The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-07

WASHINGTON D. c.. Dec, 8. The
report of the secretary OF the treasury
was submitted to Congress to-day, OF
which the following are excerpts;
The aggregate receipts for the fiscal
year, under warrant. as shown by the
report Of the treasurer Of the United
States. were S7ss,5ls,255 80, and the
disbursements Ss275Ss.124 50. There
was consequently decrease Of iss,oSs,-
500 60 IN the general treasury balance,
which stood at ;ss47s0,2s7 IL at the
opening Of the year and at $775.151.-
1858 II at the close. Besides the ordinary
revenues, there were receipts on ac-
count Of the public debt, which swelled
the total Income available in the fiscal
operations Of the government to $751;
G2955 20. while corresponding addi-
lions to the ordinary expenditures
brought the total on this side Of the
account up to $50, 5sl, 104 50. and Gre
ated a deficiency OF 361,9iS, $40 90 as
the net result. These figures, however
DO not include any part OF the loan Of
$500, 0O0, 900, the proceeds Of which had
begun to come In before the close Of the
year, though none were formally cover
ed Into the treasury Until afterwards.
On the side OF the receipts Is Included
the sum OF S64, ISL ,933 IS. realized from
the sale OF the Union Pacific and Kan
sss Pacific railroads, while, on the other
hand, the expenditures are increased
BY 81. $50, 952, disbursed in the redemp-
- haaau
Domestic industrial enterprises are
Rnquestlonably benefited by the tariff
lct OF 1887. designed as well to encour-
tge home Industries as to increase the
revenues OF the government. BY rea-
lon OF the fact that importers, antici-
patlng the passage Of the act referred
10, provided themselves with large
Rocirs Of merchandise OF every deScrlp-
lion. the tariff act Of 1897 can not be re-
Earded as fairly tested by the receipts
Immediately following its passage. AS
an Illustration Of the correctness OF this
Plew, Il may be stated that during the
first four months OF the fiscal year
1859 the receipts from customs( exclu-
Blve OF the duty on tea, provided by the
war-reVenue law. amounted TO So, 49,
$50, which is $4,633.026 in excess Of the
receipts for similar period in any year
since 1892
A reciprocal commercial agreement
has been entered into between the
United States and France. under the
provisions OF section OF the tarih act
OF 1891. and negotiations with SINH
lar object In view are in progress with
other countries.
In regard to currency and banking re-
form the secretary saws:
I'm submitting my report. feel II my
duty to impress upon Congress, as best
may. the important subject OF cur
Fency and banking reform.
It Is the misfortune Of evil conditions
10 produce arrangement and hinder pro.
gress, which, II long continued, so Rc-
custom the subject Of them TO their ex-
istence as to create In him apathetic In
difference to needful and heGlthful re-
forms Indeed. 1t Is a familiar fact
that individuals, families and nations
ignorantly suffer under the Illusion
that the very source OF their afillction
Is itself an agency for good. Some
thing like this has marked our financial
history for thirty years. Making pro-
gress in spiteOf all obstacles and en-
barrassments TO commerce and Indus
try, we ascribe the advancement to the
causes which have really 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 re-
curing panics, we fan, with an Obtuse
timidlty, TO face the questions which
must be met and rightly solved before
industry and commerce can be estab-
llshed upon enduring conditions OF Sc
eurity.
The proposal to substitute bank Is
sues for government notes IS opposed
with many honest prejudiceS and as
sailed by bitter denunclRtions. The first
arise from failure 10 comprehend the
true philosophy Of paper currency.
and must be patiently considered. The
latter obscure the question by reckless
statements, charging that all PROPOSE
lions for currency refor.a are bank con-
spiracies to exploit TIN. teople. Refer
ring TO such proposals. an eminent
speaker recently warned his uninstruct-
ed hearers: These banks will become
cormorants to eat up your substance,
control your politics, and warp the po-
litlcal views in all the communities.
Send 4 man to Congress to help defeat
this great evil" Such Trades against
reason. and such appeals 10 prejudice
and ignorance the statesman must OPP
pose by the simple truth Is a system
OF credit currency, Ia It's ability to meet
the varying wants OF an Industrious
commercial people, superior to the is
sues OF government paper money? II
that question be answered affirmatively
It may be safely left to time show that
the nature OF the bankers diner not at
all from the general nature OF men in
other calllngs. As every other man
who gets an honest living must live By
service rendered In the sphere OF his
activities. so the banker must perform
faithfully and well his function or fail
Of his fair reward. The motives for
his action are the same. II is not for
the benefit OF the banker, or any par
ticular class. that the plea for currency
reform Is urged; Il ls urged on behalf
OF the whole people, who VIII be the re-
clplents OF the benefits thereof. And II
Is on this ground only that the claim is
entitled 10 consideration.
] shah not be outside OF my duty n
] venture 20 point out, In al least one
important respect, the advantages 10
the poorer districts OF the country VI n
properly constituted bank currency. II
may be done By fairly describing the
course Of the financial movement as il
now goes on, and by presenting In con-
trast the movement ns II would go on
under the conditions advocated. II Is
oTWRRnRN