National Republican., 1881-12-07
which is everywhere accepted as true standard
r STANDARD SILVER DOLLAR.

As required by the act Of February 2S 1873, The
Department has caused TO be coined into standard
silver dollars each month at least $1,000
! 600 in value OF bullion of that metal.
only about s3iOOOOOO are now in cir
the vaults, and there Is no apparent reason why
| It's circulation should rapidly increase.
interest in proper adjustment. of the ratio be-
tween gold and silver coinage, If not deeper than
the United states, admits of no doubt. We furnish
The world with the largest portion of both gold and
| silver, ana our exports command the best money
OF the world, as they ever should do and will un-
less We bind ourselves to accept Of poorer. |
| We need not appear anywhere as supplicants
| when we clearly may be the controllers Some Of
the European nations whose concurrHnt action is
necessary to any result that Is sought do not yet
appear ready 10 accept bi-metalism, and when |
ready they may ask for ratio that 1t will be in:
convenient for us to adopt and reduce the ratio of
silver below the ratio of our coinage, while the |
market or intrinsic value of silver indicates the
propriety ofa considerably increased ratio. That an
agreement OF the principal nations of Europe with
us for the larger use of silver coinage would fur
nish larger market for silver, and to that extent
over the supply for that purpose would
only command the price Of a commodity.
on the market. Therefore, the fixing Of any ratio
Is matter OF extreme delcacy to be fully consd-
cred The most potential means of bringing about
any concert of action among different nations
would appear to be for the United States TO sus-
pend for the present the further coinage of silver
dollars. This is the decided opinion, in both
France and America, of the highest authorities on
bi.metalism and Of those who wish to bring silver
into general use and raise its value. and II is be.
| u
very early daybring about satisfactory consid-
Grafton Of the whole subject among the chief com.
mercial nations.
. "The silver question, obviously, is one that dc.
mands the early attention of our lawmakers, or the
subject may drin beyond our control unless con.
troll Is retained at great sacrifice. continunnce
of the monthly addition to our silver coinage will
soon leave W no choice but that of an exclusive
silver coinage, and tend to reduce us tJ place in
the commercial world among the minor and less
civilized nations
at may be assumed that people as enterprising
| Y of itplS hold.
consent to the total abandonment Of the use of
gold as one of the metals TO be employed as money,
aud we cannot consent to be placed in the very
awkward position of paying for all that we buy
abroad upon u gold standard and selling all that
we have to sell on silver standard. 1t is there
fore recommended that the provision for the coin
aud the Secretary be authorized to coin only so
much us will be necessary to supply the demand
It is believed that the amount in circula-
ton will be steadily increased but not so fast as to
, require for some months or perhaps years. any ad-
diton to the amount already coined"
After mentioning the receipts from customs for
the past fiscal year, and showing that of the $l0S,
157G7602 collected s3s0 ,jG239 was collected at
the port of New York. leaving S5925l, ,l1363 as the
amount collected at all other ports, the Secretary
THE TARIFF QUESTION.
!. "a revision of the tariff seems necessary to
meet the condition of many branches of trade.
, | That condition has materially changed since the
enactment of the tariff of 1861, which formed the
basis ofthe present tariff ms to most Of articles i'm
ported. The specific duties imposed by that act,
v for instance, on iron and steel in their various
forms had then proper relation to the dd Udi9rcm
q duties imposed on the articles manufactured from
I. those metals but by a large reduction in the
values, especially of the cruder forms of iron and
Q steel, the specific duty imposed thereon now
4 amounts in many cases to an dd rdI0lcm duty
I Of over 100 PEI, cent, while the ad raloret
/ duties on manufactured articles have not been
s changed The growing demands of trade have
!. led also to the importation of iron and steel in
n forms and under designations not enumerated III
# the tariff, and great disproportion between the
i specific and al tdiortm duties is constant slim
Chandsc @ H'S nhder The Sd r re- U ratS This Hi r pTo
II duces uncertainty, appeals from the action of col
5 leGtors, and litigation, which prove embarrassing
- TO business interests, well as to the Government;
{ and what is inst0nced as the case with iron and
Z steel will be found to be the case with other art
r. cles An equalization of the tariff and smplh-
q cation of some of its details are needed. How far
such revision shall involve a reduction of the
q tariff is question for Congress to decide.
. In what manner that revision shall be initiated
p is also within the province of Congress to deter
= been proposed, has some features that commend
q | u. commission made up of leading representa-
/ tiyes of the manufactures, agriculture, and com
ters dealt with by tariil-sitting as board with
y | out hampcring formalitcs and intent upon one
q subject 10 the consideration IL of which the mem
q bers would bring requisite and ready knowledge
ana expericnce, should be able to frame Il tariff
law that would equalize its burdens and its Dene-
- fits and give reasonable Cegree of satisfaction to
II the varied interests affected by It, 1t is sometimes
objected that to walt for the passage of law Great
II ing n commission, and for The organization of IT,
. and for the result of its deliberations .lclay
the action of Congress too long 1t is TO be cOsid
II cred whether there might not be such Limitations
y of time put upon the life of the commission as
would preclude such result. 1t is conceded that
~ " aud so diverse that extensive and minute
n knowledge Is needed 10 treat the subject fairly
IS and comprehensively. Is 1t not, therefore,
~ not afford the proper length OF time for skillu
d judicious and complete framing ofa b! should
ii eNigences exist or arise calling for immediate
;s legislation upon particular matters, they could be
80 treated specifically for the time while awaiting
the complete and comprehensive system. Atten-
ton is invited to the report of this Department fol
e 1850 in regard TO repeal OF the discriminating
Statutes, especially on tea and coffee produced IL
of the possessions of the Netherlands and the
l. mendation therein contained Is renewed"
Is REDUCTION OF TAXATION.
@ Reduction of taxes is the next subject alluded to
es Judge FOlger says 1t is matter of congratula
~ ton that the business of the country hrives n
to endure the oneious taxation that Is upon 1t anc
4. yet grow in volume ana apparently III profits ant
NJ yield TO the Government surplus over its needs
The result upon the public revenue is to emb9rras
% this Department i'll dispOsng Of the surplus IL
~ lawful way and with regard to economy. While iii
,d asserted that there ssringency in themoney mar
l. ket and that the business community Is In straits
n, the call of this Department for millions OF bonds
nj slowly needed and i!s offer 10 purchase bonds |
r or not in full accepted. There isanuher way In which
80 to dispose 0fthe surpluSnamey, TO enter the
Of kets and buy bonds at the current rates. Cacnla
noS on o e i amd ncr 'e c hnd M
no could not be done without loss TO the Treasury
H. which 1t is Of doubtful propriety to make. Aud
/; Is almost certain that an announcement of n pur
ia pose so to do would enhance the market value q
I'd those bonds. Meanwhile the daily receipts from
~ the community by the Treasury continue, the sur
A. plus over It's needs increases, aud money lies idle
he II seems that the plan most just for giving relief
of TO reduce taxation and thereby diminish receipt
~, cn "The rapid reduction of the public debt and tn,
id increase OF the surplus in the Treasury present tn
l l question to Congress whether there should not b
Id Il reduction in the taxation now put upon tn
nf people. 1t is estimated that If the present ratio o
in receipt and expenditure is kept up the pub
aa debt now existing may be paid III the next tel
"a years In view Of the large sum that has beei
paid by the present generation upon that debt
and of the heavy, taxation that now bears upo
nix the industries and business ofthe country IL seem
Nv Just and proper that another generation shou
sit meet portion Of the debt, and that the burden
of now laid upon the country should bc lightened
%. IL is to be considered too, whether the secmin
m anluenCe of the Treasury does not provoke TO eX
as penGiture larger IN amount than a wise econom
Q. would permit and upon objects that would nu
in meet with favor III II pinched or moderat
II condition of the Federal Exchequer. In som
he quarters there is already talk Of an oyerilowin
ds Treasury, aud projects are put forth for lavish
Ss pCndiluTc, not only TO the urthcrance Of publ
or works OF doubtful legitimacy and expedency, bu
In aid OF enterprises no more than quasi public Il
tn character. Can II government be Justly said 4
Ell have an Oyerilowing treasury when there is n
S. outstanding debt against 1t greater than II con
ch pay If flawfully presented, and when its means
ok payment in the future must be taken from II
d. uenIzcns by burdensome taxaton2 And Is 1t
is beneficial exercise of governmental power TO rails
IL money by taxation in greater sums than the law
lr- ful demands upon the Government require whe
so those demands are of themselves heavy burde
by upon the industry and business of the country
Other considerations have been presented, such n
that IL the public debt be fully paid an'
,al all Government bonds retired the bSt aud safes
Isl, basis for the national bank system viii be gone
N. and that desirable mode OF investment for say
IN ings banks, trust companies ana iducinry repre-
ut sentatiyes will be taken away ana that ne reiur
nj seek renyestment through other channels wi
nc disturb the business Of the country 1t Is dOubl
N. whether, In government like ours, not desgne
| fur II SltnGigI