The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-06

ditions have apparently rendered it
now imperative, resulting from large
premiums which COVE Snment bonds
command in the market or the tax on
note issues, or both operating together
appear to be the influences which i'm
pair 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 it's service in the
particulars here referred to more re-
sponsive to the peoples needs. l again
urge that national banks be authorized
to organize with capital of $4,000.
PARITY OF TWO METALS.
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 at all
times in the market and in the pay-
ment 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
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-
quire, and should provide for a rate of
interest lower than that fixed by the
act of January IA, 1875. While there is
now no commercial fright which with
draws gold from the government but,
on the contrary, such widespread con-
f1dence that gold seeks the treasury de-
manding paper money in exchange, yet
the very situation points to the present
as the most fitting time to make ade-
quate provision to insure the continu
ance Of the gold standard and of public
confidence in the ability and purpose
of the government to meet all its obli-
cations in the money which the civil
lied world recognizes as the best The
financial transactions of the govern
ment are conducted upon a gold basis.
We receive 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
doing these things with the means at
hand. Happily at the present time we
are not compelled to resort to loans to
supply gold. 1t has been done in the
past, however and may have to be
done in the future. It behooYeS us,
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 econ
omical. Those now authorized have the
virtue. neither of Cirectness nor econ
omy. We have already eliminated one
of the causes Of our financial plight and
embarrassment during the years 1893,
1894, 1895 and 1896. Our receipts now
equal our expenditures; deficient reve-
nues no longer create alarm. Let US re-
move the only remaining cause by con-
fa, ha fI11i nd m
the secretary of the treasury and i'm
pose upon him the duty to uphold the
present gold standard and preserve the
coins of the two metals on a parity with
each other, which is the repeatedly de-
cIared policy of the United States.
In this Connection, I repeat my former
recommendations that portion of the
gold holdings shall be placed in a
trust fund from which greenbacks shall
when once redeemed shall not there
after be paid out except for gold.
MERCHANT MARINE.
The value of an American merchant
marine to the extension of our CONNER
cial trade and the strengthening of our
power upon the sea invites the immedi-
ate action Of the congress. Our national
development will be one-sided and I'M
satisfactory so long as the remarkable
growth of our inland industries remains
unaccompanied by progress on the seas.
There is no lack of constitutional au-
thority for legislation which shall give
to the country maritime strength COM
mensurate with its industrial achieve
ments and. with its rank among the ma
lions of the earth.
The past year has recorded exception
al activity in our ship yards, and the
promises of continual prosperity in ship
building are abundant. Advanced leg
islation 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
unequaled 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
carrying 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 our dependence upon foreign ship
ping was painfully manifested to our
people. Without any choice of our own
but from necessity the departments of
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 operations.
The other great nations have not hes
itated to adopt the required means to
develop their shipping as a factor in
national defense, and as one of the
surest and speediest means of obtain
ing for their producers share in for