Evening star., 1898-12-05
crease of $3.50. IA from the preceding.

year.
1t is estimated upon the basis of present
revenue laws that the receipts of the Gov
ernment for the year ending June 30. 1sg9
viii be S577. 7.sI4.64T and its expenditures
SfiSa. CAT, resulting in a deficiency CT
S112.OOOOO0.
OH the 1st of December. 1895. there was
held in the Treasury gold coin amounting
10 sI3s. al, ,j4I, gold bullion amounting to
sl3s..yT2,5 80. silver bullion amounting to s93-
80. 80. and other forms of money amount
ing to S4Jl .gtsS 9s1-
On the same date the amount of money
of all kinds IN circulation. or not included
in Treasury holdings. was 81. $50, SD 504. an
increase for The wear of $685.. 794 966 Esti-
mating our population at 15.194.OtO at the
time mentioned the per capita circulation
WAS $3.50. On the same date there was
in the Treasury gold bullion amounting to
S13s 5o2.J45.
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 Govern
ment to maintain the present standard. and
has established more firmly than .Ter the
national credit at home and abroad. \
marked evidence of this is found in the
holdings on November l, 1898. were s.<S9.
SSJ.162 compared with s1;} .J13. II on No.
VOmber l. 1897, and an increase OF net cash
of S207. TJ6. 100 November l. 1896. to 500
rs. us. November /. 1893. The present ratio
Df net Treasury gold to outsta nding Gov
ernment liabilities, including United States
notes. Treasury notes of 1890, silver ce-tifi-
Gates. currency certificates. standard sill
yer dollars and fractional silver coin. 70
vember 1. 1898. was 2535 per cent as COM
pared with 1886 per cent. November l, 1891.
/ renew so much Of my recommendation
of December 1Sg7. 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, ne should not receive
back from the government a United States
note wit5out paying gold in exchange for
St The reason for this is made all the more
apparent when the Government issues an
interest hearing debt TO prori,ir gold for
the redemption Of United S,-tes nptes-a
non-intercs hearing debt. su --' it should
not pay then out again excel demand
and for gold. II they are ia 1T in any
other way. ghey may return ain, to he
followed 10y alother bond 1851 to redeem
Ihem-auOth.r interest-bearinR Cebt to re-
deem a non-i,.Cs rast hearing debt.
This rccommcn alton was made in the be-
lief tha. such provisions Of law would in
sure ID greater degree the safety of the
present standard. and better protect our
currency from th, dangers to which it is
subjected from disturbance in the gen
eral business conditions Of the country.
In my Judgment. tine present condition Of
tn Treasury amply justifies the immediate
Enactment OF the legislation recommended
cne year ago. under which portion of the
gold holdings snould oe placed in a trust
fund from which greeubacks should he re-
ceemed upon presentation. but When once
redeemed should not thereafter be paid out
except 70, gold.
1t is not to h. inferred that other Iegisla-
tion relating 10 our currency is not re-
ou!red: on the contrary. there is an obvious
demand for it.
The Impotence of adequate provision
which will insure TO our future a money
3 andard related as our money standard
now is to that of our commercial rivals IS
generally recognized.
The companion proposition that our do
mesjic paper currency shall be kept safe
and yet be 50 related 10 the needs of our
Industries and internal commerce as to be
adequate and responsive to such needs is a
proposition scarcely less important. The
subject, in all its parts, is commended to
the wise consideration of the Congress.
The annexation of Hawaii and the
changed relations of the United States to
Cuba, Porto Rico. and the Philippines re-
sultins from the war, compel the prompt
adoption OF a maritime policy by the United
States There should be established reg
Ilar and frequent steamship communica-
tion. encouraged by the United States, un-
der the American flag, with the newly ac-
qUir"d islands. Spain furnished to its colo
MES. al an annual cost of about two mil
lions OF dollars. mship lines commune
eating with a portion of the worlds mar
kets. as well as with trade centers of the
home government. The United States will
not undertake TO do less. 1t is our duty to
furnish the people of Hawaii with facilities
under national control, for their export and
import trade. 1t will he conceded that the
present situation calls for legislation which
shall be prompt, durable. and liberal
The part which American merchant YES
srls and their seamen performed in the war
Nttli Spain ifllNl4Stl dltS tldi lIlS service,
furnishing both pickets and the second line
OF defense. Is national necessity, and
should he encouraged in every constitu-
tional way.
Details and methods for the accomplish
fTent Of this purpose are discussed In the
report Of the Secretary of the Treasury to
which the attention of Congress is respect
fully invited.
In my last annual message I recon-
snended that Congress authorize the ap-
pOintment OF a commission for the purpose
of making systematic Investigations with
reference to the cause and prevention of
yellow fever. This matter has acquired an
Increased Importance as n result of the
military occupation OF the Island of Cuba
and the commercial intercourse between
this Island and The United States which we
have every reason to expect. The sanitary
problems connected with our new relations
with the Island Of Cuba and the acquisition
OF Porto Rico are no less important than
those relating to finance, commerce, and
administration. 1t Is my earnest desire that
these problems may be considered by com
petent experts and that everything may be
done which the most recent advances in
rF4 nff f,r h.