Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1884-12-06

eluded instais statement were yalueA at $685..
ZOO, 415, tbs bread ,tuffs at $62, 81, us. the
Provisions ct $f14, Az, 547, and the mineral
oils at 81, i63, as.
During the same period the imports were
as follows: Merchandise, $685., 697 ,6O6; gold
and silver, $67, 426 262; total, sos, l26, 955
More than 60 per cent of the entire value
OF imported merchandise consisted of the fol-
lowing articles: Sugar and molnsses, $l03,-
sS4. 214: wool and wooden manufactures, $780,
b42, 2!.a3: silk and its manufactures, $49, 949,-
lsS; coffee, $40, $50, 705; iron and steel and
manufactures thereof, al, 464 ,599; chem
icals, s3s. 465 So; fax, hemp, jute and like
substances and manufactures thereof, $685.
463. 1893; cotton and manuf sctures Of cotton
S530, 454, 476: hieles and ski II other than fur
skins, $s2, $4,000.
concur with the Secretary of the Treas
ury in recommending the immediate suspen-
sion Of the
COINAGE OF SILVER DOLLARS
And of the issuance OF silver certificates
This is a matter to which, in former commu-
nications. have more than once invoked the
attention OF the National Legislature. 1t APP
pears that annually for the past six years
there have been coined, in compliance with
requirements Oft act OF February q, 1878,
more than twenty seven million silver dollars.
The number now outstanding Is reported by
the Secretary to be nearly $iS5, OO0, 900, when
but little more than $40, 000. 000, or less than
twenty-five per cent are in actual circula-
ton. The mere existence Of this fact seems
to me to furnish Of itse If cogent argument
for the repeal Of the statute which has made
such fact possible. But there are other and
graver considerations that tend III the same
direction. The Secretary avows his convic-
ton that unless this coinage and the issu-
ance of silver certificates is suspended, silver
is likely at no distant day to become our sole
metallic standard. The commercial disturb
ance and the impairment OF the National
credit that would be thus occasioned can
scarcely be overestimated. hope the Secre-
tary's suggestions respecting the withdrawal
from circulation of the one dollar and two
dollar notes will receive your approval.
1t is likely that considerable portion of
the silver now encumbering the vaults of the
Treasury might thus find its way into the
currency. While trade dollars have ceasei,
for the present, at least, to be an element Of
active disturbance in our currency system,
some provisions should be made for their sur
render to the Government In view of the
circumstances under which they were coined
and Of the fact that they have never had
legal tender quality, there should be offered
for them only slight advance over their
bullion value. The Secretary in the course
of his report considers the propriety OF
identifying the design of our subsidiary sill
yer coins and so increasing their weight that
they may bear their due ratio of value of the
standard dollar. Ills conclusions In tins re-
gard are cordially approved.
In my annual message Of 1882, recon-
mended the abolition Of all excise taxes,
except those relating to distilled spirits. This
recommendation ls now renewed. In case
these taxes shall be abolished, the revenues
that viii still remain to the Government will,
IN my opinion. not only suffice to meet its
reasonable expenditures, but will afford a
surplus large enough to permit such
TARIFF REDUCTION
As may seem to be advisable when the re-
suits of recent revenue laws and commercial
treaties shall have shown IN what quarters
these reductions can be most judiciously eff
fected. One Of the gravest Of the problems
which appeal to the wis lom of Congress for
solution is the ascertainment Of the most
effective means of increasing our foreign
trade AMI thus relieving the depression under
which our industries are now languishing
The Secretary Of the Treasury advises tt at
the duty of investigating this subject be in
trusted, in the first instance, to a competent
commission. While fully recognizing the
considerations that may be urged againss this
course, l am nevertheless Of the opinion that,
upon the whole, no other would be likely to
effect speedier or better results That portion
Of the Secretary's report which concerns the
condition Of our shipping interest can not fail
to command your attention. He emphatic
ally recommends that as an incentive to the
investment of American capital in American
steamships, the Government shall, by liberal
payments for mail transportation or other
wise. lend its active assistance to individ
ual enterprise, and declares his belief
that unless that course be pursued our for
eign carrying trade must remain as it
is to-day-almost exclusively in the hands Of
foreigners One phase of this subject is now
especially prominent. in view Of the repeal
by the act of June g. 1884. of all statutory
provisions arbitrarily compelling American
10 fho 70 md frop tha
United States as it is necessary to make pro-
visions to compensate the owners of such
vessels for performing that service. After
April. 1885, it is hoped the whole subject will
receive early consideration that will lead to
the enactment Of such measures for the re-
vival of oar merchant marine as the wisdom
Of Congress may devise.
The three per cent bonds of the Govern
ment to the amount of more than $iO0, 00O, 900
have since my last annual message been re-
isemed by the Treasury. The bonds Of that
issue std outstanding amount to little over
500, 900, 900, about one fourth Of which will
be retired through the operations of the sink
ing fund during the coming year. As these
bonds still continue the chief basis for the cir
culation of the National Banks the question
how to avert the contraction Of the currency
caused by their retirement is one of con-
stantly increasing Importance.
1t seems to be generally conceded that the
law gov arning the matter exacts from the
banks excessive security, and that upon their
present bond deposits larger circulation
than is now allowed may be granted with
safety. l hope that the bill which passed the
Senate at the last session permitting the issue
of notes equal to the face value of deposited
bonds viii commend itself to the approval of
the House of Representatives.
THE INDIAN QUESTION.
The reports of military commanders show that
the last year has been notable for its freedom from
Indian outbreaks.
In defiance of the Presidents proclamation of
July /, 1884, certain intr1iders sought to make set
tsefnent in the Indian Territory. They were
promptly removed by detachment of troops.
PUBLIC MUSEUM.
During the past session of Congress. a bill to
provide suitable fireproof building for the Army
Medical Museum and the Library of the Surgeon
Generals Office, received the approval of the Sen
ate A similar bill reported favorably to the
House of Representatives by one of its committees
is still pending before that body.
II is hoped that during the coming session the
measure may become law, and thereafter i'm
mediate steps may be taken to secure place Of
safe deposit for these valuable collections, now in
state of insecurity.
RIVERS AND HARBoRs.
The funds with which the works for the i'm
proyement of rivers and harbors were prosecuted
during the last year derived from the app-o-
priations of the vet of August 2, 1872, together
with such few balances as were on hand from pre-
vicus appropriations The balance in the Treasury
5ls S.
The amount appropriated during the fiscal year,
1884, was 81 3l6. 634 81 and the amount drawn
from the Treasury during the fiscal year 1854,
S. rs 703 81 leaving balance of S. III $50 63 in
the Treasury subject to requisition July l. 1854
sEABoARD NOTIFICATIONS
The Secretary of War submits the report Of
Chief of Engineers to the practibility OF pro-
tecting our important cities on the sea board by
fortifications and other defenses able TO repel
modern methods Of attack The time has now
come when such defenses can be prepared with
confidence that they will not prove abortive: and
when the POSSIBLE result of delay in making such
preparation is seriously considered, delay seems
inexcusable for the most important cities, those
humiliation Adequate defenses, inclusive of
guns. may be made by the gradual expenditure OF
500 900, sum much less than victorious en-
envy could levy contribution. An appropria-
ton of about one-tenth OF that amount is asked to
fSegn the work. and Iconcur with the Secretary Of
War that it be granted.
The War Department IS processing with the