Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1898-12-09

Statement of the Secretary of the Tresrs
ury-Gold Standard to be Maintained.

ury-Gold Standard to be Maintained.
The secretary Of the treasury reports
| that the receipts of the government
from all sources during the fiscal year
| ending June 80, 1898, including 1874,
| 223 received from sale of Pacific rail-
roads, amounted to $405, 321 1885, and Its
expenditures to SAB, 1868, 582. There was
ATTAINED from customs s149 575, 062, and
from internal revenue $170, 800, s41. Our
dutfa Bile imports amounted to 1924, 1885,
47e, a decrease of $50, 156, $50 over the
preceding year. and importations free OF
duty amounted 1921, Ala. 175, a decrease
from the preceding year Of 500, 524, oSS.
Internal revenue receipts exceeded those
of the preceding year by $24, ,96S.
The total tax collected on distilled
spirits was 1872 SAG, 999, on manufactured
tobacco 1920, 522. and on fermented
liquors 500, 515, AL. We exported mer-
chandise during the year amounting to
81 231 49,, $50, in increase Of $3.50, ASS, IA
from the preceding year.
DEFICIENCY OF SIP, 900, 0oO
II is estimated upon the basis Of pres
ent revenue laws the receipts of the
government for the year ending June
80, 1899, will be s577, S74, 607, and its ex-
penditures 1888, S74,647, resulting in de-
ficiency of s112, 000, 600.
On the 1st of December, 1898, thers
was held in the treasury, gold coin
amounting 10 S13s, 502, 545; SILVER bullion
amounting to $93, 359 $50. and other forms
of money amounting TO s451 1863. 9si.
On the same date the amount Of
money Of all kinds in circulation or not
included in treasury holdings was ST.
836, S91, 504, in increase for the year of
s165, 1874, s66.
Estimating our population at 1904 600
at the time mentioned the per capita
circulation was s25.09.
On the same date there was in the
treasury gold bullion amounting to $685.,
SOP, 545.
GOLD STANDARD.
The provision made for strengthening
the resources of the treasury In connec-
ton with the war, has given increased
confidence in the purpose and power OF
the government to maintain the present
standard, and has established more firm
ly than ever the national credit at home
and abroad. A marked evidence OF this
Is found In the inflow Of gold TO the
treasury It's net gold holdings on No
vember 1, 1898, were $2S9, 1885, 1853, as COM
pared with $3.50, 573, 147 on November !,
1897, and an incresass of net cash of
s207, 75S, 10o November l, 1898, to @Soo,2SS,-
275, November 1, 1898. The present ra-
ito of net treasury gold outstanding,
giving liabilities, including United States
treasury notes of 1890, silver certificates,
currency certiacations, standard silver
dollars and fractional silver coin, No
venber 1, 1898, was 2535 per cent, as
compared with 1896 per cent November
/, 1897.
renew SO much of my recommended
ton of December 1, 1897, as follows:
ssThat when any of the UNITED States
NOTES are presented for redemption and
are redeemed in gold such notes Sinai!
be kept and set apart and only PAID
out in exchange for gold. This Is an
obvious duty. If the holder of Unit
ed States note prefers gold and gets 1t
from the government he should not re-
celve back from the United States
note without pa wing gold for 1T In ex-
change. The reason for this Is made
all the more apparent When the gov
eminent issues an in'terest-bearlng |
debt to provide gold for the redemption |
of UNIFIED States notes, non-inTerest
bearing debt. Surely 1T should not pay |
them out again except on demand and |
for gold II they are put out IL, any |
other way they may return again, TO |
be followed by another bend issue to
redeem them, aElothsr interest bearing
debt to redeem non-fnterest bearing /
debt" This reccsnm endati9n is made
fn the belief that such provisions of
law would insure to greater degree
the safety of the present standard and
better protect our currency from the
dangers to which 1t is subjected from
1 dtsturDance IN the general business
conditions of the country. In my judg-
menft the present condition Of the treas
ury justifes the immediate enactment
Of the legislation recommended one
year ago, under which a portion OF the
gold holdings should be placed In a
.rret fund from which green backs
should be redeemed upon presentation,
SUIT when onoe redeemed should mot
.hereofter be paid out except for gold"
Tt Is not to be inferred that other
legislation relating TO our currency is
rot required. On the contrary, there is
an obvious demand for ri.
The Importance Of adequate provision
which viii insure to our future money
standard related as our money stand
lrd now and to that of our commercial
-ivals, is generally recognized.
The companion propositions that our
lonss tic paper currency shall be kept
and yet be 50 related to the needs
II our Industries and internal COM
nerce as 10 be adequate and responsive
o such needs is a proposition scarcely
ess important. The subject in all its |
'arts is commended TO the wise consid-
ration of the Congress.