The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1893-12-07

upon une pas1s or inc concurrent reso-
luton above quoted.
| It affords me signal pleasure to lay
] congress, and to express my sincere
| qualification that the sentiment of two
great and kindred nations is thus au-
| thoritatively manifested in favor of the
rational and peaceable settlement of
I International quarrels by honorable re-
sort to arbitration.
STATE OF THE TREASURY.
The secretary of the treasury reports
| that the receipts of the government
| from all sources during the fiscal year
ending June 30, 1898, amounted to
| S46l, 7l6, 561.94, and it's expenditures to
S459, 374, 674.29. There was collected
from customs 1926, 1855, 016.73, and from
internal revenue S161 ,O27, 623.92. Our
dutiable imports amounted to S431, 1856,
I'll, an increase of S52, Asa, 907 over the
preceding year, and importations free
of duty amounted to $444, 545,211, a de-
| crease from the preceding year of
S13. 455, Az Internal revenue receipts
exceeded of the proceeding year by
$7,147, 440. 30.
1t is estimated upon the basis of
the present revenue laws that the re-
ending June 80, 1894, will be $3.50, 121, )
365. IS and its expenditures $45S, 121,-
365.3S, resulting in a deficiency of
S2S. 100000.
On the first day of November, 1893,
!. the amount of money of all kinds in
circulation, or not included in treas
ury holdings, was 81, us, 544, 6S2. an IN
crease for the year of SIP, 40s, 947.
Estimating our population at 81, 426,-
600 at the time mentioned, the per
capita circula tion was $25- 40.
During the year 119 banks were or
ganized in thirty-two states and ter
ritories with capital stock of Sill
230, 200, distributed as follows:
Forty-four with capital stock of
S5.135, 600 in the eastern states; forty
one with a capital stock of So, $40 OOO
west of the Mississippi river, and thir-
ty-four with capital stock of So, 755, 600
in the central and southern states.
Within the same period 15S banks
suspended with a capital stock of $780,
100000. Of this number eighty-six
with capital stock of $1S,2O5, 900 re-
sumed, and siXty-five passed into the
hands of receivers, with a capital stock
of $40, 1855, ZOO.
THE SHERMAN LAW REPEAL.
The recent repeal of the provision of
law requiring the purchase of silver
bullion by the government as feature
of our monetary scheme has made an
entire change in the complexion of our
currency aIalrS. l. 90 nOU OOuDG
the ultimate result of this action will be
most salutary and far-reaching.
In the nature of things, however, it is
impossible to know at this time precisely
what conditions will be brought about
by the change, or what, if any, supple
mentary legislation may, in the light of
such conditions, appear to be essential
or eXpedient.
Of course, after the recent financial
perturbation, time is necessary for the
establishments of business confidence
When, however, through this restored
confidence, the money which has been
frightened into boarding places is re-
turned to trade and enterprise, survey
of the situation will probably disclose
safe path leading to a permanently sound
currency abundantly sufficient to meet
every requirement of our increasing
population and business.
In the pursuit of this object we should
resolutely turn away from all alluring
and temporary expedients, determined
to be content with nothing less than
lasting and comprehensive financial
plan.
REASONABLE DELAY THE BEST.
In these circumstances am convinced
thot a reasonable delay in dealing with
this subject, instead of being injurious,
will increase the probability of wise ac-
ton.
THE MONETARY CONFERENCE.
The monetary conference which as
was adjourned to the both day of No
vember in the present year.
The consideration just stated and
the fact that a definite proposition
from us seemed to be expected upon
the reassembling of the conference
led me to express a willingness to have
the meeting still further postponed.
1t seems to me that it would be wise
to give general authority to the presi-
dent to invite other nations to such a
conference at any time when there
should be a fair prospect of accom-
plishing an international agreement
on the subject of coinage.
AS TO A BOND ISSUE.
I desire also to earnestly suggest
the wisdom of amending the existing
statutes IN regard to the issuance OF
government bonds.
The authority now vested in the
secretary of tie treasury to issue
bonds is not as clear as it should be
and the bonds authorized are disad-
,vantageous to the government, both
.os to the time of their maturity and
rate of interest.
OUR MILITARY FOOTING.
The secretary of war reports that the
strength of the army on the 30th day OF
,Septem Der laSU was 20, IlS enlisted men
and ALA officers. The total expendi-
lures of the department for the year
ending June 80, 1898, amounted to
S51. 966. o74.s0. OF this sum 81. 992. 5s1. %
was Tor SaIar1eS ana contingent GX.
penses S23, 377, 1928. 35 for the support of
the military establishment, So, on, 033. Ia
for miscellaneous objects and $20,51s,-
631.41 for public works. This latter
sum includes $15, 1896, SIC. 46 for river and
harbor improvements and So, 266, 141. 20
for Notifications and other works Of
defense.
The total enrolment of the militia OF
the several states was on the 31st OF
October of the current year, liz, 597
officers end enlisted men. The officers
of the army detailed for the inspection
and instruction of this reserve of our
military force, report that increased in
terest and marked progress are appa-
rent in the discipline and efficiency OF
the organization.
OUR sEACoAST DEFENCES.
1t is gratifying to note that we have
begun to gain completed results in the
comprehensive scheme of seacoast de-
Tense and fertilization entered upon
eight years ago. A large sum has been
already expended, but the cost of main
tenance will be inconsiderable as COM
pared with the expense of construction
and ordnance. At the end of the cur
rent calendar year, the war department
will have twelve-inch guns, 20 ten
inch and "a eight-inch guns ready to be