The Dickinson press., 1884-12-06

in recommending the immediate suspensior
OF coinage of silver dollars and, of the issu.
ance of silver certificates, and this Is q mat
! ter to which, in former communications.
have more than once invoked the attention
of the national legislature. It appears thai
annually for the past six years there have
been coined. In compliance with the act al
Eel. %, 1873, more than twenty-seven mil
lionsilver dollars, and the number outstand
ing Is reported by the secretary to be nearly
one hundred and eighty-fve million, whereof
but little more than forty million, or les:
than % per cent, are in actual circulation
me to furnish of itself a cogent argument
for the repeal Of the statute which has made
such q fact possible. But there are other
and graver considerations that tend in the
same direction. The secretary avows his
conviction that unless this coinage and
suspended, silver is likely at nc
distant day to become our sole metallic
standard The commercial disturbance
and the Impairment of the national credit
be ov~erestimated l hope that the secretary'a
suggestions respecting the withdrawal from
circulation of the 81 and 81 notes will re-;
ceive your approval. It is likely that q con-
siderable portion of the silver now incum-
ber'ng the vaults In the treasury might thus
AAAN W WSy AAAVo O4O NAkk0 Il
dollars have ceased, for the present at least,
to be an element of active disturbance in our
currency system, some provision should be
made for their surrender to the government.
In view OF the circumstances under which
they were coined, and of the fact that they
have never had q legal tender quality, there
should be offered for them only q slight ad-
vance on their bullion value. The secretary,
In the course of his report, considers the
propriety OF identifying the designs of our
their weight that they may bear due ratios
of value of the standard dollar. His CONT u
sions In this regard are cordially approved
TAXATION.
In my annual message of 1882 I recon-
me; ed b abolition Of all excise taxes ex-
cept Use relating to distilled spirits. This
recomm >ndatlon is now renewed. In case
these taxes shall be abolished the revenues
that will still remain to the government will,
In my opinion. not only suffice to meet its
~reasoaabl ':Uonditures, but will afford a
surplus 3arge enough topermit such tariff re-
duction as may seem to be advisable when
the results of the recent revenue laws and
commercial treaties hall have shown in
what quarters these reductions can b. most
judiciously effected. One of the gravest of
the problems which appeal to the wisdom of
congress for solution is the ascertainment Of
foreign trade, and thus relieving the depres-
sion in which our industries are now Ian
gushing. The secretary of the treas
ury advises that the duty Of in
vestigating, this subject be entrusted
sion. While fully recognizing the considera-
lions that may be urged against this course,
1 am nevertheless of the opinion that, on the
whole, no other would be likely to effect
speedter or better results. That portion Of
the secretary's report which concerns
the condition of our shipping interests can
NOT fail TO command uOur attention He arr
phatically recommends that as IN incentive
to the investment of American capital in
American steamships, the government shall,
by liberal payments for mail transportation
or otherwise. lend its active assistance to in
diyidual enterprise, and declares his belief
that. unless that course be pursued, our
foreign carrying trade must remain as it to-
day, almost exclusively in the hands of
foreigners One phase Of this subject is now
especially prominent, in view of the repeal
tory provisions arbitrarily compelling Amer1-
from the United States As it is
necessary to make provision to compensate
the owners of such vessels for performing
that service after April. 1885, 1t is hoped
sideration that will lead to the enactment Of
such measures for the revival of our mer-
chant marine as the wisdom of congress NAV
devise. Three per cent bonds of the govern
ment to the amount of more than $1OO,-
100000 have since my last annual message
been redeemed by the secretary. The bonds
OF that issue still outstanding amount to
q little over 5000, OOO, 900, about one-fourth
of which will be retired through the opera
lions Of the sinking fund during the coming
year. As these bonds still continue the chief
factor Of the circulation of the national
banks, the question how to avert the con-
traction of the currency caused by their re-
Is one OF constantly increasing i'm
portance. 1t seems to be generally conceded
that the law governing this matter exacts
from the banks excessive security, and that
on their present bond deposits alarger cir
culation than is now allowed may be granted
which passed the senate at the last session.
permitting the issue Of notes equal to the
face value of deposited bonds, will commend
itself to the approval of the house Of repre-
sentatives.