La Junta tribune., 1898-12-17

gOlu nolulngS on November 1, 1913,
were $2:s9. .SS5. 100, rs compared with
$l53.3I3.l41 on November l, 1897. and
an Increase OF net cash of S207, ,T56. 100.
November ]. 1897, to $500. DIS. .27a, No
vember l, 1S9S. The present ratio of
net treasury gold to outstanding liabili-
ties, including United States notes of
1880, silver certificates, currency GER
| tificates. standard silver dollars and
fractional silver coin November l, 1898,
was 2J.35 per cent, us compared with
1886 per cent. November l, 1897.
v..ws ON the Currency.
I renew so much of my recommenda-
ton of 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 Is an
obvious duty. II the holder of II Unit
ed States note prefers gold and gets 1t
from the government, he should not
receive back from the United States n
note without paying gold for II in eN-
change. The reason for this Is made
all the more apparent when the govern
ment issues an issuebearing debt 10
provide gold for the redemption of
United States notes. Il non-interest-
bearing debt. Surely IL should not pay
them out again except on demand. and
for gold. IL they are put out in any
other way they may return again. to
he followed by another bond issue to
redeem them. another interest-bearing
debt TO redeem II Misunderstanding
debt"
This recommendation is made In the
belief that such provisions OF law would
insure to II greater degree the safety OF
the present standard and better pro
tect our currency from the dangers To
which 1t is subjected from Il disturb
ance in the general business conditions
of the country. In my Judgment the
present condition of the treasury justi
fies the immediate enactment of the
legislation recommended one year ago.
under which II portion OF the gold hold
ings should he placed in u trust fund
from which grcenbacks should he re-
deemed upon presentation but when
once redeemed should not thereafter
be paid out except for gold
1t is not to be Inferred thai other leg
islntiun relating to our currency Is not
required. On the contrary. there is an
obvious demand for 1t.
The Importance of adequate provision
which will insure to our future
money standard related as our money
standard now is to that of our CONNER
ciai rivals. is generally recognized.
The companion proposition that our
domestic paper currency shall be kept
safe and yet he so related to the needs
OF our industries and Internal com
merce as to be adequate and responsive
to such needs is Il proposition scarcely
less Important. The subject. in all Its
parts, is commended to the wise con-
sideratiOu OF the Congress.
Our futurs AIariti,n. Policy.
The annexation OF Hawaii and the
changed relations of the United States
to Cuba, Porto Rico and the Philip
pines resulting from the war, compel
the prompt adoption Of, II maritime
policy by frequent steamship commu-
nlcation, encouraged by the United
States under the American flag with
the newly acquired islands Spain
furnished to Its colonies. at an annual
cost Of about x2.OOO.0OO. steamship
lines communicating with a portion of
the worlds markets. MS well ms will,
trade centers of the home government.
The United States will not undertake
to do less. II is our duty to furnish
the people of Hawaii with facilities
under national control for their export
and import trade. II will he conceded
that the presem situation calls for leg
islation which shall be prompt. durn-
BILE and liberal.
The part which American merchant
vessels and their seamcn performed
in the war with Spain demonstrates
that this service. furnishing both pick
cts and the second line of defense. IL
IL national necessity and should be en-
eouraged I'm every constitutional way.
Details and methods for the accom-
plshment of this purpose are dis
cussed In the report of the secretary
lsNf .f..1.
ton of Congress is respectfully in
vited.
Nred "f u Larger Army.
Under the act of Congress approved
April 20. 1898. authorizing the Presi-
dent. In his discretion. upon dcclara-
tion of war 10y Congress or II declara-
ton by Congress that war exists. di-
rccted the increase of the regular
army to the maximum of 62O0O. au-
thorlzcd In said act.
There are now In the regular army
l7,S'2 officers and men. In said act
1t was provided that mt the end OF
any war In which the United States
may become involved. tls army shall
be reduced to peace basis by the
transfer In the same arm Of the SER
vice or absorption by promotion or
honorable discharge, under such reg
ulntlonR nS the secretary OF war may
establish, of supernumerary commits
stoned officers and the honorable dis
charge or transfer OF supernumefary
enlisted men. and nothing contained
In this act shnll be construed MS au-
thorizing the permanent increase of
the command or enlisted force OF the
regular army beyond that now pro-
vided by the law in force prior to the
passage Of this net except as to the
Increase Of twenty-five majors, pro-
vided for In section thereof"
The Importance of legislation for the
permanent increase of the army is
therefore manifest, and the recon-
mendatiOn OF the secretary Of war for
j TINT nurn0Rp Inns my unnunlIfiad an