The Atlanta constitution., 1901-12-09

ana tnere was an increase ol s--t-'o''oA'fl
in expenditures.
The revenues of the government for
the current fiscal year are thus esti-
mated upon the basis of existing laws ct
S6SS. .6sl}, ,0i2. The expenditures for the same
period are estimated at S5SS, ,6J3,Oi2. OF a
surplus OF $l00,O0000O.
Reserve Fund Maintained.
The report says:
The reserve fund and the trust fund
have been maintained. The redemptOns
OF United States notes have been each
day adjusted by exchange for gold, so
that the full sum of SloO.U1 $1,000 has been
kept unchanged in coin and bullion. The
gross gold in the treasury, including the
reserve and the trust fund against GER
uncates, received an addition OF $l,2'O.-
335.sf during the fiscal year. and "A fur
ther addition of $3i. .3oi, ,23o.5O by October ].
while $l3.ty1.321 more in October brought
the aggregate 10y November l 10 S5i2,S3l,-
SO. This sum in gold was never before
equaled in our annals, and only for few
months some years ago has any other
government ever held so much of that
precious metal.
The secretary says Of the merchant ma
rine:
In my report for 1898 the establishment
of "A system of graded bounties upon the
mileage naVigatcd by American vessels
while engaged in the foreign carrying
trade Was recommended. our interna-
iloual ObligationS-to mention only one
conclusive reason-preClude resort To dis
crlmlnatlnS duties or export bountlcs.
Navigation bUuntics in the United states
are lustiiidble only by present conditions,
by the certainty that they will not long
be required by the fact that they need not
in amy year exceed the total cost of L
couple of battle ships, and by the fact,
conceded by our maritime rivals, that
they Will produce the results we desire.
IN legislation upon the subject il is rec
commended that congress shall Keep in
view the fact that the eXpedicnt is tenn
porary. and that prompt results are de-
sired
Gage on Banking.
OF banking Secretary Gage says:
"Admira bic IN many respects. expert
ence shows that our banking system is
devised for fair weather. not for storms.
This can be- clearly shown. The individual
banks stand Isolated and apart, separated
units. with 10 tie of mutually between
them. There is 10 obligation of duty
from the strong to the weak or exposed.
nor any method Of icgal association for
common protection or defense in periods
OF adVcrsity and depression.
Argument has been put forward for a
system which contcmplates large CEN
tral bank with multiplied branches. That
system does. indeed. afford the clements
which would give the highest assurance
Of protection against the present eNli
of individual banks, each an INDEPENDENT
unit. With no bona Of cohesion. no power
of cooperative action. no ability to CO.
ordinate for the general good or Tor
large central banks, with broad powers
Tor The establishing Of branches. or
fcnds the common instincts of our peo-
plc. aud may tairlN hc looked upon as at
present impossible OF realization.
Cannot the advantages of such a sys-
tenn be- gained in an entirely different
FORM We justly boast OF our political
system which gives liberty and indie
penicnce % the township and "A limited
sovereignty To the state. while IL con-
fers upon the federal government ample
far Hfaf "A
the general welfare. Cannot the princi-
pie of federation be applied. under which
the banks as individual units, pre-
serving their independence of action
in local relationship. may yet be
united IN a great central institution
Formed by some certain percentage of
capital contributed by the banks them
selves, and its management created
through the suffrage of all. II would
r represent the interests of the whole Coun-
try With limited powers Of control over
its membership in the interest of com
mon safety. confined in its dealings to
the banks and to the government. il
tration Of unemployed reserves from
sections where such reserves We're not
needed il could rtdiStrihuto them In part
bind together for a common strength
and protection the loose unrelated units
in whose separation and isolation the
greatest weakness Of our banking Sys-
TEN is now % he found.
To Retire Greenbacks.
Regarding the currency, the report
SAYS:
Excluding treasury notes of 1890. now
in course of extinction. silver certificate:
and gold certificates, which represent
actual coin held for their redemption
there are now eNtant in the public serv
ice H6.Nh.eu0 of government notes green
backs) and a little more than 100000 90
| of national-bank notes Neither of thes,
can with economic prOpriety be Callel
money-red money. They are alike
upon the ability of the maker of tn,
promise to perform the obligation sc
forth in the promise. Under the provi
E now stands. the limit I'm volume OF thest
obligations is substantially reached. Al
! 10 fha grnanhackS. their amount is nNes