News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1882-12-21

|
| On bonds redeemed or interest
| ceased Observation-Disclosures. $4,000, 1893. so
| On bonds exchanged into per
cent. bonds ................ 1,296,652 80
| Total. 40, 4J9, I4b. w
| Deduct for interest on per cent.
bonds issued, etc. ...... 222. 90
| Net reduction. ............$ SC, 499, SPA 90
On Nov. l there were in the Sub
Treasury at New York, $40, OOO 900 in
standard dollars; at San Francisco, $14,-
| 100000, and in the Mint at the latter
place, $14, 900, 900, making nearly ST.
100000 in San Francisco alone. The
increase in the circulation of standard
dollars during the past year was less
than 81, 500, 900, while the coinage was
$27, 772, 075. In addition to this, on Nov.
| there were on hand in the Sub Treasury
$26, 1854, 337. 81 of fractional silver coin,
or 2, 400 tons of silver coin stored in the
public vaults. The Secretary puts the
matter tersely but strongly in these
words:
eff the coinage of standard silver
dollars is kept up, and the demand for
them for circulation is as dormant as
now, it will be a serious question where
the Treasury Department will find, in
public receptacles, storage room there
for
Mr.. Folger suggests the repeal of the
Act requiring the issue of silver certifi-
Gates, and for law authorizing their re-
tirement from circulation. The total
coinage during the year amounted to
$117, 84l 1914, the coinage of gold being
S11, 100000 more than during any pre-
vious year.
In discussing the national bank ques-
ton, Mr.. Folger shows that the 1920, 000,-
600 of United States bonds held by them,
and which are payable at the pleasure
of the Government, make up more than
one-half of the whole amount outstand-
ing of this class of bonds, and if the ma
tional debt is paid as rapidly as it has
been of late, he says that it is likely all
of these bonds will be paid during the
next three years.
The fear is expressed that the bank
circulation may be SO largely retired as
to trouble the business community. Mr..
Folger suggests as remedy reduction
or abolition of the rate of issue to ninety
per cent of the current market value of
the bonds; refunding of the and A.
per cents into 3 per cents; and that the
Treasury Department be empowered to
take, as basis of circulation, the 3-65
bonds of the District of Columbia. The
practice of national banks on the over
certiication evil is referred to, and hint
is given that unless the evil is checked
the pains and penalties of the law will be
enforced.
Referring to the sudden contractions il
the money market, the Secretary says
eve have believed that the laws
the States against primogeniture, til
entail of estates and the accumulation OF
personal property, stood in the way of
heaping up wealth in single hands, and
gathering in single hands the power over
others that great wealth gives. But SC
it is, that to-day there are men so rich
that by conspiring together they can at
will put and hold hand on near as much
money as Government can lay hand
to, save by the use of its credit. The
power thus had is used from time to
time. 1t results that violent and sudden
contractions and expansions atliict the
business community, and the Govern
ment is an unwilling alder and abettor
therein. 1t has come about that the
Treasury Department is looked to as
great if not chief cause of K recurring
stringencies, and the Treasury is called
to for relief. Every Secretary of the
Treasury for years past has had it brought
clearly to his mind, and official expedients
have been used to remedy the evil. Little
of lasting value has been accomplished
thereby
1t is doubtless good policy to extin-
guish the long bonds of the Government,
rather than those payable at pleasure;
for the time is at hand when, with the
present rate of receipts and the present
rate of payment of the public debt, all
the bonds subject to optional time OF
payment will have been called in. Then,
if there be a surplus in the Treasury,
there will be no outlet for it save by pur-
chase at large premium of long bonds,
or the disbursement of it through appro-
priatiops for purposes beyond the ordi-
nary and economical needs of the Govern
ment. It is, therefore, for Congress to
consider the propriety of empowering
this Depar tment to buy the long bonds
at a high premium. Ii it shall deem it
polite to make general purchases of
bonds at such premium of eXtinguish-
ment, it should by law give to this De
partment express authority so to do, and
thus adopt that policy.
The radical cure, for evils in sight or in
expectancy, the Secretary holds, lis in
the reduction of taxation, so that no mOres
will be taken from the people than
enough to carry on the Government with
economy; to meet all its obligations that
must be met from year to year; to pay off
with reasonable CELEBRITY the part of the
debt which it may pay at pleasure, and to
provide through the sinking fund for the
payment of that which will become pay
able by and bye. The evil comes from
the likelihood of the Government holding
from time to time a large surplus to be
poured out in volume at uncertain and
unforeseen times, and at times often III
opportune for the business of the coun-
try"
To meet the oft-complained of evil of
the accumulation in the Treasury of a
large surplus, the Secretary suggests that
the Government might go into the mar
ket and purchase its bonds not yet
redeemable at market rates.
Reviewing the tariff controversy, the
Secretary recommends reduction ON the
raw material or coarser manufactures,
rather than upon those on which a great
er amount of labor has been bestowed.
and a careful revision of the tariff with a
view to substantial reductions. Other
subjects are referred to, and an amend
ment of existing treaties is suggested,
with view to bettering the condition Of
immigrants and the prevention of the
arrival of convicts from abroad.
Poor BUT PRoUD.-A Honesdale, Pa,
correspondent of the Philadelphia Press,
writes that since her withdrawal from the |
stage, Anna Dickinson has been living
there with her mother, a venerable |
Quaker lady of eighty-seven, and her
sister Susan, a brilliant little blue stock