The Penn's Grove record., 1901-12-06
SECRETARY GAGE'lf0RT
@
Reduction Of Revenue to the Extent
Of S5O,oOo,o 900 Urged
FINANCIAL REFORMS SUGGESTED


-
Proposes Federation of National Banks
Into a Great Central Institution For
t,a p,s,r,,,,t,on Of unempIoved Re.
.c-.-
serves ''es''h"eno' a
Fund" Plan For tho Currency system.
go.
washington y. o.-secretars uas
10 his annual report to Congress, taxes
d stand against the war taxes, and sug-
costs ,bat many of them be repealed.
FL, ~ r.-mn5,t xoxa,ro no ont
anu 'he
down TO S~Do,uuU,VVu.
He also argues in favor of amending
t,o national banking act. so as to pro-
= a,aat,a a,rno,or o,d ~
''ue ~ ~" e'se
expansion IL Foluhe wren ineieuse
of business requires It.
THE Secretary inclipes toward a bank
wm,n mo NM 10 odn,;ts ,hat nnh.
~ ansnasiao 5n ~ ! nen+raI hank
,1;th namar astah,,sh;na hranches
!, W Ia, ~ - aI,nrr 10 serio,ts
naiaasoa ~ s,.h = nroieot He
tpinIs hn,vara,. that tho ZANE advan.
,nlnSs, = sne srnie a = rad.
~ n y haml
ei ny say ", a tha transfer of tbe burden
ne iasois .ne m' ~ arao " srnsn
o. 'ne leue,npt = haa I. nitho,, intersSt
.ne ire' sur G ~ ornn, The Green.
us, os - Nh me CO. thints would even.
hacks MI, sage .hihks' Wouiu esen ,
sua n9vs thas o,;oht r. he In reality,
sass n tas ,s,,ich ha traats sne.
Another matter when ne treats spe,
cially Is his renewed
"a 80 arornh : 1901 ,eiatinosto the
.nn.a - aaa.n nails Nv gEmerScan
aansh;n ~
ste srhsrn = ~ reason wbv III united
States should be dependent oq{the aux
iliai navies of European pf4ls loi
orr cean mai servica.n saySr1fk7fee Sec
rat,Fg
In onaning b;s renort Secretary GatE
sovs. "
The reserve fund and trust futdd
have been maintained. The redeHfp-
ton of United States notes have b4en
each day adjusted by exchangeSN FOR
gold. so that the full sum of $150foO0,-
0oC has been kept unchanged id coin
aud tullion,
A"lJpon the withdrawal of TFasufy
nates as the bullion Of 1890 W. colneu
into standard Ncertlncates
the ANrr1 X u. loUO, We're
sujstitut .orshe OF slu.i4o,oVo
TO July ], 1910. k<S2o,24a,0oe adol-
tional to July /, VIZ by November
1. 1901, the tota Exchange reacneu
S45, 1885, OO.
o. .' t1s m ssla s ssrl |inofssss upon dari hsPf 5he
fiscal wear by s I160,2I0, md IN the
first quarter Of o. by S3l,eol,45o ad-
d%it,onaI
The gross go@ in the treasury ID,
1,,d;na Tho rose e and the fund
-r~ 5sr,n1-th EAU,
tion of s71 o7dh co.
vear and 4 ~ ansuu 80 co.
304. 225J 20 nv a. ri ! : mu,s ~
327 more IN Ol pel go 90, Ga
gregate by Move : mo 80, haeoro
"This sum N "a nn1r for a
eoualled in our tais, Nv ~ -
few months sol ea.o S 80 n,unh
other goyernme ~,
OF that preciouI = oo,i+o wac
While the cird Va 20 s3a 20 on
. 30 on .Julv ama r,orn
Octoher / 1e61 ~ ~ f. M, auao
and more entera mo - ~ aa
denominationA d WI % onstnrns
excIusiHaAI0 pay - ~
duties{ Nh.
" : 90 roId
er& C,tr oa,n sro" lns ainas ~
~ eohs'an. "
z, patlons u paps
OnxLu0lCA w, 'nels "aS ,th az.
istenceV onal n ~ ss,e ane nos.
iho,.ised sock of soi6,aos,oso;
bonds on deINs .orlat;on spcured nv
S244, GIL, $40; Ak. and circulation
bonds, S21e,37 n n,onoy sas 0o7 oar.
secured by Ia ,ions On thst dav with
Comparing col sseol year 1901 there
the close Of III hon 4 not increase
is shown to Ma ni.a, sa1 ess q
in banks of 5GfO san,rs circnlstjon
bonds deposltd vIotion secured by
bonds, s1o7.515 90 bonds purchased
The total and M sinrind fund Of
II charged = Nnuan,6ar * In. |
1902 from ,JulJ oe1,a1oo and the
elusive. wasi rS5y-stI aso aS6 40.
amn,nt a,%Y, q was ~9oo.oy
"n,o or dH e says that the reye,
oeeretsA A1Goverllment from all
so,,rJ lseal year eh nn MI
no 6~s9'sio,'oca , Wilt
~ for the shins pei,ou