Freeland tribune. (Freeland, Pa.) 1888-1921, 1898-12-08

inlnutGtOn Oh SELFISH HlOllNeS. tnere-
fore suggest for your consideration
that the executive be authorized to cor
respond with the governments of the
principal maritime powers with view
of incorpora ting into the permanent law
of civilized nations the principle of the
exemption of all private property at sea
not contraband of war from capture or
destruction by belligerent powers.
On finances the president says the
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
t'onal 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 s239.-
SS5, 1862 as compared with $153 573.147 on
Nov. l, 1897, to $500, 23S.275 Nov. /, 1898.
The present ratio of net treasury gold
to outstanding government liabilities,
including United States notes, treasury
notes of 1890 silver certificates. curren-
cy certificates. standard silver dollars
and fractional silver coin Nov. l, 1898,
was 25.35 per cent as compared with
1896 per cent Nov. l. 1897.
i renew so much of my recommends
tion of December 1897, as follows: That
when any of the United States notes e
presented for redemption in gold and
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 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 he
followed by another bond issue to re-
deem-another interest bearing debt to
redeem noninterest bearing debt.
In my judgm ant the present condition
Of the treasury amply justifies the i'm
mediate enactment Of the legislation
recommended ole year agr under which
ii 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 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 ssl, Isl, ,223
received from sale of Pacific railroads,
amounted to s405, ,321 1886 and it's expendi-
lures to $i43,36S ,5S2. There was collect
ed from customs $149 575, ,O62 and from
internal revenue $40, 0,900,6i1. Our dutia-
Die imports amounted to 1924 635, ,479, a
decrease of S5S 156.690 over the preced-
ing year, and importations free of duty
amounted to 1921, ,414175, decrease from
the preceding year of s90524. 06S. Inter
nal revenue receipts exceeded those of
the preceding year by S24212,O67.
The total tax collected on distilled
spirits was S92, 546, g99, on manufactured
tobacco S6,230522 and on fermented
liquors S39, 515,421. We exported mer-
chandise during the year amounting to
Sl,23l, 1850, an increase of $3.50, ,4SS, ia
from the preceding year.
1t Is estimated upon the basis of pres
ent revenue laws that the receipts of
the government for the year ending
June 30, 1899, will be S577, ,S74 CAT and its
expenditures $6S9, ,S74,647, resulting in a
deficiency of SIP 100000
on the 1st of December, 1898 there
were held in the treasury gold coin
amounting to s13S, ,5i7 gold bullion
amounting to $13S 500, ,545, silver bullion
amounting to 500. .359, 250 and other forms
of money amounting to $451 ,963 9S1.
On the same date the amount of
money of all kinds in circulation or not
included in treasury holdings was ST.
SS6,S19,504, an increase for the year of
S166, 966. Estimating our population
at I5,l94,OO0 at the time mentioned, the
per capita circulation was $500. On
tne same uate tnere was IN the treasury
gold bullion amounting to $13S, S,502,545
The president says 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
April 26, 1898, authorizing the president
in his discretion, under a declaration
of war by congress or a declaration by
congress that war exists" / directed
the increase of the regular army to the
maximum of $1,000 authorized in said
act.
There are now in the regular army
81. 1862 officers and men. In said act it
was provided That at the end of any
war in which the United States may
become involved the army shall be re-
duced to peace basis by the transfer
in the same arm of the service or alb