Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-08
but 81. against CT in 1896. and 70

|
| Total number of persons lost, 8,
Total number of shlpwrecked per-
| sons succored at stations. rs
Total number of days succor af-
forded, los.
Number of vessels totally lost. 5!
| The life-saving crews saved and as
sisted to save during the year All vessels
valued with their cargoes at $3 OI5. 04O
or these vessels they saved without as
S sdst ~, waited with their cargoes al
! S9Sl 800. With a loss or damage of onl,
$1loo. In the remaining $50 instances they
| united with other agencies wreckins
vessels, tugs. revenue cutters etc. in
| saving property valued at 81 9aI 7a5 ont nj
| property Imperfect of an estimated value
| of $2,c33 .6S5.
The crews also rendered minor assist
ance 10 4Ol vessels in distress. besides
| signals and II by day signals i'm ali 800
| vessels. thus averting numerous disa
| involving unknown loss of life and
| property.
| The attention of Congress is called II
the fact that there are many state
bonds belonging to the United States,
concerning which there should be some
| legislation.
THE CURRENCY.
In their respective annual reports to
Congress my predecessors since the
close of the civil war have called atten-
ton with unfailing regularity to the
menace to the public credit occasioned
by the continued use of the large vol
ume of demand liabilities, represented
by the legal tender notes. and have
constantly appealed for such legisla-
tive action as would remove the dam
gers pointed out. Although these
warnings and appeals have not as yer
| met with the responsive action THAI
their serious nature justifies. it is not
now the part of wisdom to ignore them.
, In fact, as time has gone on. all the
reasons upon which these warninss;
and appeals were based have received
| additional force. The enormous depre-
citation in the commercial value OF
silver. as compared with gold. has
greatly increased the financial respon-
sibilities of the government in it's de-
mand liabilities. and all the logical
consequences of the fact should be
boldly faced"
The secretary says the total of the
governments outstanding liabilities is
$930.000.000, and he regards the gold re =
serve of $100000.000 insufficient
The recognized inadequacy of that
amount has on more than one occasion
brought fear and arrangement to all
interests. industrial. commercial and
financial The loss suffered by the.
body polite through these derange-
ments having their origin in the state
of the public treasury can not be
named, although it is beyond the limit
of reasonable estimate to say that til
total of such losses exceeds the total
of the demand liabilities of the treas
ury as above set forth" +
CONSIDERED from the standpoint of
national defence the argument is rein
forced. We appropriate millions to
create navy. which, through the gen.
ius of invention. may speedily become
obsolete and worthless. We appropli-
ate other millions to provide coast de-
fences against attacks which may
never be made. Such action. timely
and wise as it may be, is inconsistent
with treasury condition 50 extended
in a time of peace as to bring panic
and alarm to our people before the first
sound of the cneIny's guns. In modern
days a well-supplied war chest with az,
impregnable credit is as important rs
ments of men," s.
THE recommendations l make must
be construed as tentative steps in u
direction which, if consistently pur
sued. will ultimately lead to conditions
theoretically desirable rather than as
being in themselves final measures TO
that end. The condition of the treas
ury in it's relation to demand obliga-
tons requires that one of two steps be
taken. The one may be a large rein
foTcement of the permanent gold re-
serve: the other may be by an import
ant reduction in the Objectionable form
of liabilities. The latter is. in my opin-
ion. the more desirable"
He recommends an issue and re-
demption division. To this $4,000, 900
of gold should be set over from the
treasurys general fund to be used only
for redemption purposes. and all the
silver dollars now held for redemption
of silver certificates, and all the silver
bullion and dollars coined therefrom.
bought under the act of 1890. should be
passed to the same account. Further.
that the sum of $500, O00, 900 in the legal
tender notes Of the United States
hlIoNi IL SiCtHDcChs' DS NoiiSNtN' e'''
hereinafter described. and deposited ii
the said issue and redemption division,
to be disbursed therefrom only upon
the receipt in exchange therefor OF an
equivalent amount of gold coin. Such
gold. when so secured. to be held III
said division as part of the general re-
demption fund.
"Second-I recommend that provision
be made for the issue of refunding loan
bonds. payable after ten years at the
pleasure of the government, such bonds
to bear interest at the rate of 2la per
cent. per annum, payable, principal
and interest, in gold coin; and that
the secretary of the treasury be au-
thorized to issue such bonds and re-
ceive in payment therefor, with an
equitable allowance for the difference
in interest any part or all of the out
standing leans of the United States
which mature by their terms of pay
ment in the years 1904, 1907 and 1925.
THE advantage involved in the pro-
posed action lies in this: 1t removes
an ambiguity from our contract obliga-
tions-an ambiguity which affects I'M
favCrab bly, the government credit. The
word COIN" now used to express the
obliga ton in he public debt, is an ann
bguous word. It is no doubt under
stood by the more discriminating pub