The Globe-republican., 1898-12-08

the passage for Unieod States revenue GuoouD
from the Great Lakes 20 the Atlantic ceaGo0
way Of the Canadian canal and the ST LaWrOuGD
river. Tho vessels had reached Lako OntaGoR
and were there awaiting the opening Of naviDr
ton, when war Was declared between -
United States and Spain. Her majeGy0
government thereupou. BY communicaeoDo
Of the latter part Of April, stated that the -.
mission granted before the outbreak Of hoOon1>
ties would not be Withdrawn. provided the Unit.
ed States government gave assurance that -
vessels i'd question will proceed direct 20 4
United States port without engaging in any
hostile operation. This the government
promptly agreed TO the stipulated conditioa,
It being understood that the vessels would noe
be prohibited from resisting any hostile ~
tack.
1t will give me special satisf action IL shan
be authorized to communicate to you q favor.
able conclusion Of the pending negotiations
with Great Britain In respect to the Dominica
OF Canada II Is the earnest wish Of this gov
eminent to remove all sources Of discord and r..
ritation in the relations with tho neighborine
dominion The trade between the two countries
Is constantly increasing and it is importat -
should sc granted for its development
MONETARY MATTERS
The secretary Of the treasury reports that the
during the fiscal year ending June 81. 1898, In.
GLIDING 81, 75i sS re :eived from sale Of Pacific
railroads, amounted to Sos. 3d. 35 and it's ex.
penditures to A;3. s6s. SS2. There was obtained
from customs sii9575.0es. and from internal
revenue sl70.s0,,6il Our dutiab,e imports
amounted 10 80, 73o. 47S de rc1se OF SIS i50.
60 over the preceding year, and importations
free OF duty amounted TO 81, 4H.i',. q decrease
from the preceding year OF 3D. s34. OS. Internal
revenue receipts exceeded those OF the prsced-
ing year b. S.,,si2.Osa
The total tax collected on distilled spfrfss
was 3: $4,000: on manufactured tobacco As6.-
2sU.ss2. and on fermented liquors SN,5i5s sl
amounting to PSI .iS4, $50 increase Of $751;.
4Ss ~ from the preceding year
IL Is estimated upon the basis OF present rev.
enue laws that the receipts Of the government
for the year endin: June 81 1892 will be ST..
s14 o0. and Its expenditures 3ssa. s7i.6a7, re-
sulting in . deficiency Of sIi:, 10000.
On the lst Of December 1893 there was heA
in the treasury gold coin amounting to si3S,.
al 81. gold bullion amounting to SIS, So. SIS
silver bullion amounting to 80, SIS. 80. and
other forms Of money amounting to Sioi, 963.-
y6i.
On the same date the amount OF money Of all
kinds in circulation or not inclu led in treasury
holdings, was q. $50. S7v SOL an increase for the
year Of el65, 70a.9'd Estimating our population
at IS. iO4. COO at the time mentioned the per cap
ita circulation was IS.
On the same date there was In the treasury
gold bullion amounting to sl3s. oOs. Sa5.
The provisions made for strengthening the
resources Of the treasury in connection with
the war has given increased confidence in the
purpose and power Of the government to main.
tain the p 'ese1t 8: andard ond has established
more firmly than ever the national credit %
home and abroad marked evidence of this
is found in the inflow Of gold to the treasury
Its net so holdings on November |, 1893. were
,Ss .SSo, l6). as compared with Si53. 5.3 lH On
November I. 1897, and an increase Of net cash
of S2U1 1855 100 November !, 1897. to 500 23S 27A
November 1. 1893. The present ratio Of nes
treasury gold outstanding government liabil-
tiles. including United States treasury notes oe
1850 silver certificates. currencv certificates
standard silver dollars and fractional silver
coin, November I, le9s vas 25 IS per cent as COM
pared with 1895 per cent November I. 1897
renew so much Of my recommendation q
December, 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 in exchange for gold. This 70
an obvious duty. II the holder Of the United
States note prefers the gold and gets it from
the government. he should not receive back
from the government o United States n0so
without paying gold in exchange for it. Tho
reason for this is made all the more apparent
when the government issues an interest bear.
ins debt to provide gold for the redemption a
United States notes. nOn-intereSt BEARING
debt Surely 1t should nos pay them out agaiA
except on demand q d for gold. II they are
put out in any other way they may return
again. to be followed by another bond issue 70
redeem them, another Understanding debt 70
redeem q non-interest bearing debt"
This recommendation was made in the belief
that such provisions Of law would insure to q
greater degree the safety Of the present stan.
dard and better protect our currency from the
dangers to which it is subjected from disturb.
ance in the general business conditions Of the
country.
In my judgment the present condition Of tho
treasury amply justifies the immediate enact
nent Of the legislation recommended one yoav
ago, under which portion OF the gold holdings
should be placed in a trust fund from which
yreenbacks should be redeem ID upon presents
ton but when once redeemed should not there
after be paid out except TO- gold.
1t Is not to be inferred that other legislation
relating to our currency is not required. On
he contrary, there IS an obvious demand for IL
The importance Of adequate provision which
will insure to our future a money standard -.
ated as our money standard now and TO that a
'ur commercial rivals is generally recognized
The companion proposition that our domestic
,aper currency shall be kept safe and yet be -
ernal commerce as to be adequate and responS.
We to such needs is proposition scarcely losO
Tho subject in all its parts, -
to the wise consideration OF The
congress
ARMY MGR EASE.
The importance Of legislation for the perma.
ent increase 81 the army is manifest ami tho
OF the secretary OF war for
hat purpose has my unqualified approval
here can be no question that ~ this time ana
robably for some time In the future 100000
men win be mono too many to meet the neces-
ities Of the situation At all events. whethae
hat number shall Do required permanently a
ot the power should be given 70 the Presae
ent to enlist that foros H. in his discrt don, %
hould be necessary, and the further discrstioo
hould DO given him TO recruit within the above
init from the inhabitants Of the islands With
be government Of which We are charged.
II Is my purpose to muster out the enSlro
olunteef army - soon - tho Congress shan
rOvide for the increase Of tho regular eetooA
shment This will be only an act Of tu:lieo
nd will be much appreciated By the brave msa
rho LETT their homes and employments 70 helD
he country In its emergency.
Tho following recommendations Of the Score.
.ry of the navy relative to the increase Of ~