Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1894-12-05

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OF these pensioners 32,049 are surviving
soldiers of Indian and other wars prior to
the late civil war and the widows or rela-
tives of such soldiers. The remainder,
numbering 997, sos, are receiving pensions
on account OF the civil war, and Of these
469, 344 are on the rolls under the authority
of the act of June 81, 1890, sometimes called
the dependent pension law. The total
amount expended for pensions during the
year was SlS9, SO4, 46l.O5, and the sum ne
cessary to meet pension expenditures for the
year ending June 80, 1896, is estimated at
Sl4O,OOO,OOO
The Secretary of Agriculture shows that
the exports of agricultural products from
the United States for the fiscal year ended
June 80, 1894, amounted TO 1925 1863, OBS,
being y % per cent. of American exports
of every description, aud the United King
dom of Great Britain took more than "a per
cent. of all farm products finding foreign
markets.
The advantages to the public service of
an adherence to the principles of civil-ser-
vice reform are constantly more apparent
and a vast majority of the voters of the land
are ready to insist that the time and atten-
ton of those they select to perform for them
important public duties should not be dis
tracted by doing out minor offices. NJ
merous additional offices and places have
lately been brought within civil-serYice
rules
The new tariff act needs important amend
ments so as to be executed effectively and
with certainty. In addition to such neces-
sary amendments as will not change rates
of duty. the President still very decidedly
fayors putting coal and iron upon the free
list. As regards the sugar schedule, he
would be glad, "under existing aggrava-
tons" to see every particle of difierential
duty in favor of refined sugar stricken out
of the tariff law.
Legislation is recommended calculated to
promote the development Of our merchant
marine TO this end the new tariff should
be supplemented by an act allowing vessels
built abroad and owned by Americans to be
registered here.
Much space is given to 4 discussion of the
decrease of the gold reserve and a necessity
of a bond issue to repair the fund designed
to keep all forms of money at par with gold,
It's declared roundy that the issue of bonds
will be continued whenever and as often"
as it is necessary to maintain a sufficient
gold reserve The currency question is de-
clared to need the prompt attention of Con-
gress, and plan for the creation of a more
elastic currency is presented and approved.
The plan embraces a scheme modifying
present banking laws and providing for the
issue of circulating notes by State banks
free from taxation under certain limitations.
1t is proposed to repeal all laws providing
for the deposit of United States bonds as Sc
curity tor circulation; to permit national
banks to issue circulating notes not exceed
ing in amount 70 per cent Of their paid-up
aud uuimpaired capital, provided they de-
post with tho government as guarantee
fund in United States legal-tender notes,
including treasury notes of $780, sum
equal in amount to 30 per cent Of the notes
they desire to issue.
In addition to the guarantee fund requir-
ed it is proposed to provide a safety fund
for the immediate redemption of the circu-
lating notes of failed banks, by imposing a
small annual tax, say one half of per cent
upon the average circulation of each bank
until the fund amounts to five per cent. of
the total circulation outstanding. As fur
Their security it is contemplated that the ex-
listing provision fixing the individual liabil-
ity Of stockholders is to be retained and the
banks Indebtedness on account of its circu-
latine notes is to be made a first lien on all
its assets
A very important feature of this plan ia
the exemption of State banks from taxation
by the United States in cases where it is
shown to the satisfaction Of the Secretary of
the Treasury and comptroller Of the curren.
CIV by banks claiming such exemption that
thew have not had outstanding their circu-
lating notes exceeding IS per cent. Of their
paid up and uuimpaired capital; that their
stockholders are individually liable for the
redemption of their circulating notes to the
full extent of their ownership of stock; that
the liability of said banks upon their crcu-
lating notes constitutes, under their State
law, first lien upon their assets that such
banks have kept and maintained a guarau-
tee fund in United States legal-tender notes,
including treasury note Of 1890, equal to 80
per cent. of their outstanding circulating
notes, and that such banks have promptly
redeemed their circulation notes when pre-
scented at their principal or branch Offices.
The logic ofhard times is very convincing
Empty pockets empty siomachs, idle hands
aud a starving family, need help, sustenance
and a basis for living, and they hayen'tit
When the house Is on fire, put it out, If you
can find the water, and that Is Just what the
people did-lhey smote the rocks and there
has been a surprising deluge to the DemOc-
racy-Nvfins5W9 Independent
The devil quoted the Scriptures with apt
ne-s and accuracy. no one need be surpris.