Griggs courier., 1898-12-08
FINANCES AND CURRENCY.

President Again Recommends Practical
Retirement of Greenbacks.
The secretary of the treasury reports
all sources during the fiscal year ended
June 80, 1885, including &s4, ,751 ,ee23, re-
ceived from sale of Pacific railroads,
amounted to $4O5, ,321 1876, and its expendi-
lures to $443, 1858 ,5S2. There was collected
from customs $l49, SIC, ,O62 and from inter-
nal revenue $l7O 9OO,64l. Our dutiable
imports amounted to $824, ,735, 40, a de.
crease of $5s, ,156,79O over the pre-
ceding year and importations free
of duty amounted to $2yl, ,414,1 de-
crease from the preceding year Of 800, 524,-
O6S Internal revenue receipts exceeded
those Of the preceding year by $24, ,2l2, ,O8S
The total tax collected on distilled spirits
was t92, SAC, 500, ON manufactured tobacco
$36, 23O, ,522, and on ferMented liquors
$50, SIG, ,42l.
We exported merchandise during the
year amounting to 81 ,23l, ,4s2, $780, an in
crease of $3.50, 4SS, 774 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 30,
1899, will be $577, 1874 COZ and it's expendi-
lures 46s9, ,875, 847, resulting in deficiency
of $11s, ,OO0, 900.
On Dec. /, 1898, there was held in the
treasury gold coin amounting to $3.50, ,441,-
547 gold bullion amounting to $138, ,5O2,-
745, silver bullion amounting to $93. .850,
$50 and other forms of money amounting
to $451, 1868, 1881.
On the same date the amount of money
of oil kinds in circulation or not included
in treasury holdings was 81, ,S36, ,879, ,5O4, an
increase for the year of $l65, 1884, 1856. Esti-
mating our population at Is, 1914 900 at the
time mentioned the per capita circulation
was $500.
On the same date there was in the treas
ury gold bullion on amounting to $685.
5O2, ,343.
The provisions made for strengthening
the resources of the treasury in connection
with the war has given increased conf
dence in the purpose and power of the
government to maintain the present
standard and has esta blished more firmly
than ever the national credit at home and
abroad. A marked evidence of this is
found in the inflow Of gold to the
treasury. Its net gold holdings on Nov.
l, 1898, were $239, ,S85, ,16O, as compared with
l53,573,147 ON Nov. I, 1897, and an in
crease of net cash of $sO7, ,755, 100 Nov. l.,
1897, to $500, ,238, ,275 Nov. l, 1885, The
present ratio of net treasury gold to out
standing government liabilities, includ-
ing United States treasury notes of 1880,
silver certificates, currency certificates,
standard silver dollars and fractional sill
YER coin Nov. l, 1898, was 25. .35 per cent, as
compared with 1895 per cent Nov. l, 1897
Redemption Of Greenbacks.
Irenew so much of my recommends
ton 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-
ceive back from the government United
States note without paying gold in ex-
change for Tor 1T. The reason for this is
made all the more apparent when the gov
ernment issuesan INTEREST," bearing debt to
provide gold for the 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 non-interest
bearing debt"
This recommendation was made in the
belief that such provisions of law would
insure to q great degree the safety of the
present standard. and better protect our
currency from the dangers to which it is
subjected from disturbance in the gen.
eral business conditions of the country
In my judgment the present condition
of the treasury amply iustifies the imme-
diate enactment of the legislation recon-
mended one year ago. under which por-
tion of the gold holdings should be placed
in trust fund from which greenbacks
should be redeemed upon presentation,
but when once redeemed should not there
after be 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 de-
mand for it.
The importance of adequate provision
which will insure to our future y monsy