The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-12-11
This aiss can be efYccted without prejudice 10

Tbs a!s9 can Pc chcctcd without bfejudice to
In regard to our internairevenue taxes. 1hsts
| to say that, - these taxes, with the exception
Of the tax upon whisky. ought not to BIO and will
whn
my II established ~ Ill branches of the public
service, see no good reason foI their ccntin-.
eye
| orr general policy. and tobacco II the only one
OF these productions which has been taxed. An
which Z e sss used and which
bers OF our population who earn their living by
manual labor, cannot properly be considered
luxury, and as the collection Of the tax is expen
sive and troublesome TO the Government, and In
especially obnoxious and irritative to small
manufacturers, the tar upon tobacco should. in
The Tax upon whisky could not be repealed
without . ditrcgard Of public sentiment. nor
without creating rccessits for higher duties
upon imported goods, but while thiG Ia truh the
tax upon the alcohol used In lnanufactursnE
might be removed with decided benefit to home
industry and foreign trade.
On the subject Of our shipping interests Sec
retary McCulloch urges tho prompt removal OF
the unjust tariff taxes which have driven Amer
lean vessels from the sea and paralyzed ship
building In this country. lie does not. how
marine an easy matter. We have been ont OF
the carrying trade 80 long, and foreign compa-
MES have such enormous capital invested, that
gain supremacy on the seas would meet with
!ynost ttgotous competition. On this point Nj.
McCulloch says:
There il. In my opinion, no prospect ahateset
that the United States will ever share to a con-
siderable extent In the foreign carrying trade
without Government aid 1t Is for Congress 10
whether OUT foreign shipping interest shall re-
main In Its present death-like condition The
let-alone policy has been tried for MANY years,
during which our ships have been swept front
the ocean, and we pay every year many millions
Of dollars to foreign ship owners for freights
and fares. Ought this condition Of tn ngs to be
Entertaining these views. do not hesitate to
express the orinion
l. That without government aid to United
will remain In the hands OF foreigners.
q That ~ We ought 70 have nm interest in the
business which We create, and ms the restoration
OF our shipping interest In important, IL not css
subsidies In the form ofliberal pa ments for the
transportation Of mails or In some other form
Of ess in a. The 10
necessary aid would be insignificant In COM
parison with what has been granted to manufac-
tnrcrs BY protective duties, and nothing would
be paid until the services were rendered.
After showing the danger involved In the con-
ttnncd coinage and unlimited legal tender
Quality Of the silver dollar the Secretary Gays:
! have BEEN forced 60 the conclusion that
unless both the coinage Of silver dollars and the
issue Of silver certificates are suspended there liz
danger that silver, and not gold. may become
imminent, but 1t Is of 30 serious character
that there ought not to be delay in providing
against It. Not only would the national credit
be seriously impaired III the Government should
be under the necessity OF using silver dollars
or certificates IN payment OF gold obligations,
but business Of all kinds would be greatly dis
cease to be circulating medium, and severe
contraction would be the result.
The United States Is one of the most powerful
OF nations-its credit il high, its resources
limitless; but 1t cannot prevent depreciation
Of silver unless its efforts are aided by leading
| nations OF Europe. II the coinage Of silver Is
in demonetizinc it and the limitation Of is
coinage by what are known as the Latin ma
| tons, there can BE- but one result-silver
will practically become the. standard Of
value. Our mines produce large amounts
Of silver. and 1t il important, therefore, that
there should be good demand for It ut re-
II. The suspension Of Its coinage might dcpress
| the market price Of silver for time, but the
ultimate effect would doubtless be to enhance
Of silver has practically reached its maximum sn
and there are strong indications that from
this time the Yield Of both gold and silver
time the demand for both for coinage and
| in manufactures will increase. The very ne
cessities OF the commercial world will pre-
vent general and continued disuse of either as
money. The European nations which hold
| large amounts Of silver must sooner or later
come to its rescue. and the suspension Of COIN
age IN the On1teQ states wOuld 90 much TO
bring about on their part action In its favor.
| But whatever might DO the effect OF the sus-
pension Of the coinage upon the commercial
cannot be continued without dctriment to gen.
eral business and danger to the national credit.
The amount Of one-dollar notes In circulation
Is $40. s63 o97 80: the amount OF two dollar notes
In circulation Is $2s77a, 73s 20. Congress would,
1 think, act wisely in putting an end to their
circulation. Nor do hesitate to express the
opinion that the country would be benefited II
all i've dollar notes should be gradually retired
| and the coinage Of half and quarter eagles
should be increased II this should be done the
circulating medium Of the United States below
/! $40 would be silver and gold, and we should be
following the example OF France. In which there
| In an immense circulation OF silver coin, which
| in all domestic transactions maintains parity
with gold
The substitution Of gold and silver for small
notes would he productive of some inconven-
iencc but this would be temporary only. II
| the five dollar notes should be withdrawn the
Treasury would be relieved from the bur-
den Of silver In its vaults, and II would not be
long before the coinage OF silver might be re-
sumed.
In conclusion, the Secretary recommends that
| immediate action be taken by Congress relative
| to the basis Of national bank circulation, now
seriously threatened by the rapid call for bonds
| on which 1t Is based. and that the system be
continued substantially II now Is, except that
the tax on circulation be repealed: that our SUBJ
| sidiary silver coins should be reconed and In
creased In weight: that the trade dollars should
he purchased ut q slight advance only upon their
bullion value. and not ut all unless presented
within = year: and that additional vaults for
| the storage Of silver be constructed.