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I^yelax^^^SAGE: ^ THE FATAL FAULTS OF OUR AWKWARD FINANCIAL SYSTEM. State Kauk<> Recommended and the Bond Issue Defended?Secretary Carlisle's Plan to Iiender the Cnrreucj' More Flexible Endorsed by the President. Washington. Dec. 5.?The following is a synopsis of President Cleveland's Message which was sent to Congress on last Monday: To the Congress of the United States: The assemblage within the nation's legislative halls of those charged with the duty of making laws for the benefit of a generous and free people, impressively suggests the exacting obligation and inexorable responsibility involved in their task. At the threshi old of such labor now to be under-] ^ e I i ta&en Dv trie congress oi UltS UiUCCU j I States, and in the discharge of an executive duty enjoined by the Constitution containing a bi*ief statement of the condition of our national affairs and recommending such legislation as seems to me necessary and expedi. ent. The history of our recent dealings with other nations and our peaceful relations with them at this time additionally demonstrate the advantage of consistently adhering to a firm but | just foreign policy, free from envious ! or ambitious national schemes and J characterized by entire honesty and ! sincerity." During the past year pursuant to a law of Congress, commis-! sioners were oppointed to the Antwerp ? ' TX-? mi. V +1^1 ' Industrial Jiixpeuiuoxi. .iuuu^u mo participation of American exhibitors j - fell far short of completely illustrating ^ our national ingenuity and industrial i achievements, yet it was quite creditable in view of the brief time allowed * - for preparation. The message treats first of cur for-1 " . eign relatiohs, and disapproves^of the situation at Samoa, decl^v-kit? the pres-1 ent peace to be unstable*and recom- j mending onr^vithdrawal as soon as i ?ivZ our connection with j the alfair. He calls attention to the ?gpj?r- good service of our ships at Rio de Ja neiro, and to the termination of certain treaty arrangements between this ; . country and Brazil under the new tar-1 iff; also to the signing of a new treaty -rrr^ fThi-na "FTp roirmients unon the danger to our people resident "in China during the Japan-China war. and would heed any intimation that our aid would be acceptable in terminating __ -hestiHtftes. He" calls attention to " " trade differences with Germany grow=vi ing out of our tariff on sugar, and recommends the repeal of the one-tenth of one per cent. tax. He recommends - the acceptance by this country of the award of the Paris tribunal in the Behring Sea controversy, and the > prompt payment by t his country of the $425,000 in full payment of all claims of Great Britain. He reviews the Bluefields incident at some length and sets forth in familiar manner our reS-v. lations with the various foreign powers. The President -shows a ?reat appreciation of the citizen soldiery of the, !._ - several States, and after commending ^r Secretary -Lamont s pian iw rwi^au- | izing the regular army, he says: "The, reports of the militia inspections by j regular army officers show a marked j increase in interest and efficiencv among: the State organizations, and 1 strongly recommend-a, continuance of the policy of affording every practical encouragement,possible to this impor* tant auxiliary of our military estab. lishment" * The President warmly commends the work of the Circuit Courts of Appeal, and favors the addition of another judge in each district. He also favors a United States Court for the In"* " TT dian Territory, ne urges mc wiucmentof the Union Pacific Railroad matter by this congress in some way that will* take the road out of the hands of the receiver as speedily as possible. The President repeats his former recommendations in favor of government prisons for government prisoners, and everybody will endorse his approval of the Secretary of War's recommendation that the present military prison at Eort Leavenworth be turned over to the government for the imprisonment of Eederal convicts. There is no demand for a special penitentiary for members of the ?"my, and Mrl Lamont declares that it c<*n be turned over to the government for other purposes with an actual saving /vf mrvnA-c- +n thft War Department. :: - The President cordially endorses the recommendation of Postmaster General Bissell with reference to restrict^ ing or remodelling the law with reference to second class matter in the mails. This privilege properly allowed bv the government for the distribution m of newspapers to the people, is iaken advantage of by advertising sheets and by trashy novels, and for the distribution of tons of garden seeds, so that the Postmaster ^General declares that if these abuses were corrected there ; would not only cease to be a deficit in the Postoffice Department, but that legitimate newspapers could be distributed through the mails free. President Cleveland favors additional ships and torpedo boats for the + ^ t navy, ana tne conimumg- vj. ?wn. vn . our coast defence. He urges a revision of the line of the navy, and the passage ?- of laws that will make it possible for feitSfulrTaenibers to receive promotions that will create a corps d'esprit that is now badly needed. The President does not believe in pushing the question of allottments of land to Indians too fast, and thinks if old farmers are crying hard times, it is not to be expected that Indians can begin farming and make a living. He agrees ' with the Secretary of the Interior against the sale of lands remaining after an apportionment, until it shall have developed by experiment that the Indians were ready forallottment. He commends the exposure of pension frauds, and it is believed by the commissioner of pensions that the year rtf 189-5 Trill spe hicrh water mark in the number of pensioners. After thethirtieth year it is estimated that the number must begin to decrease. The eleventh census entailed an expense of over ten millions last year. It will comprise when completed 25 volumes of 22,270 pages. The Agricultural Department seems to have made sub* - stantial savings fr^- . i its appropriation without detriment ro the service. The President concurs in 'the Secretary's recommendation that the free distribution of seeds cease, except to experiment stations, and that the agricultuI* ral reports be greatly limited in number. The President stands warmly to the "support of the Civil Service. He recommends the appointment of a national board of health and national quarantine regulations. With reference to the tariff President Cleveland expresses a mild interest in free coal and iron, and declares in favor of striking out the sugar differential duty which enriches the trust, and emViom>occoc /-vni* fnr?iorn mmnt^rcp is strongly in favor of free sliips. RECEIPTS AXD DISBURSEMENTS. The Secretary of the Treasury reports that the receipts of the government from all sources of revenue during the fiscal year ending June 30, 1804, amounted to ?372, S02,49$. 29,and its expenditures to $442,605.758. S7. leaving a deficit of $69,803,260.58. There was a decrease of $15,952,674.66 ill the ordinary enpenses of the government as compared with the fiscal year 1S93. There was collected Jroin customs $121, SIS. 530.02 and froin internal revenue ?l47,16Sv*?3.70. The balance of the income for the year, amounting' to si):}.815. ">17.97, was derived from the sales of lands and other The value of our dutiable imports amounted to $275,299,080, being $146.657,625 less than during1 the preceding1 year, and the importations free of duty amounted to $379,795,536, being ?64.748.675 less than during the proceeding year. The receipts from customs were $73,536,468.11 less,and from internal revenue $13.S36,539.97 less than in 1893. The total tax collected from distilled spirits was $85,259,250.25, manufactured tobacco $2S. 617. SOS. 62. and on fermented liquors $31,414,7SS.04. Our exports of merchandise, domestic and foreign amounted duri ing- the year to $892,140,572, being an ' increase'over the preceeding vear of $44,495,37S. The total amount of gol d exported during the fiscal year was $76, SOS,061, as against $108,680,444 during the fiscal year 1S93. The amount imported was 72,449,119, as against during the previous year. The imports of silver were $13,286,552, and the exports were $50,451,265. The total bounty paid upon the production of sugar in the United States for the fiscal year was $12,100,208. S9, being an increase of $2,725,078.01 over the payments made during the preceding" year. The amount of bounty paid from July 1, 1S94, to August 28, 1894, the time when further payments ceased by operation of law, was $966,185. SI. The total expense incurred in the payment of the bounty upon._sngar; during the fiscal year was 140.85. It is estimated that upon the basis of the present revenue laws, the receipts of the-.gerfcrnment during the current I fUw-jl ysDf on^irior .Time SO. 1895. will I be $424,427,74S.44, and its expendi| tnres $444,427,7-18.44, resulting in a deficit of $20,000,000. SOMETHING ABOUT SILVER. On the first day of November, 1S94, the total stock of money cf 'all kinds in the country was $2,240,773,SSS as against $2,204,651,000 on :he first day of November, 1S93, and the money of all kinds in circulation, or not included in the Treasury holdings, was $1,672,093,422 or $24.27 per capita upon an estimated population o;: 6S,SS7,000. At the same date there was held in the omnunfinff to &44.615. JHCIOLUJ .? T 7 7 177.55. and silver bullion which was purchased at a cost $127,779,9SS. The purchase of silver bullion under the act of July 14, 1S90, ceaied on the first day of November, 1SD3, and up to that time there had been purchased during1 the fiscal year 11,917,658.78 fine-ounces at a cost of $8,715,521.32, an average cost of $0.7313 per fine ounce. The total amount of silver purchased from the time that law took effect until the repeal of its purchasing clause on the date last mentioned, was $168,674,682.53 fine ounces, which cost $155,931,002.25, the average price fin a nnn?i former 0.944. The total amount of standard silver dollars coined at the mints of ihe United States since tne passage of the act of February 28, 187S is $421,776,408, of which $378,166,793 were coined under the provisions of that act, '?38,531.143, under the provisions of the act of July 14, 1890, and ?5,078,472 ur der the act providing for the coinage cf trade bullion. The total coinage of all metals at our mints during the last fiscal year, consisted of 63,4S5,220 pieces, [ valued at ?106.216,730.06, of which j there were ?99.474,912.50 in gold coin| ed, S75S in standard silver dollors, ! ?6,024.140.30 in subsidiary silver coin and ?716,91 j. 26 in minor coin. During the calendar year, 1893, the TNvwlnntion of nrecious metals in the I fjnited States was estimated at 1,739,323 fine ounces of gold of the commercial aryl coinage value of 835,955,000, and 60.000.000 fine ounces of silver of the bullion or market value of $46,800,000, and of the coinage value of $77,576,000. It is estimated that on the first day of July, 1894, the stock of metallic money in the United States consisting of coin and bullion, amounted to ?1,250,640,958, of which 8627.923,201 was gold, and 8624,347,757 was silver. . Fifty national banks were organized during the year ending October 31, 1894, with a'capitalof 85,285,000, and seventy-nine-with a capital of $10,475,000, went into voluntary liquidation. Twenty-one banks, with a capital of 82,770,000, were placed in the hands of receivers. The total number of national banks in existence on the 31st day of October last was 3.756, being fortv less than on the 31st day of Oc tober, 1S93. The capital stock paid in was ?672,671,305, being $9,678,491 less than at the same time in the previous year, and the surplus fund and undivided profits, less expenses and taxes paid, amounted to ?334,121,0S2.10, which was $16.0S9,780 less than on October 31, 1S93. The circulation was decreased ?1,741,563. The obligations of the banks to each other were increased ?117,26S,334 and the individual deposits were ?277,294,4S9 less than at the corresponding date in the previous year. , Loans and discounts were ?163",206.923, more than a.ttke same time the previous yeap;"and checks and other cash itemg^ere ?90,349,963 more. The. totei-^resources of the banks aj;?-the date mentioned amounted-^ ?3,463,922,05 as against ?3*199,563,284.36 in 1S93. THE AR3TY. From the report of the Secretary of IXTm* U otvt109N fVmf flip ?frprio-fch of "the arcnv on September 30, 1894, was 2,135 enlisted men. Although this is apparently a very slight decrease compared with the previous year, the actual effective force has been increased to the equivalent of nearly two regiments through the reorganization of the system of recruiting, and the consequent release to regimental duty of the large force of men hitherto serving at the recruiting deposits. The abolition of these deposits, it is predicted, will further more effect an annual reduction approximating ?250, 000 iii the direct expenditures, besides promoting generally the health, morals and discipline of the troops. The total expenditures for the War Department for the,year ended June 30, 1S94. amounted to ?56.039,009.34. Of this sum ?2,000,614.99 was for salaries and contingent expenses. $23,665.156.16 for the support of the military | establishment, ?5,001,682.23 for miscellaneous objects and ?25,371.555.96' fdr public works. This latter sum includes $19,494,037.49 for river and habor improvements and ?3,947.$13.56 for defense. The appropriations for the current year aggregate $52,429,112.7S, and the estimates submitted by the Secretary of War for the next fiscal year call for appropriations amounting to $52,318,629.55. POSTAL OPERATIONS. The report of the Postmaster Gen1 - O+A+A. 1 erai presents u cuLupicnciiii\ u ^wlcment of the operations of tlie Postollice Department for the last fiscal year. The receipts of the department during the year amounted to ?75.0S0,479.04 and the expenditures to $84,324,-114.15. The transactions of the postal service indicate with barometic certainty the fluctuations in the business of the country. Inasmuch, therefore, as business complications continued to exist throughout the last year to an unforeseen extent, it is not surprising that the deficiency of revenue to meet the expenditures "of the Postotfice Department, which was estimated in ad Wjggyft 1" "i rni 9m . . ^ v&aco itt about -fS,000.000, should bu ' exceeded by nearly $1,250,000. The total number of posto-fleas in the United States on the 30th day of June 1S94, was G9.S05, an increase of 1.403 over the preceding year. Of these, 3,428 were Presidential, an increase in that class of sixty-eight over the preceding year. Six hundred and ten cities and towns are provided -with free delivers. i\ raety-tnree omer cities and towns entitled to this service under the law have not been accorded it on account of insufficient funds. The expense of free delivery for the current fiscal year will be more than $12,300,000, anel under existing legislation this item of expenditure is subject to constant increase. The estimated cost of rural free delivery generally is so very large that it ought not to be considered m the present condition of affairs. During the year 830 additional domestic money order offices were established. The total number of these offices at the close of the year was 19,264. There were 14,304,041 money orders issued during the year, being an increase over the preceding ; year of 994,306. The value of these o /vm v*-f?wl -f/\ s:i ?*7Q .4.Q n."n VI UW 3 UiilVUAA UWl K,\s t ? v,v. v. "* "? " ? increase of $11,217,145. S4. There were also issued during the year postal notes amounting to $12,649,094.55. During the year 21S international money order offices were added to to those already established, making a total of 2,625, of such offices in operation June 30, 1S94. The number of international money orders issued during the year was 917,823, a decrease in number of 138,176, and their value was $13,792,455.31, a decrease in amount of $2,549,3S2.55. The number of orders paid was 361,1^0. an increase uover the preceriir~ year 01 uu,zua, ana meir value*'was $6,56S,493.7S. an increase of ?1,2S5,11S.0S. From the foregoing statements it appears that the total issue of money orders and postal notes for the year amounted to *165,235,129.35. The number of letters and packages mailed during the year for special deliveiy was 3,430,970. The special delivery stamps used upon these letters and packages amounted to ?343, G97. The messengers' fees paid for their delivery amounted to *261,209.70, leaving a balance in favor of the government of ?S2,4S7.30. The report shows most gratifying results in the wav of economies worked out with-l /p. -i- j-T- - ? out anecung me ciuucugv ujl mc ^uotal service. There are now connected with the postoffice estabiishent 32,601 employees who are in the*classified service.' This includes many who have been classified upon the suggestion of the Postmaster General. He states that another year s experience at the head of the departI ment serves only to strengthen the conviction as to jthe excellent working of the cilvil service law in this branch of the public service. PUBLIC LANDS AND PENSIONS. The public land disposed of during the year amounted to 10,406.100.77 ; acres, including 2S,S76.05 of Indian I lands. It is estimated that the public domain still remaining amounts to a little more tlian 600,000,000 acres, excluding, however, about 360,000,000 acres m Alaska, as well as railitary reservations and railroad and other selections of land yet unadjudicated. The total cash receipts from the sale of lands amounted to $2,674,285. 79, including $91,9S1.03 received for Indian lands. Thirty-five thousand patents were issued to Indians on allotments of their holdings in severalty. The land so allotted being inalienable by the Indian allottee and for a period of twenty-five years after patent, there were certified and patented on account of railroad and wagon road grants during the year SOS,556.45 acres of land, and at the closs of the year 29.000,000 acres were embraced in the lists of selections by rail road and wagon road companies ana awaited settlement. The selection of swamp lands and that taken as indemnity therefor since the passage of the s act* providing for the same in 1S49 t amount to nearly or quite 80,000,000 * acres, of which 58,000,000 have been patented to .States. Abut 13S.000 acres were patented during the last year. Neraly 820,000 acres of school and educational grants were approved during the year and at its close 1,250,363.81 acres returned unadjusted. At the close of last fiscal year on the 30th of June, 1S94, there were 969,544 persons on our pension rolls being a net increase of 3,532 over the number of reported at the end of the previous year. These pensioners may be classified as follows: Soldiers and sailors, survivors of all wars. 753,968, widows and relatives of deceased soldiers 215,162,army nurses in the war of the rebellion 414. Of these pensioners 32,039 are surviving soldiers of Indian and other wars prior to thelp^r" civil war, and the widows or relatives of such soldiers. The remainder,- num- , bering 937,505, are receiving pensions , on account of the war of the hellion and of these, 469,344 are on the rolls under the authority..of The act of June 27, 1890, someti^Tes called the dependent pension/iaw.? The total amount expended for pensions during the year was ?139,804,461, ^leaving an unexpended balance from , the sum appropriated of ?25,205,712. ; The sum necessary to meet pension expenditure for the year ending June 30, 1S96, is estimated at $14u,uuu,uuu. ; The Commissioner of Pensions is of the opinion, that the year 1895, being the thirtieth after the close of the W.ar of the Rebellion, must according to ; all sensible human calculation see the highest limit of the pension roll, and that after that year it must begin to decline. The claims oendinj? in the bureau have decreased more than $90,000 during the year. A large proportion of the new claims filed are for increase of pension by those now on the rolls. The number of certificates issued wn<? SO 213. The numbers 6f names dropped frem the roll "vras $0,213. The names dropped from the rolls for all causes during the year numbered 37,951. Among our pen-, sioners are ninewidows and three daughters of soldiers of the Revolution and fortv-five survivors of the war of IS 12. THE BO>"D ISSUE. During the last month the gold reserved in the Treasury for the purpose of redeeming the notes of the government circulating as money in the hands of the people became so reduced, and its further depletion in the near future seemed so certain, that in the exercise of proper care for the public -welfare it became necessary to replenish this reserve and thus maintain popular faith in the ability and detennination of the government to meet, as agreed, its pecuniary obliga tions. It would have been well if in this emergeacy authority had existed to issue the bonds of the government bearing a low rate of interest and maturing within a short period. But the Congress having failed to confer such authority, resort was neceesarily had to the Resumption Act of 1S75 and pursuant to its provisions bonds were issued drawing interest at the rate of 5 per cent, per annum and maturing ten years after their issue, that being ~ Vl/Yr?T7n/l ]"iV t Vl A lue aiioiicac umc autiiujiov" act. I am glad to say. however, that on the sale of these bonds, the premium received operated to reduce the rate of interest to be paid by the government to less than 3 per cent. Nothing could be worse or further removed from sensible finance than the relations existing between the currency the government has issued, the i 111-i "i 'it ~tr imr i"i"i v~ n-nm~r~ir n ibpOim gold heki for its j-cil-viaptiori and the a means which must be resorted to for j the purpose of replenishing such re- u demption fund when impaired. Even t if the claims upon this fund were con- b fined to the obligations originally in- o tended and if the redemption of these t< obligations meant their cancellation, the fund would be very small. But these obligations when received and f redeemed in gold are not cancelled but 0 are re-issued and may do duty many r, times, by drawing gold from the y Treasury. Thus we have an endless ^ chain in operation, constantly deplet- D ing the Treasury's gold and never near p a final rest. As if this was not bad enough, Ave have by a statutory decla- 0 ration that it is the policy of the government to maintain the parity between gold and silver, aided the force and momentum of this exhausting T process, and added largely to the currenc}* obligations claiming this pecu- T liar gold redemption. Our small gold reserve is thus subject to drain from everv side. The demands that increase our danger also inrease our danger a also increase the necessity of protect- a ing this reserve against depletion, and si it is most unsatisfactory to know that a the protection afforded is only a tern- e porary palliative. d It is perfectly and palpably plain ^ that the -only way under present con- ? ditions by which this reserve, when ^ dangerously depleted, can be replenish y ed is through the issue and sale of the ^ bonds of the government for gold and yet Congress has not only thus far de- 0 clined to authorize the issue of bonds ? best suited to .,uch a purpose, but there s<vtti3 a disposition in some quarters & to deny both the necessity and power ^ for the issue of bonds at all. I can * not for a momont believe that any of 0 our citizens are deliberately willing 7 "i..:- + h UJill UiCiX" suuuiu utiauu _ in its pecuniary obligations or that its * financial operations should be reduced s< to a silver basis. At any rate I should ^ not feel that my duty was done if I" omitted any effort I could, make to ? avert such a calamity. As long, there- ^ fore, as no provision if; made for the I final redemption or the putting aside of the currancy obligation now used ^ to repeatedly and constantly draw * from the government its gold and as a long as no better authority for bond " issues is allowed than at present exists, 11 such authority will be utilized when- * ever and as often as it becomes necesary J to maintain a sufficient gold reserve ^ and in abundant time to save the credit c of our country and make good the fin- , I t, ALl^Smi UCV;xtUCtl.lVMJ.O ui VU.J. 5U.1 uuuivuv. THE PRESSING QUESTION. ? Questions' relating to our banks and u currency are closely connected with a the subject just referred to and they ? also present some unsatisfactory fea- ? tures. Prominent among them are the lack of elasticity in our currency a circulation and its frequent concentra- r tion in financial centers when it is p most needed in other parts of the a country-. The absolute divorcement f, of the government to the currency of the country is advisable. This con- e dition cannot be immediately reached; i but as a step in that direction and as a q means of securing a more elastic and t] obviating other objections to the pres- fj ent arrangment of bank circulation, ^ tlie secretary of the Treasury presents jin his report a scheme modifying present banking laws and providing for ? the issue of circulating- notes by State T banks free from taxation under certain limitations. The Secretary explains s hisplan so planinlyand its advantages j are developed by him with such re- [ markable clearness that any effort on j ^"* 4 .. f ovrmmcnfc iTt itc -t. Ill V pcll't tv/ wiwciit ax^umvu.vw> au aw ? support -would be superfluous. I shall j. therefore content myself with an un- ^ qualified endorsement of theSecretary's P proposed changes in the law and a brief s and imperfect statement of their ^ prominent featrres: ' 0 It is proposed to repeal all laws v providing for the deposit of Uni- r ted States bonds as security for ^ circulation, to permit national banks $ to issue circulating notes not exceeding in amount 75 per cent, of their paid n up and unimpaired'capital, provided j th,ey deposit with the govern- a mfent as a guarantee fund in n United States legal tender notes ^ and including treasury notes, of c 1S9&, a sum equal in amount to 30 per cent..of the notes they desire to issue, g this dfposite to be maintained at all s times, but whenever any bank retires jj any paf ty of its circulation a proper- g. tional part of its guarantee fund snail D be returned to it to permit the Secretary of fiic Treasury to prepare and a keep on'hand, ready for isjwie, in case q fl'ii ill V/il V U UXJk/AJ. J.U \AVWAA wv*^ ^ blank national bank notes for each r bank JaUfving circulation, and -.to ^ re??a^ the provisions of the ^ present law imposing limitations q and restrictions upon banks de- e esiring to reduce or increase their g. circulation?thus permitting such in- ^ crease or reduce of reduction within ^ the limit of 75 per cent, of capital to be quickly made as emergencies arise. In additional to the guar.tee fund re- S) quied it is proposed to provide a safety ^ fund for the immediate redemption of Tl the circulating notes of failed banks 4 bv imposing a small annual tax, say one-half of 1 per cent, upon the aver- n asre circulation of each bank until the S( fuud amounts to 5 per cent, of the n total circulation outstanding. When j a bank fails its guarantee fund is to be paid into this safety fund and its ^ notes are to be redeemed in the first ^ instance from such safety funds thus c, authorized; any impairment of such _ fund caused thereby to be made good from the immediately available cash assets of said bank and if these should ? be insufficient such impairment to be ^ made good by pro rata assessment ? amonsr the other banks, their contri- q butions constituting a first lieu upon r the assets of the failed bank in favor j of the contributing banks. As a furtlier security it is contemplated that tl.-. nHntrinnn vinor +V10 inrll- r l/XJLC yj V i.OiV'JUL xx.\Aiii viiv MJLMA ^ vidual liability of stockholders is to be retained and the bank's indebtedness j. on account of its circulating notes is 3 to Be made a first lieu on all its assets, j For the purpose of meeting the ex- ^ pense of printing notes, official super- ^ vison, cancellation and other like c charges, there shall be imposed a tax ^ of say one-half of 1 per cent, per annum upon the average amount of j notes in circulation. It is further e provided that there shall be national ^ bank notes issued of a less denomina- a tion than ten dollars; that each nation- ~ al bank except in case of a failed bank ^ shank shall redeem or retire its notes j in the first instance at its own office j or at agencies to be designated by it, and that no fixed reserve need be r maintained on account of deposits. a Another very important feature of r -.i'Iovi io tVio ovprnTYtfori of -StAtft _ IIIIO |/ian AO tilv VZ-k.'W*-.M.J, g banks from taxations by the United ^ States in cases where it is shown to the j satisfaction of the Secretary of the j Treasury and Comptroller 01 the Cur- j rency, by banks claiming such exemp- T tion, that they havenot had outstanding ( their circulating notes exceeding 75 a per cent, of their paid up and unim- T paired capital; that their stockholders j are individually liable for the redemp- j tion of their circulating notes to the full extent of their ownership of stock; that the liability of said banks upon their circulating notes constitutes un- I -1 ? a-'U C+aIa lr?TT- r? 1 ior* nmn t uer tlieII ia>t c*/ moi XAV.* sa.^**. w their assets; that such banks have 3 kept and maintained a guarantee fund j in United States legal tender notes, l including Treasury notes of 1890, i equal to 30 percent, of their.outstand- 3 ing circulating notes -when presented c \ | t their principal or branch offices. It Is likely that this scheme may be iserully amended in some of its deails, but I am satisfied it furnishes a asis for a very great improvement in ur present banking and currency syssm. I conclude this communication fully ppreciating that the responsibitity or all legislation affecting the people f the United States rests upon their pnTP?pntativpc in otpss nrir] nc uring them thatwhether in accordancc rith recommendations I have made or .ot, I shall be rfad to co operate in erfectinjr legislation for that which snds to tne prosperity and walfare of ur country. (Signed.) Grover Cleveland. Executive Mansion, Dec. 3, 1894. "HE BAPTIST STATE CONVENTION. he Annual Meeting in Chester?A Small Attendance of Delegates. The Baptist State Convention opened t Chester, S. C., on Wednesday night week ago with a strong and earnest srmon upon the union between Christ nd His disciples by Rev. W. T. Deriux, of Spartanburg. Over one hundred elegates were present, and the organiition -was perfected at once. Col. ames A. Hoyt, of Greenville, who as been the presiding officer for nine ears, respectfully declined to serve ny longer, and returned his thanks Dr the cordial support and co-operation f his brethren during his long term /> _ _ _ . . T\_ _ A T m mi. _ _v _ i service, jut. a. o. o. ? nomas, wno as served a like period as secretary, lso declined a re-election, and the folDwing officers were chosen: Rev. R. V. Sanders, president; C. C. Brown, f Sumter, and W. D. Rice, of Barnrell, vice presidents; Geo. T. Gresam, of Darlington, secretary; A. B. Voodruff, of Spartanburg, assistant ecretary; C. H. Judson, of Greenville, i-easurer. An address of welcome was delivered y Rev H. C. Buckholz, of Chester, nd a suitable response was made by )r. Sanders. Thursday morning the report on itate Missions was read by Dr. T. M. 5ailey, showing that 84 missionaries re employed at 146 stations, which ias resulted in 625 conversions. The cessionaries were paid $11,343, and here is a considerable. deficit this ear, but while the hard times have een felt, the work is still very enouraging. Rev J. L. Vass, superintendent of he Connie Maxwell Orphange, made , report of the year's work, which hows that fifty-five orphans are now mder Jiis charge; that new buildings re in process of construction, and hat. the receints for the vear were 8,500. " Rev. C. C. Brown reported on the ged minister's relief fund, which eceived $715 during the year. Twelve reachers are aided from this source, lid a contribution of $48.18 was made or their further relief. A Thanksgiving sermon was preachd at oon in the opera house by Dr. 'hos. H. Pritchard, of Charlotte, N. 3., before a very large audience. His liemtf was, "The Testimony of Indelity to Christianity," and it was iscussed with great ability and leaning. , i The night session was occuped with | he-work" of the Orphanage and the j eport on Home Missions. Friday morning began with the j abject of education, and Dr. C. H. udson opened the discussion by givQg a concise history of the Greenville female College, in which he showed low tlie lease system in the past had :ept this institution from sharing the eneficence of the denomination. The ecent change does away with this ystem, and the college buildings have een refitted at an expense of $7,000, ne-half of which was raised in Greenille, and the balance is yet to be aised. He was followed bv President I. M. Riley and Dr. C. C. Brown, and 600 was raised in pledges. The report of the trustees of Furaan University was read by Col. ames A. Hoyt, showing an attendnce of 128 students, of whom 37 are linisterial students, and there are hiree young women studying in special ourses. Since the last convention ccn r>f fhA trustees have died. John tout and E. B. Murray, -whose loss is incerely deplored. Dr. C. H. Judson as resinged as treasurer of the Uni verity, a position he has filled for thirtyine years. Foreign Missions was the next topic, nd speeches were made by Rev. R. H. rraves, a vel^n missionary from Jhina, Rev. John W. McCollum just ecently from Japan, where he has een for five years, and Dr. R. J. VTLlingham, of Richmond, Va. Dr. rraves has been in China for thirtyight years, and he thinks there is a triking providence in the fact that tie war in Asia is being waged between tie only nations of organized pagan:m ir? fViA -nrorld China and Japan. State Missions occupied the evening' sssion, and on Sunday morning Sunay schools and ministerial education gceived the largest share of attention. l committee was authorized to report ext year on affiliation between Furlan University and the Baptist hiffli ihools in the State, and another committee is to report on co-education in 'urman University. Greenville was chosen as the next lace of meeting, and its competitor ras Greenwood. In the history of the convention, covering a period of 73 ears, Greenville has been fortunate i securing fourteen meetings. The committee to nominate deleates to the National Education Society roposed the following, who were lected: J. A. Hoyt, E. E. Bomar, !has Manly, M. M. Riley, J. B. Patick, D. M." Ramsey, E. J. Forrester, l. W. Sanders. H. B. Buckholz, W. C. iindsay. The committee to nominate a new Ixecutive Board reported the followag, who were elected: Chas. Manly, Resident; C. H. Judson, Vice Presient; H. T. Cook, Auditor; T. M. Sailer, Corresponding Secretary; W, V. Keys, W. C. Lindsay, N. N. BurDn, G. B. Moore, E. L. Wilkins, C. T. caife, 0. L. Martin, J. H. Boldridge, D. Pitts. The committee to nominate a new toard of Ministerial Education reportd the following, who were elected; V. T. Hundley, Chairman, M. L. DonId son. Secretary; A. P. Abell, Treasirer; F. 0. S. Curtis, H. B. Burkhaler, T. P. Lide, J. W Striblinn, . D. Bailey, J. E. Herring, W. '. Langston, I). A. Williams. mi 4 r\ TiATYll- I Xiie COHUtllLtec <X?/^/VM-u itu w uuuu tate trustees of Furman University ,nd the Greenville -Female College, eported the following, who were lected: T. P. Smith, G. G. Wells, J. L W. Thomas, J. C. Smith, J. A. lovt, D. M. Ramsey, J. L. Tribble, A. 5. \Yoodruff, R. W. Sanders, R. W. jide, C. K. Henderson, G. A. Norwood, H. P.McGee, W. D, Rice, C;-g:1 Gardner, C. C. Brown, A. J. S.- Tnom.s, Joel I. Allen, H. H. Wat&ns. Edfin Harper, L. F.DornvJ; b. Parrott, S. Croxton, J. X/Lawton, and oshua H. Hudson. ^ Boad. Columbia "s. C., Nov. 30.?Mr. Buist, of 'Charleston, introduced a bill odaj. to charter the South Carolina ^iiroad Company. This is the proved road between Charleston and \Mgusta that the Louisville and Nash~^le is said to Ik; promoting1. August ^anont, of New York, is one of the ;:>17porators. ? I c?eaqpqgjwi wnmijiiiii?miiuu(iian maemmmm Highest of all in Leavening Pow< B MB flLJB M absolute ? RUN DOWN AT LAST. One of the Copes Murderers Captured and ^ C Jailed. 1 D. 0. Murphy, a native of the Fork, ( was arrested at Sheldon, not far from ^ Port Royal, on last Wednesday, % charged with being one of the assassins j of the late Treasurer Copes. D. C. Weeks, B. L. Lambert, A. * Fisher and T. D. Mitchell performed ? the detective work which has resulted I in the capture of Murphy. That he < is guilty is clear beyond question to 2 their minds. The story as related by J the detectives is as follows: About 1 two weeks after the murder they had 1 secured evidence that pointed to Mur- c phy as one of the guilty parties and * they had good reason to believe that he was in Paltaka, Fla. Lambert s went to that town and after investiga- * tion traced him back to South Caro- 1 lina. (, It appears that Murphy was constantly on the move. Lambert fol- * lowed his trail into Barnwell Countv, * ri _ i ? J tnence 10 ueorgia, imo ocreven county, back into Florida again, and then ? to South Carolina a sccond lime. At : no time, however, could Lambert locate his man less than three weeks and that -was on his second visit to J Palatka, which -was on the 30th of November. The detectives then learned that Murphy had left there about three weeks before. Returning to this State Lambert continued his search and at last located his man at a little station named Sheldon on the Port Royal and Augusta Railroad, about fourteen miles from Beaufort. Accompa%nied by Fisher and Mitchell, Lambert left Denmark on last Tuesday, -went to Port Royal, where Trial * Justice Rogers countersigned his war- ! rant. Weeks got off at Sheldon wliere he'tept aiooicout lor Murpny. , BefoTe the return of liis colleagues Weeks saw his man enter a little store kept by the ne^ro postmaster of the place and arrested him. Upon the return of the other detectives Murphy asked that they go with him to where * he was living. The place was about a mile and-a half from the station, j They found there a little cabin in which he had been living for the past . two weeks and in which there , was a j pretense of a grocery business, but which was really a blind tiger for the / illicit sale of whiskey; in other words Murphy, or as he was known there. J. T. Shoemaker, was keeping a blind tiger. About ?15 worth of groceries t were in the front part of the cabin and * the "tiger" in the rear. An old negro woman. blind in one eye, was in , charge of the place. Murphy was brought by his captors i to Denmark 011 Wednesday night where he remained in the guard house -| until Thursday morning. He was j then brought to Orangeburg and turn- r ed over to Sheriff Dukes. The Sheriff thought that his prisoner was not safe ( in Orangeburg County, and as a pre- j cautionary measure deemed it best ( that he be carried to Columbia. The , Governor was telegraphed to inform- ' ing him that the prisoner would be ] sent to Columbia for safe keeping,and ^ W. Hampton Dukes, Deputy Sheriff, r accompanied by the four detectives, ^ carried the prisoner to Columbia Thurs- ( day night. Sheriff Cathcart having T been notified met the train, and the ? prisoner, who was handcuffed, was ^ conducted to the jail and locked up ( by Jailer Coleman. ^ Murphy is an ill-looking feljow,1 c having the appearance of. a pickpocket j or foot pad. He is lean and slender, j abniit. siy feet hio-h when erect, but t has a slouching gait and stooping car- c ria^e. His face is mean and hard j looking, a thin, straggly black mous- r tache hangs over a mouth that stands open nearly all the time and gives him a hunted, run down look. A chin beard an inch lon?f, also thin and straggly, does not add to his per- c sonal appearance. He is about 32 ( years ola. His reputation before the s commission of his crime was most un- j savory. He had been in trouble be- ] fore on account of his rascality in >] Orangeburg and had mad-, himself 2 scarce in those parts for some time. He was born and raised about two c miles from where the murder was ( committed. He had not been seen in j the neighborhood for over a year be- ] fore the Grime and his whereabouts c were unknown. It has transpired that [ he bad returned about a week before c the murder, but did not make his ap- J pea ranee to those who were familiar with him. He had kept away from s | his acquaintances, but that he had accomplices is certain and they knew of Treasurer uopess cojjecuon ana made up the plot to murder him beforehand. Our Congressmen. The "Washington correspondent of the News and Courier under date of last Saturday, says "none of the South Carolina delegation have arrived here yet, but it is probable that the members of the House will be here in time for Monday's session. The present delegation, with the exception of Capt Shell, i who was detained away from the 1 House on account of sickness, was } regular in its attendance last session. J Messrs Latimer, Talbert, Izlar, Strait, j McLaurin and Murry not only attend- e ed all of the daily sessions, but they J were generally on hand at the evening 1 sesions. If all the members of the * present House were as regular m at- ~ tendance as the South Carolina delega- x tion the Republican majority in the t next Congress mi^lit have been some- t what reduced. In a number of in- 5 stances in the North and "West the 8 point was made on the stump against ] certain genlemen, who are noted for their absenteeism, that it was not worth , while to send men to Congress who required to be arrested by the sergeantat-arms and brought to Washington before they would attend teTtheir Congressional duties." This is certainly t complimentary to our members, and ( proves that they believe in attending j to the business that the people elected them to attend to. If Congressmen from other States had done trie samething, the late election -would - have ^one very different -frJin the way it aid. " > Tlie Date Fixed. ,-Columbia, S. C., Dec. 7.?Last night the Reform members of the General Assembly met in caucus to receive the ] report of the caucus committee appointed Wednesday night to arrange the details for the nolding of the com- , ing Constitutional convention. As a result of the report and discussion the! j fViot t>ip Hav for the? UiUCUO Vl^VsAVLVVL ViAMv election of delegates should be the third Tuesday in August, and that the j day for the convention to assemble j should be the second Tuesday in Sep? j. tember next. The caucus agreed on \ the Efird Senate bill, providing forj special election machinery, etc., as j tne best plan. Of course these dates J and plans are now as good as adopted* J sr.?Latest U. 3. Gov't Revert Baking Rnwdep ELY PURE 1 An Old South Carolina Parish. One of the oldest Parishes of South Jarolna is that of St. Matthews, Orm^eburg County. Founded in 1767. Chis was one of the pioneer churches >f the middle section of the State, and vas at that period, and for a longtime ifter self-supporting and prosperous. STow owing to the changes wrought by ;he late war, causing the impoverishnent of the wealthy cotton planters, md abandonment of many of . the old >lantations, the congregation has iwjuuieu uuw.li lu a, sxuutu uuiuucr, tnd the church building is small and mpretentious. The parishioners have he services of a minister only once a nonth, but some faithful laymen enleavor to keep its doors open every )ther Sunday. From an old minute x>ok in the possession of the Vestry ;ome curious notes can be gleaned, >eculiar as showing to us, who live in mother age, so different from those >ld days, the like of which now belong o a past, which will never be repeatid again, how people lived then. The irst Rector of St. Matthews was Rev. PaulTurquand in 1767. He probably emained until the year 1788, nisname >ein mentioned from time to time durng the period embraced between those iates. From a note we find the sum >f ?700 was paid to him per annum. Che following is the form of oath required to be taken by the Wardens md Vestrymen upon qualifying for )ffice: "We, the subscribers, the :hurch "Wardens and Vestrymen of jt. Matthews Parish, do declare that ve do believe that there is not" iny Transubstantiation in the Sacranent of the Lord's Supper, or in the dements of Bread and Wine, at or afer the consecration thereof, by any person whatsoever." This was duly limned by each in turn. Evidently ;he teachings of the Romish Church vere to be strictly guarded against. jq 1767 we find that an assessment of >ne shilling and six pence per head vas levied on all slaves and each hunlred acres of land "to be paid by 20th >f August next for the relief of the x>or of said Parish." In 1785 the following members composed the Vestry: Wardens, Mr. ?hilip Frierson, Major Derril Hart. Vestrymen, Capt. Wm. Thomson, Major Morgan Sabb, Capt. Wm. Heaty, Jr., Capt. Robert Hails, Capt. Edvard Richarson, Capt. Thomas Sabb, joi. samuei late. Truly a martial set, each, -with but >ne exception, bearing a military title. Evidently they had been patriots who >erved their country in the militia egimentals of Carolina. At this period we find another form of oath was idministered instead of the old one, as !ollows: We do swear that I will to ;he best of my skill, perform and exe:ute theoffieeof Vestryman for this Parish for the present year without 'avour or affection. So nelp me God. Dhe Parish supported several chapels n the neighborhood. The present ihurch stands on another site several niles distant from the original. The ihurch has been rebuilt three times ind on a different site each time. The present building was eroeted about :hirtv years ago, so as to be foorecyn^ lenient of access to the neighbe^flooaT [here is in the possession of the Vesry a silver cup, presented bv Tacitus Jaillard in 1767, and a bowl of ham nered silver, used when baptism was txiministered. The town of St. Mathews. on the SoutJj Carolina and Georgia Rail Road, takes its name rom this old Parish. The present ;hurch is not far from the historic ?ort Motte of the Revolution, named n honor of Mrs. Rebecca Motte, the leroine of the middle counties of the >tate, the record of whose sacrifice for ler country's good is well known to eaders of American history. Triple Murder. Ashland, Ky., Dec. 6.?A tragedy vhich will end in a triple murder ccjured at Fultz Station last night. Jeorgo Fultz, Sr., aged sixty, and his on, aged twenty-five, are dead, while rohn Phvllis and his son-in-iaw are ying with bullets through their heads. Dhomas James, ail all round desperado tnd alleged illicit -whiskey seller, who vas charged Dy Fultz with betrayal >f his sister, did the shooting and escaped to the hills, where a posse is yet n pursuit with prospects of an early ynching. The tragedy occurred at a inurch, were a series of annual meetngs were being held. The daughter >f the murdered man, who met her over clandestinely, is almost crazed vith remorse and may yet became inane. This Moale is Gaefl . FOR SI.00 IF PROPERLY SIGNED. Oar Proptsitfoii. Cot this Certificate out and enclose it ?ith 25 cents in an envelope with your lame and address plainly written. We vlli send you one set of our ?l.00 Genuine Silver Plated Tea Spoons FREE by mall ogether with our lar*e illustrated catao^ne of Furniture, Cooking Stoves, Crock)iy, Baby Carriages, dewing Machines, iuggiM, etc., ana win siku tais ceruuunie tnd return t.? jon with catalogue,- and we lerewith agree to receive this certificate as me dollar cash on any purchase made vithm 15 days from the date of endorsenent of this certificate, provided that the imr.unt of purchase shall not bo for lr?s han $15.00, and must positively reach us nsMe of 15 d*y? from date written or .tamped on certificate returned to yon. nil out the following blank with pencil, [ink will blur.] !* F. PADGETT, 841 Broad Street, Augusta, Gra. Enclosed find 25 cents stamps or silver, or which you will please jsend to my adlres<jCD?set of your Jj.00 Genuine Mlver ?lated Tea Spoons and your illustrated JatalflRue, free, by mall: also please enlorse this certificate and date It the date 1-?*' ^11 anil AtttlAAid ar\ tKa^ HKt JrVfU man opvviiv auu cv tut*l> E-2Mtfrifl'50tl5?iie, use this certificate at our et-re for ODe dottarcasti in a purchase >f not less than ?15 00. which is to be made DSlde of 15 days fiom date stamped or vritteD on certificate returned to me. I Ully understand that this certificate Is of 10 value unless above conditions are fnlly wmplied with, Uy name Is ?. O. Is 5tr te Received at Augusta. Georgia, and gocds mailed L. F.PADGETT, 846 Broad Street, Augusta, Ga. By - i ' NEVER -ll I ^ \\)VA AYKD ' % I A. jg| Pi YMENT. \TT?VT?D * JL1 Mi T JLUAfc CO M PROMISED M CLAIM. ?-* STfTrnn iv jlm ? jja HAD .; ;;4 A .|:|| LAWSUIT. > Such is the record of the STAUNTON LIFE INSURANCE M COMPANY. 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