Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-12-26
UNIrED srArEs rnEAsUey Rrpo.r

The annual report OF the Secretary of the
Treasury has received commendalion from
t--[~ss-P.--sFes-Fzs t50y7.:---s-sTf TJfUrss-
sions and business for its clearness and COM
pleteness, aud for the good sense and sound
judgment it msnifesls. The first thing in its
pages likely to catch the eye of the popular
reader is the statements made about that un-
lucky and fraudulent coin, the silver dollar.
such az that che addition te the coinage of
silver during the year was S27,772OO; the
addition to their circulation less than 81 $780,
600, the yearly supply is much more than
the demand; s19.OOO,OOO of them are stored
away in New York and San Francisco, where
there is very little call for them for use as
money! there are S2l, 100000 of them
IN stock; the government vaults
are inconveniently taxed for storage,
24OO tons OF silver coin stored up in the pab-
lie vaults; if the coinage be hot stopped
where 10 find storage for these unnecessary
expenditures will be an embarrassing uues-
ton. During the year 1881 500 900 900 sill.
yer certificates were issued; at the end of
1882 only 500, 100000 of them we're out, snd
~" SN'N SeiohOaUb Odu Dc udU, L0cy De-
ing oil full value, will be taken rather than
those worth eighty cents on the dollar.
The silver dollar has failed 10 increase the
price OF silver, and certificates representing
them are legal tender for more than their
real value, and the government is under no
engagement to make good the difference. At
tempts we're made 10 deny or explain away
these facts when they we're made public BY
the press, but here we have the open stale
ment of the Secretary of the Treasury. The
secretary makes valuable suggestions as 10
national banks, reduction of taxation
and other subjects. Upon The sugar
duty, he says that sugar is neces-
sary OF life for all classes in this
country, and the duty upon il is two and a
half cents pound, nearly the whole of
which is paid by the consumers, as only |
eleven per cent. of cane sugar is produced in |
this country, and he recommends reduction |
OF this enormous impost. With very good |
sense it is suggested that in most of the |
coarser cotton fabrics our manufacturers can |
with the world without protection. |
while the whole cotton tariff is complex and |
inconsistent. The secretary's view of re-
in taxation il that tobacco
and liquors being Injuries, the consumer of |
them voluntarily pays the tax upon them
and those taxes ought to be retained: the
duties on wool, sugar, iron and steel and
their manufactures, or manufactures of cot
ton and silk and on raw materials generally
ought TO be reduced in the interest of home
industry as well as OF the consumers.
The complicattd modes OF treasury action in
a matter OF standard complaint among bust
ness men and hnancialists.' Especially COM
plant is made of the manner in which il
oiien locks up money when the markets are
ii in trade. The secretary's renort
says that the law, and the want of discre-
llonary powers among the officials, makes
The government a deliberate dislurber of IN.
natural currents OF money, iuficting upon
Trade prolonged or spasmodic stripgeucies-
Dr. stimulating speculation by sudden out
pouriDgs, by all of which the treasury stat.
lies cause discounts in New York 10 ayerap.
Wo per cent. higher than they would urder
more natural system. The Treasury keeps
strong reserve, but that is necessary 10 Dro-
ect government credit at the highest noin,
MS 10 not so much an evil as that which
rises from the uncertsinty as 10 when
money will be held back, and when an out
touring will ceme. 1t ia not a greater
mount OF currency that is wanted. but a
aore uniform amount, freedom from fluc,ua.
iona. When large amount of money ia
ne1peciediy poured into the Ordinary bust
ess current, The resulis are as mischieyous
sir'ngency inflicted in the same arbi- j
rAry way Indifferent TO the needs of com.
leree' The matter needs congressional &C. !!
ON.