Rocky Ford enterprise., 1898-12-08

1t is estimated upon the basis of
present revenue laws that the receipts
OF the government for the year end
ing June 30, 1890. will be S5IT.S74 GOT,
and Its expenditures SGS0.S1i.i47. re-
sulting In deficiency of S112.000,000.
"On the 1st OF December, 1898. there
was held in the treasuy gold coin
amounting to $13S,i41.5 .547; gold bul-
lion amountin. to S13S.502,5i5. silver
bullion amounting to SGE,350,25O and
other forms OF money amounting to
$451 ,0G3,9Sl.
..On the same date the amount of
money of all kinds in circulation or
not included In treasury holdings was
81, ,S3G. .S79, ,504, an increase for the year
Of S1G3,I94,9GG.
"EstImating our population Mt 20. 1O4,-
600 mt the time mentioned, the per cap
ita circulation was S25.O0.
On the same date there was in the
.On the same date there was In the
treasury gold bullion amounting to
S13S. .JO2, ,545.
.'The provision made for strengthen
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 estnb-
l,shed more firmly than ever the ma
tional credit ut home and abroad. A
marked evidence OF this Is found In the
inflow of gold to the treasury. Its net
gold holdings on November 1. 1898.
were S230. .SSS, ,1G0. rs compared with
$153,373, Iii oil November !. 1897. and
an Increase of net cash of S2Oi.I5G,1OO,
November /, 1897. to $500. 23S ,2I5. No
vember /. 1893. The present ratio Of
u en- tsaNa
ties. including United States notes OF
1890, silver certificates, currency GER
tificates. standard silver dollars and
fractional silver coin November !. 1S0S.
was 25.3J per cent. as compared with
1896 per cent. November l, 1897.
II renew so much Of my recOmmcn.
datioa of December, 1897. as follows:
"'Thnt whcl any Of the United States
notes are presented for redemption and
are redeemed In gold. such notes shall
he Kept and SET apart. ana only paid
out In exchange FOR gold. This Is an
obvious duty. IT the holder Of Unit
ed States note prefers gold and gets 1t
from the government. he should not
receive back from the United States n
note without paying gold for II In cN-
change. The reason for this IL made
all the more apparent when the govern
mcnt issues an issrc-bcnrlEg debt 20
provide gold for the redemption OF
United States notes, u non-intcrcst-
bearing debt. Surely II should not pay
them out again except on demand. anu
for gold. II they are put out In any
other way they may return again. to
he followed by another bond issue Ia
redeem them. another intcrcst-bcarin:,
debt to redeem n non-inierest-bearln
debt ....
".fhis ion Is made In the
belief that such provisions OF law would
insure to grcnter degree the safety OF
the present standard and better pro-
tcct our currency from the dangers TO
which II IL subjected from disturb
ancc In the general business conditions
OF the country. In my Judgment. the
present condition OF the treasury justi-
fies the immediate enactment OF the
legislation recommended one year ago.
under which n portion Of the gold hold
ings should he placed In trust fund
from which grccnbncks should he re-
deemed upon presentation. but when
once redeemed should not thereafter
be paid out except for gold.
at is not to be Inferred that other leg
islation relating 10 our currency Is not
required. on the contrary. there is an
obvious uttlluuu loT u.
''rhe Importance OF adequate provis.
lon which will insure to our future n
money standard related rs our money
standard now Is to that OF our CONNER
cial rivals, is generally recognized.
"Thc companion proposition that our
domestic paper currency shall be kept
safe and yet he 20 related TO the needs
Of our Industries and internal COM
mcrcc as to bc adequate and responsive
to such needs is a proposition scarcely
less important. The subject. In all Its
parts. Is commended to the wise coll
sideration OF the Congress"
The subject OF our maritime policy
receives the following notice:
"Thc annexation Of Hawaii and the
changed relations OF the United States
to Cubn. Porto Rico and the Philip
pines. resulting from the war. compel
the prompt adoption OF n maritia!e
policy by frequent steamship commu-
nication, encouraged by the United
States under the American flag with
the newly acquired Islands. Spain
furnished TO It's colonies, ut an annual
cost Of about S2,O00.OOO. steamship
lines communicating with II portion OF
the worlds markets. ns well ns with
trade ccntcrs OF the home government.
The United Stntes VIII not undertake
TO do less. II Is our duty to furnish
the people of Hawaii with facilities
under national control for their export
and import trade. II will be conceded
that the present situation calls for leg.
islation which shall be prompt. dura-
BILE and liberal.
'Thc part which American merchant
vessels and their seamen performed
in the war with Spain demonstrates
that this service. furnishing both pick.
cts and the second line OF defense. is
n national necessity and should be en-
cournged In every constitutional way.
"Details and methods for the accom-
plishmcnt Of this purpose are dis
c,issed in the report Of the secretary
of the treasury. TO which the ntten-
ton of Congress is respectfully in
vited.'
The following miscellaneous subjects