Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1884-12-05

III recommending the Immediate suspension
of coinage Of silver dollars and, of the issE-
ance of silver certihca5es, and this Is a mat
ter to which, in former commune cations, ]
have more than once invoked the attention
of the national legislature. It appears that
annually for the past six years there have
been coined, in compliance with the act OF
Feb. IS, 1878, more than twenty Seven mil
lion silver dollars, and the number outstand-
ing is reported by the secretary to be nearly
one hundred and eighty Eve 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 /, cogent argument
for the repeal Of the statute which has made
such a fact possible. But there, are other
and grayer 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 nationat credit
that Woulfl be thus occasioned can scarcely
be overestimated I hope that the secretary &
suggestions respecting the withdrawal from
circulation Of the 81 and 81 notes will re-
siderable portion of the silver now incum-
bering the vaults in the treasury might thus
find it's 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
madefor their surrender 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 a slight adj
vance on their bullion value. The secretary,
in the course of his report considers the
hon, = IS
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 nv annual message of 1882 I recon-
mended the abolition of all excise taxes ex-
cept those relating to distilled spirits. This
these taxes shall be abolished the reven ues
that will still remain to the government will
in my opinion, not only suffice to meet its
reasonable expenditures, but will afford q
surplus large enough to permit such tariff re-
ducJion as may seem to be advisable when
the results of the recent revenue laws and
commercial treaties shall have shown IN
what quarters these reductions can 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 Oul
foreign trade, and thus relieving the depres-
sion in which our Industries are now Ian
gushing. The secretary Of the treas
ury advises that the duty of in
vestgating this subject be entrusted
in the first instance to a competent commits
sion. While fully recognizing the consdera-
! tions that may be urged against this course,
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 capital ir
American steamships, the government shall
! by liberal payments for mail transportation
or otherwise lend it's active assistance to in
| dividual enterprise, and declares his belize
| that unless that course be pursued, ou
| foreign carrying trade must remain as it to-
day, almost exclusively in the hands o.
Foreigners. One phase Of this subject is now
especially prominent, in view of the repea
| by the act of June 26, 1884, of all statu
tory provisions arbitrarily compelling Amer
can vessels to carry the mails to ant
! from the United States AS it il
| necessary to make provision to compensate
that service after April. 1885 it is hoped
| that the whole subject will receive early con
sideration that will lead to the enactment 0
such measures for the revival of our nler
chant marine as the wisdom OF congress ma,
devise Three per cent bonds OF the govern
ment to the amount of more than 800,
900, 900 have since my last annual messag
been redeemed by the secretary The bond
of that issue still outstanding amount t,
a little over 5000 900, 900, about one-fourt]
of which will be retired through the opera
tons of the sinking fund during the comm.
year. AS these bonds still continue the chic
factor of the circulation of the nationa
! banks, the question how to avert the con
traction of Che currency caused by their re
tirement is one of constantly increasing i'm
portance. 1t seems to be generally concede
that the law governing this matter exact
from the banks excessive security, and tina
on their present bond deposits larger cir
culation than is now allowed may be grantee
with perfect safety. I hope that the bill
which passed the senate at the last session
permitting the issue of notes equal to th
face value OF deposited bonds, will ccmmen
itself to the approval Of the house Of repre-
sentatives.