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

agricultural products, cotton, corn and
wheat, calls for larger volume Of
money supply. This is especially no.
tceable al 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 needful ad.
dltlons 10 the circulation could from
time TO time be made Changing con-
ditions have apparently rendered IL
now imperative TO that end. The high
margin In bond securities required re-
sulting from large premiums which
government bonds command In the
market, OF the tax on note issues, or
both operating together appear to be
the influences which impair its public
utility.
The attention OF Congress Is resepct-
fully invited 10 this important matter
with the view OF ascertainlng whether
or not such reasonable notifications
can be made In the national banking
act as viii render its service In the
particulars here referred to more re-
sponslve to the peoples needs. / again
urge that national banks be authorized
TO organize with capital Of $4,000
GOLD STANDARD URGED.
/ urgently recommend that to support
the existing gold standard and 10
maintain, the parity In value Of the
coins OF the two metals gold and sill
Ner) ana the equal power Of every dol
lar al all times In the market and In
the payment of debts" the secretary OF
~ rtr laa nil a Il
and charged with the duty 10 sell Unit
ed States bonds and 10 employ such
other effective means as may be neces-
sary to these ends. The authority should
include the power 60 sell bonds on long
and short time, as conditions may re-
qulre. and should provide for a rate
Of Interest lower than that fixed by the
act Of January H. 1875. While there
Is now no commercial fright which
wlthdraws gold from the government.
but on the contrary, such widespread
confidence that gold seeks the treasury.
demanding paper money in exchange.
yet the very situation points TO the
present as the most fitting time 20
make adequate provision to Insure the
continuance Of the gold standard and OF
public confidence In the ability and
purpose OF the government 20 meet all
It's obligations In the money which the
civilized world recognizes as the best.
The financial transactions Of the gov
eminent are conducted upon a 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 things with the
means nj hand, Happily at the pres.
ent time We are not compelled 10 resort |
10 loans TO supply gold. II has been !
done In the past however, and may
have TO be done in the future. II be- |
hoOves us therefore TO provide al once |
the best means 10 meet the emergency |
when II arises, and the best means are |
those which are the most certain and |
economical. Those now authorized |
have the virtue neither Of dlrectness or
economy. We have already eliminated |
one OF the causes Of our financial plight |
and embarrassment during the years
1893. 1894, 1895 and 1896. Our receipts
now equal our expenditures; deficient
revenues no longer create alarm Let
us remove the only remaining cause by
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
the coins OF the two metals on a parity
with each other which is the repeated
" declared policy Of the United States.
In this connection | repeat my former
that a portion Of the
gold holdings shall 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.
MERCHANT MARINE.
The value OF an American merchant
marine 20 the extension Of our CONNER
clal trade and the strengthening OF our
power upon the sea invites the imme-
date action Of Congress our national
development win be One-slded and IN
so long as the remarkable
growth Of our inland industries remains
by progress on the seas.
There Is no lack Of constitutional au-
ihority for legislation which shall give
10 the country maratime strength COM
with It's Industrial achieve
ments. and with It's rank among the ma
ions Of the earth.
The past year has recorded excep-
sional activity IN our ship yards and
he promises OF continual prosperity
N ship building are abundant Ad-
fanced legislation for the protection OF
)ur seamen has been enacted. our
'osst trade. under regulations wisely
ramed. al the beginning OF the govern
nent and since, shows results for the
last fiscal year unequalled In our rec
'rds or those OF any other power. We
hail fall 10 realize our OppOrtunltics
loweverif we complacently regard only
matters at home and blind ourselves 10
he necessity OF securing our share In