The annual Message of the American President was -delivered on
December 3rd, and is principally devoted to finance. Mr. Cleveland regards the national paper currency as a serious burden and danger to the State. It amounts in the aggregate to 297,000,000, and is all exchangeable at dis- cretion for gold. Those who want that metal, therefore, send paper to the Treasury, which is sometimes so depleted that a panic arises lest there should not be enough left to meet imperative obligations. The Treasury therefore sells bonds in order to buy gold, and has thus since 1890 increased the National Debt by 251,300,000, without cancelling any of its paper, which may therefore be returned upon its hands ad infinitent. The paper, says Mr. Cleveland, ought to be can- celled, and to accomplish this he would raise a large sum in long-dated bonds at low interest which might be sold abroad. He holds all other remedies to be visionary, especially bimetallism. It is believed that Congress, which is Republican, will not accept this advice, and will, though -aware of the evil, postpone all remedies until the election of a President next year, when it hopes that the Executive and the Legislature will belong to the same party, and be ready to carry out some other plan. We have commented on the scheme elsewhere, as well as on Mr. Cleveland's views about the quarrel between Great Britain and Venezuela, which are, briefly, that the former being the stronger must submit to arbitration. Otherwise, the United States will plead the Monroe doctrine and interfere.
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