The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-01-05
ENArO sABIN's VIEWS.

SENATOR sABIN's VIEWS.
Senator Sabin, evidently, Is one o.
the few present day statesmen whe
believe a national debt is q national
blessing. He would have the pay
ment of the national debt cease and
fav.. II the issue of fifty years two pei
cent. bonds to taKe the place Of the
outstanding bonds as they are called
in and redeemed. He thinks that by
taking off the one per cent. tax on
bank circulation and by permitting
banks to issue notes to the extent OF
the par value of the bonds they could
be used AS q basis for bank issues
The Senator is a long ways In ad'
vance of his party, so far that it If
doubtful whether it eau catch him. Ii
will be remembered that during the
last days of Hayes administration
Democratic House passed q
three per cent. funding bill, and by
dint of hard labor forced 1t through
the senate only to be vetoed by the
Executive at the urgent solicitation
of the banks and Wall street. 1t will
also be remembered that after the bill
| had passed and before it was vetoed
| q few banks threw up their charters,
and others threatened to call in their
notes and 60 into liquidation, thus
threatening q contraction of the
currency, which contraction at that
time would have proved disastrous to
the country, if the bill became a law.
The idea that three per cents could
be Aoated at par was hooted at and
derided by the opposition, headed by
John Sherman.
The question now arises: Can two
per cent. bonds be sold at their face
value? and will the banks invest
money in securities which bear but
two per cent. interest? If not, the
Senator's plan to furnish National
banks a b4sis for their issues-and
that is just what lie is after-wi)l fall
far short of its object. Money will
be very cheap indeed when nearly
$500, DOC, 600. the amount now invest.
ed in Government bonds as securi-
ties for bank note circulation, will
seek investment In two per cent.
bonds.
But admitting that Senator Sabin's
plan is q feasible one; that his advice
be followed; that the payment Of the
national debt cease and bonds run
ming for fifty years bearing Two per
cent. interest be issued as fast as the
outstanding ones be called in, what
does he propose to do with the vast
accumulations in the treasury? His
party opposes any further reduction
in the tariff; in fact it favors an in
crease in many articles. There were
at the first of the present month over
$142, 4O0. 600 available surplus in the
treasury. This surplus is increasing
at the rate of about $l50,OoO. 600 a
year. If this money cannot be ap-
piled to the reduction of the national
debt, and no further reduction shall
be made IN the present tariff, what
will be done with it? That is the
problem the Senator will be called
upon to solve. Neither Mr.. Blaine's
plan nor the plan of the Pennsyl-
vania Republicans, to give it to
the States, will do. There
are too many serious objections
to it, the PRINCIPAL one of which lies
In the fact that alter the money has
through the hands of the long
list Of collectors, %treasurers and dis
bursting agents, not more than twen-
per cent. of it will reach the
pockets of those from whom it was
Senator Sabin's views are not
but the policy Of the Demo-
cratic party 10 decidedly so. If it be
as the policy of the Govern
ment the tariff will be materially re-
vised; the money wrung from the la
masses in the shape of onerous
;axation upon every article the peo-
Die wear and consume will be left in
heir pockets; expenses will be cut
lown in every department of the
Government, and the national debt
be reduced as fast as an available
surplus accrues in the Treasury. 1t
this condition of things Democrats
ire trying to bring about and they
will be sustained by the people at the
Presidential election next November. |