Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1882-01-12

redeemable in coin, but our silver
certificates call for silver dollars
only, and while they are in circula-
ton dollars are not. So I repeat, 1
see no possible harm that they can
do" .-.-- ,,..
'Are you In favor of maintaining
the present rate of silver coinsge?'
eyes for the present, at least, al
though the time may come when 1t
will have to be reduced, and perhaps
coinage discontinued altogether. The
tendency of the price of silver is un-
questionably downward. Within five
years the silver product of this
country will greatly increase, and
according to latest trustworthy ac-
counts the expected demand for
silver in India will not be
realized. Unless other great COM
mercial nations shall agree to use sill
yer We may be compelled to abandon
it, but if Providence continues to
smile on us, and we have good crops
of corn, cotton and wheat next year,
so that our exports will exceed our
imports, 1 believe that England and
France will come to terms, and be
willing adopt a double standard on
the same ratio that we also can agree
to-"
SHOW would you supply the de-
ficiency in currency which would be
created by tie withdrawal of national
bank circulation"
II think the circulation is too ple-
thoric now. The national banks have
inflated currency to the extent Of
$40, ,000,000 during the past three
years, by increasing their circulation
by that amount. Such power as
that ought not to be intrusted to any
corporation or class of corporations.
OF course, however, national bank
notas would be gradually withdrawn
and their places filled with silver"
"How?'
"We ought to have no paper circu-
lation, whether of Treasury notes,
or coin certificates, of a lower de-
than $40. Silver would
then he used as a currency in all
small transactions, and we should
hear no more of this talk that people
do not want it. / like Postmaster
General James idea of issuing postal
money orders in small amounts, be-
cause it would obviate difficulty in
the way of limiting the issue of Treas
ury and bank notes to those of $40
and upward"
"What do you think of sugges-
ton sometimes made that standard
silver dollars be recoined into pieces
containing one hundred cents worth
of silver?'
81 am entirely opposed to it. The
value of silver constantly fuctuates,
and if we were to adopt and carry
out that suggestion, it would proba-
bly, defeat the prospect of an inter-
national arrangement respecting the
use of silver rs money. do not
take stock in this idea that our silver
dollar is an inferior coin to our gold
dollar-I mean as currency for do
mestic use. Of course, it will not
serve our purposes in transactions
with England and other countries
which adhere to the gold standard,
and with which, of course, all bal.
snces are required to be settled in
gold. If the balance of trade should
turn against US, Of course our gold
would be drawn from US, but let US
have one more good crop and l be-
lieve that we shall so drain Europe
of its gold that England and France
would be willing to adopt the double
standard. Should the contrary prove
to be the case, we might be compelled
to discontinue the coinage of silver. !"
"What do you think of Senator
Sherman's refuuding bill?'
swell, if we can save SIS, 900, 900,
less expenses, by passing it, 1 am in
favor of it; but have my doubts in
regard to that. I do not think it by
any means certain that we can now
sell at par 5000, 900, 900 of S-per cent
bonds, redeemable in five years, al
though it might easily have been
done seven or eight months ago.
Then, Of course, we ought carefully
to consider whether the process of
refunding itself might not, by dis
turbing business, cause the country q
loss greater than the amount of saw
ing in interest. l am inclined to
think shall vote for refunding bill,
if one like shall come before the
House,
81 suppose that you favor a re-
vision of the tariff"
Eyes, do, most decidedly. I
think that a measure for that pur-
pose should have been initiated by
the House of Representatives, which
constitutionally is clothed with the
exclusive power to initiate all meas
ures affecting the revenue. As be-
tween the propositions of Senator
Morrill, and Senator Garland, l am
in favor of the latter, chiefly because
it contemplates action by the present
Congress, while under the former,
action would be deferred until the
incoming of the next Congress. Ex-
perlence and observation have both
taught me that the Congress which
precedes a Presidential election
never INDUCES in any important gen.
eral legislation, aud if a revision of
the tariff is not made by this Con-
gress, it will not be done, in nv
opinion, until after 1884,"
"What do you think are the pros
poets of reduction of internal rev.
enue taxation by this Congress
"Naturally it would seem that a
reduction of internal taxes should
precede, and not follow, reduction
of the tariff, but in this case 1 think
the reverse will probably be true.
There is good deal of sentiment
in legislation, after all, and a great
many people are willing that whisky
and tobacco should be taxed simply
because they are whisky and tobacco.
| believe, therefore, that when JUDGE
Kelley shall bring toward his promo.
sition' to abolish those taxes, he will
find himself in the minority, and that
they will be retained until after tho
tariff shall have been revised"