Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1898-12-09
recognition OF older claims OF equal just
FINANCES AND CURRENCY.
President Again Recommends Practical
Retirement of Greenbacks.

FINANCES AND CURRENCY.
President Again Recommends Practical
Retirement of Grcenbaclls.
The secretary of the treasury report
that the receipts OF the government from
all sources duEng the fiscal year ended
June 80, 1898, including SS4, ,75l 223, re.
ccivcd from sale Of Pacific railroads,
amounted TO $4O5, ,32l ,335, and it's expendi-
lures to si43,36S, ,5S2. There was collected
from customs Sl49, 5760 062 and from inter-
nal revenue Sl7O,90O64l. Our dutiable
imports amounted to 1921, 735, 49, u de-
crease of sos, 100 over the pre-
cedins year and importltions free
of duty amounted to sS:9l, 414, 175, Il de-
crease from the preceding year of S90,524,-
06S Internal revenue receipts exceeded
those Of the preceding year by S2l,2l2,O6S.
Tho total tax collected on distilled spirits
was So, ,546, 500, Oh manufactured tobacco
S3623O, 522, and Oh fcrMcntcd liquors
S3G, ,5i5, 42l
We exported merchandise during the
year amounting to Sl,23l ,iS9, $3.50, an in.
crease of $3.50, ia from the preceding
| year.
| 1t is estimated upon the basis of present
revenue laws that the receipts Of the gov.
ernmcnt for the year ending June 80,
1899, will be 77,S74,607 and it's expcndi-
| lures S5S9 S75, 647, resulting in u deficiency
| Of sll3 100000.
| On Dec. l, 1898, there was held in the
treasury gold coin amounting to Sl3O,441,-
SAT gold bullion amounting to $l3S, ,5O2-
745, silver bullion amounting to :93.359,-
$50 and other forms of money amounting
to Sl5l ,963,9Sl.
On the s'lma date the amount Of money
| of l.; ;rlu tn I1.ti al ln5
in treasury holdings was 81 ,S3j, ,S79, ,504, I'm
increase for the year of $780, ,956. Esti-
mating our population at Is, l94 900 at the
time mentioned the per capita circulation
was 5000.
On the same date there was in the treas
ury gold bullion on amounting to $685.
| 5O2, BIB.
The provisions made for strengthening
the resources of the treasury in connection
with the war has given Increased conf
dcncc in the purpose and power of the
government to maintain the present
standard and has established more firmly
than ever the national credit ut home and
abroad. A marked evidence of this is
found in the inflow of gold to the
treasury Its net gold holdings on Nov.
1, 1885, were s239, $50, ,160, as compared with
Sl53o75,147 on Nov. /, 1897, and an in.
| cTStlSC Ol llCU Cttsll OA p-Ol, ,tOO,1OO 4NON. 1,
1897, to $500, ,23S,275 Nov. l, 1898. The
present ratio of net treasury gold to out
standing government liabilities, includ.
ing United States treasury notes of 1890,
silver certificates currency certificates,
standard silver dollars and fractional sill
YER coin Nov. l, 1898, was 25.35 per cent, as
compared with 1886 per cent Nov. l, 1887.
Redemption of Grccnbacxs.
Ircncw SO much of my recommends
tion of December, 1897, as follows: That
when any of the United States notes are
presented for redemption in gold such
notes shall be kept and set apart and only
paid out in exchange for gold. This is an
obvious duty. If the holder of the United
States note prefers the gold and gets it
from the government he should not re-
, ccivc backf,om the government u United
: States note without paying gold in ex-
| change for Tor it. The reason for this is
} made all the more apparent when the gov
) ernmcnt issues an snterest-bearing debt to
{ provide gold for ths redemption of United
) States nOtes-a nON.interest bearing debt.
) Surely, it should not 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 inter-
est-bearing debt to redeem u non-interest
, bearing debt
, This recommendation was made in the
belief that such provisions of law would
insure to great degree the safety Of the
present standard, and better protect our
currency from the dangers to which it is
| subjected from IL disturbance in the gen.
eral business conditions of the country.
| In my judgment the present condition
of the treasury amply justitics the immc-
date enactment of the legislation recon-
} mendcd one year ago. under which a por-
tion of the gold holdings should be placed
in Il trust fund from Which greenbacks
J should be redeemed upon presentation,
but when once redeemed should not there
after 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 de-
mand for it.
The Importance of adequate provision
which will insure to our future Il money
standard related to our money standard
now and to that of our commercial rivals
, is generally recognized
The companion proposition that our do
, nestle paper currency shall be kept safe
r and yet be so related to the needs of our
indurties and international commerce as
to be adequate and responsive to such
needs is Il proposition scarcely less impor-
tant. The subject in all its parts is COM
mended to the wise consideration of the
congress.
NEW MARITIME POLICY.