The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1898-12-14

Gently communicated to this government
with an earnest invitation to be repre-
sented in the conference which it is con.
templated to assemble with view to dis
cuSsing the means of accomplishing 80 de.
sirable result. His majesty was as once
informed of the cordial sympathy OF this
government with the principle involvedln
his exalted proposal and OF the readiness
OF the United States to take part in the
conference.
The active military fore, Of the United
States as measured by our population.
territorial area and taxable wealth. is and
under any conceivable prospective condi'
tions must continue to be in time OF peace
SO consp;cuously less than that OF the
armed powers to whom the cars appeal
is especially addressed that the question
can have for Us 70 practical Importance
save as marking an auspicious step to.
ward the betterm glt Of the condition OF
the modern peoples and the cultivation OF
peace and good Will among them, but in
this view it behooves us as nation to
lend countenance and aid to the benei.
cent project.
The Currency Question.
The secretary of tie treasury reports
that the receipts of the government from,
all sources during the fiscal year ended
June 80, 1893, including S4, ,7jl,223 re-
ceived from sale of Pacific railroads,
amounted to $i05 .32l ,3335. and its expendi.
lures TO s443. .36S So. There wns collected
from customs $l49,57o,0 ,062 and from in
ternal revenue sl70.900,G4l. Our dutiable
imports amounted to 1924. .735,479, a de-
crease of $5S, l5G, 500 over the preceding
year, and importations free Of duty
amounted to s29l. 4l4,175 a decrease fror,
the preceding year of $50, ,524,06s.
Internal revenue receipts exceeded those
of the preceding year by S24. 24.2l206S.
The total tax collected on distilled
spirits was $92, SAG. $50. on manufactured
tobacco 1886 230, ,522 and on fermented
liquors 39,5l5, 42l. We exported mer.
chandise during the year amounting to
sl,23l. 49,, 800, All increase of $50, 4sS,7D
from the preceding year.
1t is estimated upon the basis of present
revenue laws that the receipts from the
government for the year ending June 30,
1880, will be s577. .S74 ,6J7 and its expendt
lures $3.50 s74. 647. resulting in deficiency
of Sll2. ZOO, 900. On Dec. l, 1893, there was
held in the treasury gold coin amounting
to *l3s 44l.547. gold bullion amounting to
$l30,592,545, silver bullion amounting to
500. 359, $50 and other forms of money
amounting to $451, ,963,9Sl
On the same date the amount OF money
Of all kinds in circulation or not included
in treasury holdings was Sl.S6S, ,S79 500, an
increase for the year OF Sl65. .794966. Essi-
mating our population at 75, l94, 900 at the
time mentioned the per capita circulation
was $500.
On the same date there was in the treas.
ury gold bullion amounting to sl3o,5os,'
45.
The provisions made for strengthening
the resources of the treasury in connec.
ton with the war has given Increased
confidence in the purpose and the power
OF the government to maintain the present
standard both established more firmly
than ever the national credit at home and
abroad. A marked evidence of this Is
found in the inflow of gold to the treas
ury. Its net gold holdings on Nov. l.
1898. were s239, 1855, 1GO as compared With
$l53.573,147 on Nov. l. 1897, and an in.
crease of net cash of $2,7,756. 1n0 Nov. l,
1897, 20 1900, ,23S, ,o75 Nov. l. 1898. The pres.
ent ratio of net treasury gold outstanding
government liabilities including United
States notes, treasury notes OF 1896, silver
certificates, standard silver dollars and
fractional silver coin Nov. 4. 1898, was
25.3s per cent as compared with 1896 per
cent Nov. l, 1897.
Redemption Of Notes.
Irenew so much of my recommendation
of December, 1897, 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, IL the holder of the United States
note prefers the gold and gets it from the
government, he should not receive back
from the government United States note
without paying gold in exchange for it.
The reason for this is made all the mor'
apparent when the government issues an
interest bearing debt to provide gold for
the redemption of United Seates notes-a
noninterest bearing debt. Surely it should
not pay them out again except on de
mand and for gold. If they are put in any
other way they may return again. to ke
followed by another bond issue TO redeem
,bem-another interest bearing debt to re.
deem noninterest bearing debt.
Th recommendation was made IN the
belief that such provisions of law would
insure greater degree the safety or the
nresent standard and better protect our
currency from the dangers to which 1t is
subjected from a disturbance IN the gen.
eral business conditions Of the country.
In my Judgment the present condition
of the treasury amply iastises the imme'
diate enactment of the legi:,ation recon-
mended one year ago under which por'
ton of the gold holdings should be placed
in trust fund from With Sreenbacks
should be redeemed upon presentation.
but when once redeemed should not there
after be paid out except for gold.
1t is not to be inferred that other legi%
lation relating to our currency is not re
quired; on the contrary, there is an o.
rious demand for it.
The Importance Of adequate provision
which will insure to or future money
standard, related as our money standard
now is to that of our commercial rivals, IS
generally recognized. The companion
proposition that our domestic paper cur
rency shall be kept safe and yet be so re.
lated to the needs of our industries and
internal commerce as to be adequate ana
responsive to such needs is proposition
scarcely less important. The subject, n
all it's parts. is commended to the wise
consideration of the congress.
Rucklen's Arnica Salve.