The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1884-12-05

levied, are inconsistent with our general poll
| ey, and tobacco is the only one of these pro
| auctions which has been taxed. An article
which is so generally used and which adds so
much to the comfort Of the large numbers shf
our population who earn their living bv man
uai labor, can not properly be considered a
luxury, ana as the collection of the tax is ex-
pensiye and troublesome TO the Government,
| ana IS especially obnoxious and Initiative to
small manufacturers, the tax upon tobacco
should, in my judgment. be removed.
Inc tax upon whisky could not be repealed
without disregard of public sentiment, nor
Wlfnout creating a necessity for higher duties
upon imported goods but while this is true
the tax upon the alcohol used in manufacture
Inc might be removed with decided benefit to
nome industry and foreign trade.
On the subject of our shipping interests
Secretary McCuloch urges the prompt re-
mOyal of the unjust tariff taxes which have
driven American vessels from the sea and
paralyzed ship building in this country. He
does not, however, consider the restoration
of our merchant marine an easy matter. We
nave been out OF the carrying trade so long
and foreign companies have such enormous
capital invested that an attempt on the port
of the United States to gain supremacy on the
seas would meet with most vigorous compe-
tition. On this point Mr.. McCulloch saws:
There is, in my opinion, no prospect whatey-
err that the United States will ever share to a
considerable extent in the foreign carrying
trade without Government aid. 1t is for Con-
gress to determine whether this aid shall be
granted or whether our foreign shipping in
terest shall remain in its present death-like
condition The let-aione policy has been tried
for many years, during which our ships have
been swept from the ocean, and we pay every
year many millions of dollars to foreign ship
owners Tor freights and fares. Ought this con-
dition OF things to be continued?
entertaining these views, do not hesitate
to express the opinion
l. That without Government aid to United
States steamship lines the foreign carving
trade viii remain in the hands of foreigners.
z. That as we ought to have an interest in the
business which we create, and as the restOra-
ton of our shipping interests important,i if not
essential, to the extension of our foreign trade.
subsidies in the form of liberal payments for
the transportation Of mails or in some other
form should be offered as an inducement to
investments of capital in steamships The
amount OF necessary aid would be insignifi-
cant in comparison with what has been
granted to manufacturers By protective
duties, and nothing would be paid until the
services were rendered
On the subject CT the continued coinage and
unlimited legal-tender quality of the silver dol
lar the Secretary says:
/ have been 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 NAV
become our metallic standard. This dam
ger may not be imminent, but it is of so Sc
rous character that there ought not
to be delay in providing against it. Not only
would the National credit be seriously i'm
pared II the Government should be under the
i'll payment of gold obligations but business
of all kinds would be greatly disturbed: not
only so, but gold would at once cease to be a
circulating medium, and severe contraction
would be the result.
The United States is one Of the most power
full OF Nations-its credit is high, its resources
hmltless; but it can not prevent Il deprecia-
ton OF silver unless its efforts are aided by
leading Nations of Europe. The suspension
OF its coinage might depress the market price
OF silver for time, but the ultimate effect
would doubtless be to enhance it. The pro-
duction of gold is dimin hing, that of silver
has practically reached its maximum, and
there are strong indications that from
this time the yield of both gold and
the same time the demand for both for
coinage and in manufactures will increase.
The very necessities of the commercial world
will prevent a general and continued disuse of
winch hold large amounts of silver must
sooner or later come to its rescue, and the
suspension OF coinage in the United State
would do much to bring about on their pal
action in its favor. But whatever might b
the effect OF the suspension of the coinage
upon tho commercial value OF silver it is very
clear that the coinage can not be continued
without detriment to the general business
and danger to the National credit.
Tho amount of Onedollar notes in circula
ton is $26, 763, 091 So; the amount of two-dollar
notes III circulation is $26,77S, 1920. 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 if all five-dollar
notes should be gradually retired and the
coinage of half and quarter eagles should be
Increased If this should be DONE the circulate
ing medium of the United States below ten
dollars would be silver and gold, and we
should be following the example of France in
which there is an immense circulation of sill
yer coin, which i'll all domestic transactions
maintains parity with gold. In this event,
also, the Treasury would be relieved from the
burden of silver in its vaults, and it would not
be long before the coinage of silver might be
resumed.
In conclusion, the Secretary recommends
that immediate action be taken by Congress
relative to the basis Of National bank circu-
lation, now seriously threatened by the rapid
call Tor bonds on which it is based, and that
the system be continued substantially as it
now is, except that the tax on circulation
be repealed; that our subsidiary sill
yer coins should be recoined and increased in
weight; that the trade dollars should be pur-
chased at slight advance only upon their
bullion value, and not at all unless presented
within year, and that additional vaults for
the storage of silver be constructed