Evening star., 1898-12-05

A commercial directory, in two volumes,
| containing mass of statistical matter de-
| scriptive of the Industrial and commercial
! interests of the various countries. has been
printed in English, Spanish, Portuguese,
and FRENCH and monthly bulletin pub
| lished in these four languages and distrib-
| uted in the I.atin-Ame erican countries as
well as. in the United States, has proved to
be valuable medium for disseminating in
! formation and furthering the varied inter-
! ests of the Interna tional Union.
During the past year the important work
of collecting information of practical bene-
| fit to American Industries and trade
| through the agency of the diplomatic and
consular officers has been steadily ad-
| vanced, and in order to lay such data be-
! fore the public with the least delay the
practice was begun in January. 1898, of IS
suing the commercial reports from day to
day as they are received by the Depart
ment of State. 1t is believed that for
promptitude we'll as fullness of informa-
ton the service thus supplied to our mer-
chants and manufacturers will be found to
show sensible Improvement and to merit
the liberal support of Congress.
The experiences of the last year bring
forciby home to us a sense of the burdens
and the waste of war We desire, in COM
mon with most civilized nations, to reduce
to the lowest possible point the damage
sustained in time of war by pea aceable trade
and commerce. 1t is true we may suffer in
such cases less than other communities,
but all nations are damaged more or less
by the state of unea siness and apprehen-
sion into which an outbreak of hostilities
t--rows the entire commercial world. 1t
should be our object therefore. to min
loss and disturbance. This purpose can
probably best be accomplished by an inter-
| national agreement to regard all private
property at sea as exempt from capture or
destruction by the forces of beingerent
powers. The United States Government
has for many years advocated this hu-
mane and benefcent principle and is
now in position to recommend it to other
powers without the imputation of selfish
| motives. L therefore suggest for your con-
sideration that the Executive be authorized
to correspond with the Governments of the
principal maritime powers with a view of
Incorporating into the permanent law of
civilized nations the principle of the ex-
emption of all private property at sea, not
contra5and of war from capture or de-
struction by belligerent powers.
GOVERNMENT FINANCES.
The Secretary of the Treasury reports
that the receipts of the Government from
all sources during the fiscal year ended
June 80 1898. including SOL 7l1 BOG received
from sale of Pacific Railroads, amounted to
405,321 $50 and its expenditures to s443-
36s.5s2. There was collected from customs
sl43.5I3,362 and from internal revenue s17o,-
JO004l Our dutiable imports amounted to
1924, ,G35,419. a decrease of SOS, 156, $50 over
| the preceding year. and importations free
of duty amounted to $221 .414 10 a decrease
from the preceding year of s9G, ,524 06s. In
ternal-revenue receipts exceeded those of
the preceding year by 81 2l2 o67.
The total tax collected on distilled spirits
was 81. 546,999; on manufactured tobacco.
s3G. 80, ,I22. and on fermented liquors $50
515.421 We exported merchandise during
| the year amounting to $1,231. 49, $50 an ill.,
crease of slsp4SSI74 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 1899.
will be $3II.o74 647 and its expenditures
6S.l,si4.G41. resulting in d deficiency CT
Sl12.0DO,0J0.
On the 1st of December. 1898 there was
| held in the Treasury gold coin amounting
to Sl3s. Ill ,3il, gold bullion amounting to
Sl3s.N2,5i1. silver bullion amounting to Sg3.-
3d. 2Jt and other forms Of money amount
| ing to S45l 9G3, ,9Sl
On the same date the amount of money
of all kinds in circulation or not included
| in Treasury holdings, was ST. SS6 SO. Jo4 an
increase for the year of sl65 19i 9G6 Esti-
mating our population at 80, 194,UO0 at the
time mentioned the per capita circulation
\
| in the Treasury gold bullion amounting to
s13s, ,JO2, ,545.
The provisions made for strengthening
the resources of the Treasury III 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 ever the
national credit at home and abroad
marked evidence of this is found in the
! inflow of gold to the Treasury. Its net puId
| holdings on November L. 1895 Were SO
$50, l62 as compared with SIS, S,5I3I4T on No
| Fomber l, 1897, and increase of net cash
/ OF s20I, ,Ij6, 100. November l. 1897 to S3OO,-
| -3o,2iJ, November !, 1898. The present ra 10
| OF net Treasury gold to outstanding Gov
| ernment liabilities, including United States
| notes, Treasury notes of 1890, silver certifi-
| Gates. currency certificates, standard sill
| yer dollars, and fractional silver coin, 80
vember /, 1895 was $3.50 per cent as COM
| pared with 1886 per cent, November l, 1891
| l renew 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. If the holder of the United
| States note prefers the gold and gets it
| from the government, he should not receive
| back from the government a United States
| note without paying gold in exchange for
| it. The reason for this is made all the more
/ apparent when the Government issues an
| interest-bearing debt to provide gold for
| the redemption of United States notes-a
/ MISUNDERSTANDING debt. Surely il should
| not pay them out again except on demand
| and for gold. If they put out in any
| other way, they may return again. to be
| followed by another bond issue to redeem
| them-another interest bearing debt to re-
! deem a non-interest-b bearing debt.
| This recommendation was made in the be-
! lief that such provisions of law would in
/ sure to greater degree the safety of the