Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1897-11-06
MESSAGE AND DOCUMENTS.
A Saving to the People Financial
Affairs natters Diplomatic.
lFrom our Regular Correspondent.)

(From onr Regular Correspondent.)
WASHINGTON, Nov Attorney
General McKenna figures out a total
saving or SIS. 600, 600, to the people OF
the United States by reason of the
firm manner in which President Nc
Kinley insisted upon maintaining the
rights Of the people in all his dealings
with the bidders for the purchase Of
the Union Pacific Railroad. The fin
anciers 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 $I2, 600, 900, III excess of the
one they made to the last administra-
ton, and to that they were forced by
President McKinley's flrmneFa to add
513, 900 900, in order to reach the
total amount of the road S indebted
to the government which was the
limit set by the President. When the
future historian sums up the notable
complishments of the Mckinley
administration, this Union Pacific
business will occupy conspicuous
place. 1t is in fact great achieve
perhaps one of the greatest in
our civil history, and is an object les
son that might be studied with profit
by tLose state, municipal aud county
authorities who are constantly al
lowing the professional fnanciers to
get the advantage 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 indef-
mite period. he deems it the part Of
wisdom to suggest some reform in our
financial system. He recommends
either that steps be taken to largely
increase the gold reserve, or to de-
/ crease the amount of currency in
circulation, for which gold may be
demanded, and expresses a preference
for the latter; and that the bonded in
debtedness of the country be refunded
by the issuing for the entire amount,
? 4 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
being paid, and would, Secretary
Gage thinks, greatly strengthen the
credit of the nation. Several amend
ments to the National banking laws
are recommended, with the idea of
largely increasing the amount of
National bank currency. Among them
being the establishment of National
banks with a capital of S25, 900 in
/ places of less than 1000 inhabitants,
the reduction of taxation of their
circulating notes to one half of one per
IAcent per annum, the privilege to is
sue notes to the par value of the
bonds deposited with the government,
and others more or less technical in
nature. That Mr.. Gage hasn't been
5 bit by the cure-all-ills financial dog
was shown by the following modest
introduction; 1.-THE recommendation
/ take the liberty to make must be
construed as tentative steps in direc-
ton which, if consistently pursued,
will ultimately lead to conditions
theoretically desirable, rather than in
being in themselves final measures to
that end. !"
Secretary Wilson, among other
valuable aud important recommends
tons in his annual report. asks that
educated agents of the Agricultural
Department be attached to tn u. S.
Legation in all countries with which
we compete i'll the markets OF the
world, in order that our farmers may
be kept properly posted upon what
their business rivals are doing all the
time He suggests that the agricul-
tural colleges, endowed by Congress,
are graduating men who are fitted to
properly perform the duties of agents
ofihe department in foreign countries.
The appointment of Gen. Long
street, of Georgia, to succeed Gen.
Wade Hampton as Commissioner of
Railroads, seems TO have highly