The star. (Reynoldsville, Pa.) 1892-1946, 1894-12-12

favor OF refined saga strickca on. OF on,
tariff law. II with aii che favor row ac-
corded the sugar. rcGning interce,s in our
tariff laws Il stun lsaguishss 10 thp cxten! OF
closed renneries ana tnousands OF dlscnarget I
workmen, IL would seem to present hope-
less case for reasonable Legislative aid.
Whatever else Is done or omitted,
i earnestly repeat hero the recommendation
1 have made in another portion OF this COM
munication that the additional duty OF one
tenth OF a cent per pound laid upon sugar
Imported from countries paying bounty on
its export, be abrogatei. 1t seems to me
that exceedingly important considerations
point to the propriety OF this amendment.
With the advent OF new tariff policy
not only calculated to relieve the con.
daily life, but to invite better develop.
ment of American thrift and create
for us closer and more profitable com
mercial relations with the rest OF the
world, It follows as logical and i'm
perative necessity that we should at
once remove the chiet II not the only
obstacle which has 50 long prevented our
participation In the foreign carrying trade
OF the ssa-a tariff built upon the theory
that II is wellto cheek imports and that u
home market should bound the industry and
effort OF American registry to vessals built
abroad though owned and navigated by our
people, thus exhibiting willingness to
abandon all contest for the advantages OF
American transo ,eanic carriage. Our
new tariff policy, built Spon the theory that
II Is wellto encourage such importations az
our people need. and that our products and
manufactures should find markets in every
part of the habitable globe, is consistently
supplemented by the greatest possible lib.
erty to our citizens in the ownership and
navigation of ships in which our products
and manufactures NAV be transported. Tho
millions now paid to foreigners for car.
ucts across the sea should he turne
into American hands. Shipbuildng, which
has been protected to strangulation, should
be revived by the prospect OF profitable enl-
Iployment for ships when built. AMI the
American sailor should be resurrec cted and
again take his place sturdy and tndustr-
Gus citizen in time Of peace and n patriotic
and safe defender OF American interests in
1.-The day OF conflict.
The ancient provision OF our law denying
American registry to ships built abroad ani
owned by Americans, appears in the light OF
1present conditions not only to be failure
>for good at every point, but TO be nearer
relic OF barbarism than anything that exists
Sunder the permission OF a statute OF the
United States. l earnestly recommend its
prompt repeal.
THE roSD ISSUE.
During the last month the gold reserved
I In the Treasury for the purpose of redeem
Ing the notes OF the Government circulating
rs money in the hands OF the people became
bo reduced, and it's further depletion in the
Znear future seemed so certain, that in tho
exercise OF proper care for the puplic well
{are, II became necessary to replenlsh this
kfNeerve and thus maintain popular faith In
the ability ana determination Of the Govern
ment to meet as agreed, Its pecuniary o5ll-
gations.
1t would have been well. II in this emer-
a.,Nh hArtfxr hul AxytaN I'D 90 tba
bonds OF the Government bearing low ratio
of interest aud maturing within short
period but the Congress having failed to
confer such authority, resort was necessarily
hal to the resumption act OF 1873. and pur-
Puant to its provisions, bonds were issued
lrawing interest at the rate OF five per cent.
per annum and maturing ten years after
heir issue, that being the shortest time
authorized by the act. l am glad to say,
however, that on the sale OF these bonds, the
premiums received, operated TO reduce the
|ate OF interest to be paid blythe Government
70 less than three per cent.
cannot for n moment believe that any OF
bur citizens are deliberately willing that
heir Government should default in its pe-
cuniary obligations or that its financial oper.
ttions should be reduced to q silver basis.
At any rate I should not feel that my duty
was done IL 1 omitted any effort I could
make to avert such calamity. As long
inal redemption or the putting aside OF the
currency obligation now used to repeat
dly and constantly draw from the Govern
nent Its gold. and as long ~ no better au-
horlty for bond issues is allowed than AT
present exists, such authority will be utilized
whenever aud as often as 1t becomes neces-
AIRY to maintain sufficient gold reserve,
nd In abundant time to save the credit OF
ur country and make good the financial
declarations OF our Government.
DIVORCE GOVERNMENT AND BANKS
The absolute divorcement OF the Govern
hent from the business OF banking Is the
deal relationship OF the Government to the
irculation Of the currency OF the country.
This condition cannot be INN siiately
eacned but rs a step IN that direction and
means OF securing more elastic cur
ency and obvlating otner objections TO the
resent arrangement OF bank circulation,
he Secretary OF the Treasury presents In
Is report scheme modifying present bank.
: pg lnwsand providing for the issue OF cir.
! hlating notes by State banks, free from tax
lon under certain limitations.
The Secretary explains his plan so plainly.
nd Its advantages are developed by him
th such remarkable clearness, that any
Wort on my part to present argument In its
import would be superhuous. l shall,
herefore, content mysof with an unquali-
cd Endorsement OF the Secretary's pro-
imperfect statement OF their prominent fea.
pres.
1t is proposed to repeal all laws providing
Pr the deposit OF United States bonds ms se-
1irity for circulation to permit National
Rnks to issue circulating notes not ex-
eeding in amount seventy-flve per cent oI
teir paid-up and unimpaired capital, pro.
lded they deposit with the Government az
\ guarantee fund, In United States legal
lnder notes. including Treasury notes o
poo, sum equal in amount to thirty pei
mt. OF the notes they so desire TO issue,
Is deposit to be maintained at all times, but
henever any bank retres any part oil
circulation n proportional part OF its
larantee fund shall be returned to 1t to
ermit the Secretary OF the Treasury to pre-.
pre- and keep on hand ready for issue, IN
Sc an Increase in circulation is desired,
ank National bank notes for each hank
lving circulation, and TO repeal the provl-
ons OF the present law imposing limitations
hd restrictions upon banks desiring 10 re-
bee or increase ihelr circulation thus per-
lifting such increase or reduction within
3e limit OF seventy-flve per cen'. OF capital
be quickly made ms emergencies arise.
In addition to the guarantee fund re.
{lIred. 1t IL proposed TO provide u safety
ind for the immediate redemption OF the
Fculating notes OF failed banks. by impos.