West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1883-12-07
TmE NArlnNALnrnr

/ t,ii w. = ",''' - i'N', bc estimated upon the
u'SlG Oh EXISTING laws. the Secretary Is of the
/ "l9lon ih3i Tor That year the receipts will cN.
go go s,t,u3,lWll IN excess of ordinary cXpcndl-
| ltu,S' HtIHtlhg the amount devoted To the
sinking fund. Hitherto the surplus AS rnuiJ.
/ ~ avs ~ mas accumulated, has boon devoted 10
] INC reduction OF the national debit. As a re-.
SUIT, the only bonds now outstanding which
"l' t'lccinuu." at the pleasure OF the Coy
, ',I'.',, u nc lht'c per cents amounting
1h" four and onc-hnf per cents. amounting
u" lM3 hundred ana fifty millions. ANA the
seven hundred and thirty-s"ycn millions four
! per cents are not payable until 1891 and 1897
i,Sp'JIlNti]. " the surplus shall hereafter
Ii"ulc, the three per cent. bonds may nIl be re-
u'tlncd bt least four years before uny of tho
1I,i' 'i,, uh'hal per cents can be- called i'm.
| &c lWlt''' Ht I'm" same rate OF accumulation
"l surplus, can bC paid AT maturity and the
Hr,"u'SS n'iulsllc Tor the redemption of the
l'uI per cents VIII hc In the treasury many
yours before these obligations become pay
There arc cogcnt reasons however why the
national indebtedness should not be thus ran
idly cNtinguisbed. Chief among thcm rs tic
luct that only 10y excessive taNntion IL such
rupdity attainablc. In "A communication IN
inc congress at its last session / recommends
Cd that an excise taxes bc abolished cwcnut
those relating todistillcd spirits. and that SUI.
Sthntial reductions also bc made i'm the rcvc-
MUGS from customs \ statue has since been
CciptS of the Government have been clIt down
TO the extent of az lcust Sj0UOl. UOOor sGOOO1 NO
Nhilc have no doubt TINT still further re-
uut'nh- may be wisely made, do not advise
inc adoption at this session of amy measures
| National
inc results on the Legislation of the last scs-
SION OF the Congress have not as vet bccotno
Suinc'nllN apparent To Justify any radical re-
vision or sweeping notifications OF existing
laws. In the interval which must cIansc he
tore the effects of the net OF March 3 1854 can
| nc dchnit"ly asccrtuinCd. a portion mt lcnst of
the surplus revenues may bc wisely npplicd In
INC long neglected. duty OF rchubilitating our
navy and providing coast dcfcnscs for tho nr,-
lection OF our harbOrs.
THE NATIONAL CURRENCY
This is matter to which shall apoin nd
! vert. immediately associated with the nnan.
ciul subject discussed Is the imnortnnt rn,cs
ton. what legislation Is needed rcrnr,lin15 tbc
! National currency The aggregate lu1ount CF
bonds now on deposit i'm the Treasury to sun
/ port Inc National bank circulation is about
! SG0OO0,O0O. Nearly S2UOOOO 600 of this ntno,ut
consists of thrccpcr-ccnts, which as already
stated, are payable at the pleasure of the
GoycrHmcnt and are likely to bc called i'm
within less than four years, unless meantime
/ inc surplus revenues shall bc diminished
! . Ihc proh0hle effect of such Hu extensive re.
trcment of the securities which are a basis of
o,u Nn,iono. bink circulation would be such
| uContrHciloh OF the volume of the currency
| as to produce grave commercial cmharrasS
| mcnls. How can the danger be avcrtCd ?
| inc most cncctual plan. aud ono whose adop.
! ton at the earliest practicable opportunitv
Hhall hc9rty approve. has already been iGd-
/ Gated. II the revenues of tho next Cour vcnrs
! shull bC kept substantially COMMUNICATIVE
/ with the expenses, the volume of cjrcuIntion
WIZ not he likely TO suffer any material dis.
But if ON the other hand there shall he great
! ucIay IN reducing taxation, 10 will become
/ OF currency instead of the National Rank
! notes or To- make important changes i'm the
| laws by which their circulation is now con
| ~ vrll'I' th my Judgment tho latter course
| r. far preferable ! commend to vour nttcnton
| INC very interesting and thoughtful sugpcs-
/ I'u upon TINS subject which appears i'm the
! secretary report.
The objections which ne urges against the
/ acceptance Of any other securities Than the
/ obligations of the Government itself az ~
/ foundation for National Bank circulation
| seem To- me insupcrablc. For averting Inc
| suggested, either OF which iS probably fcasi.
h" One lis the issuance of nriy bonda' 80,
many years 70 rum bearing low rate of inter
c~l, and cNchaugcablc upon specified terms
| Win those now outstanding.
IG" other course which comments itsolr 10
| my own Judgment as ;hc better. is the cnnct-
mem ON ivy repeating the tax on circulation
ana permitting the banks to issue notes
lot Il amount ,pudi {" ninety per cent OF the
WdfN'i FhlGc. instead Of ass now. the face val.
W .I ln.lt deposited bonds. agree with the
| secretary ln me belief that the adoption of
dM- plan would afford tho necessary relief.
INC 'iilo dollar was Goincd for the purpose OF
| lah' ih cuuntri" whore silver passed al its
NuIuc. as uscCriaIucd los it, weight and nne-
ness. 10 never had e legal tender quality.
Largo numbers of those coins entered b,y,.
ever, into thD volume OF our cilrrrucy Ry
common consent their circulation i'm domestic
/ tuIr Ines now ceased and tbcy pnvc tb,II i
come disturbing element and they should
h'i h' longer permitted 90 cmburras5 orr CIR
Ftn,} -y't"m. ] recommend that provision
lor thcir reception by thc Treasury and tha
mint- "- bullion SEQ a. small per ccni.lgG abovo
me current marked price OF silver Of like nnc-
ruE Ivpn~ QUESTION.
from ihn report of Tine Secretary Of War 10
VIII Doe seen That Jon only single instance has
ditou of our iudiuu frihn--u raid fr.,1 NJ,
l,plgi" Nrnona ny % small purity of Indians.
"llch. WIS pursued toy General Crook into thc
10 E confidently hoped that serious uutbrcnk5
W.l. h1i again occur and that the Indian
submission.