The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-12-06

dutiabie imports amounted to 1924, 635.-
419, a decrease Of $5S. 1j6, $40, over the
preceding year. and importations free
of duty amounted to S291 4141T5, a de-
crease from The preceding year Of 500
524 06S. Internal revenue receipts eX-
ceeded those OF the preceding year by
s24. 212. 067.
The total tax collected on distilled
spirits was 500 $40 999; on manufactured
tobacco $36 290.52l, and on fermented
liquors $39,515,42l
We exported merchandise during the
year amounting to S1,123. ASP $3.50, an in
crease Of $3.50, 488.714 from tho preceding
year,
II is estimated upon the basis Of pres
ent revenue laws that the receipts Of
the government for the year ending
June 80 1899, will he $577,S74.647. and its
expenditures $6S9.ST4,647, resulting in
deficiency of $112. 900 600
on the first of December 1898 there
was held in the treasury gold coin
amounting TO $l3S, 441, SAT. gold bullion
amounting to $13S,502, 545. silver sullion
amounting to S93,3S9.25O. and other
forms of money amounting to $451 963.-
9Sl
In the same date the amount Of
+A+NA''e "a etAA MINUS III GiItNldtlOl OF NOT
included i'm treasury holdings was 81
S6B,Si9.oO4, an increase for the year Of
$3.50 1853. Estimating our population
at '5194,0O0 al the time mentioned the
per capita circulation was $500. on the
same date there was in the treasury
gold bullion amounting to $13S,5O2. 545, .-
THE PRESENT STANDARD.
The provisions made for strengthens
ing the resources Of the treasury in
connection with the war has given in
creased confidence in the purpose and
power of the government to maintain
the present standard, and has estab-
lished more firmly the national credit
at home and abroad A marked evidence
of this is found in the inflow Of gold to
the treasury. It's net gold holdings on
November 1, 1898. were s239 SS5. 1872 az
compared with $153, 573147 on November
l. 1897, to $500, 23S. 275 November I, 1898
The present ratio of net treasury gold
TO outstanding government liabilities
including United States notes. treas
ury notes of 1890 silver certificates
currency certificates. standard silver
dollars and fractional silver coin, No
Vember /, 1898, was 1886 per cent as
compared with 1896 per cent November
/, 1897
I renew so much of my recommen-
dalton of December, 1891 as follows:
That when any of the United States
notes are presented for redemption in
gold and are redeemed in geld, such
notes shall be kept and set apart and
only paid out in exchange for gold.
This is an obvious duty II the holder
of the United States note prefers the
gold and gets it from the government, -
he should not receive back from the
4
out paying gold in exchange for It. ,..,-
The reason for this is MADE all the
more apparent when the government
issues an Understanding debt. TO pro-
vide 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 way
they may return again to be followed
by another bond issue to redeem, an
other interest bearing debt to redeem
a non-mterest bearing debt
This reCOmmer dalton was made in
the belief that such provisions Of law
would insure to a greater degree thu
safety of the present STANDARD and bet
ter protect our currency from the dan
gers to which it is subjected from a
disturbance in the general business
conditions of the country
in my judgment the present condition
of the treasury amply jusJi IS the i'm
mediate enactment of the legislation
recommended one year ago under which
portion of the gold holdings should
be placed in trust fund from which
greenbaclls should be redeemed upon
presentation, but when once re-
deemed should not be thereafter paid
out except for gold
1t is not to be inferred that other
legislation relating to our currency Is
not required, on the contrary, there is
an obvious demand for it.
The Importance of adequate proYi-
sion which will insure TO our future a
money standard related as our money
standard now is to that of our coumerce
rivals is generally recognized. The
companion proposition that our domes-
tic paper currency shall be kept safe
and yet be so related to the needs of
our industries and international com
merce is to be adequate and responsive
to such needs, is q proposition ScarCely
less important The subject in all its
parts is commended to the wise con-
sideraton of the congress.
THE MARITIME POLICY.
The annexation of Hawaii and the
changed relations of the United States
to Cuba, Porto Rico and the Philip
pines, resulting fre4a the war, compel
the prompt adoption of a maritime
policy by the United States.
There should be established regular
and frequent steamship communication
encouraged by the United States, under
the American flag, with the newly-ac-
quired islands. Spain furnished to it's
colonies, at an annual cost of about
$4,000, 600, steamship lines communicat-
ing with a portion of the worlds mar
kets as well as with trade centres Of the
home government. The United States
will not undertake to do less. It is our
duty to furnish the people of Hawaii
with facilities under national control
for their export and import trade. 1t
will be conceded that the present situa-
ton calls FIR legislation which shall be
prompt, durable and liberal.