The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1885-12-17


Couee.. ............... $3.50. 90, lzo'olo oUs
| Wool and its manufactures. H,656,462 773
| Silk and its manufactures. 40,393,O02 GO
Chemicals, dyeings and med
icines.. ................. 35,UO,5lb 0W
| Iron and steel, and other
manufacturers ............ 3,563,6So sos
| Flax, hemp, jute and their
manufacture ..........-... 32,S54,SN 569
Cotton and its manufactures y, l52,OVl 4oo
| Hides and skins other than
fur skins. 2O,6SJ,4 43 800
THE REDUCTION or THE TARIFF.
| The fact that our revenues i'm excess Of
! the actual needs OF an economical administra-
| ton OF the Government justifes reduction in
the amount expected from the people for its sup
! port. Our Government is but tho means estab-
| lshed by the will Of free people by which GER
| thin principles are applied which they have
4 adopted for their benefit and protection And it
is never better administered and its truer spirit
| is never better observed than when the peoples
taxation for its support is scrupulously limited
to the actual necessity of expenditures and dis
| ributcd according to a just and equitable plan.
The proposition with which we have TO deal is
| the reduction OF the revenue received by the
| Government and indirectly paid by the people
| from customs duties.
| The question OF free trade is not involved
! is there now any occasion for the general discus
| sion OF the wisdom or expediency OF a protec-
| tive system. Justice and fairness dictate that
| in any modification of the present laws relating
/ TO revenue, the industries and interest which
have been encouraged by such laws and in
which our citizens have large investments, should
not be ruthlessly injured or destroyed
ner ms TO protect the interests OF American labor
which is the capital Of our workingmen. It's
| stability and proper remuneration furnish the
| most iustifable pretext for a protective policy.
| Within these limitations n certain reduction
should be made in our customs revenue. The
amount OF such reduction having been deter
| mined. the inquiry follows: Where can it best
be RENTED, and what articles can best be re-
leased from duty in the interest Of our citizens?
think the reduction should be made in the
| revenue derived from tax upon the imported
| necessaries of life We thus directly lessen tho
| cost OF living in every family. OF the land and
| release to the public in every hnmble home a
larger measure Of the rewards of frugal industry
THE NATIONAL BANK CIRCULATION.
During the year ended Nov. l. 1885 us nation
| al banks were organized with aggregate cap
| ital Of Sl6,93S,0OO, and circulating notes have
been issued 70 them amounting to s4.27l,9lo
| The whole number of these banks in existence
on the day above M ntioned was 2,727.
The very limited amount of circulating notes
| issued 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'may
| be largely increased through this Instrumental
| ity.
THE SILVER QUESTION
Since February, 1878, the Government has, I'M
silver bullion and coined the same at the rate OF
more than 100000 of dollars every month. By
this process up 70 the present e.2l5 759. 431
silver dollars have been coined.
A reasonable appreciation Of n delegation Of
power Co the General Government would limit
| its exercise, without express restrictive words,
the public welfare.
Upon this theory the authority ito coin money
given Congress by the Constitution if il permits
| the purchase by the Government Of bullion for
coinage I'm any event, does not Justify such pur-
chase and coinage to an extent beyond the
amount needed for sufficient circulating
! medium. The desire to utilize the silver pro-
duct Of the country should not lead to II misuse
| or the perversion OF this power.
The necessity for such an addition to the sill
| yer currency Of the nation as is compelled by
the silver coinage act is negatived by the fact
that up to tho present time only about fifty
millions Of silver dollars coined have act
| ually found tlfUir way into circulation, leaving
| more than one hundred and sixty-hve millions
| in possession of the Government the custody of
| which has entailed considerable expense for
! construction Of vaults for its deposit. Against
| this latter amount there are outstanding silver
certificates amounting TO about 90 900 900 OF dol
lars Every month 81 600 600 Of gold in the public
! Treasury are paid out for S2,0p009O moro OF
silver dollars, TO be added to the idle mass al
| ready accumulated. II continued long enough
this operation Will result in the substitution of
| silver for all the gold the Government owns ap-
/ plicable TO its general purposes. 1t will not do
| to rely upon the receipts OF the Government 10
make good this drain Of gold, because the silver
thus coined, having been made legal tender for
| all debts and dues, public and private, at
times during the past six months fifty per cent
OF the receipts for duties have been in silver
or silver certificates, while the average within
that period has been twenty per cent. The
proportion Of silver and it's certificates received
! by the Government will probably increase as
| time goes on, for the reason that the nearer tho
| period approaches when it will be Obliged to
| offer silver in payment of it's obligations, the
| greater inducement there will be TO hoard gold
against depreciation in the value OF silver for
| the purpose OF speculation This boarding Of
| gold HAS already begun. When the time comes
| that gold has been withdrawn from circulation,
thon VIII be- apparent the difference between the
real value of the silver dollar and n dollar in
| gold, and the two coins will part comDany.
Gold, still the standard Of value and neces-
sary in our dealings with other countries, will be
at premium silver Banks which have
substituted gold for the deposits Of their Gus
| tomors may pay them with silver bought with
| suoh gold thus making n handsome profit. Rich
spectators will sell their boarded gold to their
noighbors who need it TO liquidate their foreign
debts at n ruinous premium over silver, and the
| laboring men and women Of the land, most de-
| fenseless of all, will find that the dollar
received for the wages of their toll has
1t may be said that the latter result will be but
| temporary, and that ultimately the price of Ia
Dor viii be adjusted to the change, but even IL
this takes place the wnge-worker cannot posi-
bly, GAIN but must inevitably lose, since the
price no is compelled 70 pay for his living will
not only be measured in coin heavily depreci-
ated and fiuctuatfng, and uncertain in it's
value, but this uncertainty in the value of tho
purchasing medium will be made the
The words uttered in 1894, 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 "a sound currency, and who
suffers most by mischievous legislation in
money matters, is the man who earns his
distinguished advocate Of bimetalisIn, dis
cussing our silver coinage has lately written !:
| NO American citizens hand has vet felt
| the sensation of cheapness, either In re-
ceiving or expending, the silver-act dollars.
and those who live hy labor or legitimate trade
! never will feel that sensation of chenpness
! However plenty silver dollars may become they
| will not be distributed gifts among the peo-
pie, and IL the laboring man should receive four
| silver dollars where he now receives but two,
| he will pay in the deprecated coin moro than
| double tho price he now PAYS for all
| the necessaries and comforts of life
! Those who do not lear any disastrous con-
sequences arising from the continued compuI-
| sorry coinagc'of silver az now directed by law
| and who suppose that the addition 10 the cur
rcncy of the country, intended as its result will
be public benefit, are reminded that history
demonstrates that tho point is easily reached in
the attempt to- float Mt the same time two sorts
Of money OF different excellence, when tho bet
ter will cease to he in circulation. The hoard
| ing of gold which has already taken place
indicates that we shall not escaue
! the usual experience in such cases
So, il Ibis silver coinage be continued we NAV
| reasonably expect that gold and its equivalent
| viii abandon tho field of circulation &c silver
| alone. This, OF course, must produce a severe
contraction Of our circulating medium instead
! of adding toit.
IL will not be disputed that any attempt on the
part OF the Government TO cause tho circulation
OF silver dollars worth 80 cents side by side with
gold dollars worth 100 cents, even with the limit
that Legislation does not run contrary to laws OF
tfndo to be succeasful mn he al l,v tl,o