Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-06

us SERVICE III me Particulars mere re-
ferred to more responsive TO the country s
needs.
MAINTENANCE OF GOLD STANDARD.
Concerning the gold standard the Presi-
dent says
II urgently recommend that to sup
port the existing gold Standard and to
maintain the parity I'm va-ue 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 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 effective means
as may be necessary TO these ends. The
authority should include the power to
sell bonds on long and short time. as
conditions may require. and should pro-
vide for "A rate Of interest lower than
that fixed by the act Of January Il. 1870
While there Is now no commercial fright
which withdraws gold from the govern
ment. but on the contrary such wide
spread confidence that gold seeks the
Treasury, demanding paper money in
exchange, yet the very situation points
TO the present as the most fitting time
TO make adequate provision 10 insure the
continuance Of the gold standard, and Of
public confidence in the ability and pur-
pose OF the government 10 meet all its
obligations in the money which the
civilized 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-
Tr.lt.
these things with the means at hand.
Happily at the present time We are not
compelled to resort 10 loans TO supply
gold. II has been done I'm the past. how
ever, and may have to be done in the
future. 1t behoOves us. therefore. to pro-
vide at once the best means to meet the
emergency when II arises, and the best
means are those which are the most GER
tain and economical. Those now autho-
rized have the virtue neither Of dlrectness
nor economy.
I'VE have already eliminated one Of the
causes of our financial plight and en-
barrassment during the years 1898, 1894
lse5 ard 1886. our receipts now equal
our expenditures; deficient revenues no
longer create alarm Let us remove the
only remaining cause by comforting the
full and necessary power on the Secretary
OF the Treasury, ana impose upon MN the
duty 10 uphold the present gold standard,
and pro rye the coins Of the two metals
on q parity with each other, which is the
repeatedly declared policy Of the United
States.
REDEMPTION OF GREENBACKS.
'In this connection, 1 repeat my former
recommendations that a portion Of the
gold holdings shah 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"
AID TO MERCHANT MARINE.
The strengthening OF an American mer-
chant marine is suggested. There Is no
lack of constitutional authority for legis-
lation which shall give 20 the cOun-
try maritime strength commensurate
with its Industrial achievements and with
its rank among nations Of the earth. The
President is satisfied that the judgment
Of the country favors the policy of aid to
our merchant marine, which will broaden
our commerce and markets, and up-build
our sea-carryng capacity for the pro-
ducts Of agriculture and manufacture.
which, with the increase Of our navy.
means much more work and wages 10
our countrymen. as well as a safeguard
to American interests in every part Of the
world.