Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1897-11-06
FROM WASHINGTON.
UNION PACIFIC SALE.
Secretary Cages Financial
Report.
(From Our Regular Correspondent)


Washington, November l. '97.
EAttorney General McKanna figures
out total saving of $25 600 900 GO to
the people of the United States
by reason of the firm manner i'm
which Pres dent Mckinley insisted
upon maintaining rights OF the people
in all his dealings with the bidders for
the purchase of the Uaicn Pacific Rail
road. The tinanSiers knew that they
would have To pay more for the road in
order 20 get the sanction OF this admin
istratiOn 20 the sale than they had Of
fered in their negotiations with the
Cleveland admins ration. Their first
offer was anOut Sl2 600 600 in excess OF
the one they made 10 the last al minis
tratiOn, and tO that they were forced
by -ident McKinley's firmness TO
add $13 900 900 III order to reach the
total amount of the roads indebted
ness To the government. which was the
limit set by the President When the
future historian sums up the notable
accomplish ments of the Nj Knley ad-
ministrstion, this Union Pacific bust
ness will occupy conspicuous place.
It is in fact a great achievement, per
haps one OF the greatest in our civil
history, AID is an object lesson that
might be studied with profit by those
ties who are constantly allowing the
professional tinanciers to get the ad-
vantage of the people they represent
SENSATIONAL RECOMMENDATIONS.
Those who expected Secretsry 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 tn the Cabinet.
He starts out by saying that while the
present satisfactory condition OF things
financially may continue for indefinite
period, he deems iC the part OF wisdom
to suggest some reform in our fiaan-
cial system. He recommr nds either
that steps bs taken TO largely increase
the gold reserve, or to decrease the
amount of currency in circulation, for
which gold may be demaI d-d. and ex-
presses "A pref, renee for the latter
and that the bonded ind -btedness OF
the country be refunded 10y the issuing
for the entire amount oil 21s per cent
bonds, payable in gold, which would
save the country a very large amount
of money in the shape of higher inter-
est that is now being paid. and would
Secretary Gage thinks, greatly
streDg h N the credit OF the nation.
Several amendments To the National
banking laws are recommended with
the idea of largely lncre asing the
amount of National bank currency
Among them being The establish nent
of National banks with a capital OF
spa, 600 IN places OF less that 600 in-
habitants, the reduction OF taxation
on sheir circulating note, TO one half OF
one per cent per annum, the priviIes 80
H.. ..f H.
bond deposited with the government
and others more or less technical in
nature. That Mr. Gage hasn'T been bIt
by the cure all-Ills financial dog was
SHOWN by tbs following modest intro
ducJiOn: The recommendations i
take the liberty TO make must be con
strued as Initiative steps IN a directions
which If consistently pursued will
ultimately lead TO conditions theo
reJicalIy desirable, rather than in be-
ing in themselves final measures &C
that end
ecRETARY. Wilson's RECOMMENDATIONS
Secretary Wilson, among other valu
able and important recommendation
in his annual report, as : that sducat-
ed agents of the Agricultural Depart
ment be attached Co the United State,
l. CATION in ali countries with " hicl
we compete IN the msrkets of ths
world in order that our farmers may
be kept properly posted upon wha
their business rivals are doing all tn,
time. de suggests that the agrlcultu
raj colleges, endowed 10y Congress, art
gradua ing men who are II ted Co prop
erly perform the duties of agents o
the department in foreign countries.
LoNGsTRRET APPOINTED.
The appointment of General Long
street OF Georgia to succeed Genera
Wade Hampton as Commissioners o
Railroads, seen to have highly z att
fed republicans from all sections, ANT
especially those from the South. /
has been understood, ever since las
year, that this place would be gwen T.
General LOngstreet, but for persona
reasons General Hampton was not hur
ried out of the office.
Members of President Mckinley
administration have every reason TO b
perfectly satisfied with the status O
the diplom All; relation betYeen Ch
United Estates and Spain, as wOul
at once be apparent 10 the public II til
long answer TO the first important com
municatiOn sent by President ckin
ley TO the government of Spain wa
published There are important reu
sons why this document has not bee
and will not be made public for tim
probably not until after it has bee
submitted.
The fact that Secretary Long has de
clared his opp )sition to ths is .aOlist
ment of g Dvernment plant for th
manufacture of armor plate has caus,
a dropping of of interest IN the repol
.. of the Board of Naval Officers who hav
been investigating. in ODE dience
Congress, for the purpose of reportin
the best location for such plant.
majority of them are said TO favor BI
mingham, Alabama.
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