The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-12-06
Our Paper Currency.

Our Paper Currency.
/ renew so much of my recommended
ton of December, 1897, as follows:
That when any of the United States
notes are presented for redemption in
gold and are redeemed 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 receive back from the Gov
eminent a United States note without
paying gold in exchange for it, The rea-
so for this is made all the more appar-
ent when the Government issues an in
terest bearing debt to provide gold for
the redemption of United States bonds
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 interest bearing
debt to redeem non-interest bearing
debt.
This recommendation was maze III
the belief that such provisions of law
would insure to greater degree the
safety of the present standard ana pct
ter protect our currency from the dang
ers to which it is subjected from DIS
tnrbance in the general business condl-
tons of the country.
In my Judgment the present condition
Of the treasury amply justities the I'M
mediate enactment of the Legislation
recommended one year ago. under which
n norton of the gold holdings should be
placed in Il trust fund from which
greenbacks should be redeemed upon
presentation, but when once redeemed
should not thereafter be paid out ex-
cept for gold.
II is not to be inferred that other leg
isiation relating to our currency IS not
required; ON the contrary there Is an
obvious demand for it.
The Importance of adequate provision
which will insure to our future money
standard related as our money 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 such
needs is n provision scarcely less Inn
portant. The subject, in all its parts, is
| commended to the wise consideration OF
J the Congress.
| STEA MSHIp LINES NEEDED.
| Tho annexation of Hawaii and the
1 changed relations of the United States
to Cuba Porto Rico and the Philippines
resulting from the war, compel the
prompt adoption of a maritime society
Inv the United States. There should be
established regular and frequent steam
shin communication encouraged by the
United States. under the American nag,
with the newly acquired islands. Spain
! furnished to its colonies, ut an annual
/ cost of about two million OF dollars,
| steamship lines communicating with
! norton of the worlds markets, as well
4 as with trade centres of the home gov
ernment The United States will not
+ undertake to do less. 1t is our duty To
/ furnish the people of Hawaii with IA
cilities. under national control. for then
I export and import trade. 1t VIII be
conceded that the present situation cans
for legislation which shall be prompt
durable and liberal.
4 The part which American merchant
vessels and their seamen performed III
the war with Spain demonstrates thal
! this service. furnishing both plckets anC
the second line of defense, is national
necessity and should be encouraged IL
every constitutional way.
Details and methods for the accom-
plishment of this purpose are discussed
in the report of the Secretary of the
Treasury, to which the attention of Con
| ypacc racpacf,fullv inyifnd
A SANITARY COMMISSION.
In my last annual message / recon-
mended that Congress authorize the ap
pointment Of commission for the pur
pose of making systematic investigation:
with reference to the cause and proven
ton of yellow fever. This matter has
acquired an Increased Importance as 9
result of the military occupation of thu
island of Cuba and the commercial i'll
tercourse between this island and The
United States which we have every rea
son to expect. The sanitary problems
connected with our new relations will
the island of Cuba and the acquisition
of Porto Rico are no less important thar
those relating to finance commerce anC
administration. 1t is my earnest desire
that these problems may be considered
by competent experts, and that every
thing may be done which the most re
cent advances in sanitary science car
offer for the protection of the healtf
of our soldiers in those islands and o.
our citizens who are exposed TO tht
| dangers of infection from the importation
! of yellow fever. | therefore renew my
recommendation that the authority oi
|. Congress may be given and suitable
appropriation made to provide for a com
mission of experts to be appointed fol
the purpose indicated.
The Increase of the Army
Under the act of Congress approved
: A nril oRfh 1893 authorizing the presi