Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-12-01


tai invested H. ft, and SO Silarp and persistent
would lie the contest IL we should attempt. without
government aid. 10 share In IL, that our capitalists
would not compete Tor IL There Is. In my opinion.
no prospect whatever TINT the United States win
ever share 10 considerable extent IN the foreign
carrying trade without government AID. Il Is Tor
Co3greSS 10 deterlu.ae whether this ai1 shall ne
granted. or whether our torcis;a shipping interest
sha. rciI1aia in lis present Ccath-iAe condition
The iet-alone policy has been tried Tor many years
during which our ships have been swept from
the ocean ana we pay every year many millions OF
dollars 30 i1retca shlp-oyGers COZ treisLts aua
unued?
Entertaining these views. co not hesitate TO ex-
press the opinioI.--
First. That without government all to rnitei
states steamship lines Tie foreign cary nC-i trade
VII. remain n the hands " foreigners.
s>eco;1L mat as Te olENt 10 Dave an interest In
the business which We create. AMI the TestVra-
ton or our shipping interest Ia Important. ID not
essential. 70 the extension or our fureiga TRACE,
subsidies in Le torm OF i!5cy1l payments fer the
TRANSPORTATION q mails or IN scIGse other form
should he offered IA iriucemcnt 10 investments
OF capital in steamships
The amount oi Necessary aid would be snegni-
cant III comparison WITH wnat has been Granted 10
manufacturers by prefecture duties, and noth-
Ing would oe paid Unit. tie services were rendered
Protective duties were unaovbfeJ,y neer,St In
induce investment In cotton. iron AMI wooden
mills and what not in the var.oas tines OF man
II Is 10 be regretted thar the United States
Is rot be 4 condition IN participate IN the trade
wnica IS soon 10 DC opehcd With ti4e interior or
Africa
By recent legislation the burdens OF ptailders
ano Oh persons interested IL Skipping have been
somewhat lightened and cur navigation has been
placed. as regards the expense or carrying Il uu
more On footing with HAT Of foreign Countries
other ANTICIPATED restrictions our maritime
commerce might well be abolished.
In THIS connection. 'he Importance az q feet OF
vessels engaged in commerce ia tine OF peace a
trhhlng- school Tor sailors ard ~ preparation
Tor war by their easy conversion iuto armed
looked.
Great Britain. with her two hundred thousand
merchant seanea and her immense fleet engaged
gersin all parts or the world. may serve our coun
Try In this view, both as q warning and as an cx-
ample
TIE CONDITION OF THE TREASURY
Figures are given to show the rapid reduction OF
the public debt from Sa,sii6i9 6s6o6 in august
1865, TO 81 ,Si2, s9l, 5al62 NOvenberl, 1884 with
reduction Ia the annual interest charge uging the
same period amounting to Si03 ,s5S, sec 81
While, however, the public debt is in this salts
factory condition" the report says, There are
some financial dangers ahead which can only be
avoided by Changes In our financial legislation
The most Imminent OF these dangers and the cn!y
one TO which LOW ask Tie attention OF Congress
arises from the continued coinage OF Silver
ana and. the Increasing representation OF 1t by
silver ceruncates. l believe that the world
Is not In condition, and never will be. for
the demonetzation CT one-thiri OF It's
solutey necessary Tor circulating medium; and
That neither can be disused without materially IN
SfeasinS the burden OF debt, nor even temporarily
Degraded by artificial means without injurious
enects upon home and international trade. But 1
also believe that gold and silver can Only be made
to maintain their comparative value by the
joint action OF commercial nations. Not only il
there now no joint action taken by these nations 10
plaea and Keep Silver on an equality with gold,
corning 10 existing Standards. but it has been by
the treatment u las received from European la
lions greatly iessened In commercial! valae"
The Treasury now holds sl4G ,5S3 22l s. ina silver
and additional vaults must soon b., Constructed II
the coinage Is to be continued But this Is matter
" snia!l importance compared with the danger TO
Wnicn the national credit and the business OF the
country are exposed by the large amount OF silver
tn the Treasury, which must be increased 10y FUR
ther coinage and especially by the issue OF silver
certificates. A large part OF our paper currency
based on coin is worth only bout IS cents on the
dollar. The certificates being receivable for dll-
ties, prevent gold from coming into the Treasury
| a panic or an adverse current or exchange might
compel the use In ordinary payments 10y the Trees
ury OF the gold held for the redemption or the
United States notes. or the Use OF silver OF silver
Sertia a IN the payment of IT'S gold obligations.
There is no surplus gold IN the Treasury and the
reserve has 1een trenched upon.
"After giving the subject careful consideration
SAYS inc secretary. 81 have been forced 10 the
eluaon that Unless both the coinage OF silver dol
| lars and the issue or silver certificates are sus-
pended, there is danger that silver. and not gold
may become our metallic standard. This danger
may not be imminent. but II is Of 50 serious char
acter that there ought not TO be delay In providing
| against it. Not only would the national credit b.
| seriously impaired IL the government should pe
under the necessity OF using silver dollars or Ger
tiicates In payment OF gold obligations. but bust
only SO, but gold would at once cease to or a crcu
iating medium, and severe contraction would be
| The Treasury would be relieved in a measure
from the burden or The silver now held in il by a
wlthdrawal from circulation OF the one and two
dollar noteS He thinks the country would be ben
ehtted II all five dollar notes should be gradually
Ietrea ana the coinage OF half and quarter eagles
Tue decreased intrinsic value OF the subsidiary
silver CONS renders 1t advisable to increase their
WslgnI SO tnat they VIII correspond to fractional
subdivisions OF the silver dollar Nearly $50 OOC 600
or fractional silver coins held in the Treasury
! and are practically unavailable an asset. large
having been In circulation for long pertod OF
years To increase their bullion value so as 10
bring them up TO the same weight proportionately
as the silver dollar would require about four mil
lion 100000 ounces of silver
The tendency OF ali nations is to improve and
beautlfy the designs on their coins and especially
to make them uniform in weight as far as prac-
tlcaDle. There Is not only marked diversity in
weight among our coins OF the same nominal value
but they are characterized by q great variety and
exceeding inelegance OF design and lack OF ar
tlstic merit. Should Congress authorize their re-
coinage, much-needed opportunity would be rur-
nished 1or rendering them more credtable as well
as more useful TO the country.
The secretary suggests that the existence OF the
| anomalous trade dollar should be no longer tot.
Grated II IL be considered unfair or impracr cable
70 accomplish Ihelr surrender at their bullion value
merely, small advance on that value might be Of
fered for them.
| The appropriation for the current year for the
bureau OF engraving aud printing being but $4,000
greater than that Of last year. wien the lrepsra-
| ton OF one and two dollar notes was Suspended
from January until July, IS believed TO be inSi,,,
clent 10 maintain a full circulation OF smai, notes
NATIONAL BANKS.
| The number OF national banks IA operation No
vember ], 1884. was 261s
! Since the establishment OF the national banking
system, on February %, 1863, there have been Or
gained 3,26l national banks. or these 4s9 have
gone into voluntary liquidation by vote OF share
holders owning two-thirds OF their respective cant
tal and 100 have been placed In the hands OF re-
ceivers for the purpose or closing I'D their affairs
The aggregate capital OF the national banks OF
the United States on october l. 1854 was 1924
| and the circulation was as9,775.I23
The corporate existence OK s21 nationa, banks
Win an aggregate capital or $1S9,07l,a1 will
expire during 1855. hat the market price OF
the and ~ per cent bonds is still TOO nigh TO ell
able banks TO base circulation upon them at a
profit Is plain, the Secretary thinks from the fact
that the circulation has been voluntarily decreased
more than s25, 600, 600 during the year.
Among the measures OF relief recommended in
notes to the face value OF the bonds deposited, a
bill TO authorize which passed the Senate during
the last session OF Congress; the acceptance of the
&6S per cent bonds OF 1894 OF the District OF Coun
hla, the payment OF which Is guaranteed b. the
United States; and repeal or the tax on crcula-
ton. The Secretary earnestly commends these
propositions to the WISDOM OF Congress- believing
that, II adopted, they will enable banks which nov
contemplate surrender OF their circulation In con-
sequence OF the calling Of their per cent bonds TO
maintain IL on the long time bonds with a small
proflt, or at least without loss,
Inasmuch as about $i35 CO., COO OF the circulation
OF banks Is based upon our per cent bonds which
remedial action cannot be postponed beyond the
present session II rapid reduction OF our bank
note circulation is to be avoided The subject is
very important one, and should receive immediate