El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-12-06

solidly than it ever was in the nations
history. So careful has been
the administration OF the government
that the first i've months of the fiscal
year show Q surplus of $13, Alb, 3S9,
with the probability that the amount
will reach $40, coo, 900 before next
July. So strong is the governments
position that it is buying back its
bonds, thereby saving interest. A
contrast, truly, to the conditions DUR
ing the last democratic administration,
when bonds were being issued by the
hundred million to avert the calamity
that threatened, owing to democratic
incompetence.
The president of course realizes
that the vast increase in active indus
try, with its general employment OF
labor at high wages, makes necessary
a larger volume OF the circulating med
ium of exchange than has hitherto
sufficed. His statement of the situa-
ton is clear, and his recommendations
are unequivocal. He takes the same
law as that held by all men of intel
1igence who have given the matter any
serious thoueht-thst the provisions of
the existing law have been outgrown,
and should be revised to meet present
conditions. Adopting substantially the
terms of the caucus currency bill, be
urges greater latitude in issuing ma
tional bank notes, and insists especial
~ on legislation th at will permit the
ests blishment of national banks upon
S25. 900 capital in towns of two thou
sand inhabitants. The minimum limit
now ia $50, 1000 capital. AS the HERALD
has always insisted, the main trouble
with the currency system is in the
lack of facilities for quick and
wide distribution. In the more
sparsely settled districts of the south
and west, particularly IN the south,
there has been growing demand for
accommodations, to facilitate
the proper distribution. of the loanable
capital of the country. The proposed
of national banks on small
capital, with all the safeguards pro-
vided by the system, will make short
time loans very much easier to obtain,
thus assisting the harvesting and |
movement of the crops.
But it Is upon the necessity for firm
y establishing the gold standard, in
practice of the country, that the presi
lent speaks most decidedly. He
urgently recommends that, to sup
port the gold standard" and to main
ain the parity between the two
Metals, the secretary of the treasury
% given ample power to sell bonds or
employ such other means as may be
The president urges that
he necessary action be taken now, not
Waiting until conditions are less favor
bile. He further recommends strong
y that trust fund for the redemption
hat greenbacks when once redeemed
hall be paid out again only in ex-
hange for gold. This recommends
ion, if adopted, would effectually dis
ose of the "endless chain" Alto
ether, the firm tone of the presidents
with regard to the 1
urrency may be taken to indicate that
be republican party will at once en- !
esvor to carry out its pledges to the ;
etter. (
ent takes q common sense view that l
ust impress itself upon q large part q
the people. Free from raoting or t
the presidents expression =
10 indicates his full recognize on of the
'ofound Importance of the subject. v
here is no desire to evade the ques- {
pms at issue. but the president real =
es that the trusts are to be studied b
I'd the situation must be met g
careful and sure way q
good is to be accomplished and :,
at haphazard and Ill considered q
zislatlon will do more harm than can Il
silly be undone. Realizing the ex-
eme difficulty of reaching the cause -
unrest by means of federal legisla- c,
N alone, the president makes de- "
tie recommendation that may be e
opted by the republican party and r.
the whole country as indicating the t,
y out. This recon mendation con- s
It's, first, in a complete code of uni "
m state legislation, carefully con-
Tered and we'll within the bounds of 81
utionslity; and, second, in feder- Il
legislation both supplementary and "
flying. NJ
Of the presid recommendations II
connection with our foreign relations =,
is unnecessary to speak in detail te