New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-08

-. ,horers left the united o'n.o' W..
"a,,on Of returning thereto. d pi''Me .. ~.
in's" ssd % persons Of that class o! INC "eA.
accofoeu ~ ,,,oa states and China. The NUMBER
tween ' rrested was loss. OF which numoer zz'
OF Sanorted $40 discharged and the cases re-
"eie r.r. nending at the close OF the last nscs
year. rt.r CURRENCY
..s,.ct,ve annual reports to Congress
" oascessors since tho close OF the |N' war
my Pv.a attention with unfailing regularity
- r,snace 10 the public credit occasioheo 0.
-. Continued use OF the large Voiui'io VI ~
uSn,.,s. represented by the iegai-'ehoer note'
- have constantly appealed TOT sucn es
ac.,o" S ,hess warnings and appeals nave not
1>'"o With the responsive action that then
.-,nrs nature justifes. 1t Is not no" .ne p"'
:, y,sdom TO ignore them In rack. % ''''e '"'
-. nm all the reasons upon which THESE wan"
so' "a anpeaIs were based have received al
inss ",u 800 rhs enormous depreciation In the
,,n,c,al value Of silver. as compared Win
10 no. greatly increased the financial respoh-
rhuit,es Of the Government In us oemanu na
hl,,iss and ali the logical consequences Oh INC
fact should be boldly raced .
I-nds, the act Of 1878. requiring tho purchase
1o,,a.e NJ silver. supplemented and enlarged
49,, ,,a so-called Sherman Act OF 1850. there were
outstanding June 80 1897. the sum OF s4loS"'s7o IN
s,Iver dollars or certificates representing 'neih'
FINDER the act Of 1890 there were also oue'ano'ns
NNS67.2S0 In treasury hotee 'i0'
fly of legal tender. $3.50 ,, A..
- ~. act Of November l. 1893. repeating the
purchasing clause OF the act 0f 1880 II was 90
c,.red 70 be the policy OF the united otate' W
sscure by safeguards Of legislation the party NJ
value Of the coins Of the two metals Wo.o @"u
silver and tho equal power OF every oohAI =.
al, times In the markets and In tho payment VI
debts" ,.,. -,
Conformabls to the spirit OF this oeciafauon' '"e
treasury Department In all its operations has
treated roId and silver coins. and the paper rep
r..ent.tys. of each. Of equal dignity and value
In tina collection Of its revenues. whether IN inc
form OF excise taxes or OF customs cues. IL mas
r.as discrimination against neither, while. upon
the other hand. It has held itself READY 10 pay
to the public creditor whichever OF tho TWO no
might choose to receive as the moro desirable 70
him. Even further than this. II has declared It.
self ready whenever necessary to the maintenance
Of this parity to exchange on even terms. AZ tno
pleasure Of the holder. either form OF the metaio
money for the other These practicaI operations
and declarations were necessary. and they nave
operated to keep in concurrent c'rcuiauon on
terms Of equality the two kinds OF metallic money
notwithstanding tho varying and never-ceasing
disparity between the natural or commercial value
OF the one a. compared with the other. Never
theless. It must be recognized that this under
taking involves q large financial responsibility
and requires proper and adequate legislative pro-
visions for its continued execution.
The responsibility Of the Government in this re-
spect that in addition to its liability for re-
demption gold demand Of $346 900 900 OF legal
tender notes. It must also hold Itself in readiness
redeem in like manner 900 Of the Treas
ury notes Of 1890 and 10 maintain through Its
Treasury the free interchange bility with gold OF
any part or all Of 900 in silver now current
with people The aggregate OF these liabilities
amounts $3.50 600 0o0 1t il not intended to con-
vey the idea that the Government will ever be
called upon to pay at any one time or over any
one period Of time. however protracted the total
Of liability thus shown. II Is. however. tndispen-
sable that the Treasury be endowed with power
and resources ample to meet all claimants who
may come. and with margin suficient TO give tuir
assurance to all who do not come that Its ability
for continuance is unmpaired. The statement that
the traditional 500 100000 of gold reserve Is insult
ncient for these purposes need not be supported by
argument. 1t Is manifest. The recognized mad
equacy Of that amount has on more than one oc-
casion brought fear and arrangement to all inter-
ests-industral. commercial and financial Tho
losses suffered by the body polite through these
arrangements having their origin In the state OF
the public Treasury cannot be named although
1t Is not beyond the limit Of reasonable estimate
to say that the total Of such losses exceeds the
total Of the demand liabilities Of the Treasury as
above set forth II It be urged IN answer TO these
considerations that the state Of the Treasury Is
fairly satisfactory now. that gold - flowing freely
toward the Treasury and not away from It, and
that there Is q good state Of confidence in
present financial condition. the answer must be
received a perfectly correct one. 1t might be
further urged with probable truth that these favor
able conditions viii endure for-an indefinite period.
With public revenues sufficient for public expend-
lures. and a reasonable surplus accommodating: with
trade relations normal with ample crops carrying
fair rewards to agriculture. with no war or we'll
defined rumors Of war. we might go on with
growing sense Of security Unfortunately the con-
tinuance Of these good conditions cannot be assured
TO u.s. Commerce and industry sensitive to all
favorable events. and watchful with anxiety
against dangers as yet unseen. need for their full
recovery from past reverses and depression a
newed confidence that the Governments finances
s are 10 ss nEmy PLACED on stronger and more en-
s. ss a4.s SUPPLYING h Of the
Of ves Son 50 20 onR PaT with
Usndeney u ama Ss rem in state Of de-
courage OF Congress This forced dependency on
the one part segets corresponding responsibility
Considered from the standpoint Of National &C.
millions create Ssny whc we siS"sB n:
genius Of tinvsnilSn speedily become obsoess
pIoyd; defence. sssn:, sseEs WhieS ms 70
b. sStS With me and wise A.
tion so extended in time OF peace a. 70 Srinx
st sound Of the ene@ys Suns people m before the
Wel,,supplsd war chest, with an impresnabs
teries regiments Of men ~ o"'-
The advantages Of a strong position IN the Ma
tonal Treasury with Its accompanyin dement's N
all Commercial! interests and great Reinforcement
OF the public credit. can. l BELIEVE be secured
easy to be comprehended BY ali. and with small
cost to the people ~
The Recommendations I make must bo constru.d
not as being in themselves final measures but
rather tentative steps In direction which
consistently pursued. will lead TO conditions ulti,
mate!y desirable. The condition Of the Treasury
IN it's relation 10 demand oblieat lions reourea THAT
one OF two steps promptly be taken The one NAV
be a large reinforcement OF the permanent roId
reserve: the other may be by an importan, ~
ducton In tht Objectionable form OF liabilities
The latter Is, in my opinion the more Desirable
RECOMMENDATIONS FOR REFORM.
Ffrst-I recommend hat proper legislation be
enacted which will establish. separate and apart