Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-12-07

certificates of the act of February 26,
1879, into bonds of the per cent loan
OF 1897, amounting in principal and
interest to $6,25O.
Financial strength.
The state of the treasury exhibits a
degree of financial strength never be-
fore equaled. 1t places the governs
msnt in position more favorable than
has before existed to take any steps
congress may consider wise toward in
augurating needful Improvements in
the currency of iudicious notifications
in the banking laws. There are two
points to which public attention has
long been directed and upon which Leg
islative action has been earnestly de-
sired. These are, first, the money
standard, and, second, better adapt
alton of our currency system to the re-
quirements of expanding trade and in
dustry.
If it be true, as true it undoubtedly
is, that gold is now our standard of
money values, the future needs only
the assurance that it will so continue
10 be. until at least the people shall be
so united in their desire for a change
therein as to be able 10 direct the voice
of both houses of congress, and secure
the approving signature of the chief
executive. The confidence that con-
gress will furnish this kind of guar
antee has inspired enterprise, called
capital into use, improved the condi-
ton of labor, and given new impetus
to all our energies. To make this fav-
orable state of affairs permanent, the
highest security should be given that
the common denominator of all calcu>
ilations in value should remain un-
changed.
Currency System
Important as is the establishment of
our money standard upon a safe and
enduring basis, important as is the
guarding of the national demand OBJ
legations by adequate reserves, these
alone will still leave our financial sys-
TEN exposed to evils which OUGHT to be
cured. These evils arise out of our
situation as it relates to the currency.
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 intrusted to the
banks. There issno other agency that
can wisely and efficiently execute it.
With periodical regularity clearly
marked, occurring year after year with
the autumnal season bank credits,
checks and Observation-Disclosures of ex-
change-are proved to be inefficient for
the service then required. The crops
are to be harvested, the labor cost
paid. The grain and. the cattle are to
be marketed. The western bankers
and merchants who have funds or cree
dts at rest with the bankers in the
financial centers find that checks and
drafts are not suited to the purposes
now in question. The bank credit Is
all right per Sc, but the form in which
that credit is evidenced is not conve-
nient. What they need for these uses
is a form of credit instrument easily
recognized by the people, one conve-
nienS as to denominations. and one
which will pass from hand to hand
without being questioned. In short,
their need is for paper money or hard
cash. Now, subject to one limitation
that of safety to the note holder, a
qualification never to be disregarded-
it is impossible for anyone TO name a
good reason why the Indebtedness of
the banker in this field of the eXchang-
es should not be expressed as freely in
his notes of hand, of convenient size,
as in one consolidated entry to the
credit of his dealer upon his books OF
account. Ii is precisely at this point
that difficulties, embarrassment and
loss are occasioned. What would be a
natural, economical and effective ope-
ration is by the inhibitions and re-
strictions of law now made impossible.
In state of freedom the eNtraordina-
~ wants of the countryat harvest time
would be largely, if not wholly met by
the conversion of bank balances, nor
available for these general purposes,
into bank notes or paper money. These
performing their function, would
again return when their service was
ended, to be again transformed into
'balances in bank" where, through
the medium of checks and drafts, the
larger commercial uses would be bet
ter served.
Without making specific recommen-
dations, the secretary commended the
subject to the thoughtful attention OF
congress.
Commerce of the United States.
The commerce of the year has been
marked by three especially notable
characteristics: First, a continuation
of the phenomenal exports of last year;
second, a moderate increase in impor-
tations; and, third, the combined inn
ports and exports form the largest to-
tai ever shown by a single year in
the history of our foreign commerce..
The total imports of merchandise
during the year were $697, 14S, 4S9, as
compared with $616,049,654 in the ifs
cal year 1898, and S764,73O.4l2 in the
fiscal year 1897, being less than in any
fiscal year since 1887, except 1894, when
importations We're being held back to
obtain advantage of an expected re-
duction in tariff, and 1898, when they
were abnormally low because of eN-
cessive importations in the preceding
year in anticipation of an increased
tariff. The expectations of 1899 were
81 ,227 ,O23,302 as against $1,231 ASP $50
in the fiscal year 1898. and 81, $50, 993, $50
in 1897, being the fourth year in our
history in which the exports exceeded
a billion dollars and falling but 81, 459,-
02S below those of the phenomenal
year 1898 when the supply of bread
stuffs abroad was unusually short, and
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