The Advocate and news., 1898-12-07

home and abroad A marked evidence o.
this is found in the inflow OF gold TO thu
treasury. Its net gold holdings on Nov
/, 1898, were S239, 1886, ,16O, as compared
with S15S, ,67S,147 on Nov. l, 1897, and az
increase Of net cash OF $207, ,756, 100, Nov
/, 1897, to SSOO, 1888 ,275, Nov. /, 1898. The
present ratio of net treasury gold, out
standing government liabilities, lnclud.
ing United States treasury notes Of 1890
silver certificates, currency certificates
standard silver dollars and fractional sill.
YER coin, Nov. /, 1898, was 1886 per cent
as compared with 1896 Nov 1, 1897.
/ renew so much Of my recommends
ton OF December, 1897, as follows: That
when any OF the United States notes are
presented for redemption and are re-
deemed in gold such notes snail be kept
and set apart and only paid out in ex-
change for gold. This is an obvious duty
II the holder Of the u. s. note prefers
the gold and gets it from the government
he should not receive back from the gov
ernmeht a u. s. note without paying
gold in exchange for IT, The reason for
this Is made all thetm0re apparent when
the government issues an interest-bear-
ing debt to- provide gold for The redemp-
tiOn og United States notes-a non-inter-
est bearing debt Surely 1t 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 to Oe
followed by another bond issue to re-
deem them, 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 winch
Il is subjected from q disturbance in the
general business conditions Of the coun-
try.
In my judgment the present condition
of the treasury amply justifies the i'm
mediate enactment Of the legislation rec
commended one year ago under which q
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 for
gold.
It is not to be inferred that other legis-
lation relating to our currency is not re-
quired. On the contrary, there Is an OBJ
vlous demand for It.
The Importance Of adequate proVis-
lon which will insure to our future
money standard related as our money
standard now is to that Of our CONNER
Cial rivals is generally recognized.
The companion proposition that our
domestic paper currency shall be kept
safe and yet be so related to the needs
of our industries and international COM
merce as to be adequate and responsive
to such needs is proposition scarcely
less important. The subject, in all It's
parts, Is commended to the wise con-
sideratlOn OF the Congress.
:. : =:
The annexation of Hawaii and the
changed relations Of the United States
to Cuba, Porto Rico and the Philippines.
resulting from the war, compel the
prompt adoption Of a maritime policy by
frequent steamship communication, en-
couraged by the United States under the
American fag with the newly acquired
islands. Spain furnished to its colonies,
at an annual cost Of about $2,0O0,000,
steamship lines communicating with a
portion of the worlds markets as well as
with trade centers Of the home govern
ment. The United States will not un-
dertahe to do less. II is our duty to fur
nish the people Of Hawaii with facilities
under national control for their export
and import trade. It will be conceded
that the present situation calls for legis-
lation which shall be prompt, durable
and liberal.
The part which American merchant
vessels and their seamen performed in
the war with Spain demonstrates that
this service, furnishing both pickets and
the second line Of defense, is national
necessity and should be encouraged In