The Yale expositor., 1898-12-09

| that we may suffer In such cases less
than other communities, but all nations
are damaged more or less by the state OF
| uneasiness and apprehension in which an
outbreak OF hostllities throws the entire
| commercial world. 1t should be our OBJ
ject. therefore to minimize, so far as
| practicable, this inevitable loss and dis
turbanee. This purpose can probably be
agreement TO regard all private property
| at sea exempt from capture or destruc-
ton by the. forces of belligerent powers.
| The United States government mas FOR
many years advocated this humane and
| beneficent principle, and is now I'm position
| TO recommend II to other powers without
the imputation of selfish motives.
| therefore suggest for your consideration
that the executive be authorized TO cor
| respond with the governments of the prln-
| cipal maritime powers with n view OF in
| cooperating into the permanent law OF
civilized nations the principle OF the ex-
! cmption Of all private property at sea, not
contraband OF war from capture or de-
struction by belligerent powers
National Purse stiIi Fat.
The secretary Of tho treasury reports
| that the receipts of the government from
June 90 1898. including SSi751, 223 received
| from sale OF Pacific railroads. amounted
! 70 500 81 .33j and it's expenditures to A43,-
| 36S $50. There was collected from customs
| Sll9.575,0 52 and from internal revenue $l70,-
| 900,6il. Our dutiable imports amounted TO
1924 49,, f79, decrease Of S5S 1850 over the
duty amounted TO sol i1l,175 a decrease
from the preceding year of 800 524,oss In
| ternal revenue receipts exceeded those Of
! the preceding year by S2i,2l2 0tS.
| Tho total tax collected on distilled spirits
| was ,o59. On manufactured tobacco
$iS 23O,g2 and on fcrmented LIQUORS $50
'l5.42l. We exported merchandise during the
| year amounting to 81, 2A, 1880, an in
crease OF SlSo,4SS,7H from the preceding
! year.
1t is estimated upon the basis of pres
ent revenue laws that the receipts OF the
go1yornment for The year ending June g.
1898, VIII ne S2H'6iO0f, and Its cxpendi-
! lures $3.50. Ii6n. resulting in deficiency
| OF Sl12. 600 900.
on the LIST OF December, 1898, there was
held In the treasury gold coin amounting
10 M3S.i4l ,5i7, gold bullion amounting 10
3l3S,592, 5i5, silver bullion amounting to $a3.-
$3.50 and other forms of money amount
ing to $i5i 9S3 9S1
on the same date the amount OF money
OF all kinds i'm circulation or not included
IL treasury holdings, was Sl,s96,S 9, 5Oi, an
increase fer the year of Sli5.79i,96i. Esti-
mating our population at 75.10lGO at the
time mentioned the per capita circulation
on tho same date there was in the
treasury gold bullion amounting to $685.
5o2.5i5.
Currency Legislation.
The provisions made for strengthening
the resources OF the treasury in connec-
ton with the war has given increased con-
fdcnce in tho purpose and power Of the
government 10 MAINTAIN the present
standard and has established more firmly
tnan ever the national credit AZ home ard
abroad \ marked evidence Of this is
found in the inflow Of gold 10 the treas
Try. It's net gold holdings on November
!, 1888, were S23)S65,l60, as compared with
Sl13,0'3,1N on November !, 1897. and an in
crease of net cash Of {2T7j5,1C0, November
l. 1897. to $780, 233, 257, November l. 1885 The
present ratio OF net treasury gold out
standing government liabilities. Including
United States treasury notes Of 1890. sill
standard silver dollars and fractional sill
YER cc!n November /. 1895 was Z35 per
cent; as compared with 1886 per cent No
l renew so much of nv recommendation
OF December 1897, as follows:
That whenever 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 ont in exchange for gold. This Is an
obvious duty. IL the holder of the United
States note prefers the gold and gets IL
from the government, nc should not re-
celve back from the government United
states note without paying gold in eX-
change for IL. The reason for this Is
made all the more apparent when the
government Issues an Understanding |
debt tn provide gold for the redemption |
of United states notes, a non-intcrcst-
hearing debt. Surely IT should not paw !
them out again, except on demand and |
for gold. If they are put out in any 9TH |
or way they may return again - be fol- |
lowed by another bond issue 10 redeem |
them-another Understanding debt TO |
redeem a Observation-Disclosures debt"
Tnis re concentration was mace in tho |
bcllef that such provisions OF law would |
Insure to Il greater degree the safety Of |
the present standard and better protect |
our currency from the dangers TO which |
IL Is subjected from n disturbance in |
country.
In MY judgment the present condition |
or the treasury justifies the immediate |
enactment OF legislation recommended |
one year ago under which a portion OF /
the gold holdings should be placed I'm a |
trust find from which sreenbacks should |
ataV fa
once redeemed should not thereafter be !
paid out except for gold.
II is not TO be inferred that other legis- |
latlon relating to our currency Is not re- |
qIired; on tho contrary there is an or |
vious demand for IL.
The imI ortance for adequate provision |
which will insure for our future a money |
STANDARD related as our money standard |
now IS to that Of our commercial rivals |
Is generally recognized
The companion proposition that our |
Democratic paper currency shall be kept !
safe and yet be so related to the needs |
of our ind lstries and our internal COM |
merce 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 consid- |
Grafton OF congress.
Encourage American Shipping.
The annexation OF Hawaii and the |
changed relations Of the United States |
to Cuba. Porto Rico and the Philippines |
resulting from the war compel the /
prompt adoption of a maritime policy by |
the United States. There should be cs-
tablished regular and frequent steamship |
communication, encouraged by the United /
States under the American flag with the |
newly acquired possessions. Spain fur
nished to Its colonies, Mt an annual cost |
of about 900. steamship lines con-
Meeting with a portion OF the worlds |
markets as well as the trade centers of
the homo 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 be con-
coded that the present situation calls for |
legislation which shall be prompt dur
able and liberal.
Tho part which American merchant YES |
sells and their scamen performed in the |
war with Spain demonstrates that this |
service, furnishing both pickets and the /
secord line OF defense, is a national ne
cessity. and should be encouraged in !
every constitutional way.
Larger Standing Army Needed.
Under the act OF congress approved |
April rs. 1885, authorizing the president in |
his discretion. upon a declaration Of war |
by congress. or a declaration by congress |
that war exists, / directed the Increase OF |
the regular army TO the maximum of /
60 900 authorized in said act