Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-12-09
THE REPORT OF TIE SECRETARY OF
THE TREASURY.

age OF z UUO,UUU SILVER QOllarS per month
are being coined, while there is only about
S34. 900, 600 of silver dollars in circulation,
and $50, 600. 600 lie idle in the vaults. There
is, the Secretary says. "no apparent reason
"why the silver circulation should increase
rapidly" and therefore the new silver
dollars must continue TO accumulate until,
in the natural course of events, we shall
be left "no choice but that of an exclusive
silver coinage" which must tend to
"reduce as to place in the commercial
world among the minor and less civilized
nations" That is the prospect before
us. That is the situation toward which the
country ia steadily drifting under the opera
| ton of the silver bill. Meantime the Ed
ropean Governments manifest no DISPOSE
ton to join the United States in any
plan for the general demonstration OF
silver. According to the bimetallists,
all these Governments exhibit a singular
and deplorable blindness to their own in
terests in this connection, but the fact of
their apathy remains the same, and so long
as it continues we cannot avoid being irfiu'
enced by it. Judge Folger, however,
makes an appeal to the "silver men,
which he thinks may affect them. He
says: "The most potent means of bring
ing about concerted action among the
different nations would appear to be for
the United States to suspend for the
present the further coinage of silver
"dollars. This is the decided opinion in
"both France and America of the highest
authorities on bimetallism, and of those
"who wish to bring silver into general
"use and to raise its value, and it is be-
lieved that cessation OF the coinage
"would ct an early day bring about a
satisfactory consideration of the whole
"subject among the commercial nations"
II therefore the highest authorities on
bimetallism conclude that the silver COIN
age ought to be suspended, the "silver
men who are at present quarreling with
Judge Folger's recommendation in this
respect, must be somehow mistaken, unless
indeed, what has sometimes been sus
pected, their real object is to reduce the
country to an exclusive silver coinage.
1t remains to be seen whether Congress
will take any action in the premises. 1t
has had warning enough of what must
happen if the silver coinage is maintained
at the present rate. 1t is only question
of time, in that event, for our silver to
drive our gold out of circulation, and then,
as Judge Folger observes, we shall 'be
"placed in the very awkward position of
paying for all we buy abroad On gold
STANDARD, and of selling all we have to
"sell on silver standard" This is the
| position of the Asiatic nations whose civil
cation has been arrested. 1t is true that it
would extend the principle of Protection
"to homo industry" by increasing the
hight and thickness of the Chinese wall
which the tariff has already built around
our commerce, and therefore perhaps we
ought to expect the Protectionists to sup.
port the policy. But the Protectionists are
the most illogical and inconsistent peoples in
the world, and consequently it is hopeless
to forecast their positions. They ought to
regard the paralysis of American COM
merce with foreign countries which their
system has entailed upon US, as part and
parcel of its benefits. Instead of doing so,
however, they are trying if they cannot
abolish the business they have put up, by
a fresh application of Protection. Aud as
they evidently cannot reason, it is quite
possible that they may once more stultify
themselves by opposing the continuance Of
the silver coinage, though whether they
do this or not it is clear that we have only
to let things alone to drift into mono.
metallism with silver as our standard.
Judge Folger thinks the tariff needs
modification, and he favors Commission.
He does not, however, propose that it shall
be composed mainly of politicians from
Congress, but suggests that it be g made
cup of leading representatives. of the man
"ufactures, agriculture and commerce Of
g the country, and the experts in the SUBJ
"iect-matter dealt with by the tariff. %
| We are afraid that if agriculture is repre-
sented on the Commission too much time
will be occupied in explaining to the ag-
ricultural delegates the share of that in
/ terest in the alleged benefits of a protective
tariff. No doubt such an explanation.
never having been made yet, would be
highly interesting, but if the truth were
told it is possible that the agricultural
interest would prefer the abolition of Gus
toms duties to their modification. The
| framing OF tariff law which, as Judge
Folger puts it, would equalize its bur-
"dens and its benefits, is certainly to be
desired, if such an achievement be pcs
sible. As, however, its possibility is, to
put it mildly. conjectural, Commission
which adopted so high standard would
be likely to abandon the task before it
reached an adjustment. 1t is no doubt ''a
''matter of qualification that the business
''of the country SO thrives as to endure
" the onerous taxation that is on it." but
it is very certain that this prosperity alone,
which is due to constant immigration and
the development of new regions, makes
the burden of tariff taxation supportable.
Judge Folger recommends the reduction
of internal revenue taxes, outside of those
on tobacco and distilled liquors, on the
ground that the surplus revenues are too
large, and that while it is not necessary to
pay off the public debt so rapidly, the idea
that thstreasury is Overlooking has strong
tendency to suggest extrayagant projects.
There is certainly some truth in this last
consideration, but after allowing it due
weight we still hold that it is the wisest
course to discharge the debt when it can
be done easily. 1t is true that the tax
alton is heavy at present, but it is not The
subject of general complaint. The tax
alton which really presses most GENEROUSLY
is State, county and municipal taxation.
If, however, we are TO have reduction it
should be in the customs duties, for by cut