Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-12-06


u. .lszsao, an increase Of Isl. 4ss, ~ nom
the preceding year
It is estimated upon the basis Of present
revenue laws that the receipts Of the
government for the year ending June 80.
1899. viii be s57aS74.647 and its expendi-
lures $3.50, S74, 81. resulting in deficiency
SIP 00O, COO.
On the last of December, 1898, there
was held in the treasury coin amounting
to sl3s. III, 547; gold bullion amounting to
s1SS5G2, 554; silver bullion amounting to
$93. 35a, $50, and other forms of money
amounting to s451, SCI, sN.
On the same date the amount of money
of all kinds in circulation, or not in
cluded in treasury holdings, was s1,SS6-
S19,5o4 an increase for the year of
sl65, s94, $685. Estimating our population at
Is, COO at the time mentioned
THE PER CAPITA CIRCULATION
was $500. On the same date there was
in the treasury gold bullion amounting to
| $1SS, 500, 545
The provisions made for strengthening
the resources of the treasury in connec-
ton with the war has given increased
! confidence in the purpose and power of
| the government to maintain the present
standard, and has established more firmly
than ever the national credit at home and
abroad. A marked evidence of this is
found in the inflow of gold to the treas
ury. It's net gold holdings on November
l, 1928, were $e39, Sc, 1e2 as compared with
$3.50, 573 147 on November l, 1897, and an
increase of net cash of 1921, 155, 100, Novem-
Der /, 1887, to $3.50. 22s 275 November l, 1888
The present ratio of net treasury gold to
outstanding government liabilities, includ-
ing United States notes, treasury notes
of 1890, silver certificates, currency GER
tificates standard silver dollars, and
fractional silver coin, November l., 1898,
was 2535 per cent, as compared with
16 96 per cent November l. 1877.
I renew so much of my recommends
ton of December. 1897, as follows:
That when any of the United states
notes are 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 1t
from the government, he should not re-
ceive
BACK FROM THE GOVERNMENT
a United States note without paying gold
in exchange 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 non-interest
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 fol-
Inv bond Issue redeem
them-another Understanding debt to re-
deem a ncn-interest-bearing debt
This recommendation was made in the
belief that such provisions 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 a disturbance in the
general business conditions of the coun-
try.
In my Judgment. the present condition
of the treasury amply justifes the i'm
mediate enactment of TIE legislation
recommended one year ago, under which
a portion of the gold holdings should be
placed in a trust fund from which
greenbacks should be redeemed upon
presentation but when once redeemed
should not thereafter be paid out except
for gold.
1t is not to be inferred that other legis-
lation relating to our cururency is not
required; on the contrary, there is an
obvious demand for it.
Tie 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 companion proposition that our do
nestle paper currency shall be kept safe
and yet be so related to the needs Of our
industries and internal commerce as to
be adequate and responsive to such needs
is proposition scarcely less important
The subject, in all it's parts is COM
mended to the wise consideration of the
Congress.
The annexation of Hawaii and the
changed relations of the United States to
Cuba Porto Rico and the Philippines,
resulting from the war. compel the prompt
adoption of a maritime policy by the
United States. There should be estab-
lished regular and frequent steamship
communication. encouraged by the Unite /
States, under the American flag, with the
newly acquired islands.
The part which American merchant YES
sells and their seamen performed in the
war with Spain demonstrates that this
service. furnishing both pickets and the
second line of defense, is national
necessity, and should be 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 re-
spectf lily invited.
A continuance of the investigations and
efforts loking to reducing the dangers of
yellow fever is recommended.