The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-12-14
SPEAKS ON FINANCE.
Synopsis of Report of the Secretary
Of the Treasury.
Is a Document of Great Importance
MIR. Gage FavOrs the Bank Note
Plan-Other Subjects
Theated.

Washington, Dec THE annual re-
| port of the secretary of the treasury to
| the congress of the United States is
| document second in interest and i'm
| portance only to the message of the
| chief executive. Although the subject
| of currency and banking is placed at
| the close of Secretary Cages report. i.
| is one of the most vital features of that
| document and will command the at
tention of every student of nationa.
| financial problems. In part he SAYS:
I'm submitting my report / feel it my
| DUTY to impress upon congress. as best
| may, the important subject Of currency
| and banking reform.
1T is the misfortune of evil conditions to
| produce arrangement and hinder progress,
| which. If long continued. SO accustom the
| subject of them to their existence a S to Gre
| ate in him apathetic indifference to needfut
| and healthful reforms. Indeed it is ia
miliar fact that individuals, families and
| nations ignorantly suffer under the illusion
| that the very source of their affection is
itself an agency for good Something like
| this has marked our financial history for
| 30 years Making progress in spite of ali
obstacles and embarrassments to COM
merce and industry. we aScribe the ad-
vancement to the causes which have real
| ly hampered and disconnected the forward
and upward movement. With a financial
| system condemned by the judgment of the
most experienced and wise. both at home
and abroad, it's evils illustrated in daily
| business and emphasized in recurring pam
| les, we fail, with an obtuse timidity, to face
| the questions which must be met and right
| ly solved before industry and commerce
| can be established upon enduring condi-
| lions of security.
1.-The arguments against government is
sues of paper money as medium for COM
mercial exchanges have been fully made
and need not be repeated in detail
Cure for Evils.
1.-The cure for these evils is not difficult
to find 1t lies within the easy range of
congressional action Nor is the remedy
one to infiict even temporary pains or
penalties on the body polite. The health
full. stimulating effect of right action in
these directions would be experienced with
the first sense of assurance that the de-
sired end was to be accomplished
1.-The proposal to substitute bank issues
for government notes is opposed with
many honest prejudices and aSSailed by
bitter denunciations. The first arise from
failure to comprehend the true philoso-
ply of a paper currency, and must be pa
tiently considered. The latter obscure the
question by reckless statements. charging
that all propositions for currency reform
are bank conspiracies to exploit the people.
Operations of the Treasury.
In the beginning of his report, Secretary
Gage thus summarizes the operations of
the treasury:
1.-THE aggregate receipts for the fiscal
year, under warrant. as shown by the re-
port of the treasurer of the United states,
were s73S, 549, 255 20, and the disbursements,
1897. 5SS, 80. There was consequently de-
crease of $50, 03S 1863. 60 in the general treas
ury balance, which stood at 1864, 790, 23I.1
at the opening of the year and at S1Io,75l,-
1868 IL at the close. Besides the ordinary rev.
enues there were receipts on account OF
the public debt which swelled the total
income available in the fiscal operation OF
the government to S4S1 ,612, 20, while cor
responding additions to the ordinary eX-
penditures brought the total on this side
of the account up to $543, SCI, 104.S so, and Gre
ated deficiency of SCI, 94S, 60 as the net
result These figures, however, do not in
clude any part of the loan of 2OO,OOOOOO, the
proceeds of which had begun to come in
before the close of the year, though none
were formally covered into the treasury
until afterward. On the side of the re-
ceipts is included the sum of $64, 75l, 1913,
realized from the sale of the Union Pacific
and Kansas Pacific railroads, while, on
the other hand, the expenditures are in
creased by S29 $50, 952 dsbursed in the re-
demption of Pacific railroad subsidy bonds.
"a better view of the results of the years
fiscal operations is afforded by the changes
in the assets of the treasury. The total
holdings available in this branch OF the
business show only the insignificant fall
ing off from $685. 295 424 % to $275, 747, SO3
Wants More Silver.
| On the point of fractional silver the re-
port contains this significant paragraph:
1.-THE amount of fractional silver coin
held by the treasury July 1, 1897, was $780,
POI 500: July 1, 1898, $12070,G9O This stock
has at present, November Is. been reduced
to ST. 122, SOC, much of which is so worn as
to be unfit for circulation. The amount
available, distributed among the several
| subtreasuries, give but small stock to
each, and some denominations are eX-
hausted The secretary of the treasury
should be authorized to recon this incur
| rent stock and any such coin which may
hereafter accumulate in the treasury, the
difference between it's face value and the
new coin it will make to be paid out OF
any moneys in the treasury not otherwise
appropriated. Further provision should be
made to add to the stock of fractional coin,
and to that end 1t is suggested that the
secretary of the treasury be authorized TO
use any silver bullion now in the treasury
| for the coinage of such denominations as
may be required from time to time to
meet the demand from the different
tons of the country. With an ever-in-
| ,reasing population, which will be added
| TO in the near future by the acquisition of
| additional territory, the demand for frac-
tional silver coin will be such as to make
| it essentially necessary that the stock
should be increased"
/