ial convention proclaimed January 15, 1892, reciprocal provisions
of copyright have been applied between the United States and Germany.
Negotiations are in progress with other countries to the same end.

I repeat with great earnestness the recommendation which I have made in
several previous messages that prompt and adequate support be given to
the American company engaged in the construction of the Nicaragua ship
canal. It is impossible to overstate the value from every standpoint of
this great enterprise, and I hope that there may be time, even in this
Congress, to give to it an impetus that will insure the early completion
of the canal and secure to the United States its proper relation to it
when completed.

The Congress has been already advised that the invitations of this
Government for the assembling of an international monetary conference
to consider the question of an enlarged use of silver were accepted by
the nations to which they were addressed. The conference assembled at
Brussels on the 22d of November, and has entered upon the consideration
of this great question. I have not doubted, and have taken occasion
to express that belief as well in the invitations issued for this
Conference as in my public messages, that the free coinage of silver
upon an agreed international ratio would greatly promote the interests
of our people and equally those of other nations. It is too early to
predict what results may be accomplished by the conference. If any
temporary check or delay intervenes, I believe that very soon commercial
conditions will compel the now reluctant governments to unite with us in
this movement to secure the enlargement of the volume of coined money
needed for the transaction of the business of the world.

The report of the Secretary of the Treasury will attract especial
interest in view of the many misleading statements that have been made
as to the state of the public revenues. Three preliminary facts should
not only be stated but emphasized before looking into details: First,
that the public debt has been reduced since March 4, 1889, $259,074,200
and the annual interest charge $11,684,469; second, that there have been
paid out for pensions during this Administration up to November 1, 1892,
$432,564,178.70, an excess of $114,466,386.09 over the sum expended
during the period from March 1, 1885, to March 1, 1889; and, third, that
under the existing tariff up to December 1 about $93,000,000 of reven