Semi-weekly south Kentuckian. [volume] (Hopkinsville, Ky.) 1883-1889, 1884-12-09

the Secretary to be nearly $l85,000,-
600, whereof but little more than $4O,-
100000, or less than % per cent, are
in actual circulation. The mere exist
ence of this fact seems to Inc to fur
nish of itself a 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 distant day to be-
come our sole metallic standard. The
commercial disturbance and the i'm
Dairment of national credit that
would be thus occasioned can scarce
ly be over estimated.
l hope that the Secretary's sugges-
ton respecting the withdrawal from
circulation of the 81 and $2 notes
will receive your approval. 1t is
likely that considerable portion of
the silver now encumbering the
vaults of the Treasury might TINS
find its way into the currency.
WHILE TRADE DOLLARS HAVE CEASED
for the present at least to be an ele-
ment 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 have
never had legal tender quality, there
should be offered for them only a
slight advance over their bullion val
ue
The Secretary, in the course of his
report, considers the propriety Of
identifying the designs of our sub
sidiary silver coins, and of so increas-
ing their weight that they may bear
their due ratio of value of the stan
dard dollars. His conclusions, in
this regard, are cordially approved.
In my annual message of 1882 /
recommended the
ABOLITION OF ALI EXCIsE TAXES
except those relating to distilled spir-
its. This recommendation is now
renewed. In case these taxes shall
be abolished, the revenues that will
still remain to the Government will,
i'll 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 advisable, when the results of
the recent revenue laws and CONNER
cial treaties shall have shown in what
quarters these reductions can he
most judiciously effected.
One of the gravest of the problems
which appeal to the wisdom OF Con-
gress for solution is the ascertain
ment Of the most effective means of
INCREASING OUR FOREIGN TRADE,
and thus relieving the depression
under which our industries are now
languishing. The Secretary of the
Treasury dJises that the duty of in
vestigating this subject be inlrusted,
in the first instance, to a competent
commission. While fully recogniz-
ing the considerations that may be
urged against this course, l am, nev-
ertheless, of the opinion that, upon
the whole, no other would be likely
to effect speedier or better results.
That portion of the Secretary's re-
port which concerns the condition of
our shipping interests can not fail to
commandsyour attention. He en-
phatically recommends that. as an in-
centife to the investment of Ameri-
can capital in American steamships,
the Government shall, by liberal pay
ments for mail transportation or 9TH
erwise, lend its active assistance to in
dividual enterprise, and declares his
belief that, unless that course be pur-
sued, our foreign carrying II ale must
remain, as is to-day, almost excu-
sively in the hands of foreigners.
One phase of this sub;e,t is now es-
pecially prominent, in view of the re-
peal by the act of June 26, 1881, of all
statutory provisions arbitrarily COM
pelling American vessels to carry the
mails to and from the United States,
as it is necessary to make provision
to compensate the owners of such ves-
sells for performing that service. After
April, 1885. it is hoped that the whole
subject will receive early considera-
ton that will lead to the enactment
of such measures for the revival OF
our merchant marine as the wisdom
of Congress may devise.
THE THREE PER CENT. BONDS.
of the Government, to the amount OF
more than $l00000,000, have, since
my last annual message, been redeem
ed by the Treasury. The bonds OF
that issue still outstanding amount
to little over 100000, 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 circulation Of the
National banks, the question to avert
the contraction of the currency
caused by their retirement is one of
constantly increasing importance.
1t seems to be generally conceded
that the law governing this matter
exacts from the banks excessive se-
curity, and that upon their present
bond deposits larger circulation
than is now allowed may be granted
with perfect safety. l hope that the
bill which passed the Senate at the
last season, permitting the issue of
notes equal to the face value of de-
posted bonds, will commend itself
to the approval of the House of Rep
resentatives.
In the expense of the War Depart
ment, the Secretary reports a de-
crease of more than $9,000,000, of
which reduction $5,600.000 was eff
fected in the expenditures for rivers
and harbors, and $2,700,000 in expen-
ditures for the Quartermaster's De-
partment ;outside of that department,
the annual expenses of the army bu-
reaus proper Except, possibly the
Ordinance BureaW are substantially
fixed charges, which can not be ma
terially diminished without change
in the numerical strength of the
army. The expenditures in the
Quartermaster's Department can
readily be subjected to Administra-
tive discretion, in reducing the num-
ber of draught and pack animals in
the army, the annual cost of supply
ing and caring for such animals is
now 81. .l0S.0S590 less than it was in