Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-12-08
PRESIDENT TO THE COUNTRY



medium for disseminating information
and furtheIing the varied interests of
the international union.
During the past year the important
work OF collecting information Of prac-
tical benefit to American industries
ard trade through tho agency OF the
Diplomatic and consular officers has
been steadily advancing, and In order
to lay such data before the public with
the least delay the practice was heguu
in January, 1903, OF issuing the conf
mercialreports from day to day as they
are received by the Department Of
State. Ut Is believed that for promntir
tude as well as of fulnoss Of in
formation the service thus supplied g
our merchants and manufacturers will
be found to show sensible improvement
and to merit the liberal support of
Congress-.
The experiences Of the last year
bring forcibly home to lis a sense of
the burdens and the waste of war. We
desire, in lcommon with most civilizod
nations, to reduce to the lowest pos
sible point the damage sustained In
time of war by peaceful trade and
commerce.. 1t is true VIC may suffer iu
such cases less thHn other communities,
but all nations are damaged more or
less by the state of upoasiness and
apprehension into which an outbreak
oil hostilities throws the entire COM
mercial world. 1t should be our object,
therefore, to minimize, SO far as prac-
ticable, this inevitable loss and dis
turbance. This purpose can probably
best be accomplished By an inter
national agreement to regard all
private property at sea az exempt from
capture or destruction by the forces of
belligerent powers.
The United States government has
for many years advocated this humane
and benefcent principle, md is now in
position to recommend ~ to other
powers without the inputation of
selfish motives. | therefore suggest
for your consideration that tho oyecu-
tive be authorized 10 correspond with
the governments Of the principal mari
time powers with q view Of incor.
porating into the permanent law Of
civilized nations tho principle of the
exemption of all private property at
sea, not contraband OF war, from cap
ttro or destruction by bclligerent
powers.
THE oouNTRY's FISCAL AFFAIRS.
The secretary of the Treasury reports
that the receipts from oil sources
during the fiscal year ended June 10th,
1898, including SOL. 75l, 223 received
amounted 10 S4g4, ;323:;. .95;, IS and its ex-
penditufes to s53s, ISL 2o,.35 There was
collected from customs tl40a75, 0ii2 aud
from interani revenue Sl7o, 800 Uik
Our dutiabie Imports amounted to
sl49, oTT5, 0tia 35, u decrease Of s5s, i56. $50
over the preceding year, and impoita-
tions free of duty amounted to
1921, Ala, lTo, a decrease from tho pre-
ceding wear of s9,524, oGS. Internal
revenue receipts'exceadcd those Of tho
preceding year by s24, 2lg, OCT.
The total tax collected on distilled
spirits was s92, 546 800; OIL manufac-
tpred tobacco, $50, $50, 522, and on
fSrnented liquors a:'9, 515, 42i, We ex-
Ported merchandise during the year
amounting to 81, 231. 49,, $50, an in
crease of $50, 4SS,774 from the pre-
ceding year.
It is estimated upon the basis of
present revenue laws that the receipts
Of the government for the year ending
June 30th, 1899, will be S577, 81, CAT
and its expenditures $3.50, S74, SAT, re-
sulting in a deficiency of S112, 00O, 900.
On the first of December, 1898, there
was held in the treasury gold coin
amounting to S13S, AL ,547, gold bullion
amounting TO S13s, SOP, 545, silver bull
lion amounting to 500, $50, $50, and
other forms of money amounting TO
1868, 1881.
On the same date the amount OF
money of all kinds in circulation or not
included In treasury holdings, was
Sl,SS6, $40, 504, an increase for the year
of S165, 1914. 9ti6. Estimating our popu-
lation at rs, 1914, 900 at the time men
No. ~ La
S25. 90. On the same dute there was in
the the treasury gold bullion amount
ing to $13s, 502, 545.
The provisions 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 tho government to maintain
the present standard, and has estab-
lishsd more firmly than ever the
national credit at home and abroad.
A marked evidence of this is found in
the inflow Of gold into the treasury.
Its net gold holdings on November LIST,
1893, were $3.50, SS5, l62 as compared
with Sl53,5T 174 on November LIST,
1897. and to $500, 23S. 275, November LIST,
1898. The present ratio of net treasury
gold to outstanding government liabilf-
ties, including United States notes,
treasury notes of 1898, silver certifi-
Gates. currency certificates, standard
silver dollars, and fractional silver
coin November LIST, 1898, was %. 35 per
cent as compared with 1896 per cent
November LIST, 1897.
| renew so much of my recon-
mendation Of December, 1857, as fol-
lows: iiH
That when any of the United States
notes are presented for redemption in
gold and are redeemed in gold, such
notes shall no 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 it from the government,
he should not receive back from the
government United States note with
out paying gold in exchange for it,
The reason for this is made all the
more apparent when tho government
issues an interest bearing debt to pro
vide gold for the redemption of United
States notes--a non-interest bearing
debt. Surely 1T should not pay then
out again except on demand and fo
gold. IL they are put out In any othel
way. they may return again, to be fol
lowed by another bond issue to redeem
them--another interest bearing debt t,
redeem a non-interest bearing debt.
This recommendation was made il
the belief that such provisions of Law
would insure to greater degree tn
safety of tho standard and better pro
tect'our currency from the dangers Il
which it is subjected from disturb
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