The Republican. [volume] (Oakland, Md.) 1877-current, 1897-11-04
OUR WASHINGTON LETTER.
WASHINGTON, DC, Nov /, 189

WASHINGTON, DC, Nov /, 1897.
Attorney General McKenn figures
out a total saving of S25, 600, 600 to the
people of the United States by reason
of the firm manner in which President
Mckinley insisted upon maintaining
the rights of the people in all his deal
ings with the bidders for the puf-}
chase of the Union Pacific Railroad q
The fnanciers knew that they would
have to pay more for the road in or
der to get the sanction Of this admin
istration to the sale than they had Of
fered in their negotiations with be
Cleveland administration. Their fist
offer was about $12, 900, 600 in excess of
the one they made to the last admin
istratiOn, and to that they were forced
by President Mckinley's firmness to
add $13 100000, in 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 no
table accomplishments of the-AcKin-
ley administration this Union Pacific
business will occupy a conspicuous
place. 1t is in fact a great achieve
perhaps one of the greatest in
our civil history, and is an object les
son that might be studied with profit
by those state, municipal and co21seyy
authorities who are constantly allow
ing the professional fnanciers to get
the advantage of the people they rep
resent
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 Cabi
net. He starts out by saying that
while the present satisfactory condi-
! ton 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
recommends 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
demanded and expresses a preference
for the latter; and that the bonded in
JD1 % : l.,
by the issuing for the entire amount
Of 21I bonds payable in gold, which
would save the country very large
amount of money in the shape Of the
higher interests 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 cs-
tablishment OF National banks with a
capital Of %25,G coo in places of less than
1900 inhabitats, the reductiOhF5l tax;
alton on their circulating notes to one
per cent per annun, the privilege to
issue 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
bit by the cure-all-ills financial dog
was shown by the following modest
Introduction: The recommendations
| take the liberty 10 make must be
construed as tentative steps in di-
rection which, il consistently pursued,
will ultimately lead to conditions the
oretically desirable, rather than in be-
ing in themselves final measures to
that end
SecretaryWilsOn, among other valu-
able and important recommendations
in his annual report, asks that educa-
ted agents OF the Agricultural Depart
mcnt be attached to the Z S. Legation
in all countries with which we com
pete III the markets of the world. in
order that our farmers may be kept
properly posted upon what their bust
ness rivals are doing all the time He
suggests that the agricultural col.
leges, endowed by Congress, are grad.
uating men who are fitted to properly
perform the duties OF agents of the de,
partment in foreign countries
The appointment of Gen. Long
street, of Ga, to succeed Gen. Wade
Hampton as Commissioner of Rail
roads, seems to have highly gratifieC
Republicans from ell sections, and es
pecially those from the South. 1t has
been understood, ever since last year
that this place would be given to Gen
Longstreet, but for personal reason.
Gen. Hampton was not hurried GU,
Of Office.
Members of President Mckinley
administration have every reason t.
be perfectly satisfied with the status
of the diplomatic relations between
the U. S. and Spain, as would at one,
be apparent to the public if the Ions
anCWar tO tho iirct i'm Y>ortont oo,o,, a.,