The Cairo bulletin., 1905-12-07
To ABOLISH OUR
MARINE HOSPITAL
Recon- nended by Secretary OF
Treasury in Annual Report
DESIRES CLEAN MONEY
AND FAvORS AN ELASTIC CUR
RENCY-BoTH ARE BENE-
FlclAL TO THE ENTIRE
WEST.

The annual report of Leslie M.
Shaw, secretary Of the treasury, in adj
ditlon to the exhibit of the national
receipts and expenditures, makes
many valuable suggestions, one in
particular referring to the abollshina
of all marine hospitals with the ex'
caption of seven. This recommends
ton II a opted will cause the dis
continuance of an institution which Is
a source of pride to every Cairoite.
Secretary Shaw further makes
valuable recommendations for an
elastic currency and clean money
both of vital interest to the west, par
ticularly the latter
Receipts and Expenditures.
The revenues of the government
from all sources for the fiscal year
ended June 30. 1905, we're:
Total receipts ,.,.,... $697 Ol2699 70
Expenditures ..... 72O,1O5,49S.5J
Showing deficit ..... 23,00422S.60
Currency.
The necessity for an elastic currency
has received fresh emphasis in the
financial conditions of the last few
months. Millions were loaned. ap-
proximately at | per cent in midsum
mer, and call money reached % per
cent in November The exceedingly
low rate was about as dangerous as
the high rate, for the latter was the
logical result of the former. Such eX-
tremes can and should be rendered i'm
possible.
AS a means to this end, l suggest
the adyisability of permitting national
banks 10 issue a volume Of addition
al Government guaranteed currency,
equal in amount to 80 per cent OF the
bond-secured currency maintained by
them, but subject TO al tax of or 6
per cent until redeemed by the deposit
Of like amount in the Treasury. BY
eliminating the words secured by
United States bonds deposited with
The Treasurer of the United States"
from national bank notes now author,
lied, the additional currency would
he identical in form with that based
upon a deposit of bonds. and its pres
ence would not alarm, for it would
net be known. No new and distinct or
unguaranteed form of money should
be injected into our system. The tax
would be ample and more than ample,
to cover the risk to the government in
guaranteeing redemption. Manifestly.
this additional currency would not
spring into being until interest rates
exceeded per cent and ii would as
promptly retire when rates became
normal. Under these CT any similar
provisions 10 per cent money would be
well-nigh impossible, and the Treas
ury department would be saved most
embarrassing responsibility. This
may not be the only means of adding
an element of elasticity to our cur
rency system, the need of which is
universally recognized, | suggest it
as the plan which to my mind seems
most feasible, and enc fraught with
no danger
Clean Money.
For the purpose of providing the
people Of localities distant from sub
treasures with cleaner currency. !
recommend such legislation as Will
place upon the government the cos
of transportation to the Treasury for
redemption of worn and mutilated
United States notes and certificates
below the denomination of $40. The
cost of transportation of worn nation
al bank notes to the Treasury for re-
demption is now a charge upon the
bank of issue and not upon the send
er. 1t is but reasonable that the gov
eminent, which isues the major por
tion of our paper money, should like
wise bear the burden of its return
when no longer fit for current use.
Marine Hospitals.
The government owns and operates
twenty marine hospitals in which the
average aggregate attendance during
the last three fiscal years was Cos
and the average cost Of maintenance
was S2.GS per day for each patient
exclusive of medicine, medical and
surgical supplies. In some Of these
hospitals it cost as high as 81 per
DAY for each patient. while the cost
at Sc contract hospitals. where equally
good service was obtained. was a frac
iion less than 81 per day There are
now four marine hospitals on the
Ohio River and an appropriation avail
able for the erection Of fifth at Pitts
burg. During the last year there was
an average of seven patients al Pitts
burg. for whom satisfactory care and
treatment were obtained at local hos
pitals at % cents per day II the
hospital be erected in harmony with
the appropriation. it will cost S125.-
Goa and an additional appropriation
and thereafter the cost of maintep-
auce will approximate 81 per day for
each patent