The age-herald., 1899-12-07
ANNUAL REPORT OF SECRETARY GAGE He Strongly FavOrS the Gold
 Standard. THE PROPOSED BANK LAWS In Addition to Revenues Collected Dur ing the Year from All Sources
 the Report Shows That
 Cash Has Increased
THE PROPOSED BANK LAWS


 ernment from all sources for the year end dng June 30, 1899, were $61O, ,9S2 ,OOiS5; the ex- penditures for the same time, $70OO9 ,564 .O2.
 In addition to the revenues collected dur ing the year and the amount received in part payment of the indebtedness of the Central Pacific railroad, the cash in the treasury was increased by the following sums: From subscriptions to the per cent. ten-twenty bonds issued under authority of the act of June 13, 1898, for the Spanish war expenditures, $19S, ,67S, 720; from national bank fund deposited under act of July 14 1890, in excess of bank notes redeemed $0,S24, ,234.50, and from the issue of 1 per cent. bonds in liquidation of interest ac- crued on refunding certificates converted during the year, $2,56O making total of $204, ,0O5, ,5145O.
 The securities redeemed on account of the sinking fund were $31, ,273.4S.
 As compared with the fiscal year 1898. the receipts for 1899 increase $116.64S O5O.6O.
 There was an increase of $161, ,7O3, ,597.05 in expenditures.
 The revenues for the present fiscal year are estimated at $64095S ,112; the expendi- lures, $500 ,95S, ,112; promising a surplus of $40, 100000.
 It is estimated that upon the basis of existing laws, the revenues of the govern ment for the fiscal year 1901 will be $667,- HS,25S.92. For this period it is estimated that appropriations of $6S5, S53, ,44S.78 will be required, which will make a deficit of s1S,- OS0l94.S6. On this subject MT. Gage says:
 Since the expenditure of the current fiscal year will probably not exceed $6OO,- 9oSl12, it is confidently believed that con- gress, in reviewing the requirements of the various departments for the fiscal year 1901. now placed al $6S5, ,S53, 44S.7S, will be able to reduce the estimates submitted to such a point as Will bring expenditures within the estimated revenues of S667 ,773, ,253.92, and leave, In fact, fair and substantial mar gin for surplus"
 Transactions of the Treasury
 'The transactions of the fiscal year, as shown by the report of the treasurer of Che United States, were sof unusual mag nitude, the net ordinary receipts having been exceeded in any like period but once In 1S66 and the net ordinary expenditures but thrice, in 1863, 1864 and 1S65."
 The report then goes into a lengthy dis cussion of the existing conditions in this department
 tO.l9
 The silver dollars coined were from bull ion purchased under the act of July A. 1890.
 The total coinage of silver dollars from bullion purchased under act of July 14 1890, from August 13, 1890. to July l, 1S99 was $97 005,966, containing 75,O2S, ,051 S1 ounces costing $7l, 5,5S9.09, giving a seigniorage of $25, ,S10, ,42691
 ''Ihe bills introduced into the senate and house of representatives of the last con- gress to strengthen the national quarantine law, though strongly endorsed by both the senate and house committees, were not acted upon, says the report. "The sur geon-general points to the fact that these amendments can have no justifiable opposi- tion, at least those ating to maritime quarantine; and in view of the theatening bubonic plague he urges that legislation be enacted strengthening the national quaran- tine service in the manner indicated in the aforementioned bills, which have already received the approval of this department"
 The Money standard
 Of the money standard Secretary Gage says:
 Gold now constitutes that standard. It is now, and for many years has been, the standard by which the values of all com modities, whether foreign or domestic, have been measured or declared. It is the stand ard to which reference has been had in all
 
 ture payment of money. It is the standard which tests the quality or value of the intermediate currency with which wages are paid and all, or nearly all, of the mi nor business affairs of the people are car ried on. ~* The confidence that con- gress will furnish this kind of a guaranty has inspired enterprise. called capital into use, improved the condition of labor, and given new impetus to all our energies. To make this favorable state of affairs perm anent, the highest security should be given that the common denominator of all ca1cu- lations in value shall remain unchanged.
 Tt is evident that direct and effective way to do this would be to declare that the credit obligations of the government itself, whether payable on demand or at a future period, shall be paid in gold coin of present weight and fineness: or it would be equally effective if, by positive law, 1t were made mandatory upon the treasury department so to pay and receive the two kinds of money-slver and gold-as to maintain their parity under all conditions. Such ac- tion would be in logical conformity to what has already been established as the policy of the government To the end contem- plated, the treasury should be clothed with sufficient powers to meet all emergencies. The establishment of an ample fund, sepa- rate and apart from the general funds, to be held specifically as a redemption fund for demand liabilities, must be an impor- tant incident to such legislation The re- commendations of the president in this par ticular, if formulated into law, seem to be adequate"
 National Banks The report says of national banks: "While stability in the currency should be safely guarded. fiexibility-the power of needful expansion-must also be provided. The exercise of this power, with proper Limitations and restrictions must be in- trusted to the bank. There is no other agency that can wisely and efficiently exc cute it. Tn fact, the banks do exercise that power now in regard to the larger part of that element which, rightly understood | really constitutes the currency. Labor War Averted Chicago. December 6-The great labor ...a. tl,rnn tnninn hetWeen the Chicago huild-