Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-12-11

gradual accumulation of gold in banks which
would do something towards preparing for esump-
ton. Ibis, with a constant increase Of DIN in the
gress, would ere long lead to the desired result.
when other conditions required cor maintenance of
specie payments should becope favorable.
TIE $4,000, COO RESERVE.
J On the 4th of February. 1868, Congress passed
an act suspending the further reduction OF cur
rency, when the amount outstanding was s35 =
u0l.Ud0, and that sum is now he minimum limit of
issue; but the law authorizing the issue of the
maximum of $4,000 0 900 has never been repealed.
and has uniformly been held by tn Treasury De
partment and the law officers thereof to be in full
force. In view of the uncertainty which exists in
public sentiment as TO the right of the Secretary
If the Treasury to Issue United States notes in
excess of the minimum, and the conflict of opinion
is 10 the policy of doing so, | respectfully recon-
mend that Congress shall set these questions Mt
Fest by distinct enactment. Until that is done.
whenever there Is a stringency in the money
market, there will continue 10 be a pressure upon
the Treasury Department by those who favor the
policy of expansion to increase the issue of notes
to the maximum by the purchase of bonds or
otherwise. While, on the other hand, those who
conceive that public interests will be better served
thereby will bring equal pressure to keep the issue
settled policy OF Congress-, as declared in the act
Of June 30, 1864, above stated, that the total
amount of United States notes issued and to be
issued shall never exceed $500, 600, 900, and | am of
opinion it would be necessary to require tho
amount in actual circulation TO be kept up to the
maximum, or to any amount above the present
LllLlBialus
FOREIGN TRADE.
The Secretary then discusses the subject of the
Foreign Trade of the United States, showing that
for many years the balance of trade in merchan-
disc mas been largely against this country, and that
during the last two decades we have exported over
SI0J,0 t0.J00 900 in gold, over and above the
amount imported. AT present the advantage is
with the United States. With the balance OF trade
in oar favor, a return OF specie payment may be
easily reached, AMI when reached may be main
tanned, if such wise financial measures are adopted
u viii prevent over trading, extravaganza. and
speculation, and encourage economy, industry,
thrift, and well-directed and prudent enterprises.
THE TARIFF.
Certain notifications of the tariff laws are re-
commended. including the abandonment of the
distinctions based upon commercial usage; the
abandonment of charges and commissions as
an element of dutiable value; the repeal of all
provisions of laws for what are commonly known
a. damage allowance" or prOportiOnate abate-
ments Of duties on merchandise injured during
the voyage Of Importation; the adding of articles
imported in small quantities, and which do not
come i'll competition with those manufactured in
this country. to the free list; the abolition of the
fees for services on the NOrtlPr frontier, and the
abolition of the tonnage tax.