The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-06

further true that year by year with
larger areas of land under cultivation.
the increasing volume of agricultural
products, corn, wheat, calls for lar
ger volume of money supply. This IL
especially noticeable at the crop har-
vests and crop moving period.
In It's earlier history tho national
banking act seemed to prove a reasona-
BILE revenue through which needfIh ad-
ditions TO the circulation could from
time to be made. Changing conditions
have apparently rendered 1t now inop-
erattve to that end. The high margin
in bond securities required, resulting
from large premiums which government
bonds command In the market, or the
tax on note issues, or both operating to-
gether, appear to be the influences
which impair Its public utility.
| The attention of Congress Is re-
spectfully invited to this important
matter, with the view OF Rscertaining
whether or not such reasonable modlh-
cations can be made in the national
banking act as will render Its service in
the particulars here referred to more re-
sponsive to the peoples needs. again
urge that national banks be authorized
TO organize with capital OF $4,000.
Support Of the Gold Standard.
Iurgently recommend that to support
the existing gold standard, and 10 MAIN
tain the parity in value of the coins of
the two metals gold and s!lver} and the
equal power of every dollar Mt all times
in the market and In the payment of
debts, the secretary OF the treasury Is
charged with the duty to sell United
States bonds, and TO employ such other
effective means as may be necessary to
these ends The authority should In
clude the power to sell bonds on long
and short time, as conditions may re-
qulrc and should provide for rate Of
interest lower than that fixed by the
act of January u, 1875. While there
ia now no commercial fright which
wlthdraws gold from the government,
but, on the contrary, such widespread
confidence that gold seeks the treasury,
demanding paper money In exchange,
yet the very situation points 10 the
present as the most fitting time to make
adequate provision to insure the con-
tlnuance of the gold standard and of
public confidence in the ability and pur-
pose of the government TO meet all its
obligations in the money which the
civilized world recognizes as the best
The financial transactions Of the gov
egHmeHt are conducted upon a gold ba-
sis. We receive gold when we sell
United States bonds. and use gold for
their payment, We are maintaining
the parity OF all the money issued or
coined by authority Of the government.
We are doing those things with tho
means Mt hand. Happily, at the present
time we are not compelled to resort to
loans 10 supply gold 1t has been done
In the past, however, and may have 10
be done in the future. It behooves US,
therefore, TO provide at once the best
means to meet the emergency when 1t
arises, and the best meanS are those
which are the most certain and econom-
ical Those now authorized have the
virtue neither OF directness or economy.
we have already eliminated one Of the
causes Of our financial plight and cIn-
barrassmCnt during the years 1898. 1Ssl
and 1896. Our receipts now equal our
expenditures; deficient revenues no
longer create alarm Let US remove the
only remaining cause by comforting tho
full and necessary power on the secre-
tHry 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 repeat my former
recommendation that a portion Of the
gold holdings shall be placed In trust
fund, from which the greenbacks shah
be redeemed upon presentation, but
when once redeemed shall not thereafter
he paid out except for gold.
American Merchant Marine.
The value OF nm American nerchanb
marine to the extension OF our CONNER
cial trade and the Strengthening Of our
power upon the sea invites the imme-
diate action of Congress. Our nation
al development win be one.slded ana
unsatisfactory so long as the remarlSR-
Bile growth OF our inland industries re-
mains unaccomplnied by progress on
the seas. There is no lack OF const-
tutlonal authority for Legislation which
shall give to the country maritime
strength commensurate with Its Indus
trial achievements, and with It's rank
among the nations OF the earth.
The past year has recorded exceptions
al activity In our ehipynrds, and the
promises OF continued prosperity in
ship-buildInE 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 ana
since. shows results for the past fiscal
year uncQuRlled In our records or those
OF any other power. We shall fail TO
realize our opportunities, however. II we
complacently regard only matters At
home. and blind ourselves to the ncces-
sity OF securing our share In the valuO-
bic carrying trade OF the world
Last year American vessels transports
ed a smaller share OF our exports and
Imports than during any former year In
all our history, and the measure Of our
dependence upon foreign shipping was
painfully manifested 10 our people.
Without any choice Of our own. but
from necessity, the departments ot the
government charged with military and
naval operations In the East and West
Indies had TO obtain from foreign flags
merchant vessels essential FOR those op-
erntlous.
The other great nations have not hos.
itated to adopt the required means 10
develop their shipping as n factor M
national defense, and as one of the sur
est and spcdicst means OF obtaining for
their producers a share In foreign mar
kets. Like vigilance and EFFORT on our
pnrt cannot fail 10 improve our ultua-
ton. which IL regarded with humila-
ton at home and with surprise abroad