River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1874-12-18

. EtEC To AtneftCNn cOuliitEtt-
A tVeniy.cent silver coin being require 10
the purpose OF convene nee IN makiag change
the enactment of a law authorizing the com
agr OF piece Of that denomination ls recon-
mended.
The estimate Of the Director of the Min
shows a gain in specie and bullion in the las
two fiscal years Of about SIS. 900 600, and tn
stock Of specie ia the country TO be abou
| fl66, 00G, coo.
! The estimatct increase Of coin and bulllol
I Il gratifying, being one OF the evidences OF
/ gradual recipe ration of the cOu' try from tn
fleets at a destructive civil strlfe.iaud. IL con
( uectiou with an annual production 81 abou
I $40. nb0. 600 ~ the pIeci0us metals, aHtlGs en-
| enlargement that coin may, within rcgsona
| bic tine an d with favorable legislation, hccu
/ mnlAte 10 an exient sufficient 10 enabi' re
sbmption Of specie payments % be uudcItakcT
| add maintained.
There would appear to be no doubt tha
| bullion converted INTO coin will. as genera
rule, remain longer in the country than If len
n an uncCined condition 10 seek fore gn mar
kets. Our policy should, therefore. be to en-
courage the coinage Of both gold and silver.
WI b respect to the charge made ~ d r ex
sting laws for the coinage OF gold, which Il
this country Is the standard metal, II nt
doubt tends to cr6ae an adverse eXchPnge
aud causes bullion TO be exported London
where no charge for coinage o. gold Is maze
The eXpedlency OF continuing the charge u
NAV well be doubted.
The attention OF Congress is invited 10 the
explanations OF the Director OF the Mint ~
connection with the course OF silver bullion.
With a view TO the resumption OF specie
payments, ais important TO manufacture IA
large quantity of silver coin to take the pladv
OF the fractional notes, and, as Its preparatluP
at the nts will require considerable time, Il
Is recommended that authority be given mp
Secretary to commence the manufacture II
such coinage, beginning with the smallest I'D
nomination, and to gradually withdraw ttt
fractional notes.
Gne system Of computing sterling exchars 4
on the fictitious or assun ed par OF Tour shti-
lngs and sixpence to the dollar, and the equiv
aleut s44i 40 to the pound, which had been
IN use tor long period. ceased on the 3lst OF
December last, under the provisions OF tue aci
OF March 3, 1873 which fixed the par 81 eX'
change between the United States a Greai
Britain at S4.S6,6h to the pound, that sum
being the value ~ United States money OF q
standard sovereign, compared with the pure
gold contained in the standard gold dollar Of
the United States.
The new system has many advantages oven
the old one, especially in simplicity, and hay'
ing an absolutely correct basis.
REVENUE FROM CUSTOMS.
The past and present condition of the re.
ceipts from customs constitutes the general
guide to estimates and accommodation
respecting that branch of the public revenue
For the year ending June 81. 1874, the de.
ct ne in receipts from the previous year was
considerable falling off from SlSS, Oo9, 522 "a
1853. 1903. S35, loss OF neatly s25 000, 900. The
receipts for the first quarter OF the
current fiscal year were two and a
half millions less than fOr the corresponding
period OF the last year. The receipts for the
months Of October and November, 1873, were
S2l. 243,333 %. For the same months OF b
purrpuf wear thew were So IDe. SII
The act OF June 6, 1872, admitted large
classes OF manufactures 10 a reduction OF ten
Ler cent. of the duties prescribed by previous
statutes, without designating speclncaiv int
articles to which the reduction should apply
leaving much room tor instruction III the
practical application of the act to articles OF
ne ) design or of particular combinations OF
materials. This act was followed by system
of extreme pressure for reduction, claimed
through changes of classification of articles.
and advantage was sought TO be taken OIL
every doubtful construction of all parts OF
the act
During the wears 1873 and 1874 there was a
good dc al effected ia the way or reduction OF
duties through changes in form or componei I
ma terials of merchandise. intended to answer
e same pun pose IN consumption that aril-
Giles ard fabrics charged with higher rate OF
duty had previously answered. Very large
substitutlons of materials other than wool
have been made for fabrics previously paying
the duty chlrged ON w1llebs. Silks, linens
aud cottoi have been similarly initiated,
whila .he trne rate OF duty was avoided IN
some cases. and sought TO be avoided IN 9th
crs, by claiming them subject to rates OF
duty prescribed IN the acts OF lo6l '62 as man
ufactures of mixed ma -erials
Some portions Of the reductions thus claim
ed are admitted in the revision OF the statute
Of 1874 while others are re- ected as not prep
eriy authorized. 1t has been ascertalned, as
the result of careful calculation, that con-
cession the reduced ciassifcatlons elaine
IN the large number OF appeals made TO the
Secretary curing e year 1874 would have re-
duced the revenues so far as TO seriously en-
balras the Treasury. This urgency Tor re-
duction is not now SD great. id there is more
general acqmosenee in reasonable AMI proper
construction OF the statutes by those wht
wond any time be content With an equal adj
mlnistraton Of such laws. 1t Is tae purpose
of the Department t. render them Cquai anC
uniform in their application, far as pracu
cable AID consistent with the letter OF the
law and to administer them with such energy
as shall leave n3ne in doubt as to their true
meaning. In the application of the revised
statutes questions Of constr 1ction often arise
but the Department has freely announced thu
principles of construction believed TO be appli
cable. and in this it has had the support of re
cent decisions of the courts. No doubt Is ell
tertained that the positions assumed by TIN
Department in this respect will bear any ties
mere alluded 10 ouy IN the rope OF lnIuelni
acqu escence in the intent lave. which, J
equally enforced, cannot operate pre- ldlclall.
against any class or section.
The general depression of business result
ing from the panic OF September, 1873, ba
Deen followed by unusual delay in forwarding
the crops. Prices in all the markets, foreign
and dome site, have not been sufficiently hlgt
to induce shippers to make the usual invest
ment IN moving the crops, and the result II
that the demand for consumption OF forelS
merchandise usual in the West and interior
this season is hid in reserve. As conse
quence OF this absence Of demand for tor
cign merchandise. purchases for the inter-,
aud the West have boon greatly restricted, anC
with reasonable caution importers have avoid
ca assuming the burden OF stocks of good.
not likely to be readily tak@n off their hand
for consumption. In what manner or at whl
time this cOnstralnt VIII be entirely relieved
1t is not easy 10 say: but it would be wholly
without pr5ct dent to ind such abundant pro
duetion s has markad the present wear, with
out remuncra,iye demand for consumption
Tor any cUnsid rable time. 1t is reasonable
inference that this stare OF things Will wick
as tn wants of Europe tor our surplus crop,
are developed IN the coming year, and tina
general commerce. with the revenues to BIZ
received fIom it. will revive accord
insly. For the present, it /;
protect the revenue provided by law IN thu
most faithful manner. Through a uniform
and thorough enforcement of existing law
much may not only be saved in direct results
but many of the complaints arising from sup
posed inequality and obscurity may be re
moved. The actual receipts from customs
are greatly affected by such vigilance, and it il
the interest alike of the government and tn,
merchant that there shall be no uncertainty a
to the meaning of the law and thai settle
ments should be made promptly and justly
Those who most directly represent the com
mercial interests have been right in demandin,
this course, aud no doubt is entertained tina
well-drected efforts to that end will prove sat
| isfactorx. even il thev do not at once accom-