The abstract of the American President's speech forwarded by Reuter's
agent from New York had, it appears, no better founda- tion than the talk of the President with some persons about him. This was forwarded to New York from Washington, was pub- lished in a newspaper, and sent over to England, a paragraph about Spain and Cuba, in particular, being given as the ipsissima verba of the President. "Reuter" is very sorry, but has given no assurance of the immediate dismissal of his agent. The words really written by the President are moderate enough, and amount only to a remark that if the insurrection in Cuba goes on long enough, intervention may become "a self-necessity." The Presi- dent strongly advocates a return to specie payments, by taxing the country till the Treasury is able to buy in the paper, and laughs at the notion of expansion. Would it not be better, he says, to wipe out everybody's debts at once, and begin commerce again? He would authorise "free banking,"—that is, would allow anybody to issue notes, provided he held a certain fixed proportion of gold and United States' securities behind them. He deplores the disappearance of American shipping—which is due mainly to protection—and is in favour of reviving that interest by large bonuses to American mail- carrying steamers. That is to say, the Union is to tax ship- building materials till it is not profitable to build ships, and then pay American speculators for running these ships made artificially dear. The Message, as reported in extenso, is verbose and tiresome.
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