Pike County press. (Milford, Pa.) 1895-1925, 1897-11-05
WASHINGTON LETTER.
The Sale of the Union Pacific
Railroad.

Secretary Gage Recommends Iucrease In
Gold Reserve or decrease OF Currency
for which Gold May BE Demanded
Agricultural Agents at Foreign Le-
cations.
Attorney General McKenna fig
ures out total saving of S25, ,0O0,-
600 to the people of the United
States by reason of the firm manner
in which President Mckinley in
sisted upon maintaining the rights
of the people in all his dealings with
the bidders for the purchase of the
Union Pacific Railroad. The flnan-
oiers knew that they would have to
pay more for the road in order to
get the sanction of this administra-
tion to the sale than they had Of
fered in their negotiations with the
| Cleveland administration. Their
first offer was about S12, 900, 600 in
excess of the one they made to the
last administration, and TO that they
were forced by President Mckinley s
firmness to add $13, 900, 600 in or
der to reach the total amount of the
roads Indebtedness to the govern
ment, which was the limit set by the
President. When tho future his
torian sums up the notable accom-
plishments of the Mckinley admin
tration, this Union Pacific business
will occupy CONSPICUOUS place. 1t
is in fact a great achievement-per-
haps one of the greutest in our civil
history, and is an object lesson that
might be studied with profit by
those state, municipal and county
authorities who are constantly al.
lowing the professional financiers to
get the advantage of the people
they represent.
Those who expected Secretary
Gage to make sensational financial
recommendation in his annual re-
port to Congress were disappointed
with the conservative policy out
lined in the statment prepared by
him and made public after it was
read to the Cabinet. He starts out
by saying that while the present
satisfactory condition of things fin
ancially may continue for an indie
finite period, he deems it the part of
wisdom to suggest some reform in
our financial system. He recon.
mends either that steps be taken to
largely increase the gold reserve, or
to deer case the amount of currency
in circulation, for which gold may
be demanded, and expresses a pre-
ference for the latter and that the
bonded indebtedness of the country
be refunded by the issuing for the
entire amount of 2%96 bonds, paya-
BILE in gold, which would save the
country a very large amount of
money in the shape of the higher
interest that is now being paid, and
would, Secretary Gage thinks.
greatly strengthen the credit of the
nation. Several amendments to the
National banking laws are recon-
mended, with the idea of largely in
creasing the amount Of National
Bank currency, Among them being
the establishment of National banks
with a capital of $25, 900 in places of
less than 1000 inhabitants, the re-
duction of taxation on their circula-
ting notes to one-half of one Der
cent, per annum, the privilege to
issue notes to the par value Of the
government, and others more OF less
technical in nature That Mr.. Gage
hasn't been bit by the cure-all-ills,
financial dog was shown by the fol
lowing modest introduction 1.-THE
recommendations take the liberty
to make must be construe as tenta-
tive steps in direction which, if
consistently pursued, will ultim-
ately lead to conditions theoretically
desirable, rather than in being in
themselves final measures to that
end"
Secretary Wilson, among other
valuable and important recommen-
dations in his annual report, asks
that educated agents of the Agricul-
tural-Department be attached to the
United States Legation in all coun-
tries with which we compete in the
markets of the world, in order that
our farmers may be kept properly
posted upon what their business
rivals are dOinO all the tfu,a ua
suggests that the agr cultural col
leges, endowed by Congress, are
graduating men who are fitted to
properly perform the duties of
agents of the department in foreign
countries.
The appointment of Gen. Long
street, of Georgia, to succeed Gen.
Wade Hampton, as Commissi ioner
of Railroads, seems to have highly
gratified Republicans from all Sec
tions, and especially those from the
South. 1t has been understood,
ever since last year, that this would
be giveu to Gen. Longstreet, but for
personal reasons Gen. Hampton was
not hurried out of the Office.
Members of President McKinley's
have every reason to
be perfectly satisfied with the status
of the diplomatic relations between
the United States and Spain, as
would at once be apparent to the
public If the long answer to the first
important communication sent by
President Mckinley To the OOvar~o