National Republican., 1883-12-05
NATIONAL FINANCES.

VI AetNthufs hhu
OBSERVATION-DISCLOSURES Recommended
tions.
In the Presidents message extended notice
is made of many Of tho most important
statements and recommendations contained
in the report Of the secretary Of the treasury.
Indeed several Of tho most vital statements
and estimates arc reproduced in a great mes
sage. In the following condensation of Mr..
Folgers report an effort is made to avoid
duplication.
In the chapter of the report devoted 10 the
trade dollar the secretary proposes the follow
ing plan for their redemption Let author
ity be given by congress to tho treasury de-
partmont to barter for trade dollars at their
nominal value, standard dollars Mt their
nominal value, and melting the trade dollars
TO recoin them into standard silver dollars,
counting the trade dollars got in this way as
a part of the silver bullion, which the act of
1875 empowers and directs to be bought and
coined monthly.
He does not recommend that legal tender
quality be again given to the trado dollar, to
tho sudden increase Of the legitimate silver
money of the country, with tho Inconvenience
and incongruity of two dollars circulating
together, of the same metal, of unequal real
value, and of different devices, yet of equal
value in payment of debts and of purchase of
property. llo recommends that authority be
given for tho redemption Of the trade dollar
in the standard silver dollar, dollar for dollar
Of nominal value, for the recoinage of the
metal SO received into standard silver dol
lar to accord with the law for that coin, and
for reduction Of the amount OF silver bull
lion resulting from tho exchange from tho
quantity of bullion required to bo got by
monthly purchases, for the purpose Of coin
age under the act Of 1873.
The secretary recommends the revision and
amnn1mnnt Of tho pOiunup lnvya m which
subject he says: "rhe minor coins arc not
what they should be- either in appearance, in
convenience, or in the ease with which some
may be distinguished from others by the
sense Of touch or even that Of sight. There
is so much resemblance of some of small value
to some of greater value, that often holders or
receivers confound them, and mistake them
for others, and loss is sustained. From time
TO time there has been an increase by law of
the devices upon them to an extent hinder
ing the attainment of good design. There
can bo improvement by change of the metal
| of which some of them are to be made, and
by tho discontinuance of some of denomina-
, tions not ncedful for use."
In discussing national banks the inquiry is
made: How shall the national bank notes be
/ kept in circulation what shall be taken rs u
safe foundation therefor, and vet be so low in
, price as that the banks can afford to buy and
deposit; or what can bo proposed which will
give to the banks safeguard against loss in
taking and issuing circulating notes? Aud
to this the secretary makes answer: "A
plausible solution for the government to offer
q new bond, of its own issue, at low rate OF
interest, to run long period, in exchange for
. its 4 per cents and AZ per cents, allowing
$ such rate of premium upon the latter, but
lower than that at present ruling, as would
induce the holders to surrender them and
r take the new; and to make this q security
, for bank circulation. l doubt not that this
! is feasible"
Again, ne states: "The further legislation
by congress at its last session to stop tho over
certificatiOn by the national banks of checks
drawn upon them has not been kindly ac-
; Quiesced in and observed. Directly or indi-
rectly, it has been disobeyed or evasion of il
sought In one case, upon the facts reported
by n bank examiner, reference has been
made to the department. of justice by this
7 department for prosecution"
|, Objection is made to the proposition to get
rid of the surplus revenue by parceling il
> among states, and the opinion is expressed
> that it is not legitimate function of tho fed.
. | eral government to raise money by taxation
to be donated to the states, or to thus usc
money already raised in that way. Of the
: other proposition, of making payment from
y the surplus to certain of tho states which
9 have not had their full proportion of money
u under the distribution act of 1886, he says
u "This comes with dignity of presentation
. inasmuch as two powerful states of the union
" Virginia and Arkansas have seriously ask OF
for such payment, making formal demant
therefor"
The grounds of the claim of tho state
|, against the general government are set fortl
e at length.
. Strong grounds are taken against disturb
:. ance of the relations between the United
Il States and the Hawaiian government. TIL,
:, existing treaty he regards Us mutually benefi
!. cent. The industry, and the free marke
,aI tbn In,, q.
% trade, in its nature land effects like ou
5, interstate trade, covering q wide range o
oi articles affecting protltably the American
farmer, grocer, and manufacturer of small
articles of household and farm use, as wei
as the larger manufactures in metals, an
of machinery and cOttOns. The exports ii
= these commodities have so grown, that tn
= trade of San Francisco with the Hawaiian
Is islands is its third in Importance, ben
ie equaled only by that with Great Britain an
" China, and exceeding that with Mexico
& Australia or British Columbia. The impetu
IL given to Hawaiian interisland commerce, ha
Is also Injured to tho benefit of Americans, /
d calling for coasting steamers and sailing We:
2 sells, which have been built In America
l. ports The carriage is by American vessel
mostly, and the cost of carriage earned b
our citizens should be put to that side of til
account.
=, On the whole tho department does nc
w y, recommend an immediate revision of th
" tariff act, and the secretary fails to discern
y public sentiment or political action indica
~ ing q desire ON the part of taxpaying citizen
y to repeal the system of internal revenue.
Al He discovers that the provisions of the la
IL which forbid the landing Of alien convicti
s' lunatics idiots, or persons unable to tax
care of themselves without becoming pull
lie charge cannot be properly enforced will
out penalties for their violation, which til
n law does not inflict.
rs The experience of this from year to yes
ie Strengthens the conviction that there shoul
"he " be made by law limitation upon the tim
u wherein claims against the government ma
u, y, bc presented. Claims that, if ever existing
III arose fifty years ago, are now pending befol
auditing officers.
Considerable space is devoted to tho consit
Grafton of the reports Of the numerous bu
of reau officers, the substance Of whose stat,
,s ments have been published from time to tim
IS as they were submitted to the heads of IL
rs departments.
OF Restricting POIygamy.
"a Senator Edmunds's bill relating TO bigam
polygamy, &C., introduced yesterday in IL
senate, is substantially the same as the oil
he introduced in the last congress. 1t max
~ q competent witness of tho lawful wife ,