%560.  The Industrial Depression; the Wilson Bill.%—­The industrial revival which it was hoped would follow the repeal of the silver-purchase law did not take place.  Prices did not rise; failures continued; the long-silent mills did not reopen; gold continued to leave the country, imports fell off, and, when the year ended, the receipts of the government were $34,000,000 behind the expenditures.  With this condition of the Treasury facing it, Congress met in December, 1893.  The Democrats were in control, and pledged to revise the tariff; and true to the pledge, William L. Wilson of West Virginia, Chairman of the House Committee on Ways and Means, presented a new tariff bill (the Wilson Bill) which after prolonged debate passed both Houses and became a law at midnight, August 27, 1894, without the President’s signature.  As it was expected that the revenue yielded would not be sufficient to meet the expenses of government, one section of the law provided for a tax of two per cent on all incomes above $4000.  This the Supreme Court afterwards declared unconstitutional.

%561.  The Bond Issues.%—­We have seen that in April, 1893, the gold reserve fell to $97,000,000.  But it did not stop there; for, the business depression and the demand for the free and unlimited coinage of silver continuing, the withdrawal of gold went on, till the reserve was so low that bonds were repeatedly sold for gold wherewith to maintain it.  In this wise, during 1894-95, $262,000,000 were added to our bonded debt.

%562.  Foreign Relations; the Hawaiian Revolution.%—­when Cleveland took office, a treaty providing for the annexation of the Hawaiian Islands was pending in the Senate.  In January, 1983, these islands were the scene of a revolution, which deposed the Queen and set up a “provisional government.”  Commissioners were then dispatched to Washington, where a treaty of annexation was negotiated and (February 15) sent to the Senate for approval.  In the course of the revolution, a force of men from the United States steamer Boston was landed at the request of the revolutionary leaders, and our flag was raised over some of the buildings.  When these facts became known, the President, fearing that the presence of United States marines might have contributed much to the success of the revolution, recalled the treaty from the Senate, and sent an agent to the islands to investigate.  His report set forth in substance that the revolution would never have taken place had it not been for the presence and aid of United States marines, and that the Queen had practically been deposed by United States officials.  A new minister was thereupon sent, with instructions to announce that the treaty of annexation would not be confirmed, and to seek for the restoration of the Queen on certain conditions.  But President Dole of the Hawaiian republic denied the right of Cleveland to impose conditions, or in any way interfere in the domestic concerns of Hawaii, and refused to surrender to the Queen.