Marshall County independent. (Plymouth, Marshall County, Ind.) 1897-1902, 1898-12-16

Secretary Gage seeks TO impress upon
congress the need OF reform in the
banking and currency systems Of the
country In part the secretary says:
With a financial system condemned
hy the judgment of the most expe-
rienced and wise, both at home and
abroad, its evils illustrated in daily
business and emphasized in recurring
panlcs, we fail. with an obtuse timid-
ity. 70 face The questions which must be
met and rigl tly solved before industry
and cOmmer-e can be established upon
enduring conditions of security.
The proposal 10 substitute bank IS
sues for government notes is opposed
with many honest prcjudices and as
sailed by bitter denunciations. The
first arise from a failure 10 comprehend
the true philosophy of paper curren-
cy, and must be patiently considered.
The latter obscure the question by
reckless statements, charging that all
propositions for currency reform are
| bank conspiracies TO exploit the peo-
PIE"
After describing at considerable
length and detail the operation of the
present currency system, especially as
regards the Inconvenience caused by
il in the commercial transactions Of the
country, Mr.. Gage makes strong plea
for the substitution of bank-note cur
| rency, by which he claims these disa-
bilities would be obviated.
IN the beginning of his report Sec
rotary Gage thus summarizes the
| operations of the treasury:
THE aggregate receipts for the fiscal
year, under warrant, as shown by the
report of the treasurer of the United
| States, were S73S, 549, 5000 and the
| disbursements 1927, 5SS, 124.S0. There
was consequently a decrease of $780,
| s3S, $500 in the general treasury bal
ance, which stood at 1864 ,790, 237.u at
the opening OF the year, and at $7i5,-
| Isl, 36S II at the close. Besides the or
binary revenues there were receipts on
account of the public debt which
swelled the total income available in
the fiscal operation of the government
| to $4S1 ,612, 255.20. while corresponding
| additions to the ordinary expenditures
brought the total on this side of the
account up to S543, ,104.S0, and Great
ed a deficiency OF SCI ,94S, $4,000 as the
net result. These figures, however,
do not include any part of the loan
| of s200,0h0,000. the proceeds of which
had begun to come in before the close
OF the year. though none were form
ally covered into the treasury until
| afterward. On the side of the receipts
is included the sum of S64, 75l ,223.75
| realized from the sale of the Union
Pacific and Kansas Pacific railroads,
while, on the other hand, the expendi
lures are increased by $29,S50 ,952, dis
bursed in the redemption of Pacific
railroad subsidy bonds.
| "A better view of the results of the
years fiscal operations is afforded by
the changes in the assets of the treas
ury. The total holdings available to
this branch oil the business show only
the insignificant falling off from $685.
295, 42423 to $275,747 rS03.17."
The secretary recommends the es-
Establishment Of a system OF graded
bounties upon the mileage of regis
tered American vessels engaged In for
eign carrying trade; extension OF the
| principle by virtue OF which boats can
be constructed in this country upon
the registry of foreign-built steam
ships; moderate increase in the rates
of the tonnage tax; the restriction of
the trade between the United States.
Porto Rico. and Hawaii and the coast
ing trade of those islands to vessels of
| American registry.