The herald., 1898-12-06
FINANCIAL
A Big Deficiency Is Very Confidently
Predicted

Predicted
The Secretary of the Treasury report
that the receipts of the government iron
all sources during the fiscal year ende,
June 80, 1898, including 1884, ISL ,223 receive,
from sale of Pacific railroads, amounted t.
Saoo, ~ ,335, and its expenditures to SAB,
o6s 5s2. There was obtained from custom
Sl40, 0,575,O62, and from internal revenue SI7O,
90o,64l Our dutiable imports amounted t
Pa, 1885, ,479, decrease Of $5S, l56, 600 unde
tne preceding year, and importations FREE
oi duty amounting to $24l Ala IT'S, decreas
from the preceding year of 500, 0,52i, ,06S. In
ternal revenue receipts exceeded those o
the preceding year by $24 ,2l2, ,068.
Inc total tax collected on distilled spirit
was s92, ,546.9 $50, on manufactured tobacco
s5e' Z30 522, and on fermented liquors 500,
osio,42s. We exported merchandise during
TIE year amounting to $l,23l ,4S2, $3.50, dn in
crease of $3.50, 4S8,774 from the preceding
year.
1t is estimated upon the basis of presen
revenue laws that the receipts of the gov
ernment for the year ending June 30, 1899
S6S9, ,S74 ,647, resulting in deficiency OF SIP,
100000.
On the lst of December, 1893, there was
held in the treasury gold coin amounting
to $l3S, AL ,547; gold bullion amounting tt
$l3S, SOP ,545; silver bullion amounting to S93,
359, ,250, and other forms of money amount
ing to $45l,063,9Sl
On the same date the amount of money
of all kinds in circulation or not included
in the treasury holdings was 81 ,936, ,879, ,504
an increase for the year of Sl65, 794 1855.
Estimating our population at 1904 ,00t
at the time mentioned, the per capita circu
lation was $500.
| On the same date there was in the treas
ury gold bullion amounting to $l38, ,502,54
The provision made for Strengthening the
resources of the treasury in connection with
the war has given increased confidence in
the purpose and power of the government to
maintain the present standard, and has es
tablished more firmly than ever the national
| credit at home and abroad. A marked evi
dence of this is found in the inflow of gold
to the treasury. Its net gold holdings on
November !, 1893, were S239 1855, l60, as com
pared with $l53, ,573 l47 on November l, 1897,
and an increase of net cash of $207, ,756, 100
November |, 1897, to $500, S,275 November
l, 1898. The present ratio of net treasury
gold outstanding, over liabilities, including
United States treasury notes of $780, silver
certificates, currency certificates, standard
silver dollars and fractional silver coin, No.
vember |, 1898, was 25.35 per cent as com
pared with 1896 per cent November ], 1897
THE GOLD RESERVE
December, 1897, as follows:
That when any of the United States notes
are presented for redemption and are re-
deemed in gold, such notes shall be kept and
set apart and only paid out in exchange for
gold. This is an obvious duty. If the holder
of a United States note prefers gold and gets
it from the government, he should not re-
ceive back from the United States a note
without paying gold for it in exchange. The
reason for this is made all the more apparent
when the government issues an issue bearing
debt to provide gold for the redemption OF
United States notes, a non-interest- bearing
debt. Surely it should not pay them out
again except on demand for gold. II they
are put out in any other way they may re-
turn again, to be followed by another bond
issue to redeem them, and interest bearing
debt to redeem a non-interest- bearing debt.
This recommendation is made in the be-
lief that such provision of law would insure
to greater degree the safety of the present
standard, and better protect our currency
from the dangers to which it is subjected
from disturbance in the general business
conditions of the country. In my judg-
ment the present condition of the treasury
justifes the immediate enactment of legis-
lation recommended one year ago, under
which portion of the gold holdings should
be placed in trust fund from which green.
DdtNS De Icucelilcu upon DreSeQtQ-
ton, but when once redeemed should not
thereafter be paid out except for gold.
II is not to be inferred that other lepsIa-
tion relating to our currency is not required
On the contrary, there is an obvious demand
for it.
The Importance of adequate provisions
which will insure to our future a. money
standard related as our money standard
now is to that OF our commercial rivals. is
generally recognized.
The companion proposition that our do
nestle paper currency shall be kept safe and
yet be so related to the needs of orr in.
dustrles and internal commerce as to be
adequate and responsive to such needs is n
proposition scarcely less important. The
subject, in all its parts, is commended to the
wise consideration of the Congress
THE MERCHANT MARINE
The annexation OF Hawaii and the changed
Teiatlons OF the United States to Cuba,
Porto Rico and the Philippines, resulting
from the war compel the prompt adoption
OF maritime policy by frequent steamship
communication. encouraged by the United
States under the American flag with the
newly acquired islands. Spain furnished to
its colonies, at an annual cost of about
600, steamship lines communicating
with a portion of the worlds markets, as
well as with trade centers of the home Gov.
ernment. The United States will not un-
dertake to do less. 1t is our duty to furnish
the people OF Hawaii with facilities under
national control for their export and i'm
port trade. 1t will be conceded that the
present situation calls for legislation which
shall be prompt, durable and liberal.
me part which American merchant YES
seis ana their seamen performed in the war
with SPAN demonstrates that this service.
furnishing both pickets and the second line
OF defense, is a national necessity and should
pe encouraged IN every constitutional way.
Details and methods for the accomplish
ment OF this purpose are discussed in the
report OF the Secretary of the Treasury, to
which the attention of Congress is RESPECT
fully invited
THE PUBLIC HEALTH
IN my last annual message, recommend
Gu that the Congress authorize the appoint
ment OF a committee for the purpose of max
ing systematic Investigations with reference
to the cause and prevention of yellow fever
Inns matter has acquired an increased i'm.
portance as result of the military occupa-
ton of the Island of Cuba and the CONNER
clal intercourse between this island and the
United States, which We have every rea-
son to expect. The sanitary problems con-
nected with our relations with the Island
OF Cuba and the acquisition of Porto Rico
are no less important than those relating to
hnance, commerce and administration. 1t
Is my earnest wish that these problems NAV
be considered by competent experts and that
everything may be done which the most re-
cent advances in sanitary science can offer
for the protection of health of our soldiers
in those islands, and of our citizens who are
exposed to the dangers of infection from the
importation of yellow fever. | therefore
renew my recommendation, that the au.
thority of Congress may be given and a
ttnT.,l lA nv mi, t,1,,