The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-12-07

In regard TO Porto Rico, the report SAYS:
II Is highly Important that American ean
ital should find no obstacles In ts transfs,
TO and from Puerto Rico, II the initial stat,
and the island alike are to reap tho bcncf,.
which cdsht TO flow from their proximity
their new relations, and from the enternrts.
ing commercial spirit Of our people. 4 via,
difference In the rate OF exchange. occasjonaa
by tho use Of differing and unrelated our.
rency. IL . serious obstacle to the transfs,
q T cap fr.a as y 70 legitimate industry,
u Is therefore suggested that, at the proper
| time. action be taken by congress 10 assim.
Hate , the currency Of Puerto Rico to that
this can be done without unduly disiurbinr
! existing conditions and contract relations IN
rueit0 Rico; This L is believed. can be ac-
compiisned by making customs dues In tbs
island payable In American money, YET Re-
ceiving The silver pesos and ccntayos Mt 4
fixed S relation 70 our dollar
me present Puerto Rican coins carry ths
emblems Of Spanish sovereignty Whether or
not ADDITIONS to the coinage be made nav
coins should be struck. of the same weigh,
ana nneness, upon which should be imprint
ca proner enbleins Of our new relations ana
these should be substituted for the old. By
melting up the old as they come In and by
paying out the new. such a substitution can
be easily and quite rapidly efccted, Grad.
ualiy custom and use would establish Ameri-
can money, whether Of silver, gold. or papcr
US the medium OF exchange and payment.
1t is admitted by the secretary that the re-
cent Issue OF bonds was not really popular
loan, as 1t was intended to be, and he SAYS
was the operation advantageous, also, from
an economic standpoint? AS already indicated.
bonus of perhaps Ave millions could rayo
been secured by offering the loan to com
petitye bidding. That was the sacrifice made
IN oTuer 10 place the loan directly with the
people at the uniform price of par.
The secretary then takes up the problem
OF currency and banking and says In part:
In submitting my report, feel It my duty
to impress upon congress, as best may. the
important subject Of currency and banking
reform.
1t is the misfortune of evil conditions to
produce arrangement and hinder progress,
which. IL long continued, so accustom the
subject Of them to their existence as to create
In him apathetic indifference to needful and
hsalthful reforms . >.
The arguments against government issues
of paper money as a medium for commercial
exchanges have been fully made aud need not
be repeated In detail. Its rigidity, its failure
to meet demands where demand Is most ur-
gent, the dependency OF the whole Industrial
public expenditure--these are important links
IN that chain of argument Even In state
of foreign war, the civilized demand Of both
contestants Is for due respect TO private
property and individual contract relation
ships. How much more In IA state OF peace.
in a free State. should private rights and
contract relationships be given immunity
from the incidental though serious, effects
now suffered through perturbations in gov
eminent finances. The menace to our do
mestic affairs. several times recurring from
n threatened change In the standard under
which they are carried on, and our foreign
trade settled, has been companion evil
perhaps the greater OF the two.
The cure for these evils is not difficult to,
find. 1t lies within the easy range OF con-
gressional action Nor is the remedy one to
e BODY poe hs
effect Of right action In these directions
would be experienced with the first sense of
assurance that the desired end was to be
accomplished.
The proposal to substitute bank issues for
government notes Is opposed with many hon
est preiudices and assaied by bitter de-
to comprehend the true philosophy of pa
per currency, and must be patiently consid-
erred: The latter Obscure the question by
reckless statements. charging that all propo-
sltions for currency reform are bank con-
spiracies to exploit the people -
If ii be concealed that tho legal tender
possess the qualifications 10 make it proper
factor In the couIitry's exchanges Of FRO
ducts and manufactures, II the fact also be
admitted that 1t is deranelng and disturbing
factor in its relation to industry and com
inerce, then the time has come TO substitute
for it currency Which will adequately. eco.
noinically and safely meet the ever growing
needs OF the country, rapidly developing, as II
is in the power of production, in the number
of people and the Importance of its domestic
and foreign trade.
Can bank-no.e currency be established
which Will be adequate. economical and safe.
and thus serve. in better way than Is row
served, the public needs? Limited by space
III this presentation. / point to the countries
before named where these conditions are
realized. Our neighbor on the north, Canada.
may be cited as a nearby witness in the
game direction. With power to issue notes
as profitable employment Tor the, IT., use se, ~
has never been overtaXed or exhausted. me
rates of interest have varied but little be-
tween the richer provinces Of o d.s,rio ahn
Manitoba The terms of interest are sub
stuntlally as faorable to the. farmer of The
West as to the merchant of the METROPOLIS
In my last report ventured upon specific
recon nendatlons Thess recommendations
IL adopted and formulated into law. would. In
painted cut. In house bills 1G,2S9 and TO- s32
are embodied series of measures III some
respects moro mcritorious. The measures
herein proposed are result OF careful study py
expert and experienced men. With some
mcdifications--the reasonable fruit of full dis
cusson--they would, believe, meet the coun-
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early and earnest attention OF congress.
WAR TAXES.
Tie report of the commissioner of Internal
revenue possesses peculiar interest. Indicating
as It does, the operation of the war revenue
act Of June 10, 1895. It shows quite clearly
that the aggregate revenue to be derived there
from will form a smaller total than was esti-
mated by the more sanguine OF It's supporters
The commissioners estimate OF slOt,oVoooc
from this source seems to be fairly )ustl'od
by the results to the treasury during inc
rcrlod from July to the present time. HIS
renort goes also to shoy the friction huo
cinbarrassments which nave arisen IRON nc
need OF interpreting obscurities IN tna act ~
self, and the application of such intcrpreIa.
tion TO specific cases coming under the sans
general head yet differentiated from encn
other by moro or less important particulars.
Many complaints have arisen from those IN
leconciled to such interpretations or appiied-
tons. and, granted q well-bnianced iSelon
between revenue and expenditures, II niight
he well to consider the proTriety OF repshitnS
some OF the more vexatious features OF Tue
act Until more settled conditions. however.
as to extraordinary expenditures Tor tne
army and navy are reached, even such repeai
cal, rot be recommended by this department.
Some verbal amendments, making more clear
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