Middletown transcript., 1897-11-06

Il W the people Of Il
81 | 30 U. S. by reasc
AIlH of tile firm MAJ
ner in whiC
= President McKiI
As ley insisted upo
maintaining the rights of the people
. all his dealings with the bidders for til
purchase of the Union Pacific Railroad
The inanciers knew that they woul
have 10 pay morelfor the road in orde
l to get the sanction of this administrs
} tion to the sale than they had offere'
in their negotiations with the Cleve
land administration. Their first offe
was about $12, ,000, 900 in excess of th
one they made to the last adninistra
tion, and to that they were forced b.
President McKiuley's frmness to ad,
$13, ,000, 900, in order TO reach the to
tai amount of the roads indebtedness
to the government, which was th'
limit set by the President. When th'
future historian sums up the notable
accomplishments of the Mckinley ad
ministration, this Union Pacific bust.
ness will occupy conspicuous place
It is in fact great achievement-per-
haps one of the greatest in our civil
history, and is All object lesson that
might be studied with profit by those
state, municipal and county uthorities
who are constantly allowing the pro-
fessional fnanciers to get the advan-
tage Of The people they repre-
sent.
Those who expected Secretary Gage
to make sensational financial recon-
mendations in his annual report toCon-
gress were disappointed with the con-
servatiYe policy outlined in the state
ment prepared by him and made pub
lie 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 in
crease the gold reserve, or to decrease
the amount of currency in circulation,
for which gold may be demanded, and
expresses preference for the latter;
and that the bonded indebtedness 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 in
terest 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 recommended, with |
the idea of largely increasing the |
amount of National Bank currency.
Among them being the establishment
of National banks with capital of
$25, 900 in places of less than 1000 in
habitants, the reduction of taxation on
their circulating notes TO one half of
one per cent per annum, the privilege
to issue notes 10 the par value of the
bonds 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 the following modest in
"The recommendations
take the liberty to make must be con-
strued as tentative steps in dirsction
which, if consistently pursued, will
ultimately lead to conditions theore-
-ically desirable, rather than in being
in themselves final measures 10 that
end.
Secretary Wilson, among other valu-
able and important recommendations
IN his annual report, asks that educat-
ID agents of the Agricultural Depart
nent be attached to the U. s. Lega-
ion in all countries with which we
compete in the markets OF the world,
n order that our farmers may be Kept
posted upon what their BUSH
less rivals are doing all the time. He
that the agricultural colleges,
by Congress. are graduating
nen who are fitted to properly perform
he duties of agents of the department
n foreign eountrie 8.
The appointmentof of Gen. Longstreet, /
II Ga, to succeed Gen. Wade Hamp-
on as Commissioner of Railroads, s
eem to have highly gratified Republi-
'ans from all the section, and espee-
ally those from the South. 1t has been
understood, ever since las, year, that :
his place would he given to Gen. !
but for personal reasons !
Zen. Hampton was not hurried out of n
he office.
Members of President McKinley's ?
have every reason to be !,
satisfied with the status of :
he diplomatic relations between the q
]. s. and Spain, rs would at once be
ppaient to the public if the long an !.
aer to the first important communi- :
alton sent by President Mckinley 10
be government of Spain was published.
here ale important reasons why this q
ocument has no. been aud will not be
lade public for time-probably not
ntil after it has been submitted to
congress. D
The fact that Secretary Long has de- = :,
Jared his onnosition tn the asta hlish. :