The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-12-07

brought home to us the reliance which a peace
full country In time of war must place ON its
msTchant marine and merchant sennfGnn en- r,.,h.
DDS referred TO. II will not be diflcult TO evolve
a Legislative project for. the development p our
adjusted 10 our special needs and based on the
prevalent conditions Of competition In the
% HSsSd dnmprsSynb e specifically set forth in the fol-
FIfstHK~ rsm9dslllng and extension Of the
OF ocean mails In American steawships. so that
II shall meet requirements which have arisen
SecondcThe establishment Of a system. Of
graded bounties upon the mileage, nayigated
In the foreign carrying trade rs compensation
for the training OF, seamen avauaple LOT tne
ALSO ass,G To the Se eonstpue saS " ytvesaeiS which maybe
promptly. and economically converted into
CRUISERS: troorships. ]oolliors: and supply shins
ion should also be made for vessels and men
engaged nthe deem sea fisheries,
q tss Sss 4 S'%sS May q. +4Esss!i8s , sy 7 S5s%s SE,S sSISs 4
S Sniit c stUamsS SPSn Nave SsS EoFE and Fl Pa snG t tSis sa-
ina ins t re DC 80 20 &%%SfiSSn az 81 tP %SssSls. the coast.
Fourth. A moderate increase in the rates OF
our Tonnage taxes; eGusllziM nE. them !, With th ss
London. liverpool and Hamburg.
Filth. The restriction, q the trade between
the c%oastinG trade OF those Islands to vessels OF
American registry; - ,.ou, .,o
current practices OF our maritime competitors.
The can be- put INTO operation promptly np1 1
matte matte STaSsnses, delaying eSsy s action oDf and din involving
merclal retaliation. They will not raise politi-
stitSted. may divide. They are, Believed to be
entirely adequate to our needs"
MONEY PROBLEMS IN Porto RICO.
a 81
m dSs FG sPt%st tssn l Rreffs or.o q h f,seus He ss S1 t tss
coins in the Island bear no fixed relation to
SIT Is suggested that at the proper time &C.
e s1En nc 's y PoT 9k qREie eS to that fS a 81 ne 1pl teG
Without undufy disturbing. ,sslstiee condltions
and contract relations in Porto RICO. This. IL
customs dues IN Il the island payabie in American
money; yet receiving the silver pesos and rem EN-
thus find an important avenue, whore a
uniform ynlpe on the basil, arranged would be
enough to give the assurances needed to Keep
the peso and its minor subdivisions current
ton. II any doubt should arise as to the sufi-
cheney Of such q provision. 1t could be made the
American 81 inc so seo in dires e eS sas prsa tor he g p siyo
Rican coin at the Custom, House ratio when
ever In his opinion i SHOULD be necessary SO to
edge. ] think oil interests would meet in Civ
say, the peso shall be maintained at the value
of 60 cents, first, by receiving It in payment for
S %hs ! rsq az feds E Pn1ssii sfS %one Sy az fi thas r l4s II 4
y silver money has been kept on a parity
""iTSe present Porto Ricau coins carry the
emblemsof Spanish sovereignty. Whether or
coins should be struck. Of the same weight and
hneness, upon which should be imprinted
should Be substituted for The old. BY SI melting
up the old as they come IN and by paying out
the new, such 'S a substitution can be easily and
use would establish American money, whether
OF silver. gold or paper. as tho medium Of ex-
change and payment.
CURRENCY REFORM.
In discussing the subject OF currency reform
The proposal to substitute bank issues for
et %preigdiees and assaiisd BY bitter denaSncia-
ti6ns. The first arise from a failure to SOM
rency. and must be patiently considered The
latter obscure the question by reckless state
meS5s re eharGl aee ' bant az eo psGRi9sIiiaShs 70 '9 exS Saft
th 81 p sS4s:
money issued by the Government does not
possess the qualifications to make 1t n proper |
and Manufacture Il the TACT also b be apdi@DIttatssdi
that It is q deranging and disturbing factor in |
us reidtiOn v INDUSTRY anu cOHmeICo, then Uno
time has come to substitute for II a currency |
which will adequately. economically and safely
meet the ever growing needs of the country.
rapidly developing as II Is, In the power of pro-
duction. in the number OF It's, people, and the
importance OF it's domestic and foreign trade.
Can q bank note currency be established
which will be adequate. economical and safe.
and thus serve. in a better way than is now
served, the public needsf Limited by space In
this presentation. 1 point to the countries be-
fore named. whore these conditions are real
lied. Our neiRhbor on the north. Canada.
direction, With power 70 issue notes as proft,
industry can be found. the power has never
been overtaXed or exhausted. The rates OF
interest have varied but. little between the
richer provinces Of Ontario or Quebec and the
terms of interest are substantially as fayora-
chant of the metropolis.
while these conditions, in contrast with our
own,w which stimulates the operation OF credit
at the centres and staryes I at the o%ircumfer-
banking system. the influence Of the currency
bank note Issues In Canada repressed by re- !
s~trictive laws. as they are with us, aud II the
field OF circulation these notes now occupy were
filled with the .legal. tender notes OF tho Domin-
the frontiers would not be Afforded. The same
tendency toward congestiop, at the centres and
scarcity IN, the outlying districts would be
there. as It 10 here. plainly observable.
1T IL not intended by anything here said to
offer. the Canadian system as a model from
particulars y would not at present suit our DIFF
ferent conditions"