The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-06
NATIONAL PINANCES

Resources oItho GoTsrnmAnt-Rodomp
tlom Of GreSnbaekS- Currency LSglsla.
tisn.
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.T5l, 22S
received from sale of Pacific railroads.
amounted to SIO5,s21. sS5, and Its expen-
dltures TO SllS,ssS,5s2. There was coll
lected from customs sl4s,575.os2, and
from internal revenue $l7O.sOO,6f Our
dutiable imports amounted to sssI,sS5.-
as, a decrease of s5S,l5s,6sO over the
preceding year. and impOrtatlons free OF
duty amounted to S2sl. 4lI.lT5, a decrease
from the preceding year Of $so,524osS
Internal revenue receipts exceeded
those Of the preceding year by SAFE
0S1.
The total tax collected on distilled
spirits was $s3. 5t6. $3.50; on manufactured
tobacco. SS6,2S0 522, and on fermented IL
ouors. S39. l5.l2i. We exported mer-
chandlse during the year amounting to
81, 93l, lS2, $50, an increaes OF SlSO,
from the preceding year.
It Is estimated upon the basis or
present revenue laws that the receipts
OF the government for the gear ending
June so, 1899. viii be SSI7 ,S74.64I. and It's
expenditures S6S9.ST4.6t1. resulting tn
deficiency OF Sli2 100000.
on the first OF December, 1888, there
was held In the treasury gold coin
amounting to S1SS.4ll.54I gold bullion
amounting 10 SlSS,5O2,5I5; silver bullion
amounting 90 $sS.359. 250.1nd other forms
Of money amounting to si5i ,s6s,sSl
on the same date the amount of mo-
ney OF all kinds In circulation, or not
included in treasury holdings, was 81
$50. s7s, 5O4, an Increase for the year OF
1885, si. 500. Estimating our population
at 1918, 900 at the time mentioned, the
per capita circulation was S2a'OJ. On
the same date there was In the treasury
gold bullion amounting TO $lSS' 90, O45.
The provisions made for strengthening
the resources OF the treasury In connecs
tion with the war has given Increased
confidence in the purpose and power OF
the government to maintain the pres
ent 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 treasury. It's net Hold holdings on
November i, 1885. were S239ssS.i69 as
compared with $l53,5I3.l4T on November
/. 1897. and nm increase OF net cash OF
500. 75g 100. November J.. 1897, TO $780,
5sS 90 November /, 1888 The present
ratio OF net treasury gold TO outstnnd-
ing government liabilities, including
United States notes. treasury notes or
1890. silver certificates. currency certl-
ficates. standard silver dolars.and frhe-
uonal silver coin. November !. 1888, was
Is % per cent as compared witA 1855
per cent November /. 1897.
renew 30 much Of my reeommenda-
tion of December. 1897, rs follows: That
when any OF the United States notes
are presented for REDEMPTION In gold
and are redeemed In gold. such notes
shat, he kent and set apart aud only
psid out In exchange for gold This IS
nm obvious duty II the holder OF the
United States note prefers the gold AMI
gets u from The government. he should
not receive back from the government
United States note without paying gold
I'm exchange for Il. The reason fos this
is made all the more apparent Wheu the
government issues an interest bearing
debt 10 provide gold for the redemption
OF United States notcs-a hon-interest
bearing debt. Surely Il should not pay
them out again except on demand ana
Tor gold II they are put out In any
other way. they may return again. TO
be followed b. another bond issue To
redeem them-an0ther Interest bearing
debt TO redeem Notwithstanding
debt"
This recommendation was made in
the beiief that such provisions OF law
would Insure to a greater degree the
. a.. atWnHWWl md he'll
ter protect our currency from the
dangerS TO which Il is subjected from
disturbance In the general business
conditions Of the country.
II my Judgment. the present condition
OF the treasury amply justihes ihe I'M
mediate enactment Of the legislation
recommended one year ago. under
which q portion OF the gold holdings
should be placed In q trust fund from
which greenblcks should be redeemed
unon presentation, but when once re-
deemed should NOT thereafter be paid
out except for gold.
currency Liquidation.
/, isnot to be interred that other len
lslanon relating to our currency Is not
required; on the contrary, there Is an
obvious demand for Il.
The Importance VI adequate provision
which viii insure to our future money
standard nov Is to that Of our CONNER
clni rivals Ii generally recognized.
The companion propagation that our
domestic paper currency shall be kept
safe and set be 80 related 10 the media
Of our industries aud in,efHa commerce
~ 90 be adequate and rcsponslve 10
such needs ~ a proposition scarcely
J less Important The subject, In all It's