The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1897-11-12
Washington letter.
From our regular Correspondent
WASHINGTON, D. c. Nov. Z, 1897

w NAoHlNGTON, IL. y. NOV. 1891
Attorney General McKenna figures
out a total saving of $z5,0OO,0OO to
the people of the U. :. by reason OF the
hrm manner in which President Me-
klnley insisted upon maintaining the
rights of the people in all his dealiags
With the bidders for the purchase of
the Union Pacific Railroad. The
financiers knew that they would have
to}.pay more for the road in order to
get the sanction of this administration
to the sale than they had offered in
their negotiations with the, Cleveland
administration. Their first offer was
about 100000 in excess of the one
the made to the last administration
and to that they were forced by Presi-
dent McKinley's firmness to add Sl3.-
100000, in order to reach the total
amount of the roads indebtedness to
the government, which WAS the limit
set by the President When the fu-
ture historian sums up the notable ac-
compllshments of the Mckinley ad-
mlnistration, this Union Pacific busi
ness will occupy a conspicuous place,
1t is IN fact great achievement-per-
haps one of the greatest in our civil
history, and is an object lesson that
might be studied with profit by those
state, municipal and county authori-
ties who are constantly allowing the
professional financiers to get the ad-
vantage of the people they represent.
Those who expected Secretary Gage
to make sensational financial recon-
mendations in his annual report to
Congress were disappointed with the
conservative policy outlined in the
statement 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 financially may continue for
an indefinite 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
decrease the amount of currency in
circulation, for which gold may be de-
manded, and expresses q preference
for the latter; and that the bonded in
debtedness of the country be refunded
by the issuing for the entire amount
of q per cent bonds, payable in gold,
which would save the country very
large amount of money in the shape
of the higher interest that is now be-
ing paid, and would, Secretary Gage
thinks, greatly strengthen the credit
of the nation. Several amendments
to the National banking laws are rec
commended, with the. idea of largely
increasing the amount Of National
Banking currency. Among them be-
ing the establishment of National
banks with capital of $4,000 in
places of less than 1000 inhabitants
the reduction OF taxation on their Cir
culating notes 10 one half Of one per
cent per annum, the privilege to issue
notes to the par value of the bonds de-
posted with the government, and
others more or less technical in nature.
That Mr.. Gage hasn't been bit by the
cureall-ills, financial dog was shown
by the following modest introduction :
"Tbe recommendations [ take the lib
erty to make must be construed as
tentative steps in a direction which,
if consistently pursued, will ultimately
lead to conditions theoretically desira-
BILE, rather than in being in themselves
final measures to that end"
Secretary Wilson, among other valu-
able and important recommendations
in his annual report, asks that educat-
ed agents OF the Agricultural Depart
ment be attached to the U. S. Lega-
ton in all countries with which we
compete in the markets of the world,
in orGer that our farmers may be kept
properly posted upon what their busi-
ness rivals are doing all the time. He
suggests that the agricultural colleges,
endowed by Congress, are graduating
men who are fitted to properly perform
the duties of agents of the department
in foreign countries.
Members of President McKin.ey's
administration b ave every reason to
be perfectly satisfied with the status
of the diplomatic relations between
the U. S. aud Spain, as would at once
be apparent to the public If the long
answer to the first important COM
munication sent by President McKin-
ley to the government of Spain was
published. There are important rea-
sons why this documents has not been
and will not be made public for a time
Probably not until afterit has been
submitted to Congress.
ScLz2Iyuo's Best means