The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-12-09

tween bimetalism and either gold or silver mono.
metalism. The latter are not admissible, and
bimetalism Is only possible with the coopera-
ton of other nations which is not now to be had.
For, although France holds the same friendly atti-
tude and would be followed by of her associates
Of the Latin Union, England now, as in 1878 and
1881, is unwilling TO depart from her mntage of gold
alone into coins of unlimited legal tenders and Ger,
many low. as in 1881, regards the concurrence of
England in international bimetallic union a sine
qua non Such being the facts established upon
abundant testimony, official and unofficial gathered
by the Department of State it becomes plain that the
choice of Congress is only in fact, between stopping
the coinage of silver dollars risking by further
coinage the ineqqivalence of those dollars with our
monetary unit risking the fall of the value of 215 OOO
OCO silver dollars from their legal domestic rating to
their commercial international value, which is 20 per
cent less, and involving such disuse in dornes
tic trade of $50 600 600 dollars of gold coin as when
gold was elected by paper during the war;
Nor should it be forgotten that every silver dollar
coined hereafter at present ratio would be- the
coming of every dollar since 1878 has BEEN direct
hndrance to the international bimetaliic union then
avowed the object of legislative policy. This
yer into the dollar than 3712 20 grains Of fine metal
taIZo standard). But that scheme is an admission
OF % se
substitute for that unit its acceptable equivalent
Another decisive criticism upon the proposal is that it
of silver se OF @
proposes remedy for the continuance Of a
danger which does not need to be. prolonged.
Stopping the coinage now is perfect remedy
for the evil which the business classes have measured
judged, and desire to averted They do not wish
its recurrence in varied form. Increasing the weight
OF silver In the dollar the present dollars 20
be incapable of continued equivalence with the
monetary unit. when, in fact by stopping further
coinage, they can be held in our domestic exchanges
to that equivalence and the chance retained that the
several great powers which also sustaining the
full tender of deprecated silver by local national
law may come to pool their issues, and so restore
RI int afiO al S1chn rlO
seems hopeless, while continue to mitigate the
difficulties of other nations by taking off the market
half the product of own mines, which is nearly
half the product of the world
The coinage of a heavier dollar would obsruct the
success of such experiment The coinage of silver
not being free to all comers but being exclusively
coinage of Treasury purchases of silver, there is
for making heavier dollar, whether the pur
chases are to continue to be stopped. Treasury
purchases of silver anomalous, unprecedented,
cept in the of subsidiary CON- and hindrance to
the restoration of sound currency If the silver dol
lar full tender but not of free coinage it's currency
is confined within the country where the laws
which make full tender It cannot be forced
the Atlantic or Pacific except as metal Legal tender
laws do not cross national boundaries The silver
dollar of 371.25 grains within our boundaries be
kept equivalent to monetary unit of value, if
coined; and the metal in it will fuctuate
more from the datum line of % % grains fine gold
than the metal in a 800 grain silver dollar would
though it may fucuate little further Off If the sill
of dollar is to be dealt with commodity it
cannot be kept in equivalence with the coin monetary
unit any more than it be kept in equivalence with
some other commodity than itself. The proposal to
make heavier dollar, like the proposal to make
limited legal-tender silver bullion certificates
variable commercial ratio OF the metal with gold
money is a proposal to treat silver as commodity
If the silver of dollar is to be dealt with part
of the monetary metal of the world to which the full
legal tender power of leading is to be a
Piled 81 20 grains OF tne silver can be made equiva
lent with % % grains of fine gold as efecually as
500 grains of fine siiver can
In another communication which accompanies this
my first annual report have endeavored to present
a full and complete exposition of the existing conGi
ton of the customs service of the rules and regula
tions that have established to secure lust faith
full, and impartial apprasement of imported merchan-
disc together with my for making such rules
and regulations and of legislative which
are now needed for improving that portion of the
revenues The revision and changes of rates of duty
made in 1888 have already disclosed in practical
ecution, defects which commended to the early at
tenton of Congress
Besides the reforms which desirable for the eff
fective administration of system of taxation lev
led through imported merchandise, and are indis-
pensable for the administration of customs laws
which, like our own, chaos rather than sys-
tenn, venture to hope that in due season it will be
the pleasure of Congress to consider other
forms upon which, is requisite, all parties may
agree and that of different scope. Like
laws, our tariff laws legacy of If its
exigencies excuse their origin their defects
necessary after twenty years of peace. They have
been retained without sitting and discrimination al
though enacted without legislative debate. criticism
or examination. horizontal reduction of 10 per
cent. was made in 1872, but repealed in 1875
and rejected in 1884 They require at our custom
inc. appraise and levy duties upon than a. 1872
different articles Many rates of duty begun in war
have bee? since although the late tariff
ssd that be ws~d
conducive to the general prosperity" They have
in the Of specific duties, has operated large in
Of rates. They have been retained at aver.
age ad vaorem rate for the last year of AZ
cent which but Zig per cent less than the highest
rate Of the period and is nearly per cent more
than the rate before the last revision The highest
endurable rates of duty, which adopted in 1862
to offset internal taxes almost every taxable
article, have in most cases been retained now, from
fourteen to twenty after every such internal
purely revenue duties upon articles not competing
with anything produced in the thirty eight States
have beer discarded. They have been retained upon
articles used material for manufactures lin
, s84 adding $50, 600 600 to their cost, which if
aSnor.on compete in other countries against similar
manufacturers m untaxed materials. Some rates
have been retaihsa Ter running Inc industries tries
been retained after affecting hgher
price for domestic product at home than it WA sold
abroad for The general high level of rates has been re-
tanned on the theory of countervailng lower wages
abroad when, in fact the higher wages of American
labor at the secret aud the security of our
capacity to distance all competition from pauper Ia
bor, In any market All changes have left unchanged
or changed for the worse by schemes of CLASH
fcation and otherwise, complicated, cumbrous in
trcate group of laws which not capable of being
administered with mpartiality to all our merchants
The revenue from customs covered
into the Treasury by warrant for
the fiscal year ended June 80
1850 was. 81 All $50 "a
That for the preceding year was. 195, O67'4s6.76
Showing reduction Of ....... $I3, 595. $50 70
The increase in the annual average ad vaorem rate
of duty dutiable merchandise, from Al TOP per
cent. in 1884 to 46.O74 per cent in 1885, has been
caused mainly by the decline in the prices goods
subject to specific duties, upon which are imposed
high rates of duty. Among others, the following are
conspicuous examples of a marked decline in price
without corresponding falling off in the quantity inn
ported:
Sugar, not above No. ID, Dutch standard, which de-
cined in price foom 3 46 cents per pound in 1884
% cents per pound in 1885, molasses which declined