Warren sheaf., 1898-12-08
3uaes 30. lsss. ,2ss, rsee:yed

klkne. s2s ~, 223, rsce!Yed
from sale of Pacific railroads, pmmounted
to S405. 32l ,3S5, and its. expenditures to S443,
36S, ,5s2. There. was. collected from cus-s
toms $149, SIS, ,062 and from internal revenue
$170, 900, GAL. Our rdutiable imports amount
ed to 1924, 4,735, 40, a decrease of $58,156, $50
over the preceding year, and importations
free of duty amounted to 1921, ,414 LIS, a de-
524, ,G6S. Internal revenue receipts exceeded
those Of the preceding year by $24,2l 068.
was as % 49, 'e1an on manufactured ia tobaceo
$36,23O, 522 and on fermented liquors $685.
515,421. We exported merchandise during
creaye ef from the preeedng
year. It is estimated upon the basis Of
present revenue laws. that the receipts of
50, 1893, will be s577.s ,6o7 and its expendi-
lures S6ss, ,s74,647, resulting in deficiency
OF s112,00O,OOo. y - :.
Gold In the Treasury. III
On the 1st Of December. 1898. there was
to SIS, Al. .547, gold bullion amounting to
$l3s 502,545, silver bullion amounting to
$93, S59, ,250, and other forms of money
the amount Of money Of all kinds. In cir.
culation or not included in treasury hold
ings, was s., 1886, ,s79, ,5o4, an increase for the
lation at 75,1s4, 900 at the time mentioned
the per capita circulation was $25.09. On,
the Same date there was in the treasury
F.; The provision made for strengthening
the resources Of the treasury in connection
with the war has given Increased conf
dence:in the purpose and power OF the gov
and has established more firmly than ever
the national credit at home and abroad A
marked evidence OF, this is found in the in
flow Of gold to the treasury. It's net gold
holdings on November l, 1898, were $239, $685.
16O as compared with $l53, ,573, ,147 on Novem-
ber !, 1897, and an increase Of net cash Of
* nxQ her I tn
November /, 1898. The present ratio of net
treasury gold outstanding government liza
bilities. including United States treasury
notes of 1890, silver certificates, currency
certificates, standard silver dollars, and
silver coin; November l, 1898, was rs. IS per
cent. as compared with 1896 per cent. No
vember l, 1897. 80,
Recommendation Renewed. .,
1 renew SO much of my Recommendation
of December, 1897, 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. If
tee hgaer ibS Sf ths States note
ment, he should not receive back, from
the government a United States note with
re- reason for FOR this @ is made ali the e: more ap- p
parent when the government issues an in
terest-bearing debt to provide gold for the
G1
pay them out again except on demand and
for gold If they are put out in any other
way they may return again, to be followed
by another bond issue to redeem them
another interest bearing debt to re-
deem a non-interest-be bearing debt" This
Recommendation was made in the belief
that such provisions of law would insure
to greater degree the safety of the pres
cnt standard and better protect our cur
rercy from the dangers to which it is
subjected from a disturbance in the gen.
eral business conditions Of the country.
Other Currency Legislation Needed.
In my judgment the present condition Of
the treasury amply juStifies the immedi-
ate enactment of the legislation recon-
mended one year ago, under which pOr-
ton of the gold holdings should be placed
in trust fund from which greenba cks
should be redeemed upon presentation, but
when once redeemed should not thereafter
be paid out except for gold. It is not to
be inferred that other legislation relating
to our currency is not required; on the
contrary there is an obvious demand for
it. The importance Of adequate provision
which will insure to our future money
standard related as our money standard
now and to that of our commercial rivals
is generally recognized The companion
proposition that our domestic paper cur
rency shall be kept safe and yet be SO re-
lated to the needs Of our industries and
internal commerce as to be adequate and
responsive to such needs is proposition
scarcely less important. The subject in all
its parts, is commended to the wise con-
SiHara finn of the