Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1882-12-09

izcd i'll National banks. and Of th $. in
stituti ~ th"ra are now in % ration
2.2G9, larger number than ever before.
I'he value of their notes Ia active circl.-
lition on July ! lSS2, WIS So G56.ijS.
! comm nj "a your attention the Seer
tary's views IN resp .ct 70 the likelihood
of serious contraction ot this circula-
item. and to tha modes by WHICH that
result may, in his Judgement, be avcrted.
SILVER COINAGE.
IL respect 10 thn coinage Of silver dol
lars and the retirement of silver car;iti-
Gates. have seen nothing to alter. hut
much to confirm the sentiments to which
] gave ,Xi.' s~ion lat year. \ oonpari-
spa batWcen the resp "tivc amounts If
silyor lcilar circulation ON November J.
1881. and on Novomb ], 1SN2. shows .
SLIGHT iacr asn of million and half Of
dollars. but during the interval there had
been in The whole number coined an in
cr,as, of twcnty-six millions Ofthe one
hundred and twcnty-cight millions thus
far mintca, little more than $50, ,000. .000
are il circulation.
The mass Of accumulated coin has
crown SO "reat that the vault room at
pr sent available for storage Is scarcely
sufficient to contain it. 1t is rot appa-
rent why it Is desirable to continun this
coinage now 50 enormously in excess of
the public demand. As TO the silver CT
t..ic ties. in addition to the grounds which
seemed lnst year TO Justify their retire
mont. MAY be mentioned the effect which
is likely to cnsuc from the supply of
cold certificates for whose issuance Con
cress recently made provision aud which
arc now ia active circulation.
REDUCTION or TAXATION.
You caluot fill to note with interest
III discussion by the Seer, tary is 10 the
necessity of providing y legislation
som modo Of freeing he Treasury of an
exc S.. Of ass ta Ia the event that Con-
cr IS fail, II reach a:j carly a@rg emcnt
for Ill, reduction of taxation. / heartily
approve the Socretary's I, commcudation
Of immediate aad extensive reductions IN
the annual revenues of the Government.
Ii will b. rem amhcrcd that ! urged upon
the attention Of Congress at its last ses-
sion the Importance OF relieving the
industry and enterprise of the
country from the pressure Of I'M
necessary taxation 1t is one of the
tritcst lnaxims of political economy that
I'll taxes are burdenSome, however wisely
and prudently impos 4. and though there
hay, always been among Our people
wild. differences Of sentiment as TO the
best IL thods of raising the national
revenues and, indeed a 10 the principlys 3
upon which taxation should be based
there has been substantial accord in the
doctrine that only such taxes ought to b.
levied IS ar necessary for a wise and
economical administration OF the Govern
IN Mt. OF lat the public revenues have
far exceeded the limit and unless checked
hy appropriate 'giSlation, such excess
will continue 10 increase from year to
wear. For the fiscal year ended june 30,
1851. tha surplus revenue amounted II
one huudred million of dollars. For the
fiscal year cndcd on the Both Of juno
lest The surplus was more than Sll5,
O)o.o00
The report of the Secretary shows
what disposition has been made If these
moneys. They have not only answered
the requirements Of the sinking fund,
lit have afforded large balance appli-
c9lia to other reductions Of the public
debt But | renew the expression Of my
conviction that such rapid eXtinsuish-
m,mt Of the National Indebtedness rs IS
now taking plact IS by 10 means a caus
for congratulations 1t is = cause rather
f!r rious apprehension. II ii continues
il must speedily b. followed ly one OF
tn evil suits 50 clearly set forth in the
report Of thc Secretary Either the sur
plus must Ii, i'll. III the Treasury or the
Government viii bc forced to buy at
market rates, It's bonds not then redeem
abb, and which, under such circum-
/ stances, cannot fail To command an cnor-
nous premium, or the swollen revenues
will bc devoted TO extravagant expendi-
tures, which, rs experience has taught,
is ever the bane of an overflowing
Treasury.
1t was made apparent in the course Of
the animated discussions which this