The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-06

147 on Nov. l, 1897. and an Increase of
net cash of $207. 756, 100, Nov. l. 1897, to
$500, 23S, 275, Nov. 1, 1898. The present
ratio of net treasury gold outstanding,
to liabilities, including United States
treasury notes of 1890, silver certifi-
Gates. currency certificates, standard
silver dollars and fractional silver coin.
Nov. !, 1898, was 25.S5 per cent, as COM
pared with 1886 per cent Nov. l, 1897.
I renew so much of my recommends
ton of Dec. /, 1897, as follows:
That when any of the United States
notes are presented for redemption, and
are redeemed in gold, such notes shall
be kept and set apart and only paid out
4 in exchange for gold. This is an obvi-
ARus duty. If the holder OF a United
States note prefers gold. and gets it
from the government, he should not
receive back from the United States a
note without paying gold for it in ex-
change The reason for this is made
all the more apparent when the gov
eminent issues an interest bearing debt
to provide gold for the redemption of
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 interest-bearing
debt to redeem a MISUNDERSTANDING
debt.
This recommendation is made in the
belief that such provisions of law would
insure to a greater degree the safety
of the present standard and better pro
tect our currency from the dangers to
which it is subjected from a disturb
ance in the general business conditions
of the country. In my judgment, the
present condition of the treasury JUS
titles the immediate enactment of the
legislation recommended one year ago.
under which portion of the gold hold
ings should be placed in a trust fund,
from which greenbacl1s should be re-
deemed upon presentation; but, when
once redeemed, should not thereafter De
paid out, except for gold.
1t 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.
MAINTAIN PRESENT STANDARD.
The Importance of adequate provision
which will insure to our future a money
standard related as our money stand
ard now is to that of our commercial
rivals, is generally recognized.
The companion proposition that our
domestic paper currency shall be kept
safe. and yet be so related to the needs
of our industries and internal commerce
as. to be adequate and responsive to
lEuch needs, is a proposition scarcely
Tess important. The subject, in all it's
parts, is commended to the wise con-
y sideration of the congress.
The annexation of Hawaii and the
changed relations of the United States
to Cuba, Puerto Rico and the Philip
pines, resulting from the war, compel
the prompt adoption of a maritime pol
icy by frequent steamship communica-
ton, encouraged by the United States,
under the American flag, with the new
ly-acquirea islands. Spain furnished
to its colonies, at an annual cost of
about 100000, steamship lines COM
municating with a portion of the
worlds markets, as we'll as with trade
centers of the home government. The
United States will not undertake to do
less. It is our duty to furnish the peo-
pie of Hawaii with facilities under ma
tional control for their export and i'm
port trade. 1t viii be conceded that the
present situation calls for legislation
which will be prompt, durable and lib
eral.
The part which American merchant
vessels and their seamen performed in
the war with Spain, demonstrates that
this service, furnishing both pickets
and the second line of defense, is a ma
tional necessity, and should be encour-
aged in every constitutional way. De-
tails and methods for the accomplish
ment of this purpose are discussed in
the report of the secretary of the treas
ury, to which the attention of congress
is respectfully invited.
In my last annual message I recon-
mended that the congress authorize the
appointment of a committee for the
purpose of making systematic investi-
cations with reference to the cause and
prevention of yellow fever. This mat
ter has acquired an increased import
ance as a result of the military occu-
patton of the island of Cuba and the
commercial intercourse between this
istand and the United States, which we
I've every reason to expect. The sani-
TRY problems connected with our re-
la;ions with the island of Cuba and the
acquisition of Puerto Rico, are no less
important than those relating to
finance, commerce and administration.
It is my earnest desire that these prob
lens may be considered by competent
experts, and that everything may be
done which the most recent advances
in sanitary science can offer for the
protection of the health Of our soldiers
in those islands, and of our citizens
who are exposed to the dangers of in
lection, from the Importation of yellow
fever. l. therefore, renew my recon-
mendation that the authority of con-
gress may be given and a suitable APP
preparation made to provide for a com
mittee Of experts to be appointed for
the purpose indicated.