The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-22
Work Boxes

cy in our revenues. In this review of the
reports of the bureau officers Of the de-
partment, the Secretary pays a high
compliment to the revenue cutter service
and says: There has not been a single
year in the history of the service when
with its old and badly adapted class of
vessels and depleted personnel, its re-
sources have been so severely taxed, and
yet an Incompatible record of service
rendered is presented"
The Secretary recommends that en-
listed men of the revenue cutter service,
who have been, or may be, wounded or
disabled while in the actual discharge
OF their duties, be entitled to be placed
upon pension list. on the same footing
as men Of the navy. As to the seal
fisheries the Secretary states that the
seal herd is threatened with rapid ex-
termination unless changes are speedily
made in the Paris award regulations,
and he expresses the hope that the re-
spective governments may agree upon
the needed changes to effectually preserve
the herd and protect this valuable indus
try and it's profit for the use of man
kind. The Secretary, in reviewing the
work of the navigation bureau, renews
his recommendation for the repeal of the
law forbidding American registry to
vessels owned by Americans and engaged
in the foreign trade, unless built in the
United States. In his discussion OF the
currency question, the Secretary makes
an exhaustive argument in favor of the
retirement from circulation OF United
States and Treasury notes, in the course
of which he says:
"Since March /, 1893, United States
bonds to the amount of $500, 315. 400
have been issued and sold for sos, 481,
1914 in gold, while during the same time
notes have been redeemed in gold to the
amount of $457 ,039, $50, and on the first
day of December, 1896, there was free
gold in the Treasury to the amount of
$131 ,510,352. Since the resumption of
specie payments on the first day of jan
uary, 1879, United States notes to the
amount of $40, 490,9S7 and currency
notes, under the act of 1890, to the
amount of $86,428.S81, making $685.
919,SGS in the aggregate have been re-
deemed in gold, and since August /, 1893,
Treasury notes to the amount OF $780,
121, 722 have been redeemed in silver and
the notes so redeemed have been can
clled and retired from circulation.
making no deductions on account OF
the loss and destruction OF notes, the
total amount Of United States currency
in existence on the first day Of December,
1896, was 1886, 1856, 296, consisting of
S346, 6S1, 016 in United States notes and
1921 ,677,2S0 in Treasury notes Of 1890,
and consequently it appears that the en-
tire volume of such notes has been once
redeemed in gold and more than $685.
56i 900 has been twice redeemed.
"Our experience since the resumption
of specie payments has so thoroughly de-
monstrated the impolicy of attempting
to maintain the circulation of these notes
as permanent part of our currency, that
further argument upon the question
seems to be unnecessary, except for pur-
pose of again pressing the subject upon
the attention of Congress and urging
prompt adoption of such measures rs will,
within a reasonable time, eliminate this
element Of weakness from our system.
The use of these notes as circulating
medium compels the government to pro-
vide a large gold reserve for their current
redemption, and as thy are reissued when
redeemed, such reserve must be replenisii-
ed from time to time, iii order to afford