The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-12-17
SPEAKS ON FINANCE.
Synopsis of Report of the Secretary
of the Treasury.
II q Document of Great Importance
MIR. Cage Fayors the Bank Note
PInn-Other Subjects
Theated.

Washington, Dec. THE annual re-
port of the secretary of the treasury to
the congress of the United States is q
document second in interest and i'm
portance only to the message of the
chief executive. Although the subject
of currency and banking is placed at
the close Of Secretary Cages report. it
is one of the most vital features of that
document and will command the at
tention Of every student of national
financial problems. In part he says:
In submitting my report I feel II my
duty to Impress upon congress. as best I
| may. the important subject of currency
4 and banking reform.
1T Is the misfortune of evil conditions to
j produce arrangement and hinder progress,
which, II long continued so accustom the
subject of them to their existence as to Gre
ate In him apathetic indifference to needful
and healthful reforms, Indeed It is a ia
miliar fact that individuals. families and
I nations ignorantly suffer under the Illusion
That the very source of their affiction is
itself an agency for good Something like
this has marked our financial history for
30 years Making progress In spite of all
obstacles and embarrassments to COM
merce and Industry. we ascribe the adj
vancement to the causes which have real
ly hampered and disconnected the forward
and upward movement With financial
system condemned by the Judgment of the
most experienced and wise. both at home
and abroad. its evils illustrated In daily
business and emphasized in recurring PAN
les. we fall with an obtuse timidity, to face
the questions which must be met and right
ly solved before industry and commerce
can be established upon enduring condi-
. tons of security.
THE arguments against government Is
sues OF paper money as n medium for COM
mercial exchanges have been fully made
and need not be repeated in detail.
Cure for Evils.
THE cure for these evils is not difficult
10 find. 1t lies within the easy range of
congressional action. Nor is the remedy
one to intlict even temporary pains or
penalties on the body polite. The health
full, stimulating effect of right action in
these directions would be experienced with
the first sense of assurance that the de-
sired end was to be accomplished.
The proposal TO substitute bank issues
for government notes Is opposed with
many honest prejudices and assailed by
bitter denunciations. The first arise from
a failure TO comprehend the true philoso-
ply OF a paper currency, and must be pa
tiently considered. The latter obscure the
question by reckless statements. charging
that all propositions for currency reform
are bank conspiracies to exploit the people.
Operations OF the Treasury.
In the beginning of his report. Secretary
Gage thus summarizes the operations Of
the treasury:
THE aggregate receipts for the fiscal
gear under warrant, as shown by the re-
port of the treasurer of the United states,
were $73S, 549. 255. 20 and the disbursements,
1897, 5sS 12fSO. There was consequently de-
crease of SS9O3S. S69 GO in the general treas
airy balance, which stood at 1854, $50, 49,
At the opening of the year and at SI15,1ol.-
sS II at the close Besides the ordinary rev.
enues there were receipts on account OF
the public debt which swelled the total
Income available in the fiscal operation OF
The government to SiSl,Gl2, 25520 while cor
responding additions TO the ordinary eX-
penditures brought the total on TINS size
OF the account up to S5i3, SCI. lOi so, and ere
ated a deficiency of SCI, 9iSSi9.G0 as the net
result. These figures, however, do not in
clude any part of the loan of 2OOOOO.OO0, the
proceeds of which had begun to come In
before the close Of the year, though none
were formally covered into the treasury
until afterward, on the side of the re-
ccipts is included the sum OF $6i, 15l, 10,
realized from the sale of the Union Pacific
and Kansas Pacific railroads, while, on
the other hand. the expenditures are in
creased by s29, 1852, disbursed in the re-
demption of Pacific railroad subsidy bonds.
"a better view of the results of the years
fiscal operations is afforded by the changes
in the assets or the treasury. Inc loNdi
holdings available in this branch of the
business show only the insignificant fall
ing off from s2S3. 295 24,23 to S275,741. SO317
Wants More silver.
On the point of fractional silver the re-
port contains this significant paragraph:
1.-THE amount of fractional silver coin
held by the treasury July !, 1897, was &c."
POI 800: July !, 1885, s12,00,G90. This stock
has al present. November 49, been reduced
to 81, 100, SOC, much of which is so worn as
to be unfit for circulation. The amount
available, distributed among the several
subtreasures, give but small stock to
each, and some denominations are ex-
hausted. The secretary of the treasury
should be authorized to recon this uncur-
rent stock, and any such coin which may
hereafter accumulate in the treasury. the
difference between its face value and the
new coin IL will make to be paid out OF
any moneys In the treasury not otherwise
appropriated Further provision should be
made to add to the stock of fractional coin.
and to that end ii is suggested that the
secretary of the treasury be authorized to
use any silver bullion now in the treasury
for the coinage of such denominations as
may be required from time to time to
meet the demand from the different sec
tons of the country. With an ever-in-
creasing population, which will be added
to in the near future by the acquisition of
additional territory, the demand for frac-
tional silver coin will be such as to MAKE
1t essentially necessary that the stock
should be increased