St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1898-09-07

H..
IN outline you have your record in the
war with Spain in which YOU can see the
interest sympathy and love of the peo.
PIE you nave represented. The war is
over and you will soon return to civil life.
You have undergone unavoidable pri.
vations and disappointments in the ser.
wee wee you have rendered Armylie is very
different from home life, and while YOU
nave not stood on the battle line Won
nave none the less done your full duty
and none have done more.
You were the first to return TO vour
friends, You have performed nobly
every task given you. You went n 9 far
as you could go and were eager to 90
lurther, so you return with the proud
consciousness OF duty done. We welcome
you IN this return, proud OF the service
you nave rendered and of the peace Won
nave SO periodically assisted in secur.
ing. Those Of your number who went
TO return not are affectionatey remem-
oered. The memory of the brave dead
mas the lasting gratitude of a loving
people. You return, my brave BOYS, to
the friendships, the kindred and the
homes OF a grateful state. and the 40.
pause OF an appreciative future awaits
you.
Gov. Grout then introduced Gen. O. O.
howard, who made a short and lively
speech, and at the close called tor three
cheers Tor President Mckinley, which
were given but not very enthusiastically.
senator Proctor came next, and spoke
OF the hardships OF idleness in camp and
c,omplimented the regiment on its duty
done.
Congressman Powers followed the
senator, and spoke at some length about
the war and its results. E. c. Smith of
st. Adams was then introduced as the
coming governor, and spoke briefly, and
very short speeches by ex-Gov. Wood
bury and ex-Lieut. Gov. Mansur ended
the talk, and the assemblage dispersed.
War Bonds Unnecessary.
Had such an early termination of the
war with Spain been foreseen the war
loan of S200,000.O0O would not have
been needed. The same law that author-
lzed the 3 per cent war bonds provided
tor certificates of indebtedness. The
power to issue these certificates was not
used, but if it had been it would have
enabled the treasury to meet all the
extraordinary expenses of the war with.
out selling bond.
1t is deemed altogether probable, how.
ever that il the bonds had not been sold
the war would not have ended so soon.
Tor there is no doubt that Spain and all
Europe were as much impressed with
the rush of people who subscribed for the
war bonds seven times over, while at
the same time they cheerfully submitted
to an increase of so per cent in the
national taxes, as they were by the vic.
tories OF the army and navy. 1t was
that exhibition Of the practically mex.
haustible financial resources of the coun.
try that convinced the world of the
absolute hopelessness OF the Spanish
cause.
AS result OF the speedy termination
OF the war some of the most difficult
problems that the United States will
have to deal with will be the reduction
OF revenues to a peace footing and the
reduction OF the surplus cash in the treas.
ury.
In the treasury statement for August,
issued Friday, it is shown that the re-
ceipts under the war revenue law are
keeping fully up to the figures of July,
amounting to about $13, 100000.
In the meantime the expenditures for
warpurposes are falling off. At the same
time payments are being made for bonds
and the available cash balance in the
treasury at the close of business Thurs
day night footed up 1924 ,4S7 ,OS4.
AS the cash balance will continue to in.
crease from the bond receipts and the
war expenditures will continue to de.
crease as the army is dsbanded and the
auxiliary fleet reduced, it is probable that
in the near future the cash balance will
run over $350,000,00O.
Extraordinary expenses will be re.
CURED tor some time on account of the
occupation of Cuba, Porto Rico
and Manila, but it will not be thought
desirable to keep so much cash locked
up in the treasury.
Increased expenditures for naval con-
struction and possibly permanent in
crease in the regular army will help to
solve the difficulty by using up part of
the money now on hand and making a
larger permanent revenue necessary. 1t
is probable, however, that part of the
surplus in the treasury will have to be
expended in the redemption of outstand.
ing bonds.
When the task of reducing taxation is
taken up it will open the whole question
OF tariff and internal revenue.
Many of the taxes imposed by the war
revenue law will doubtless remain in
force and, as both houses of the next
will be republican, there will
be little reduction OF protective duties.
II is more probable that the tax revision
will be along the lines OF reducing reve-
nue. producing duties and internal reve-
nue. taxes.
Spanish Prisoners.
There is a question about the dispo-
sition OF Admiral Cevera and his fellow
prisoners at Annapolis.
Naval authorities are anxious to get
The prisoners away from Annapolis as
soon as possible, for the buildings will
De wanted Tor the use of the cadets when
they return to Annapolis at the begin
hing of the school year. This govern.
nent has proposed to release the prison
RS on parole, but Spain has objected to
his, through the French ambassador,
md wants the men released uncondition-
lily.
While the president and naval author.
les do not think that there will be
assumption of hostilties with Spain,
hey are not satisfied to release the best
,fficers and men in the Spanish navy I'M
until after the final treaty