Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1898-12-08
SINGLE COPY FIVE CENTS
NUMBER 18

the treaty of Feb. 2, 1897, between Great
Britain and Venezuela to determine the
boundary line between the latter and
the colony of British Guiana is to con-
vene at Paris during the present month.
1t is a source of much qualification to
this government to see the friendly re-
sort of arbitration applied to the settle-
ment of this controversy not alone be-
cause of the earnest part we have had
in bringing about the result, but also
because the two members named ON
behalf of Venezuela, Mr.. Chief Justice
Fuller and Mr.. Justice Brewer, chosen
from our highest court, appropriately
testify the continuing interest we feel
in the definitive adjustment of the ques-
tion according to the strictest rules of
justice. The British members. Lord
Herschell and Sir Richard Collins. are
jurists of no less exalted repute, while
the fifth member and president of the
tribunal, NJ F. de Martens, has earned
a worldwide reputation as an authority
upon international law.
Private Property In War.
The experiences of the last year bring
forcibly home to US a sense of the bur-
dens and the waste of war. We desire,
in common with most civilized nations.
to reduce to the lowest possible point
the damage sustained in time of war by
peaceful trade and commercs. 1t is true
we may suffer in such cases less than
other communities, but all nations are
damaged more or less by the state of
uneasiness and apprehension into which
an outbreak of hostilities throws the
entire commercial world. 1t should be
our object, therefore, to minimize so far
as practicable this inevitable loss and
disturbance. This purpose can proba-
bly, best be accomplished by an inter-
national agreement to regard all pri-
vate property at Sea as exempt from
capture or destruction by the forces Of
belligerent powers. The United States
government has for many years advo-
Gated this humane and beneficent prin-
ciple and is now in position to recon-
mend it to other powers without the
imputaton Of selfish motives. I there
fore suggest for your consideration
that the executive be authorized to cor
respond with the governments of the
principal maritime powers with a view
of Incorporating into the permanent law
of civilized nations the principle of the
exemption of all private property at sea
not eontraband of war from capture or
destruction by belligerent powers.
provisions made for the treasury in the
war have established more firmly the
national credit at home and abroad as
well as increasing confidence in the
maintenance of the present standard
and says:
The provisions made for strengthen
ing the resources of the treasury in
connection with the war have given in
creased confidence in the purpose and
power of the government to maintain
the present standard and have estab-
lished more firmly than ever the ma
tional credit at home and abroad. A
marked evidence of this is found in the
inflow of gold to the treasury. Its net
gold holdings on Nov l. 1898, were $685.
S85, 1872 as compared with $153, 573, lat on
Nov l. 1897, to $500 2SS, ,275 Nov 1, 1898.
The present ratio of net treasury gold
to outstanding government liabilities,
including United States notes. treasury
notes of $780, silver certificates. curren-
cy certificates. standard silver dollars
and fractional silver coin Nov. /, 1898,
was 25.35 Per cent as compared with
1896 per cent Nov. 1. 1897.
renew so much of my .reconmenda-
ton of December. 1897, as follows: That
when any of the United States notes are
are redeemed 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 the United States
note prefers the gold and gets it from
the government he should not receive
back from the government a United
States note without paying gold in ex-
change for it. The reason for this is
made all the more apparent when the
government issues an interest bearing
debt to provide gold for the redemption
of United States notes-a noninterest
bearing debt. Surely it should not pay
them out again except on demand and
for gold If they are put out in any
other way. they may return again, to be
followed by another bond issue to re-
deem-another interest bearing debt to
redeem a noninterest bearing debt.
In my judgment the present condition
of the treasury amply justifies the i'm
mediate enactment of the legislation
recommended one year ago under which
a portion of the gold holdings should be
placed in trust fund. from which green
backs should be redeemed upon presen-
tation. but when once redeemed should
not thereafter be paid out except for
gold
1t is not to be inferred that other leg
islation relating to our currency is not
required. On the contrary, there is an
obvious demand for it. The Importance
of adequate provision 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 secretary of the treasury reports
that the receipts of the government
from all sources during the fiscal year
ended June 80, 1898, including $64. Isl, ,223
received from sale of Pacific railroads,
amounted to $4G5, 32t, 1886 and its expendi-
lures to $449, S6S, $50. There was collect
ed from customs S149, ,575, ,062 and from
internal revenue $40, 900 641. Our dutia-
Bile imports amounted to 1924, ,635, ,479 a
decrease of $5S156,69O over the preced-
ing year and importations free of duty
amounted to 1921 ,414, ITS, a decrease from
the preceding year of S90,524.06S Inter
nal revenue receipts exceeded those of
the preceding year by 1924, ,212, ,067
The total tax collected on distilled
spirits was $92 546. .999, on manufactured
tobacco $50. .23O, 522 and on fermented
| liquors $395l5,421. We exported mer-
chandise during the year amounting to
from the preceding year.
It is estimated upon the basis of pres
ent revenue laws that the receipts OF
the government for the year ending
June 80, 1899 will be s577, ,S74.647 and its
expenditures S6SS. .S74, SAT. resulting in
deficiency of SIP, 900. 600.
On the 1st of December. 1898, there
were held in the treasury gold coin
amounting to $13S.441,547, gold bullion
amounting to $13S, SOP. 545, silver bullion
amounting to s9S S59, ,250 and other forms
of money amounting to $45f, ,s63.9S1
On the same date the amount of
money of all kinds in circulation or not
included in treasury holdings was ST.
$50, 6,S79,504 an increase for the year of
$165, 794, 966. Estimating our population
at 75.194,000 at the time mentioned the
per capita circulation was $500. On
the same date there was in the treasury
| gold bullion amounting to s13S, ,502, ,545.
The president says a prompt adoption
of maritime policy is now necessary,
recommends the appointment of an ex-
pert commission on yellow fever, ap-
proves of the Increase of the standing
army to 100000 men and declares that
as this is provided for he will muster
out the entire volunteer army. He
says
Under the act of congress approved
Arr{I 0g 1909 o.,tbnri1iY,or q fba r,rasidepf