Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-12-07

was about s2,sS5, 900.
The success OF this operation was
sufficient to induce the government TO
continue the offer to purchase bonds
to and including Dec. 20. instant unless
the remainder of the $4,000, 600 called
for should be presented in the meantime
for redemption.
Increased activity in industry with
It's welcome attendant-a larger en-
ployment for labor at higher wages
gives to the body of the people larger
power to absorb the circulating medium.
II is further true that year by year, with
large areas of land under cultivation. the
increasing volume of agricultural prod
ucts, cotton, corn and wheat call for A
larger volume of money supply. This
is especially noticeable at the crop ar-
vesting and crop moving period.
In it's earlier history, the national
banking act seemed to prove a reason
able avenue through which needful ad b
ditions to the circulation could from
time to time be made. Changing condi-
tons have apparently rendered it now
imperative to that end. The high mar
gin in bond securities required. result
ing from large premiums which govern
ment bonds command in the market or
the tax on note issues. or both operating
together appear to be influences which
impair its public utility.
The attention of congress is respect
fully invited to this important matter.
with the view of ascertaining whether or
not such reasonable notifications can
be made in the national banking act
as will render its service in the par
ticulars here referred to more re-
sponsve to the peoples needs Iagain
urge that national banks be authorized
TO organize with n capital Of 1925. 900.
| urgently recommend that, to support
the existing gold standard and to main
tain the parity in value of the coins
of the two metals gold and silver), and
the equal power of every dollar az all
times In the market. and in the payment
Of debts" the secretary of the treasury
be given additional power and charged
with the duty to sell United States bonds
and to employ such other means as may
be necessary to these ends The au-
thorty should include the power to sci!
bonds on long and short time. as condi-
lions may require. and should provide
Tor rate of interest lower than that
fixed by the act of Jan H. 1875. While
there is now no commercial fright which
withdraws gold from the government,
but. on the contrary. uch wild spread
confidence that gold seeks the treas
ury, demanding paper money i'm ex-
change. yet the very situatior points to
the present az the most fitting time to
make adequate provision to insure the
continuance of the gold standard, and
of public confidence in the ability and
purpose of the government to meet all
civilized world recognizes as the best
The financial transactions of the govern
ment are conducted upon a gold basis
We Aceive gold when We sell United
States bonds and use gold for their pay
ment. We are maintaining the parity
of all the money issued or coined by au-
thOrity of the government. We are do
ing these things with the means at hand.
Happily at the present time we are.Iot
compelled to resort to loans to supply
gold. 1t has been done in the past. how
ever and may have to be done in the
future. 1t behooves u.s. therefore to
provide at once the best means to meet
the emergency when it arises, and the
best means are those which are the most
certain and economical. Those now au-
thorized have the virtue, neither of di-
rectness nor economy. We have already
eliminated one of the causes of our
financial plight and embarrassment dur
ing the years 1893, 1894. 1895 and 1896
Our receipts now equal our expendi-
lures; deficient revenues no longer
create alarm. Let us remove the only
remaining cause by comforting the fun
and necessary power on the secretary of
the treasury and impose upon him the
duty to uphold the present gold standard
and preserve the coins of the two metals
on parity with each other, which is the
repeatedly declared policy of the United
States.
In this connection I repea my former
recommendation that p .tion of the
gold holding shall be placed in a trust
fund from which greenbacks shall be
redeemed upon presentation, but when
once redeemed shall not thereafter be
paid out except for gold.
THE MERCHANT MARINE.
ne value Oh an american merchant
marine to the extension of our COM
merCial trade and the strengthening Of
our power upon the sea invites the i'm
odiate action of the congress. our
national development will be one sided
and unsatisfactory so long as the re-
markable growth of our inland indus
tries remains unaccompanied by prog
ress on the seas. There is no lack OF
constitutional authority for legislation
which shall give to the country maritime
strength commensurate with its indus
trial achievements and with its rank
among the nations of the earth.
The past year has recorded excep-
tional activity in our shipyards and the
promises of continual prosperity in
are abundant. Advanced
legislation for the protection of our sea-
men has been enacted. Our coast trade,
under regulations wisely framed at the
beginning of the government and since,
shows results for the past fiscal year UNI
equaied in our records of those of any
other power. We shall fail to realize
our opportunities. however, if we com
placently regard only matters at home
and blind ourselves to the necessity of
securing our share in the valuable carry
ing trade of the world.
Last year American vessels trans
ported a smaller share of our exports
and imports than during any former
year in all our history, and the measure
of Que dependence upon foreign shipping
was painfully manifested to our people.
The other great nations have NOT hast