The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-08
CAGES CURRENCY SCHEME.
THE SECRETARY OF THE TREAS
URY'S REMEDY FOR IlNAN-
CIAL ILLS.


Some Other Matters Relating to the
TrcRsury-The Accumulation of
Gold in the Treasury-Fncts and
Recommendations About the Mer-
chant Marine-NationaI Bank Fig
urcs-Other Subjects of General In
tcreSt.
Washington. Dec 6-The following are
extracts from the report of the Secretary
of the Treasury;
For the fiscal year ended June 80, 1897,
the total receipts were $i3O,SS7, 1879. and
the total expenditures We're $44S 4S9, 622.SO,
showing deficit of $1S,652 454.41.
The Accommodations of gold in the treas
ury have been steadily increasing during
the past four months and the tendency is
toward still further advance. The net
gold at the close of the last fiscal year
amounted to $40, 100, 7SS and has increased
since then to $157, 9SS on Nov. so.
From the date of the organization Of the
first national bank under congressional au-
thority on June 90 1868, to the close of the
year ended Oct. 81, 1897, 5,095 national banks
were Organized. OF this number, lips
went into voluntary liquidation, and 1852
were placed in the charge of receivers,
leaving in active operation on the date
above mentioned 3,617. While forty-four
associations were organized during the
year, the decrease by voluntary liquida-
lions and failures has resulted in a net de-
crease during the year of siXty-two asso-
Citations. The number of liqudatiOns was
seVenty-one and the number of failures,
thirty-eight
The authorized capital stock of the banks
in operation is $63S OILS, 1886. The total cir
culation outstanding aggregates S230,l31,-
COS, of which S203 $50 is secured by bond
deposit and $262O5,S25, by lawful money
on deposit with the treasurer of the United
States, on account of liquidating and in
solvent associations and those which are
reducing their circulation. The net de-
crease in circulation secured by bonds as
compared with the amount so secured on
Oct. 81, 1896, is $12,5S4,334, and the gross de-
crease in total circulation $4S52,292.
There has been no material change in
the interest bearing debt of the United
States since the last annual report
The secretary makes this excuse for the
failure of the Dingley law as a revenue
raiser: owing to the heavy mportations
which were made in anticipation of the
passage Of the measure the customs reve-
nues eved during the first three months
VI lIle OpcIdblpu Oh the act nave DtGn
diminished, and are not an indication of
the revenue Which the law will produce
when importations are normal" He has
hopes that beneficial reciprocity treaties
will be negotiated.
The secretary likes public buildings;
wants the government 10 have them in
plenty and of beautiful designs. He says:
THE character and greatness of a nation
may be fairly judged by it's public struct-
Itres and with This pOnUiafiOn NV host
efforts will be devoted TO securing the
highest expression of ARCHITECTURAL art in
the buildings which are TO symbolic the
greatness of the government which erects
them"
Recommendations are made for a pen
sion scheme for the revenue marine ser
vice, and for the retirement of officers oH
that service on pay upon completion Of
certain terms of service or upon physical
disqualification. Five new cruising YES
sells are wanted
The coast and geodetic survey is COM
mended, and special mention is made of
some of its work, including maps of and
markings on the coasts and rivers of
Georgia, South Carolina and Florida.
There is said TO be a pressing need for
more liberal appropriations for the light
house service. 1t is proposed that five
light vessels, somewhat similar to that re-
Gently placed on Diamond shoals, Cape
: Hatteras, shall be constructed. These
craft are for the Atlantic coast.
The secretary devotes nearly one-thrd
of his report to the currency question. He
sketches in brief the present laws and
their shortcomings, some of the schemes
for currency reform and the obligations
to them. Following this he submits his
recommendations, viz:
First l recommend that proper legis-
lation be enacted which will establish,
i "a