The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-05

| large areas Of land under cultivation. the
increasing volume of agricultural prod
ucts, cottCn, corn and wheat. call for a
larger volume of money supply. This
is especially noticeable at the crop-har-
vestine and crop-moving period.
In its earlier history, the national
banking act seemed to prove a reason
able avenue through which needful ad-
ditions TO the circulation could from
time TO time be made. Changing condi-
tions 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 i'm the market or
the tax on note issues, or both operating
together, appear 10 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 modihcations.can
be made in the national banking act
as viii render its service in the par
ticulars here referred TO more re-
sponsive 10 the peoples needs again
urge that national banks be authorized
urgently recommend that, 10 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 payment
OF debts" the secretary OF the treasury
be given additional power and charged
with the duty TO sell United States bonds
and to-emplcy such other means as may
be necessary to these ends. The au-
thority should include the power TO sell
bonds ON long and short time, as cendi.
tons may require. and should provide
for rate Of interest lower than that
fixed by the act of Jan. Ii. 1875. While
there ia now no commercial fright which
withdraws gold from the government,
but. on the contrary such widespread
confidence that gold seeks the treas
ury, demanding paper money in ex-
change, yet the very situation points to
the present as 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
its obligations in the money which the
The financial transactions Of the govern.
ment are conducted upon gold basis.
We receive gold when we sell United
States bonds and use g I'D 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 not
compelled 20 resort 20 loans To supply
gold. 1t has been done i'm the past how
ever, and may have to be done in the
future. 1t behooves US, therefore, to
provide at once the best means 10 meet
the emergency when IL arises, and the
best means are those which arc the most
certain and economical. Those now au-
thorized have the virtue, neither OF dl-
rectness nor economy. We have already
eliminated one of the causes OF our
financial plight and embarrassmentdur-
ing the years 1898. 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 full
and necessary power on the secretary of
the treasury and impose upon him the
duty TO upheld 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
Statesx
In this connection. 7 repeat my former
recommendation that portion OF the
gold holdings shall be placed in 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.
The value Of an American merchant
marine TO the extension Of our COM
mercial trade and the strengthening OF
our power upon the sea invites the inn
mediate action Of the congress. our
national development will be one-sided
and unsatisfactory so long as the re-
marxable 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 it's indus
trial achievements and with its rank \
among the nations OF the earth
The past year has recorded eXcep-
tional activity I'm cur 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 un-
saualed in our records Of those Of any