The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1884-12-12

In recommending the immediate suspension
of coinage OF silver dollars and, of the issu-
ance of silver certificates, and this is a mat
ter to which, in former communications, l
have more thnn once invoked the attention
OF the national legislature. 1t appears that
annually for the past six years there have
been coined, In compliance with the act OF
Feb. %, 1878, more than twenty-seven mil
lion silver dollars, and the number ou.stand-
ing is reported by the secretary to be nearly
one hundred and eighty-fve million, whereof
but little more than forty million, or less
than % per cent, are in actual circulation.
The mere existence Of this fact seems to
me to furnish of itself q cogent argument
for the repeal of the statute which has made
such a fact possible. But there are other
and graver considerations that tend in the
same direction. The secretary avows his
conviction that unless this coinage and
the issuance of silver certificates be
suspended. silver is likely at no
standard The commercial disturbance
and the Impairment of the national credit
that woult1 be thus Occasioned can scarcely
be overestimated- l hope that the secretary's
suggestions respecting the Withdrawal from
circulation of the 81 and 81 notes VIII re-
ceive your approval. 1t is likely that a con-
siderable portion of the silver now incum-
bering the vaults in the treasury might thus
find its way into the currency. While trade
dollars have ceased, for the present at least,
to be an element of active disturbance in our
currency system, some provision should be
made for their surrender to the government.
In view of the circumstances under which
they were coined, and of the fact that they
ave never had a legal tender quality. there
should be offered for them only a slight ad-
vance on their bullion value, The secretary,
in the course of his report, considers the.
propriety of Identifying the designs of our
subsidiary silver coins. and of SO increasing
their weight that they may bear due ratios
of value OF the standard dollar. His conc u
sions in this regard are cordially approved
TAXATION.
In my annual message of 1882 I recon-
mended the abolition of all excise taxes ex-
cept those relating to distilled spirits. This
accommodation is now renewed In case
these taxes shall be abolished the
that will still remain to the government will,
in my opinion, not only suffice to meet it's
reasonable expenditures, but will afford a
surplus large enough to permit such tariff re-
duction as may seem to be advisable when
the results of the recent revenue laws and
commercial treaties shall AVE shown in
what quarters these reductions Gun be most
judiciously effected. One of the gravest of
the problems which appeal to the wisdom of
congress for solution is the ascertainment of
the most effective means of increasing our
foreign trade, and thus relieving the depres-
slou III WHICH ouL llluuNules are now IAN
gushing. The secretary of the treas
ury advises that the duty of in
vestigating this subject be entrusted
in the first instance to a competent commits
sion. While fully recognizing the considera-
tions that may be urged against this course,
l am nevertheless of the opinion that, on 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 interests can
not fail to command your attention. He en-
phatically recommends that as an incentive
to the investment of American caplUal in
American steamships, the government shall,
by liberal payments for mail transportation
or otherwise. lend its active assistance to in
dividual enterprise, and declares his belief
that unless that course be pursued, our
foreign carrying trade must remain as it 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 %, 1884, of all statu-
tory provisions arbitrarily compelling Amerl-
can vessels to carry the mails to and
from the United States. AS it is
necessary to make provision to compensate
the owners of such vessels for performing
that service after April. 1885, it is hoped
that the whole subject will receive early CON
sideration that will lead to the enactment of
such measures for the revival of our mer-
chant marine as the wisdom of congress may
devise. Three pei cent bonds of the govern
ment to the amount of more than $780,
600, 600 have since my last annual message
been redeemed by the secretary. The bonds
of chat issue still outstanding amount to
a little over 100000, 900, about one-fourth
of which will be retired through the opera
lions of the sinking fund during the coming
year. AS these bonds still continue the chief
factor of the circulation of the national
banks, the question how to avert the con-
traction of the currency caused by their re-
tirement is one Of constantly increasing i'm
portance. 1t seems to be generally conceded
that the law governing this matter exacts
from the banks excessive security, and that
on their present bon deposits a larger cir
c%ulation than is now allowed may be granted
with perfect safety. 1 hope hat the bill
permitting the issue of notes equal to the
face value of deposited bonds. will commend
itself to the approval of the house of repre-
sautativac