The Hood River glacier. (Hood River, Or.) 1889-1933, 1893-01-14
FROM WASHINGTON CITY.
The Treasury a Large Gamer by the Com.
plete Destruction by Casualty Of
Outstanding Obligations.

for their favorable consideration th
claims Of the Union Iron Works 70
awarding 10 ii the contract for the con
struCtion Of one of the new men-of-wa
Iowa and Brooklyn.
The Committee on Banking and Cur
rency will be called together soon TO &C
on the bill introduced by Repreeentativ,
Andrew OF Massachusetts, proposins
more liberal legislation in behalf OF ma
tional banks and the repeal OF the silvel
bullion purchase clause OF the Sherman
act. The majority OF the committee il
disposed TO recommend the first section
OF the Andrew bill, which authorizes
national banks to issue circulating bondl
deposited. Section 2 reduces the amount
OF bonds required TO be deposited in the
United States Treasury by national banks
to nominal amount. The section will
have to be modified, as the committee il
hostile TO it and believes in recurring
banks to deposit a considerable amount
OF bonds. Section relates to the tax
on circulation. The committee ia in "a
vor OF reduction OF the rate OF tax on
national bank circulation, but is opposed
to wiping the tax out entirely on the
ground that banks should bear their
share of the expense OF the system.
Section repeals the Sherman silver
purchase provision. Whether or not
this will get the favorable indorsement
OF the committee cannot be predicted.
The subcommittee having charge OF
the subject Of establishing a national
quarantine has agreed upon bill. which
will be reported to the full committee
after recess. The bill agreed upon puts
the national quarantine system into the
hands OF the hospital service of the rev.
enue marine. Wherever State quaran-
tine regulations exist the hospital serv-
ice OF the revenue marine shall have
power 10 enforce the laws and regula-
tlons OF the different States. Where
there are no State regulations, or where
in the opinion OF the marine hospital
service the quarantine regulation of the
State is not sufficient to prevent the in
PRODUCTION OF contagious diseases into
the United States, the marine hospital
service shall report the facts to the Sec
retary OF the Treasury, who, if in his
Judgment 1t is necessary and proper,
shall order the marine hospital service
to make such additional rules and regu-
iatlons as are necessary to prevent the
introduction OF such diseases into the
United States from foreign countries. or
into one State from another State. The
President is also authorized to suspend
immigration from foreign countries
where infectious diseases exist.
Two years ago Senator Frye prophesied
that time would show that the Panama
canal scheme was corrupt, and that
within a year or two light would be
thrown upon it and the Republic would
tremble under the shock. That cordi-
tlon exists to-day. There has been some
talk to the effect that the Panama and
Nicaragua canal schemes are parallel,
and that the disaster that has overtaken
the French people will cause public men
IN this country to hesitate in giving their
votes to sanction guarantee of Nicar-
aqua bonds, fearing that scandal might
result. Mr.. Frye sees nothing of the
Kind, and is emphatic in his declaration
70 that effect. Said he: "There is /
very good reason to advance, which is
hat the government should exercise
supervision over the Nicaragua canal
and control all that is done there. There
s no reason why any legislator should
De AFRAID to cast his ballot for a bill
which has this end in view. l believe
his measure will pass the Senate, but of
course such prediction cannot be made
ls to the House. 1t can hardly be sup
,osed that the bill will meet with favor
here, lnasmuch as it contemplates the
of public money, and such
are opposed on that side of
he capitol"
In all the recently written matter
'bout the depleted condition of the
United States Treasury little or no ac-
'ount has been taken of the fact that
With each passing year the Treasury
s large gamer by the complete de-
truction by casualty of its outstanding
How much this amounts
o the best statisticians of the Treasury
have no means of definitely |
No two figures are alike. |
since 1852, when the government began
o issue paper money, $5,819, ,629, 10S had |
,een issued up to July /, 1892. Within
he same period $4,S52, ,451 ,62O were re.
Ieemed, leaving outstanding July 1. |
S92, liability against the government
# 1867, TT ,479. In an exhaustive in
uiry on the subject made by United |
states Treasurer Hyatt it is estimated
he aggregate loss on all issues, up to
anuary, 1888, would not be less than
100000. This estimate did not in
lude fractional currency, the so cents,
5 cents, 10 cents and scent shin
'lasters in such extensive circulation for
few years following the war. United
tates Treasurer Nebeker, in his report
his year, states that more than Sic, ,0OO.-
90 of this fractional currency is out
though it has practically gone
ut of circulation, and but little more
han 1900 was presented for redemp-
ion last year. What is outstanding is
leld, to great extent, by collectors of
DIN, and it's value as such is greater
han its face value. The aggregate
United States currency, fractional and
therwise, estimated to be DESTROYED
nd not likely to be presented for re-
emption, approximates, by these fig
res, more than $14,000,000. A recent
stimate prepared in the Treasury De-
artment places the sum as high as $780,
100000. The money can only be taken
ut of the liabilities of the government
y Congressional enactment, and this
ill probably be attempted in the near
lture.