The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-12-06

use, and customs receipts are now al
most entirely paid in that coin.
The strong condition of the Treasury
with respect to cash on hand and the
favorable showing made by the reve-
| nues have made it possible for the Sec
rotary of the Treasury to take action
under the privisions of Section 3694
Revised Statutes, relating to the sink
ing fund. Receipts exceeded expendi-
| lures for the first five months of the
current fiscal year by S13,413, 3S9. 81,
and as mentioned above, the Secretary
| of the Treasury estimates that there
Will be a surplus of approximately S4O,-
OOO,0UO at the end of the year. Under
such conditions, it was deemed advisa-
Bile and proper to resume compliance
with the provisions of the sinking fund
law, which for eighty years has not
been done, because of deficiencies in the
revenues. The Treasury Department,
therefore, offered to purchase during
November 100000 of the ) per cent.
loan of 1904, or the 4 per cent funded
loan of 1907 at the current market
price. The amount offered and pur-
chased during November was S1S. 4OS.-
GOO. The premium paid by the Govern
ment on such purchases was So, 263, 521,
and the net saving in interest was
about $3.50 00 The success of this
operation was sufficient to induce the
Government to continue the offer to
purchase bonds to and including the
I'D day of December, instant, unless
the remainder of the $250O0,OOO called
for should be presented in the mean
time for redemption.
rrIJI r,Tr,C rrr
Increased activity in industry, with
us welcome attendants larger en-
ployment for labor at higher wages
gives to the body of the people larger
| power to absorb the circulating me-
dunn. 1t is further true that year by
year, with larger areas of land under
cultivation, the increasing volume of
agricultural products. cotton, corn and
wheat calls for larger volume of
money supply. This is especially no
uceabie at the crop harvesting and
| crop moving period
| NATIONAL BANK ACT
In It's earlier history the National
Banking Act seemed to prove a rea SON
| able avenue through which needufl adj
additions to the circulation could from,
Tune to time be made Changing con-
dltlons have apparently rendered If
now imperative to that end. The high
margin in bond securities required re-
sulting from large premiums which
give the bonds command in the market
or the tax on note issues, or both oper-
ating together, appear to be the inf1u-
| ences which impair it's public utility.
Inc attention of Congress is respect
1uily invited to this important matter
with view of ascertaining whether or
not such reasonable notifications can
be made in the National Banking Act
as VIII render its service in the par
uculars here referred to more re-
sponsive to the peoples needs. | again
urge that national banks be author
lied to organize with a capital of x25.-
0O0
GOLD STANDARD SHOULD BE
PRESERVED.
| urgently recommend that to sup
! port the existing gold standard. and
to maintain the parity in value of
the coins of the two metals (gold and
| sllver) and the equal power of every
dollar at all times in the market and
| In the payment of debts,' the Secre-
tary of the Treasury be given addi-
tional power, and charged with the duty
to sell United States bonds, and to en-
ploy such other effective means as may
be necessary to these ends. The au-
thorities have the power to sell bonds
on long and short time, as conditions
may require. and should provide for a
rate of interest lower than that fixed
! by the Act of January IA. 1875. While
/ there is not now commercial fright
which withdraws gold from the Gov
] eminent, but on the contrary. such
widespread confidence that gold seeks