Daily Los Angeles herald., 1883-11-06

Opportunities for Statesmnnship.

The people of the United States will
shortly be confronted with the problem
Of decreased currency If we shall con-
tinue TO collect the enormous surplus
revenues which, for some years past,
have been accumulating in the treasury
at Washington. This vast sum now
amounts to between four and five hun.
dred millions Of dollars, and the only
way of getting rid of portion of it at
least is to call in bonds upon which is
predicatcd the circulation of the National
banks. In view of the fact that we have
added five or six hundred millions of
dollars to our stock of specie since 1877,
We could support the retirement of the
whole three hundred and odd million
dollars of National bank notes If they
will only unlock the doors of the United
States treasury and treasures, and
raise merely enough money to support
the government and pay the national
debt, with trihing overplus for uuex-
pected contingencies. The true way to
accomplish this desderatum is to abolish
the Internal Revenue Bureau altogether;
or, ii that is not yet feasible, to restrict
the collectien of taxes to three or four
staples, such as whisky, tobacco, etc.
Either system of free banking, or one
based upon bonds at very trifling inter
est, must ultimately replace the pres.
ent National banks. There has been
wrapped up in their history so much
favoritism and the concession Of so many
class privileges that they cannot be per-
mitted to endure for all time, at
least not in their privileged charac-
ter. In fact, as dernier resort,
the issue OF greenbacks of the volume
of the retired national bank notes, which
would carry no interest, aud which
could be used in the further cancelmg
of interest-bearing bonds, might be re-
sorted to very advantageously. The
problem is not fanciful one, or one
whose solution can be relegated to tho
dim future. During the past year Sl4,.
900, 900 OF national bank circulation has
been retired, while the Secretary of the
Treasury is about to issue a call for S22,-
900. 900 of three per cents, which are
at present serving as basis for nearly
that amount OF national bank note sir.
culation. 1t is in the face Of a contrac-
tion OF this form of money, which threat
ems to accelerate greatly in ratio during
the coming years, that we hear n great
clamor about tho coinage monthly of four
millions of standard dollars, which the
HERALD has often shown to be intrinsi-
callyof more value than the silver coinage
of anyof the leading countries of Europe
which employ the double standard. This
issue OF a money which possesses a large
intrinsic value comes in very acceptably
to supply the void which would other
wise soon be felt in our currency.
In scheme of wise legislation the
tariff ought by no means to occupy
the exclusive attention of the next
House OF Representatives, There are
problems Of statesmanship connected
with our fiscal affairs and with the rev.
enue which afford scope for the making
of many splendid regulations. Whether
the right material will be in that body
to grapple with them remains to be seen.
We hope its proceedings will not be suf.
fered to drop into monotone, with the
single tariff refrain.