United States. He knew as well as any one that since the close of the civil war to the date of his inaugurationgthe expenditures of the government had been less than its receipts. I have here a table which shows the re- a and expenditures each year from 1866 Mr. Sherman reviewed what had been a complished by the sinking fund of the g0" ernment since the close of the war, and sai The McKinley Law. “The President, in his recent annual mes- sage, complains that the law of October 6, 1890, known as the McKinley act, was ‘in- efficient for the purposes of revenue.’ That law, though it largely reduced taxation by placing many articles on the free list and granted a bounty for the production of sugar, yet did not reduce revenues below expenditures, but provided a surplus of $37,239,762.57 June 30, 1891, and $9,914,453.66 June 30, 1892, and $2,341,674.29 on the 30th of June, 1893, when Mr. Cleveland was Pres- ident and a democratic majority in both houses of Congress had been elected, all Pledged to repeal the McKinley act and to reduce duties. That the McKinley act did rot produce More revenue in 1893 and 1894 is not a matter of surprise. Any tariff law denounced by the party in power with a promise to repeal it and to reduce duties would prevent importations under the old law and thus lower the revenue. Early in December, 1893, at the first regular session of Congress during Mr. Cleveland's term, a bill was formulated, and, as soon as prac- ticable, passed the House of Representa- tives. That bill met the hearty approval of the President. If it had become a taw as originally presented, the deficiency in the revenue would have been much greater than now, but conservative democratic Senators, with the ald of republican Senators, greatly improvdd th2 House bill, added other duties and changed the scope of the measure. With these amendments it became a law. The President refused to sign it, expressing his opposition to the Senate amendments, and yet now supports it when deficiencies have been greatly increased, when the public debt is increasing, and doubts are expressed as to the ability of the government to maintain its notes at par with coin. The President makes no mention in his message of these deficiencies, no mention of the issue of in- terest-bearing bonds to meet them. Thu Secretary of the Treasury is more frank in his statement. He reports a deficiency of $69,803,260.58 during the fiscal year ending June 30, 1894, and for the year ending June 30, os Sean is and for the six months prior to December 1, $17,613,539,24; all $130,221,023. a “No complaint was made that the McKin- ley law ‘was inefficient for the purposes of revenue’ when the Wilson bill was pending. ‘The objection to the McKinley law was that it was a ‘protective tarift’ and the Wilson bill was a ‘revenue tariff.’ Cause for the Demand for Gold. * “The deficiency of revenue was the prim- ary cause of the demand for gold for the United States notes. The gold hoarded for resumption purposes was not Separated from the money received for current rev- enue, and this revenue being insufficient to meet expenses the gold accumulated for redemption purpcses was drawn upon to make geod deficiencies. This created a doubt of the ability of the government to maintain the parity of United States notes with coin, and led to their presentation for redemption in coin. The draft on the treas- ury for coin during this administration has been greater than the amount of deficiency of revenue during the same period. In every aspect in which the subject present- SPECIAL NOTICES. Unique Thing in Diamonds Is the fact that every stone I sell ts pete golor and cutting. Diamonds trom $3.50 1D te 000! IER—310 9th 4a3-6a Sartorial Elegance. Every suit that leaves here—has that stamp of being “‘au fait’—and marks the Wearer as boing correctly dressed. Clever and high-priced workmen—and my’ personal supervision contributes to turning out work— in all cases satisfactory. SCHUTZ,“A"tst in Cloths,” 809 Vt. ave Ja3-14d in any form positively and perma- Cancer $2.27 form, nesitively 20 perma: treatment; city references, C. H. ENGLISH, M.D., ne8-3m 1107 @ st, naw. THE OFFICIAL WEATHER MAP hI J a Maw io) EXPLANATORY NOTE: Observations taken at 8 a.m., 75th: meridian time. Solid lines are 190 bars or lines of equal air pressure, drawn for egch tenth cf ar inch. Dotted lines are isotherms or Mines of equal temperature, drawn for each ten degrees. Shaded areas nre regions where rain or snow has fallen during preceding twelve hours, The words “High” and “Low” show location of areas of high and low barometer. Small arrows fly with the wind. LIGHT SNOW TONIGHT. A Cold Wave Predicted for Tomorrow “to Lust Several Days. Forecast till $ p.m. Saturday—For New England, light snow today or tonight, fair Saturday; much colder, with a cold wave; northwesterly winds, high on the coast. For eastern New York, light snow to- day, fair tonight and Saturday; much colder, with a cold wave: high northwest- erly winds. For eastern Pennsylvania and New Jer- sey, fight snow today or tonight, fair Sat- urday; decidedly @older, with a cold wave; brisk northwesterly winds. For the District of Columbia, Delaware and Maryland, Virginia, light snow and much colder tonight; Saturday, fair ond severe cold wave, followed by several days of temperature near. or shghtly above zero; northwesterly winds. Weather conditiors and general fore- cast—The area of high pressure has in- creased in intensity in the Rocky mountain districts, the barometer reading this morn- ing at Calgary 31.20 inches. A storm of considerable intensity covers New England, central ‘in the middle Saint Lawrence valley, the barometer reading at Quebec this morning being 29.88 inches. An immense cold wave is moving east- ward,the front having reached the Ohio and lower Mississippi valleys. It will cover New England, the Atiantic and east gulf states by Saturday morning, causing a fall of 20 degrees to 40 degrees in temperature. anusually cold weather may be expected for two days in the eastern districts. A Cold Wave Coming. ‘The weather bureau has issued the fol- lowing bulletin: Hoist cold wave flag; tem- = perature will fall 20 to 30 degrees during Saturday, and to near zero, continuing Sun- day. * Condition of the Water. Temperature and condition of water at 8 a.m.: Great Falls; temperature, 35; con- dition, 1 Receiving reservoir, tempers ture, 40; condition at north connection, 1; condition at south connection, 1. Distrib- uting reservoir, temperature, 41; condition at influent gate house, 3; effluent gate house, 3. Tide Table. Today—Low tide, 3:42 a.m. and 4:00 p.m. High tide, 9:26 a. and 10:00 p.m. Tomorrow--Low tide, 4:26 a.m. and 4:31 p-m. High tide, 10:26 a.m. and 10:46 p.m. The Sun and Moon. Sun rises, 7:23. Sun sets, 4:47. rises, 8:11 p.m. today. morrow. Moon Sets 9:37 a.m. to- The Bicycle Lamps. All bicycle lamps must be lighted at 4:47. The police regulations require that “All cycles, bicycles and tricycles in motion after sundown shall carry a suitable light. The City Lights, Gas lamps all lighted by 6:01 p.m. Ex- tinguishing begun at 6:07 a.m. The light- ing is begun one hour. before the time named. dered. Naphtha lamps all lighted by 6:04 p.m. Extinguishing begun at 4:22. The naphtha lamps burn fifteen minutes later In the morning than the gas lamps, and the moon schedule does not apply to the: Public are lamps lighted at 5:34 p.m. and extinguished at 6:52 a.m. Range of the Thermometer. The following were the readings of the thermometer at the weather bureau today: 8 am., 44; 2 p.m., 38; maximum, 47; min- imum, 38. If clear less lighting may be or- ef itself to my mind I come to no other conclusion than that the deficiency of revy- enue and the*consequent encroachment upon the redemption fund is the cause of our present financial condition, and that the only remedies cre either a radical re- duction of expenditures or an increase. of taxation, and perhaps both. I do not be- lieve that the condition requires a suspen- sion of public works or a postponement of measures now in progress to strengthen the army and navy. “It is strange that the President in deal- ing with our financial condition should ig- nore entirely the pregnant and controlling fact that during his term of office thus far three issues of bonds have been made amounting in the aggregate to $162,316,400, to meet current expenses in times of pro- foynd peace. He attributes all our finan- cial difficulties to the continued circulation of United States notes and treasury notes, debts’ bearing no interest, amounting to nearly $500,000,000. His statement of the origin and history of the United States notes is strongly tinged with prejudice, for though these notes were irredeemable for a time they were convertible into bonds bearing interest payable In coin. They re- placed notes issued by banks chartered by several states. ineohey were the best possible substitute for coin, and in connection with the bonds of the United States they furnished the means by which alone the army and navy could have been sustained during the war. No Disturbance for Thirteen Years. “From the ist day of January, 1879, to the election of Mr. Cleveland, in November, 1892, there was no disturbance of the or- derly receipts and exchange of gold and currency. The gold deposited in the treas- ury in exchange for gold bonds in the sum- mer and fall of 1878 amounted to $95,500,- 000. The ordinary current revenue in the treasury conducted the vast operations of the govefnment without friction or trouble for nearly fourteen years. United States notes were at par with coin, not only in every part of the United States, but in every country in the world. During all that long period United States notes were presented for reiemption, but in amounts comparatively insignificent. I have here a table prepared by the Treasury Department by which it appears that during thirteen years, from the ist of July, 1879, to the Ist of July, 1892, the redemption of United States nates in gold averaged less than $3,- 000,000 a year, while during the last three- and-a-half years the redemption of United States notes and treasury notes exceeded $10,000,000 for each year. During the first thirteen years gold was exported in large quantities, but it was not drawn from the re- serve. But during the past three-and-a-half years $360,000,000 was drawn from the re- serve and. $305,000,000 exported. The bal- ance, with the domestic supply of gold, was hcarded in the United States. “During the first term of Mr. Cleveland, when he was powerless to affect our cur- rency and tariff policy, the Senate being republican, the gold increased from $240,- 000,000 on’ the Ist of April, 1885, to $320,- 000,000 on the ist of April, 1889. This gold came into the treasury without cost, in ex- change fer United States notes or gold cer- tificates. fs When He Was Secretary. “Tt is just to Mr. Carlisle to say that he attributes the withdrawal of gold to silver legislation, yet the Bland-Allison act was in force from 1878 to 1890, when the accu- mulation of gold occurred, and the great body of gold was withdrawn after the act of July 14, 1890, was repealed. In 1880, while I was Secretary of the Treasury, the government received over $60,000,000 of gold in exchange for silver certificates and Unit- ed States notes, and yet this was done after the Bland-Allison act was in force and the silver certificates had been issued under that act. United States notes and silver certificates were more convenfent to pur- chase cotton and corn, and, when main- tained at parity with coin, will always be preferred in large commercial transactions, as well as in the current business of life. “In view of these official facts can any fair man doubt as to the cause of our financial condition? What other cause can be stated than that unwise legislation re- duced our revenue below our expenditures, impaired confidence In our ability to main- tain our, currency at par, and compelled the government to sell bonds provided for the redemption of United States notes in order to meet deficiencies? What other remedy is there for our financial difficulties except to borrow money on the best terms possible to pay current deficiencies and to provide additional revenue for future wants? To this extent and for these purposes I am willing to support this administration, how- ever much I may disagree with its general policy. ‘The President Not Satisfied. “But the. President is not satisfied. He demands the retirement and caneellation of all the United States notes and treasury notes by the sale of bonds of the United States, bearing interest. In his annual mes- gage he says: ‘In anticipation of impend- ing trouble, I had on the 28th of January, 1895, addressed @ communication to the Congress fully setting forth our difficulties and dangerous position, and earnestly rec- ommending that authority be given the Sec- retary of Treasury to issue bonds bearing a low rate of interest, payable by their terms in gold for the purpose of maintain- ing a sufficient gold reserve, and also for the redemption and cancellation of out- standing United States notes and the treas- ury notes Issued for the purchase thereof, for the purposes provided in said act, and none other.’ “The President complains that the notes are presented and paid, reissued and paid again, making a continuous circuit. When did this circuit commence? The only an- swer is when the administration, supported by the last Congress, created a’ deficiency. Why does this circuit continue? It is be- cause the deficiency continues. The gov- ernment resorted to the financial policy of Micawber. It gives its bonds and thinks the debt paid. But the cjrcuit continues. The money received for current revenue is paid to cover deficiencies, and is returned for gold, and then more bolls. The Sec- retary hopes that in two or three years there will be no deficiency. .What is the ground for this hope? Is (t that a new ad- ministration will provide more revenue, and then the circuit wil Ye broken? Why not apply the remedy now?’ Congress to Give ifeliet. “If defalcations occur Gokgress should immediately supply the ‘means to meet them, and Congress, and fot'the adminis- tration, must be the judge $f'the mode and tanner of relief. The invasion and mis- application of the resumptign fund is of infinitely greater injury to owr people than the imposition. of ten times. the amount of taxation. seam fap “It js sald that the. law-for-their in- creased reissue is mandatory. That is not @ fair construction of the law: The plain meaning of it is that the redemption of the notes shall not cause their cancellation. They are placed on the footing of bank notes. “The government ought to exercise the same prudence. The President is of the opition that the United States notes and treasury notes should be retired and give Place to bank notes. This is‘a question for Congress to decide. It is:certainly not of that opinion now, nor was the last Con- gress of that opinion. Outside of a few large cities, where banking facilities are abundant and business‘ is transacted by checks and commercial paper, there is no desire for the retirement of national paper money. It is not right for the executive authorities to discredit this money by using it for current deficlencies. It was the use and dispersion of the redemption fund that created the circle of which:he complains. The Treasury Notes. “I believe that under existing law the ag- gregate sums of United States notes and treasury notes issued under the act of 1890, amounting to about $466,09%),000, can be eas- ily maintained at par with coin if the two amendments I have mentioned are adopt- ed by Congress. These notes are a legal tender for all debts, public er private. They are a debt of the United States without in- terest and without other material cost to the government than the interest or the cost of the coin or bullion held in the treas- ury to redcem them. They are preferred by the people to any other form of paper money that has been devised. They have all the sanctions of law and all the secur- ity that_has been or can be given by our bonds. They have the pledge of the public faith that they will be redeemed in coin. The substitution of these notes for state bank pap2r money is one of the greatest benefits that has resulted from the civil war. These notes have all. the sanction, protection and security that has been or an be given to our national bank notes with the added benefit that the large sav- ing derived from them insures to the peo- ple of the United States instead of the bankers. Another reason founded upon be- Uef 1s that the national banking system could not long endure if the United States notes were withdrawn. I will not on this oecasion discuss this or any other of the numerous financial questions involved, such as the policy of requiring the duties or im- ports to be paid in gold. The imports are purchased with gold, are paid for in gold, and we may require gold duties. The dis- position of silver certificates is a much more serious problem. ‘They are in express terms redeemable in silver dollars. While the silver dollars are maintained at par with gold, it would seem that there was no injustice In paying the silver dollars for silver certificates. ; Then,, es up the question of free coinage ars which I ce) i regard as the most dan; is policy. All these are vital questions 1°48 not wish to mingle with the rressing ‘tewommendation of the President in his last annual mes- sage, ‘that, authority be given the Secre- tary of the treasury to issue bonds of the United States, bearing ‘a rate of in- terest, payable by their terms in gold, for the purpose of maintaininga ‘sufficient gold reserve and also for ‘the ré@emption and cancellation of outstaidir& ‘inited States notes, and tha treasury ls issued for the purchase of silver ufftér the law of 1890.’ He mmends the ange of gold interest bonds torPfhd legal tender notes of the United Stated? afd the substi- tution of national bank ndte# as ‘our only currency. He'is supportedin this by large and influential classes cf* owt fellow citi- zens, most of them engagefl ‘ff banking or classed as capitalists. Their arguments mainly rest upon the diffteulties- encount- ered by the administration in maintathing notes. They forget that during a period of fourteen years, when thz-revenués of the government exceeded-the expenditures, and when the public debt was being reGuced with unexampled repidity, there was no difficulty in maintaining our notes at par with cuin. There is scarcely a doubt but that In all probable conditions of trade or finance except the contingency of war, the whole mass of the United States notes now in circulation can be maintained at par with coin if it is supported by a reserve of gold coin or bullion or silver bullion in due proportions equal to one-third or one- fourth of the amount of-such notes. Our Nationni Currency. “A careful study of the systems of banking, currency and, coinage adopted by the principal nations of Europe con- vinces me that our system, when cured of @ reserve In coin to redeem United States, a few defects developed by time, founded upon the bimetallic coinage of gold and silver maintained at par with each other, with free national banks established in every city and town of importance in the United States issuing their notes secured beyond doubt by United States bonds or some equivalent security redeemable on demand in United States notes, and the is- fue of an amount of United States notes and treasury notes equal to the amount Low outstanding, with provision for a ratable increase with the increase of popu- lation, always redeemable in coin, support- ed by an ample reserve of coin in the treasury, not to be invaded by deficiencies of revenue and separated by the subtreas- ury system from all connection with the receipts and expenditures of the govern- ment—such a system would make our money current in commercial circles in every land and clime, better than the best that now exists in Europe, better than that of Great Britain, which now holds the purse strings of the world. “It is not given to man to foresee with cer- tainty the future, but if we may judge the future by the past, the growth and prog- ress of our country will continue, the di- versity and extent of our industries will expand, the vast plains of our broad terri- tory will be teeming with population. The rapid growth of our cities, unexampled in the history of mankind, will continue. A century spans the life of the republic. What will. the next century do? I have seen great changes in my life. but those who'come after us will see greater changes still. I may on some proper occasion here- after give the reasons for my faith in our present financial system. All I ask now is that you will not disturb it with your de- ficiencies, you will not rob it of its safe- guards, you will not return to the days of wildcat money, you will not lessen the savings of prudent labor or the accumula- tions of the rich. Time makes all things even. Let us give to the executive authori- ties ample means to meet the appropria- tions you have made, but let us strengthen ‘ather than weaken our monetary system, which lies at the foundation of our pros- perity and progress.’ ——- e_____ TOMORROW'S STAR. A Few of the Many Good Things It Will Contain. Saturday’s twenty-four-page Star will be @ feature number, as will bé seen by the following partial list of its cortents: THE BISHOP-ELECT. (lustrated.) Dr. Satterlee’s work in Calvary parish in New York described by a visitor. THE NEW CARDINAL. (llustrated.) The ceremony at the Baltimore Cathedral Sunday, and something about the lite of Mgr. Satolli. “OUT OF THUN.” (illustrated.) A short ‘story in three parts, by Robert Barr. Published complete in Satur- day’s Btar. THE PARIS SEASONS. (lllustrated.) Features characteristic of different per- jods in the calendar, as observed by Sterling Heilig. MODERN MEXICO. (ilustrated.) The new North American invasion across the Rio Grande. By Theodore W. Noyes. EPWORTH LEAGUE. (llustrated.) The new officers of the District league who will be installed next week. FABRICS IN SILK. (Illustrated. Great variety as well as beauty in de- signs fur stylish costumes, DISTRICT GRAND COMMANDERY. a- lustrated.) 5 An occasion of great interest to Knights Templar when the officers of the new Grand Commandery will be installed. THE POULTRY SHOW. illustrated.) The coming international exposition cf fowls, pigeons and pets. 36 a THE ART OF WAR. illustrated.) Some of the latest military devices adopt- ed in Europe. THE HEAVENS IN JANUARY. trated.) : The relative positions of the most im- portant stars and how to locate them. uus- THE AMERICAN NOVEL. Why its scenes will be laid in the na- tlonal capital. By Julia A. Schayer. THE SHERMAN MODELS. 5 Interesting description of the various de- signs fpr the statue which Is to be erecied in this city. JOHN BULL ALERT. Senator Squire tells “Carp.” how England keeps posted about our resources. ONE DASH—HORSES. ~ The conclusion of the story by Stephen Crane, the first installment of which appears today. HOARDING OF GOLD. Wonderful treasures hidden by oriental princes and withdrawn from circulation. OUR NORTHERN BORDER. What would be done for the protection of the lake cities in the event of war with Great Britain. es INDEX TO ADVERTISEMENTS. SRSIOS BINANGAL, FOR EXCHAN ULOPODLRIOREREAR Aa Ameen ROR mee mo OCAL ‘TIO: LOST AND FOUND. MANICURE | cPage MARRIAGES": -Page MEDICAL ~. *Page MONEY WAN sPage NEW PUBLICATIONS. Page OCEAN TRAVEL are PERSONAL .... Page PIANOS AND’ ORG. ‘Page POTOMAC RIVER BOATS. Page RAILROADS SPECIAL NOTICES M_ CARPET CLEANING. . SUBURBAN PROPERTY. UNDERTAKERS: WANTED enosebanc: ‘TED (Room! WANTED (Situations) Nicotine Neutralized CHEW AND SMOKE JMCAOC POUCH TOBACCO. NO NERVES QUAKING. NO HEART PALPITATING. re Ss =NERVOUS. =DYSPEPTIC. ST. MARK’S VESTRIES Decree Signed Today by Ohief Jus- tice Bingham. ‘THE DE FACTO VESTRY ENJOINED Counsel for Defense Says There Will Be an Appeal. A QUESTION. OF COSTS ——_.—___. Chief Justice Bingham today signed the decree In the suit resulting frcm the dis- puted election of vestrymen in St. Mark's Protestant Episcopal parish Easter Monday last. The dezree, as signed, ts in strict ac- cordance with the opinion rendered by the, court Tuesday last, declaring that the com- plainants, John P. Torbert, Henry J. Wy- lie, Wm. T. Kent, Welter Il, Marlow, Lex- icus A. Wood, Wm. R. Hillyer, John R. Keech, Robt. J. Walker, Ira H. Johannes, and Fredk R. Wallace, do now constitute the legally elected and qualified vestry of tke parish, and enjoining the defendants frcm exerciging and asserting any rights as such.. The defendants were ‘the vestry- men, headed by Mr. J. B. Bennett, as senior warden, who since last Easter have been acting as vestrymen and known in the Parish as the de facto vestry. Before the decree was signed Mr. Wm. A. Meloy on behalf of the complainants, and Mr. J. Walter Cooksey, representing the defendants, discussed before the court its form. but, with a slight alteration, the form of the decree, as submitted by Mr. Meloy, was signed. Mr. Cooksey objected te the decree stating that all of the com- plainants were duly elected, on the ground that the legulity of the election of those holding over from the election of 1894 was not such an issue in the case as to require such a finding by the court. But Chief Jvstice Bingham remarked that as the election of the holding-over members of the vestry had not been questioned, it was proper for the court to declare their elec- tion legal. The question of costs also gave rise to scme discussion,. Mr. Cooksey claiming that the defendants should net be forced to bear all of them. Mr. Meloy thought, however, that they should, claiming that the defendants had refused all overtures looking to an arbitration of the question, thereby compelling the complainants, he ssid, to go fo gieat expense to secure a legal settlement of the controversy. Cilef Justice Bingham remarked that the case presented an unfortunate state of affairs, the question at issue seemingly never hav- been previously determined here or in Marylend. He thought it right that the complainants should recover the taxable costs in the case, each side to pay its own attorneys’ fees. Text of the Decree. He then signed the decree, which was in the following words: “First, that the complainants 4o now constitute the legally elected and qualified vestry of St. Mark’s parish, Protestant Episcopal, in the District of Columbia, of whom John P. Torbert and Wm. T. Kent were legally elected to be the church war- dens, and the corfiplainants, John R. Keech, Ira H. Johannes, Frederick R. Wallace and Robert J. Walker, were legally elected See at the Easter Monday election of 1 “Second, that the defendants, Jos. B. Bennett, Samuel B. Roane, Chas. B. Fonda, Edwin K. Lundy, Adam Gaddis and Rich- ard J. Earnshaw, be and they are hereby restrained from exercising and asserting any rights as the vestry or as members of the vestry of St. Mark’s parish, Protestant Episcopal, in the city of Washington, by virtue of any pretended election in said parish on Easter Monday, 18%. “Third. Tet the defendants heréinbefore named discover, account for and pay over to said complsinants ail moneys which have been teken or received by them, or either of them, or offerings of the parish- icrers, or otherwise, in any way whatso- ever, for the use or benefit of said parish, ard, furthermore, that they do forthwith ceese wholly to intermeddie with, and surrender, return and deliver up te the complainants any and all books, plate, personal and real prcperty belcrging to said parish which they or either of them may have gained possesion of or control over; and that for the purpere of such discovery and account- ing this cause is referred to the auditor of this court,who shall require said defendants to attend before him ard state such ac- cocnt and discovery under oath, subject to cross-examinution, and upon such hearing the parties thereto may produce before the auditor any witnesses or other testimony prcper and pertinent to such hearing, upon which he shal: make report with all con- veniert speed for the further decree of this court. “Fourth. Finally, that the complainants recover of the defendants hereinbefore remed their cocts snd expenses of these proceedings, to be taxed by the clerk, ex- cepting attoreys’ fees, and now have ex- ecttien therefcr.” Contemplates an Appeal. Mr. Cooksey strongly intimated that the case would be carried to the Court of Ap- peals by asking the court to fix the amount of the appeal bond. He suggested $1,000 as the amount, but upon Mr. Meloy’s as- sertion that $1,000 would not cover the ex- penses of the appeal the court fixed the amount of the bond at $2,000. Mr. Cook- sey explained to a Star reporter that he could not assent to the decree, as signed, and stated that the case would, in his opinion, be surely carried up to the Court of Appeals. A Vestry Meeting. In accordance with a call from the rector, the members of the Torbert or de jure ves- try assembled at the church last night, but fas the decree had rot been signed no busi- ness was transacted. In case an appeal is taken ana a supersedeas bond filed, it is claimed that the de facto vestry will con- tinue in office until the appeal is finally de- cided, even if the case ultimately goes against them. An appeal hence might post- Fone a settlement of the trouble in the par- ish until after a new election is held in Easter. However, the majority of parti- sans of both sides express themselves as most anxious to have peace. Some of the defendants were of the opinion that there would be no appeal if the costs were not taxed againgt their side. They held that they were acting simply as the trustees of property, in a fiduciary capacity, and that it was unjust to levy the costs of the litiga- tion upon them. . ——— MINING IN MONTANA. ’ it of the Metals Taken Out in 1895. Amo: Montana produced in metals about $7,- 115,000 during 1895, :aking the value of the silver at the coinage rate and esti- mating the last two months of the year on a pro rata basis. The official report of the assayer for this office will not be ready until some time in March, but it is beliey- ed that the figures given will not vary more than a few thousand from the real amount. The production of gold will be $4,100,000, of silver 4,500,000 ounces, of copper 212,000 pounds and of lead 24,500,000 pounds. The output of copper is estimated as being 65 per cent of the production of the United States. The receipts of’ bullion at the Helena assay office during 1895 were 10 per cent greater than last year and 47% per cent greater than during 1893. ewe ‘The great ice palace at Leadville, Coil., is finished, and will be formally opened to the world January 10. The completion of the work was celebrated by a parade and speeches by local men. FINANCIAL. HILL & JOHNSTON, 1508 PB lvania_a\ MONI TO LOAN, eet ee oro-tt the trict of Columbia. A WALL STREET MANUAL FREE. Stocks, 10 shares upward, ought and sold on La 8. J. PECK & ©0., 62. Broadway, New York’ City. abgiablishea 1878. Members ‘Consol. Stock ES. EINAN WAS: W. E. EDMONSTON, Prosident. JAMES M. JOHNSTON, FRANK T. RAWLIN BERNARD H, JOHNSTON, WILLIAM B. LEY. Cc . D. UGHLAN, secretary of ft ‘Title Insurance Company of the Diese a in foregoing certificate are u best of my knowledge and belist. “"e * Se Subscribed and- nie W. B. Hibbs & Co., BANKERS, Members New York Stock Exchange, 1421 F Street. Correspondents of LADENBURG, TIIALMANN & ©0., de8-164 New York. First-Class Real Estate Securities Do Not Depreciate’ ‘With a fuctuating market... They constitute the 0s @ Une for our booklet, “ Investments." We have “gilt edige” six per cent first mortgage notes always on hand aud for sale at par and accrued ipterest. B. H. Warner & Co., @21-1m 6 F ST. NW. LIFE, TONTINE, ENDOWMENT AND PAID-UP INSURANCE FQLICIES PURCHASED AT 4 FAIR DISCOUNT, apttt EDWARD N. BURNS, 1419 F st. ow. FRANK WILSON BROWN BROKER, 1335 F St. N. W. Stocks, Bonds, Grain, Provisions and Cotton, Direct private wires to principal cities. Long-distance telephore 1414. Correspondentof Mess. Theo. W. Myers & Co., No, 47 New st.. New York, members of the New York Stock Exchange, Jel0-2stt The National Safe Deposit, Savings and Trust a poy fo OORNER 15TH ST. AND NEW YORK AVE. Jan, Sn aa ae Se ae SSE and Feb., 1892 CAPITAL: ONE ION DOLLARS. SAFE DEPOSIT DEPARTMENT. Rents safes inside burgiar-proof vaults at $5 Per annum upward. ities, Jewelry, silverware and of all kinds in oxner's , trunk or case taken on deposit at SAVINGS BANK DEPARTMENT. posits received fiom TEN CENTS upward, and interest allowed on $5 and above. ‘Treasurer, ANT, Socretary. ocl® CORSON & MACARTNEY, MEMBERS OF ‘THE wa York sTock NGI Broadwas, Bankers and Deale-s in Government Bonds, iT —— Loans. Ue ani all securities on the exchanges of New York, I kiadeiphia, Boston and Baltimore bought and sold A specialty made of investmwn: securities. — Dis- trict bons and_all. tora, Iatread, Gus, dasurance American Well Telepaune Stock ough: and sald. Our Free Letter. Ours is the only 4- Market Letter issued Gafly from New York and Chicago. It is full of gossip and live comment on stocks and ‘On request We will send this letter ‘ality, to deserve part of your business. Orders in any amount, for rash, or on 3 to 5 per cent margin. aa? wires, J. R. Willard & Co. Members Board of Trade, Ciicazo; Produce Ex- and Cons. Stock Exchange, New York. 47 New st. X. ¥.- 17 Board a ocl4Sm.15 ARE YOU INSORED AGAINST FIRE? ¥ shold be, on ‘both ygur bonuses apd tarniture: represent Dest foreign cn Lowest rates. JOHN L. WEAN Bt SILSEY_A COMP AN PANY Commission Stock Brokers. Correspondents J. R. Willard & Co. Toney to Loan 5, 5% and 6 Per Cent ON Real Estate, charges reasonable, and loans made without Gelay. WESCOTT, X_& HIESTON, aiéim 1907 Pa. ave. nw. The Acetylene Gas Co. The Carbide Co. Owning exclasive te or the city of Wasking- Light, Heat and Power. Onr Lewis Johnsan & Co. Treasurer iumited number of shares will per share; par payments of $8 IN AS. N WAKE o: e received by the tretaurer at vs value $80—payable in six mon’ tions for the gas will be received at the companied ofice, B19 ith ee miwe ais-tt T. J. Hodgen &Co., . BROKERS AND DEALERS. STOCKS, COTTON, GRAIN AND PROVISIONS. Rooms 10 and 11, Corcoran bidg., cor, 13th and F sts., and 005 7th st. nw. OFFICES, Philadelphia, Baltimore and Washington, de10-1618° WE TAKE AS COLLATERAL ANY LISTED STOCK or bond in ans city of the United States; also old ne life insurance policies, syndicate certifi- cates, wi erott runt ERRES & imei Weal Wee The Union Savings Bank, 1222 F Street .N. W., Pays four per cent interest on savingsaccounts. Open until 5 -p. m. on Govern- ment pay days and Satur- day evenings between 6 and C._T, Havenner, Member Washington Stock Exchange, Rooms 9 and H, Atlantic building, Stocks, Bonds & Grain. Private Wires, New York and Chicago. Investment Securities. ‘sale—T5, and N. ¥. R. 2 Co. ist yee 3 "ent gold bonds at 84 and int ‘Tel. 453. any

Other pages from this issue: