The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1884-12-11


will be the task of the com pis~icn. That the
task will DO very difficult one Is certain; that
It may be successfully performed ought TO DO
In the commencement of it's work the COM
mission shouId, th;nk, regard the following
points a. being settled:
I. That the public revenues are not to be In
excess OF what may be required for the support
of the Government and the gradual reduction Of
tho pubic debt
?. That our manufactures, which under the
fostering care of the Government have attained
such gigantic proportions, and whose prosperity
IL essential TO the welfare cf all other interests.
are not to be- put In jeopardy by rapid and
sweeping changes In the tartf. and thas all re-
duotions of import duties should be MADE with
a view TO their ultimate advantage by opening
to them markets from which they are now In q
large degree excluded.
II such commission as has been suggested
had been appointed, and its work could he pei
formed at en- early date. should not be dis
posed to say anything bearing directly upon the
tariff; but az roliaf from the present burden OF
deem 1t my duty to suggest that something In
this direction shouId DO done without delsy.
Owing TO the shortness OF the time allowed TO
me for the consideration OF the subject, am
not prepared to name the articles upon which
duties shpuld be removed or reduced should
TegIet THIS >, II &c CONGRESS Were not already m
action. This much. however, IL may DO proper
for me to recommend.
l. That the existing duties upon raw mater
ials which are to be used In manufacture should
be removed. This can be done In the interest
Of our foreign trade.
9. That the duties upon tho articles used or
consumed by those who are the least able to
bear the burden of TAXATION should be reduced
This also can be effected without prejudice TO
our export trade.
In regard TO our internal revenue taxes, have
to say that, as these taxes, with the exception
OF the tax upon whisky, ought not to be aud will
not be needed for revenue II appropriations are
kept within reasonable bounds and rigid ecopo-
my Is established In all branches OF the public
service, see no good reason for their conttn-
MAJ
although indirectly levied, are inconsistent with
our general policy. and tobacco Is the only one
OF these productions which has been taxed. An
article which is 30 generally used, and which
adds 80 much to the comforts OF the large num-
beers OF our population who earn their living by
uxuly and as the coliecelon Of the tax is expen
sfve and troublesome to the Governments, and IL
especially obnoxious and irrtattve to small
manufacturers, the tax upon tobacco should, In
my Judgment, be removed
The tax upon whisky could not be repealed
without disregard of public sentiment, nor
without creating necessity for higher duties
upon imported goods, but while this Is true the
tax upon the alcohol used in manufacturtnR
might be removed with decided benefit to homo
industry and foreign trade.
On the subject Of our shipping interests Sec
rotary McCulioch urges the prompt removal OF
the unjust tariff taxes which have driven Amer
lean vessels from the sea and paralyzed ship
building In this country. He does not, how
ever consider the restoration OF our merchant
marine an easy matter: We have been out OF
nies-have such enormous capital invested, that
an attempt on the part Of the United States 70
gain supremacy on the seas wenld meet with
most vigorous competition. On this point Mr..
McCulloch says:
There is, in my opinion. no prospect whatever
that the United States will ever share to a con-
siderable extent in the foreign carrying trade
without Government aid. 1t is for Congress to
determine whether this aid shall be granted OK
main in it's present death-like condition. The
let-alone policy has been triod for many years,
during which our ships have been swept from
the ocean, and wo pay every year many millions
of dollars TO foreign ship owners for freights
and fares: Ought this condition of tn ngs to be
continued?
Entertaining these Jews, do not hesitate to
express the opinion:
i. That without government aid to United
States steamship lines tho foreign carrying trade
will remain in the hands OF Foreigners.
2. That as we ought to have an interest in the
business which we create, and as the restoration
OF our shipping interest is important, IL not es-
sential, to the extension of our foreign trade,
subsidies in the form ofaiberal payments for the
| transportation of malls or in some other form
should BE offered "a an inducement to invest.
necessary aid would be insignificant in COM
| par hson with what has been granted TO manufac-
| turers by protective dates, and nothing would
be paid until the services were rendered.
After showing the danger involved In the con-
| tinned coinage and unlimited legal tender
quality of the silver dollar the Secretary says:
| / have BEN forced to the conclusion that
| unless both the coinage OF silver dollars and The
Issue OF silver certificates are suspended there Is
danger that silver, and not gold. may become
| our metallic standard. This danger may not be
| imminent but IL Is OF so serious character
| that there ought not to be delay In providing
| against 1t. Not only would the natfond credit
| be seriously impaired If the Government should
| be under the necessity Of using silver dollars
| or certihcates in payment OF gold obligations,
| but business OF all kinds would be greatly dis
| turbed: not only so, but gold would at once
cease to be circulating medium, and severe
contraction would be the result.
ITv1tfn NJ c oft ha ,nOfy mi
| Of nations--its credit Is high, its resources
| limitless; but 1t cannot prevent q depreciation
of silver unless its efforts are aided by leading
nations Of Europe If the coinage Of silver Is
continued in despite Of the action Of Germany
In delnonetizing IL and the limitation of Its
coinage by what are known as the Latin ma
will practically become the standard OF
value Our mines produce large amounts
there shouid be good depand for it st re-
| munerahve prices for the OUTLAWS IN obtaining
it, The suspension of its coinage might depress
the market price of silver for a time, but tho
ultimate effect would doubtless be to enhance
It, The production OF gold is diminishing, that
Of silver has practically reached Its maximum,
this time the yield Of both gold and silver
| mines will speedily decline. At the same
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
come to it's rescue, and the suspension Of COIN
age in the United States would do much to
| bring about on their part action in its favor
But, whatever might be the effect OF the sus-
bpension of tire coinage upon the commercial
value OF silver, it is very clear that the coinage
cannot be continued without dctrment to gen.
ersl business and danger to the national credit.
The amount Of one-dollar notes in circulation
Is $780, 7d3 097 80; the amount OF two dollar notes
in circulation Is $2s,77s, 1890 Congress would,
| think, act wisely In putting an end to their
circulation. Nor do hesitate to express the
opinion that the country would be benefited X
all five-dollar notes should be gradually retired
and the coinage Of half aud quarter eagles
should be increased. IL this should bo done the
circulating medium Of the United States below
$40 would be silver and gol3, and we should be
following the example of France, In which there
IL 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 be productive of some inconven-
fence, but this would be temporary only. II
tho five dollar notes should be Withdrawn the
Treasury would be relieved from the bur-
den of silver in its vaults, and 1t would not DO
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 ov the rapft. call for bonds
on which IL Is based and that the system be
continued substantially rs IL now Is, except that
the tax on circulation be rerealed: that our sub
sidiary silver coins should be recoined and IN
creased IN weight; that the trade dollars should
-