Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-05

agricultural products. cotton. corn and
wheat. calls for "a larger volume OF
money supply. This IL especially mo-
uccoblc ut the crop harvesting and
moving period.
NATIONAL BANKS.
In Its earlier history the national
banking act seemed to prove a reason.
able avenue through which necdful ad-
ditlonH to the circulation could from
time to time be made. Changing con-
ditiona have apparently rendered II
now imperative TO that end The high
margin In bond securities required fe-
sulting from large premiums which
government bonds command In the
market. or the tax on note issues. or
both operating together appear TO be
the influences which impair Its public
utility.
The attention OF Congress IL rcsepot-
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 VIII render its service In tho
particulars here referred to more re-
rponslvc TO the peoples needs. I again
urge that national banks be authorized
TO organize with capital OF $4,000.
GOLD STANDARD URGED.
urgently recommend that to support
wv 'NAaAlNf tulu flANIhfl anu W
maintain, the parity In value of the
coins Of the two metalB tgold aud sill
ven and the equal power Of every doll
lar at all times In the market and In
the payment OF debts" the secretary OF
the treasury be given additional power
ana charged with the duty 10 sell Unit
cd states bonds and to employ such
other cfctlvc means as may be nccos-
safy to these ends, The authority should
include the power 60 sell bonds on long
ana short time, as conditions may TO-
qulrc, and should provide Tor a rate
Of Interest lower than that fixed by the
act OF January II, 1875. While there
u now no commercial fright which
wllhdraws gold from the government.
but ON the contrary, such widespread
confidence that gold seeks the treasury.
demanding paper money Ia exchange.
yet the very situation points 20 the
present ~ the most lifting tlmn 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
It's obligations In the money which tho
civilized world recognizes rs the best.
The financial transactions OF the gov
eminent are conducted upon gold
basis. We receive gold where 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 " the government,
We are doing these thlngs with tho
means NJ hand. Happily. at fhe pres
ont time we are not compelled TO resort
TO loans To supply gold. IL has been
done IN the past. however, and may
have to be done In the future. II be-
hooves us therefore to provide at once
the beat means 10 meet the emergency
when II arises. ana the best means arc
those which are the most certain and
economical, Those now authorized,
have the virtue neither " dlrectness or
economy. We have already eliminated
one Of the causes OF our financial plight
and enhancement during the yeap
1898, 1894. 1895 and 1896 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 and
impose upon him the duty to uphold
the present gold standard and preserve
tho coins OF the two metals on parity
with each other, which IL the repeated
" declared policy ~ the United States,
In this connection | repeat my former
recommendations TINT portion OF tho
rold holdings shall be placed In a trust
fund from which greonbncks shall be
redeemed upon presentation, but when
once redeemed shall not thereafter be
paid out except for gold
MERCHANT MARINE.
The value Of an American merchant
marine TO the extension OF our CONNER
clnl trade and the strengthening Of our
power upon the seq Invites the immc-
dinte action Of Congress, our national
development win be one-sldcd and un-
satisfactory so long ms the remarkable
growth of our inland Industries remains
unaccomJanied by progress ON the seas.
There II no lack OF constitutional au-
thority for legislation which shall give
to the country maritime strength COM
mensurate with Its industrial achieve
menta and with It's rank among the ma
lions OF the earth,
The past year has recorded excep-
olonal activity IN our ship yards and
the promises Of continual prosperity
In ship building are abundant. Ad-
vanced legislation for the protection OF
our seamen has been ennctod. our
coast trade. under regulations wisely
framed. at the beginning OF the govern
mont and since. shows results for the
past fiscal year unequalled In our rec
ords or those OF any other power, We
shall fall to realize our opportunities,
however,lf we complacently regard only
matters at home and blind ourselves to
the necessity Of securing our share In