The Lehi banner. [volume] (Lehi, Utah) 1891-1917, 1898-12-14
NATIONS FINANCES.

tlon by belligerent powers.
NATIONS FINANCES.
Statement Of the Secretary Of the Trea,.
ury-Gold standard to bo Maintained.
The secretary OF the treasury reports
that the receipts OF the government
from all sources during the fiscal year
ending June 30, 1898 including sS4,75l.-
223 received from sale OF Pacific rail-
roads, amounted TO $405,S2l 1886, and Its
expenditures to S443. $685. There was
ATTAINED from customs $i49, 575,062. and
from internal revenue $40, 900.641. our
ddtiable imports amounted to 1924, 1885,
l79, a decrease OF S5s, 156,690 over the
preceding year. and importations free of
duty amounted s291,414.175. a decrease
from the preceding year Of ssO.524 ,O6S.
Internal revenue receipts exceeded those
OF the preceding year by s24,212,06s.
The total tax collected on distilled
spirits was S92, SAC. 500. on manufactured
tobacco $50, 230.522. and on fermented
chandlse during the year amounting 70
81, 23l 49,, $3.50. In Increase OF $3.50 4SS.774
from the preceding year.
DEFICIENCY OF si12.0O0,O 900.
1t Is estimated upon the basis OF pres
ent revenue laws the receipts OF the
government for the year ending June
80. 1899, will be s577,s74,6O7, and it's ex-
ficiency Of s112, 100000.
on the LIST of December. 1898. there
was held in the treasury, gold coin
amounting to Sl3S ,44l ,547; gold bullion
amounting TO S13s,502,b45; silver bullion
amounting to 500, 1853, $50, and other forms
of money amounting to s451,s6Sss1.
On the same date the amount OF
money OF all kinds in circulation or not
included In treasury holdings was ST.
$3.50, Ssl 504, In increase for the year OF
S16b, 1874, $685.
Estimating our population at 1904 900.
at the time mentioned the per capita
| circulation was $500.
On the same date there was in the
treasury gold bullion amounting to $l3S.-
6o2, 645.
GOLD STANDARD.
The provision made for Strengthening
| the resources of the treasury In connec-
! ton with the war, has given increased
confidence in the purpose and power Of
the government to maintain the present
standard. and has established more Arm
ly than ever the national credit at homo
| and abroad. A marked evidence OF this
Is found in the Inflow Of gold to the
| treasury. Its net gold holdings on NO
vember /, 1898. were s239. Ss5. 100, as COM
pared with si53,573,1E on November /,
| 1897 and an incresasa of net cash of
1901, 766. 100, November 1, 1898, to s3oO.23S.-
275, November l. 1898. The present ra-
| ITO OF mel treasury kOlu
| giving liabilities. including United StateH
treasury notes OF 1890. silver certificates,
currency certihcatlons. standard silver
| dollars and fractional silver coin, mo-
vember l, 1898, was 25.S5 per cent. as
compared with 1896 per cent November
!, 1897.
| renew so much OF my recommends
ton OF December 1, 1897. as follows:
'sThat 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 ror goid. THIS Is an
| obvious duty. II the holder OF Unit
ed States note prefers gold and gets II
| from the government he should not re-
| celye back from the United States
! note without paying gold for II In ex-
change. The reason for this Is made
all the more apparent when the Gov
| eminent issues an interest bearing
debt to provide gold for the redemption
OF UNITED States notes. a op-inTerest
bearing debt. Surely It should not pay
them out again except on demand and
for gold. II they are put out In any
other way they may return again, 10
| be followed by another bond Issue 20
redeem them, Another interest bearing
debt 10 redeem a non-intersst bearing
| debt" This Recommendation is made
I'm the belief that such provisions OF
law would insure II greater degree
Nne Hatety OF kne pTeseuW etAnudru ana
better protect our currency from the
dangers to which II Is subjected from
q disturbance In the general business
conditions OF the country In my Judg-
menr the present CONDITION OF the treas
ury justifes the immediate enactment
OF the legislation recommended one
year ago. under which a portion OF the
gold holdings should be placed In a
trust fund from which green ba clxs
should be redeemed upon present alton,
but when once redeemed should not
thereafter be paid out except FOR gold"
II Ia not to be inferred that other
legislation relating to our currency lie
not required. on the contrary there Ia
an obvious demand for n.
The importance OF adequate provision
which Will insure to our future money
standard related as our money stand
ard now and TO that OF our commercial
rivals, is generally recognized.
The companion proposition that our
domestic paper currency shall be kept
safe and yet be 80 related to the needs
OF our industries and internal com
merce as 20 be adequate and responsive
TO such needs Is proposition scarcely
less important. The subject In all IT'S
parts Is commended 10 the wise consld-
Grafton of the Congress.