Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1897-11-08
WASHINGTON LETTER.
Washington, Nov. I, 1897.

total saving of S25, 900, 900 to the peo-
pie of the United States by reason of
the firm manner in which President Nc
Kinley insisted upon maintaining the
rights of the people in all his dealings
with the bidders for the purchase of
the Union Pacific Railroad The fl
nanciers knew that they would have
to pay more for the road in order to
get the sanction of this adminiStra-
ton to the sale than they had offered
in their negotiations with the Cleve-
land administration. Their first offer
was about So, 1000, 900 in excess of the
one they made to the last administra-
ton, aud to that they were forced by
President McKinley's firmness to add
S13, 1000, 900, in order to reach the total
the government, which was the limit
set by the President. When the flu
ture historian sums up the notable
accomplishments of the Mckinley ad-
ministration, this Union Pacific bust
ness will occupy CONSPICUOUS place.
1t is in fact great achievement-per-
haps one of the greatest in our civil
history, and is an object lesson that
might be studied with profit by those
state, municipal and country authori-
ties who are constantly allowing the
professional financie1s to get the ad-
vantage of the people they represent.
Those who expected Secretary Gage
to make sensational financial recon-
mendations'tin 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 con-
dition of things financially may con-
tinue for an indefinite period, he
deems it the part of wisdom to sug-
gest some reform in our financial sys-
tenn. 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 express
es a preference for the latter; and
that the bonded indebtedness of the
country be refunded by the issuing
for the entire amount of Pc per cent
bonds, payable in gold, which would
save the country very large amount
of money in the shape of the higher
interest 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 Banks with a cap
ital of S25, 0C0 in places of less than
1900 inhabitants, the reduction of
taxation on their circulating notes to
one half of one per cent per annum,
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, fl
nancial dog was shown by the follow
ing modest introduction: sThe rec
concentrations I take the liberty to
make must be construed as tentative
steps in a direction which, if consist
emily pursued, will ultimately lead
to conditions theoretically desirable,
rather than in being in themselves fl
nal measures to that end.'
Secretary Wilson, among other val
liable and important recommends
lions in his annual report, asks that
educated agents of the Agricultural
Department be attached to the y. S.
Legation in ali countries with which
we compete in the markets of the
world, in order that our farmers may
be kept thoroughly posted upon what
their business rivals are doing all the
time. He suggests that the agricul-
tural colleges, endowed by Congress,
are graduating men who are fitted to
properly perform the duties of agents
of the department. in foreign coun
tries.
The appointment of Gen. Long
street, of Georgia, to succeed Gen.
Wade Hampton as Commissioners of
seems to have highly graf
flied republicans from all sections,
and especially those from the South.
IU has been understood, ever since
last year, that this place would be
given to Gen. Longstreet, but for per-
sona1 reasons Gen. Hamilton was not |
o,,+ tho
Members Of President McKinley's /
administration have every reason to
be perfectly satisfied with the status |
of the diplomatic relations between /