The daily morning journal and courier., 1898-12-06

engagements, I suggest that congress consider the adv,sabiity of authorizing and inviting a conference of reports of the treasury departments of the United States and Mexico to consider the sub ject in all it's complex bearings and make report with pertinent recommen- dations to the respective governments for the information and consideration Of their congresses.
 THE CHARS PEACE PROPOSAL.
 The prop sal of the czar for a general reduction of the vast military estab- l.shments that weigh so heavily upon many peoples in time of peace was communicated to this government with an earnest invitation to be represented In the conference which it is coatem- plated to assemble with view to dis cussing the means of accomplishing so desirable a result. His majesty was at once informed of the conditional sym pathy of this government with the prin- ciples involved in his exalted proposal and of the readiness of the United States to take part in the conference. The active military force of the United States, as measured by our population, territorial area and taxable wealth, is, under any conceivable prosp sctive con- ditions, must continue to be intime of peace so conspicuously less than that Of the armed powers to whom the czar g appeal is especially address, that the question can have for us no practical importance save as marking an auspi- cious step toward the betterment and good will among them; but in this view if hlhnnunS ne q ,,s1 ir,, 10 To, tenance and aid to the beneficent pro- ject
 PRIVATE PROPERTY IN WAR.
 The experiences of the last year bring forcibly home to us sense of the bur dens and the waste of war We de- sire, in common with most civilized na- tions, to reduce to the lowest possible point the damage sustained in time of war by peaceful trade and commerce. It is true we may suffer in such cases less than other communities, but all nations are damaged more or less by the state of uneasiness and apprehen- sion into which an outbreak of hostili- ties throws the entire commercial world. It should be our object there for to minimize so far as practicable this inevitable loss by disturbance. This purpose can probably best be ac- complished by an international agree ment to regard all private property at sea as exempt from capture or destruc- tion, but forces of belligerent powers. The United States government has for many years advocated this humane and beneticent principle and Is now in posi- tion to recommend it to other powers II. yn-t. Il. for suggest for your consideration that the executive be authorized to corre- spond with the governments of the principal maritime powers with view of incorporating into the permanent law of civilized nations the principle of the exemption of all private property at sea, not contraband of war, from cap ture or destruction by belligent pow CTS.
 CURRENCY LEGISLATION. The provisions made for strengthen ing the resources of the treasury in connection with the war have given in creased confidence in the purpose and power of the government maintain the present standard and have estab- lished more firmly the national credit at home and abroad. A marked evil dence of this is found in the inflow of gold to the treasury. Its net gold hold ings on November 1, 1898, were $239, ,SS5,- 1862 as compared with $153553,147 on November l. 1897, to $500, ,275 Novem- Der 1, 1898. The present ratio of net treasury gold to outstanding govern ment liabilities, including United States notes, treasury notes of 1890, sil- 1 yer certificates, currency certificates, 1 standard silver dollars and fractional silver coin November 1, 1898, was 25.35 per cent as compared with 1896 per cent. November 1, 1S97
 | renew so much of my recommen- dation of December, 1897, as follows: That when any of the United States notes are presented for redemption in l gold and are redeemed in gold such 1 notes sail 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 United States note with out paying gold in exchange for it. The ! reason for this is made all the more 1 apparent when the government issues an interest bearing debt to provide gold 1 for the redemption of United States | notes, non-interest bearing debt Surely it would not pay them out again except on demand and for gold. If they are put out in any other way they may return again to be followed by another bond issue to redeem another interest bearing debt to redeem non- interest bearing debt.
 This recommendation was made in the belief that such provisions of law would insure to a greater degree the safety of the present standard, and better protect our currency from the dangers to which it is subjected from disturbance in the general business conditions of the country. In my judg-
 ment, the present condition of the treasury amply justifies the immediate enactment of the legislation recom- mended one year ago under which a
 portion of the gold holdings should be
 placed in trust fund from which green. backs should be redeemed upon presen-
 tation, but when once redeemed should
 not thereafter be paid out except fol gold.
 ! It is not to be inferred that other legislation relating to our currency is l not required. On the contrary, there is
 an obvious demand for it.
 The importance of adequate provision f,,t,