Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1899-12-05
ADVISES RETENTION OF THE PHILIPPINES
Recommends Establishment of Gold Standard and
New National Banking Law.
PLANS FOR CUBA, PORTO RICO, HAWAII, ALASKA

ful additions to the circulation could
from time to time be made. Chang
ing conditions have apparently rem
dered it now imperative to that end
The high margin in bond securities
required with resulting from large
premiums, which government bonus
command in the market, or the
tax on note issues, or both operating
together, appear to be the influences
which impair its public utility.
1ne attention of congress is re
spectfully invited to this important
matter with the view of ascertaining
whether or not such reasonable mod
ifications can be made in the nationa
banking act as will render its service
in the particulars here referred to
more responsive to the peoples needs.
| again urge that national banks be
authorized to organize with a capi-
tai of $25,OOO.
THE GOLD STANDARD.
| urgently recommend that to sup.
port the existing gold standard, and
to maintain 'the parity in value of the
coins of the two metals (gold and sill
ver) and the equal power of every
dollar at all times in the market and
in the payment of debts, the secreta
ry of the treasury be given additional
power and charged with the duty to
sell United States bonds and to en-
| ploy such other effective means as
may be necessary to these ends. The
authority snould include the power
to sell bonds ON long and short time.
as conditions may require, and should
provide for a rate OIL interest lower
than that fixed by the act of JANUARY
| Ia, 1875. While there is now no
| commercial fright which withdraws
| gold from the government, but, on the
| contrary, such widespread confidence
that gold seeks the treasury demand
ing paper money in exchange, yet
the very situation points to the pre-
sent as the most fitting time to make
adequate provision to insure the con
tinuance 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
the civilized world recognizes as the
, best. The financial transactions OF
| the government are conducted upor
gold basis. We receive gold wher
,; we sell United States bonds and use
gold for their payment. We are
maintaining the parity of all the
l money issued or coined by authority
of the government. We are doing
I these things with the means at hand
Happily at the present time we arr
not compelled to resort to loans to sup
ply gold. 1t has been done in thu
past, however, and may have to b'
, done in the future. 1t behooves us
!, therefore, to provide at once the bes
: means to meet the emergency whel
it arises, and the best means ar
those which are the most certain AM
:, economical Those now authorizes
have the virtue neither of directnes
: or economy. We have already elm
= mated one of the causes of our finan
= cial plight and embarrassment dun
: ing the years 1898, 1894, 1895, an
! 1886 ff
= Our receipts now equal our exper
: ditures; deficient revenues no longe
y create alarm. Let us remove tn
only remaining cause by conferrin
:, the full and necessary power on tn
secretary or the treasury and impos
upon him the duty to uphold the pres
, ent gold standard and preserve tn
coins of the two metals on parit
) with each other, which is the repea
: edly declared policy of the Unite
y States.
! In this condition repeat my recon
:. mendations that a portion of the gol
:. holdings shall be placed in trus
y fund from which greenbacks shall b
: redeemed upon presentation, bt
g when once redeemed shall not ther
!, after be paid out except for gold.
Ie MERCHANT MARINE.
,e The value of an American me
lg chant marine to the extension of oil
rs commercial trade and the strengtl
ss ening of our power upon the sea il
e vites the immediate action of Co
Sc gress. Our national development wi
le be one-sided and unsatisfactory s
III long as the remarkable growth of oil
he inland industries remains unaccor
nj panied by progress on the seas. Thel
n is no lack of constitutional authorit
m for legislation which shall 81 We
If Tie country maritime strength col
ct mensurate with its industrial aehiev
D., ments and with it's rank among Il
IN nations of the earth.
n The past year has recorded e
IT ceptional activity In our ship-yard
rd and the promises of continual pre-
ne perity in ship-building are abundar
ed Advanced legislation for the prote
n ton of our seamen has been enacte
Our coast trade, under regulation
wisely framea, at the beginning of Il
tn government and since, shows resul
M for the past fiscal year unequaIled
- our records or those Of any 9th
q power. We shall fail to realize o
ng opportunities, however, If We COZ
ar placently regard only matters
IN home and blind ourselves to the I
oil. cessity of securing our share In t
IN valuable carrying trade Of the worl
.er Last year American vessels tran
es ported a smaller share OF our expol
ar and imports thnn during any form
year in all our history. and the met
lal1 ure Of our dependence. upon foreI
ca. shipping was painfully manifested
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