Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1898-12-09

consul at Santiago de Cuba, whose UNI
timely death after distinguished service
and untirng effort during the siege OF
that city was sincerely lamented.
'In the early part Of last April, pur-
suant to request made at the instance
of the secretary Of state by the British
| ambassador at this capital, tho Canadian
government granted facilities for the pas
sage of four United States revenue cut
ters from the great lakes to the Atlantic
coast by way of the Canadian canal and
the st. Lawrence river. The vessels had
reached Lake Ontario and were there
awaiting the opening of navigation When
war was declared between the United
States and Spain. Her majesty's gov
eminent thereupon, BY communication
of the latter part OF April, stated that
the permission granted before the out
break Of hostilities would not be With
drawn, provided the United States gov
eminent gave assurance that the vessels
in question would proceed direct 10 a
United States port without engaging IN
any hostile operation. This government
promptly agreed to the stipulated condi-
ton. it being understood that the vessels
would not be prohibited from resisting
any hostile attack.
"It will give me especial satisfaction II
I shall be authorized to communicate 10
you a favorable conclusion of the pend
ing negotiations with Great Britain IN
respect to the Dominion of Canada. 1t IS
the earnest wish of this government to re-
move all sources of discord and Irritation
III our relations with the neignborlng 90
minion. The trade between the two coun-
tries is constantly increasing and II IS I'M
portant to both countries that all reason
able facilities should be granted Tor It's
development" - Dr. ""l.-.
Tho New Possessions. .r
IT do not discuss at this time the gov
eminent or the future Of the new pos
sessions which will come to us as the re-
suit Of the war with SPAIN Sucn us
cussion will be appropriate after the
treaty of peace shall be ratified. IN
the meantime and until the congress mas
legislated otherwise it will be my duty to
continue the military governments which
have existed since our Occupation ana
government of the people, security IN NE
and property, and encouragement under
a Just and beneficial rule"
Condition of the Treasury.
Referring to the condition OF the ma
tional treasury the message says:
"rhe secretary of the treasury reports
that the receipts of the government from
June 60 1898, including $S4, ISL 223 receiv-
ed from sale of Pacific railroads, amount
ed to s4O5, 321, 1885, and its expenditures to
SAG. SOS, 582 There was collected from GUS
toms s149,575O62 and from internal rev.
enue $170, 900, GAL. Our dutiable imports
amounted to 1924, 40. decrease of SoS,-
1856. $50 over the preceding year. and i'm
portations free Of duty amounted to
se91. HATS. a decrease from the preceding
year of 500, 52406S. Internal revenue re-
ceipts~ exceeded those of the preceding
year by s24,212O6S. The total tax collect
ed on distilled spirits was 1872 546,S99. on
manufa ctured tobacco ss6.230, 522 and on
fermented liquors s39,515,42l. We exported
merchandise during the year amounting
to $l,2S1, 4S2s3O, an increase Of $50, ass, "a
from the preceding year. It Is estimated
upon the basis of present revenue laws
that the receipts of the government for
the year ending June 30. 1899, will be
SSH cor and its expe nditures Sss9, s74, 64s,
resulting In a deficiency OF $l12, COO, 600.
On the LIST Of December. 1898, there was
held in the treasury gold amounting to
s1ss, AZ, 547 gold, bullion amounting to
slss. .545. silver bullion amounting to
500 1853, $50 and other forms of money
amounting to $451. 1863. 9s1. On the same
date the amount of money of all kinds
in circulation or not included in treasury
holdings was 81, 1885, S79. 504, an increase for
the year of $165. 1914 1856. Estimating our
population at 75i9i,0OO at the time men
toned the per capita circulation was
$500. The provisions made for strength
eaing the resources Of the treasury in
connection with the war have given in
creased confidence in the purpose and
present standard and has established
moro firmly than ever the national credit
at home and abroad. A marked evidence
Of this is found in the inflow of gold tc
the treasury. It's net gold holdings Nov
/, 1898, were 1929 .SS5 $780, compared with
sl53,573,147 Nov. l. 1897, and an increase
of net cash of s2O7. 1856, 100 Nov. 1, 1897, tt
$500, 23s, 275 Nov I. 1898. The present ratio
Of net treasury gold to outstanding gov.
eminent liabilities, including United
States treasury notes of 1890, silver Ger.
tificates, currency certificates, standard
silver dollars and fractional silver coin
Nov. I, 1895, was 25.35 per cen., as com
pared with 1886 per cent Nov. l. 1897.
n' Quotes Message of 'O7. 81
81 renew so much of my recommends
ton OF December, 1897. as follows: 'Tha
when any Of the United States notes ar
presented for redemption in gold and ar,
redeemed in gold. such notes shall b.
kept and set apart and only paid out ii
exchange for gold. This Is an obvious
duty. Ii the holder of the United State
note prefers the gold and gets it from tn
government, he should not receive bacl
from the government United States not
| without paying gold in exchange. TIL,
reason for this Is made all the more ap
! parent when the government issues al
| interest bearing debt to provide gold TO
| the redemption Of United States notes
noninterest-bearn debt. Surely
should not pay them out again excep
or demand and for gold. If they are pu
out in any other way they may retur
issue to redeem them-another interest
bearing debt to redeem a noninterest
bearing debt '. , e..
This recommendation was made in tn
belief that such provisions Of law woul
| insure to a greater degree the safety 9
| the present standard and better protec
our currency from tho dangers to whic
| it is subjected from disturbance In tn
| general business conditions of the coun
| try" Hs
To Gradually Retire Greenba cks.
'In my judgment the present cond
ton Of the treasury amply justifies tn
| immediate enactment of the legislatlo
i recommended one year ago. under whic
| q portion of the gold holdings shout
be placed in trust fund from whic
| greenbacks should be redeemed upon pre-
4 sentation, but when once redeemed shout
not thereafter be paid out except fo
gold. Z It is not to be Inferred that othe
/ legislation relating to our currency
not required: on the contrary, there
an obvious demand for 1t. The impol
lance Of adequate provision which wi
insure to our future q money standar
related as our money standard now
| to that of our commercial rivals is ger
orally recognized. The companion PROF
osition that our domestic paper currenc
shall be kept safe and yet be SO relate
to the needs of our Industries and II
i ternal commerce as to be adequate an
responsive to such needs is propositio
scarcely less important. The subject,
all its parts, Is commended to the wis
consideration Of the congress"