Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1885-12-09

Is Visited upon our citizens engaged III art cult
ure in Europe, and has caused them with prac.
tical unaaimity. to favor the abolition of such
an ungrac1ous distinction and in their interest
ana ior other obvious reasons. / strongly recon-
mend it.
FINANCIAL MATTERS.
The report of the Secretary of the Treasury
fuliy exhibits the condition OF the public finances
and of the several branches of theGovernlnent
connected with his department. The sugges-
tions OF th5 Secretary relating to the practical
operations of this important department and his
recommendations indicative of simplifcation
and economy, particularly III the work of col
lectlhS customs duties. are especially urged
upon the attention OF Congress.
The ordinary receipts from all sources for the
fiscal year ended June 20 1885 were Ss.;1 600 :
.Ot SS. Of this sum Slsi, 939 81 was received
from customs. ana Sll2, ,l9S,725 "a from internal
revenue. The total receipts as given above were
S2i so l63 81 less than those for the year ending
June SO ISL This dimiuutioa embraces Il iall-
toms, and s96S7 3l6 81 III the receipts from inter
nal revenue
The total ordinary expenditures of the Gov
ernment for the fiscal year were $3.50 22G. .q{I 80
leaving surplus in the treasury at the close of
the year of sos, ,i63 III % This is SiOgl9 8 4 -
less than the surplus reported.
Of the entire amount of dutics collected 20
per cent. was collected from the following arti-
cleS Of import sugar and molasses, % wool
and It's manufactures, IL silk aud its smRnufact-
ures, s iron and steel and their manufactures,
Z cotton manufactures 6 fax hemp and iute
and their manufactures. 5.
EXCESSIVE REVENUES
The fact that our revenues are in excess of
the act ual needs OF an economical adminstra-
ton of the Gorernme mt justifes reduction in
the amount eXacted from the people for its sup
port. our Government is but the means cstab-
liShed by the viii of a free people by which GER
tain principles are applied which they have
adopted for their benefit and protection and it
is never better administered, and its true spirit
is never better Observed than when the people S
taxation for its support is scrupulousiy limited
70 the actual necessity of expenditure and dis
tributeo according to just and equitable plan
The proposition with " hich we have to deal is
the reduction of tn" revenue received by the
Government, and indirectly paid by the people
from customs duties. The question of free trade
Is not involved, nor Is there now any occasion
fo- the general discussion of the wisdom or cx-
pediency of Il prote tive system. Justice and
fairness dictate that IN any modification of our
present laws relating 10 revenue the industries
and interests which have been encouraged by
such laws, and in which our citizens have large
Investments, should not be ruthiessly injured
or destro! cd. We should also deal with the
subject in such Il manner us 10 prot, ct the in
terestS of American labor, which is the capital
OF our WorkinSmen. Its stability and proper
remuneration furnish the most juStdable pro-
tests for q protective policy. Within these
limitations. certain reduction having been
determined, the inquiry follows Where can il
be-best remitted aud what articles can best be
released from duty in the Interest OF our citi-
zens? / think the reduction should be made
in the revenue derived from tax upon The i'm
ported necessaIies OF life. We thus directly
lessen the cost Of living i'll every family Of the
land, and release 10 the public in every humble
home larger measure of The rcWaras OF indus
try.
TIE NATIONAL BANKs.
During the year ending November l, 1885, I4j
National Bangs were organized with an aggre-
gate capital of SiG,93S 600, and circulating notes
have been Issued TO them amounting to 81 Pa
SO. The whole number of these banks in exist
ence on the day above mentioned was =, ~. The
by our national banks, compared with the
amount the law permits them TO issue upon q
deposit of bonds for their redemption, indicates
that the volume OF our circulating medium NAV
be largely increased through this Instrumental
ity. Nothing more important than the present
condition OF our currency and coinage can
claim your attention. Since February, 1878, the
Government has, under the compulsory prOvis-
ions of law, purchased silver bullion and coined
the same at the rate of more than 81 600 00U
every month. By this process, up to the present
date, 2l5 759 i3l silver dollars have been coined.
reasonable appropriation or a delegation OF
power to the General Government would limit
Its exercise, without express restrictive words to
the people needs and the requirements of the
public welfare. Upon this theory the authority
to coin money" given Congress by the Consti-
tuition, If it permits the purchase by the Govern
ment of the bullion for coinage, in any event
does not justify such purchase and coinage to an
extent beyond the amount needed for a circu-
lGting medium. The desire to utilize the silver
product of the country should not lead TO mis-
sity for such an addition TO the silver currency
OF the nation as Is compelled by the Silver Coin
age Act is negatived by the fact that I'D to the
present time only about 100000 of silver dol
lars so coined have found their way into circu-
lation, leaving more than s162, 800 900 in posses
sion of the Government, the custody of which
has entalled considerable expense for the
construction of vaults for its deposit. Against
this latter amount there are outstanding silver
certificates amounting to about SgJ 900 GOO
Every month S2,010,000 of gold in the public
treasury is paid tor 900 coo or more of silver
dollars, To be added to the idle mass already
accumulated If continued long enough this
operation Will result in
THE SUBSTITUTION OF SILVER
For all the gold the Government owns. applica-
BILE to its general purposes. 1t will not do to re
ly upon the receipts of the Government to make
good this decline of gold. because the silver Thus
coined had been made legal tender for all debts
aud dues, public and private. AT times during
the last six months IS per cent. of the recejptS
Tor duties have been in silver or silver eeItifi-
Gates, while the average within that period has
been 20 per cent. The proportion of silver and
Its certih .ates received by the Government will
probably increase as time goes on, for the reason
that the nearer the period approaches when il
Will be obliged To offer silver in payment of its
Obligations. the greater the inducements there
Will be to hoard gold against depreciation in the
value OF silver ore. for the purpose of speculat-
ing. The boarding of gold has already begun
When the time comes that gold has been with
drawn from circulation then will be ApTarent
the difference between the real value OF the sill
yer dollar and dollar in gold. and the two
coins viii part company. Gold still the stand
ard OF value and necessary in our dealings with
other countries, VIII be at premium over sill
yer. hanks which have substituted gold for the
deposits Of their customers may pay them with
silver bought with such gold, tins making Il
handsome profit. Rich spectators viii sell
their boarded goldt their neishbors, who need
ii TO liamdGte their foreign debts az il rIinOus
premium over silver; ana
THE LABoEISC MEN AND woNrN
ofthe land, most defenseless of all, will find
tina, the dollar received for the wdges os their
toll has sadly shr,lnk in is purchasing bower
1t may be said that the latter resi!t viii hc but
temporary. and tGat ultimately tho price OF
labor will be adjusted t. the change, b.it even
il this takes PLACE the wage-WOrker- ca-rr OF
possibly gain, but mds5 inevitably lose, since
the price he'll compelled to pay for his living " Il
not only be measured in coin heavily t.cpreci-
ated and tiuCtuating and uncertain in lis value,
but this uncertainty III the value OF the purch&S-
ing medium will lie made the pretext for an
advance in prices beyond that jrstiH-dpy Ec.u.t
depreciation.
The words uttered in 1884 by Daniel Webster.
in the Senate OF the United States. are true to-
day "The very man of all others who has
the deepest interest in sound currency and who
suffers most by mischievouS legislation III money
matters, is the man who earns his daily bread by
his daily toll The most distinguished advo-
cate of bmetallism, discussing our silver coin
age, has lately written No American citi-
zen'S hand has yet felt the sensation of cheap-
ness. either in receiving or expending the
SilVer-Aet dollars
And those who live by labor or legitimate
trade never will feel that sensation of cheap
ness. However plenty silver dollars may be-
come, they will not be distributed as gifts
among the people, and if the laboIiug man
should receive four deprecated dollars where
he now receives but two, he will pay in the de-
preciated coin more than double the price he
now pays for all the neccssaries and comforts
of life.
Those who do not fear any disastrous conse-
quences arising from the continued
COMPULSORY COINAGE OF SILVER
AS now directed by law, and who suppose that
the addition to the currency of the country in
tended as its result will be r public benetit are
reminded that history demonstrates that the
point is easily reached in the attempt 10 float at
the same time two sorts of money of different
grades of excellence, when the better will cease
to be in circulation. The boarding of gold
which has already taken place Indicates that
we shall not escape the usual experience in
such cases So if this silver eoiuage be contip-
ned we may reasonably expect that gold and
its equivalent viii abandon the field of circiila
ton 10 silver alone. This. OF course must pro
duce a severe contraction of our circulating
medium instead OF adding 10 is. d will not be
disputed that any attempt on the part OF the
Government to cause the circulation of silver
dollars, worth % cents, side by side with gold
dollars, worth lo0 ceIts-even with the limit
that legislation does not run contrary 10 the
laws OF trade-to be successful must be second
ed by the confidence of the people. that both
coins VIII retain the same purchasing power
and be interchangeable at will
special effort has been made by the Secre-
Ia