The times., 1898-12-06

| damaged more or less by the state OF
uneasiness and apprehension into which
an outbreak of hestilities throws the en-
| tire commercial world. II should be our
| OBJECT, therefore, to minimize. so far
| practicable. this inevitable loss and dis
| turbance. This purpose can probably
best be accomplished by an international
| agreement TO regard all private property
at sea as exempt from capture or de-
struction by the forces of belligerent
powers. The United States Government
mas for many years advocated this hu-
name and beneficent principle. and Is now
In position to recommend 1t to other pow
ers without the imputation of selfish mo-
ives 1 therefore suggest for your con-
sideration that the Executive be author
ized to correspond with the governments
| OF the principal maritime powers with
view OF Incorporating into the permanent
law OF civilized nations the principle Of
the exemption OF all private property at
sea. not contraband of war from capture
OF destruction by beIligerent powers.
CONDITION OF THE TREASURY.
Inc Secretary Of the Treasury reports
| that the receipts of the Government from
| all sources during the fiscal year ended
June 10. ls9s, including ss4. .75l. 223 received
from the sale of Pacific railroads.
amounted to sio5.s2l. .s55. and its expendI-
lures to Sfi3. .36S 5S2 There was collected
from customs sl49.5I5.062 and from inter-
nal revenue sl70.sO06i1. Our dutiable i'm
ports amounted to s32i. SIS. 49, a decrease
oi sSo l'o,tsO over the preceding year and
importations free of duty amounted 10
2si.4li.f'5 a decrease from the preceding
year OF sso,S2io5S. Internal revenue re-
| cePes exceeded those OF the preceding
! year by s24 2l2.O67
| The total tax roirac.aa -. st-.tt,.
spirits was ss2. sd. .sss: on manufactured
| tobacco. 1929, ,522, and on fermented Hu-
| uors. $50 isis, i2l We exported nerchan-
| disc during the year amounting to sizBI-
! iS2,sSo, an increase of s1s9 49,, 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 90.
Isss. VIII be Sil,s74.647 and its expenditures
| s6ss.S4.sH. resulting IN deficiency of
| sl12, ,0o0O O09
On the lst of December, 1888. there was
held in the Treasury gold coin amounting
TO slss, Hl.547 gold bullion amounting 10
/ slSS. .5o2.545. silver bullion amounting to
| ss3S SSs.25O. and other forms of money
amounting to s45l, ,963 eSl
On the same date the amount of money
| OF all kinds in circulation or not incIud-
/ ed in Treasury holdings, was 81 SSs, ,SIs 504,
| an Increase for the year of s165 1874 s65 E.s-
! timating our population at 10 10, eco at the
| time mentioned the per capita circulation
| was s250s. On tine same date there was
! In the Treasury gold bullion amounting
| TO s13S, so. .5i5
| NATIONAL CREDIT ADVANCED.
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 Treasu-
/ ry. Its net gold holdings on November l.
| 1898. were s2Ss. SIS. 1s2 sa compared with
! Sl53,5s3. IA on November !, 1887. and an
| increase of net cash of s207, ,75s, 100. Novern-
Ger !, 1897, to 500. 23s .275. November l, 1S9S-
| The present ratio of net Treasury gold to
/ outstanding Government liabilities. in
| cluding United States notes. Treasury
| notes of 1880, silver certificates, currency
| certificates. standard silver dollars, and
/ fractional silver coin. November 1. 1888.
was 25.S5 per cent as compared with 1896
| per ceht, November l, 1897.
| RETIREMENT OF GREENBACKs.
l renew so much of my recommendation
of December, 1891 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 II the holder of the United States
note prefers the gold and gets it from the
/ Government. he should not receive back
from the Government a United States
| note without paying gold in exchange for
i
/ more apparent when the Government is
sues an interest-bearing debt to provide
| gold for the redemption of United States
notes-a Notwithstanding debt Sure
| ly IL should not pay them out again ex-
cept on demand and for gold. II they
are put out in any other way. they may
/ return again, to be followed by another
bond issue to redeem them-another in
| terest-bearing debt to redeem a non-inter-
| est-bearing debt
| This recommendation was made in the
| belief that such provisions of law would
| insure TO a greater degree the safety of
the present standard, and better protect
| our currency from the dangers to which
| It is subjected from disturbance in the
| general business conditions of the coun-
try.
In my judgment. the present condition
| of the Treasury amply justifies the imme-
| date enactment of the legislation recon-
mended one year age. under which por-
ton of the gold holdings should be placed
in trust fund from which greenbacks
| should be redeemed upon presentation.
| but when once redeemed should not there
after be paid out except for gold.
CURRENCY LEGISLATION.
It is not to be iAferred that other legis
lation relating to our currency IS not re-
quired; on the contrary there Is an obvious
demand for it.
The 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 10 he
| adequate and responsive to such needs is
proposition scarcely less imporJan.- Tne
!; ! subject, in-aH its parts is commended 10
| the wise consideration of the Consres5.
The annexation of Hawaii and The
| changed relations of the United States 10
! Cuba Porto Rico. and the Philippines
resulting from the war. compel the prompt
| adoption of maritime policy by the
| United States. There should be establish
ed regular and frequent steamship COM
munication. encouraged by the United
States under the American flag, with the
| newly acquired islands. Spain furnished
to its colonies. at an annual cost of about
two millions of dollars. steamship lines
! communicating with portion of the
| worlds markets as well as with trade CEN
ters of the home government The United
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