Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-12-08
THE NATIONAL FINANCES.
REPORT OF SECRETARY MANNING.
IMPORTANT RECOMMENDATIONS,

IMPORTANT RECOMMENDATIONS.
| The Currency Question Thcroughly
Revfewed-The Coinage OF silver Dol.
| lars should be stopped, and the Legal
Tender Act Repealed-The Tariff
Question, Etc.
Hon. Daniel Manning. the Secretary of the
Treasury, in his annual report states that the
| surplus Of receipts over expenditures for the
| last fiscal year amounts to S17 1853, 1884. As
compared with the fiscal year 1884 the receipts
! for 1885 have decreased SPA, S29, 1884. In
| the custom receipts this decrease amounts to
SIS, 595, 55O.42; internal revenue, 80 0S7 $780,
| 81; sales Of public lands, $4,1O4, 1857;
| tax on national banks, $194 ,5O7.SS;
sales OF government property, $243, 1927;
| revenues Of the District OF Columbia, SAL
42S.O2, and other items There was an in
crease In the expenditures Of SIG, 100 y69o. -,
as follows: War department, $3,24O,97 5.11;
Interior Observation-Disclosures, SIC, 495.3t; In
! terror Observation-Disclosures, 73.o39.4S; civil
and miscellaneous. $16,573, S246S. The de-
crease In theexpenditure Of the Navy depart
ment, and the interest on the public debt
amounted to over four millions. The estimated
surplus for the fiscal yea issS OF rec Eesepts
year 1887 the estimated deficit Is $24.5S9,-
552.34. During the year ended October 3lst,
5000.
THE LAWS WHICH DISORDER THE CURRENCY.
The report calls attention to the disorder of
the currency rising from the coinage act of
1878, which sis overlooking the minis with
unissued, the sub-treasuries with returned sill
yer dollars, and will unavoidably convert the
funds OF the Treasury into those deprecated
to the currency arising from the ''act of May
81, 1873, which indefinitely postponed fulhi-
ment Of the solemn pledge March is, 1862
Of all the obligations Of the United States pot
! bearing interest, legalized as $346.OOO. 600
paper money of unlimited legal tender, and re-
Quired the postredemptiop issue and reissue of
these promises to pay dollars. as equivalents Of
The Secretary suggests that reform could be
promoted with advantage by "repeal OF the
clause requiring Treasury purchases OF silver
bullion, and repeal Of the act making compui-
sorry Treasury issues and reissues Of the legal
tender notes"
THE UNITED STATES MUST STOP COMING Sill
In discussing the practical use OF silver and
gold as coin, the Secretary says: Everybody
is two-metallist, and wishes the use of silver
in fractional coins of at least a limited legal
yer for coins of unlimited legal tender; but they
also wish the use Of gold In coins OF
unlimited legal tender.
In but one way now can any nation retain In
use coins Of both metals which are both unlim-
tied legal tender; namely, by stopping the
tions. France has done So The United States
must likewise stop coming silver. Stop, wait,
negotiate. And whether negotiations shall sue
stop where we are namely at the point where
risk begins to appear of difficulty in retaining
silver in our home circulation in full equiva-
!ence with our gold unit OF value which has an
international circulation"
The report states that the 5000, 900 OF
silver dollars are here, and cannot be expected
on account of their legal tender character.
Nobody will melt them, as the silver melted is
worth 20 to % per cent less than the silver
minted. No silver to be used in the arts and
industries will be drawn from this stock. 1t is
not expected that Congress will withdraw from
these silver dollars their full tender quality, or
redeem and melt them and SCH the metal.
"The fact is" continues the Secretary,
1--WE CANNOT BUT BE Two-METALLIsTs."
"If the facts of our own monetary
situation have been correctly ascertained and
stated above, then ii is now obvious that gold
and silver recommendation may, without preju-
dice to their high rank monetary theories,
be set aside at once as theories practically in
applicable at the present moment, for the
guidance of the United States
The report gives an analyses of our coinage
laws in detail, and AN explanation of the cir
cumstances under which they were adopted.
The equivalence OF the silver dollar in domestic
trade Is now imperilled by the continued COIN
age and increasing numbers of the silver dol
lars. The stOppage of the coinage is urged by
the business VOICE oil the country. Inc chOlce
of Congress in the opinion OF the Secre-
tary Is not between silver monomeu-
alism and gold monometalism, not between
blmitallism and either gold or silver monomet-
allism, but "between stopping the coinage of
silver dollars, risking by further coinage the
inequivaence of those dollars With our none
tary unit, risking the fall of the value of 215,-
100000 silver dollars from their legal domestic
rating TO their commercial international vaine
which Is DO per cent less, and involving Sucn a
diSuse in our domestic trade OF 100000, 600
dollars ofgold coin, as when gold was elected
by paper during the war;
ia discussing the question of coming heavier
dollar the Secretary says it is proposed to treat
silver as commodity. IT, however. the silver
of the dollar is to be dealt with AS part of the
monetary metal of the world, 311.25 grains of
fine silver can be made equivalent with 23.22
grains of fine gold as effectually as 500 grains
show that stopping the coinage will not affect
prices, and that poorer dollar reduces the
wages OF labor.
THE TARIFF QUESTION.
The Secretary then takes up the subject of
reform in taxation, and states that like the
currency laws, the tariff laws are legacy of
war. "As nothing in the ordinary course of
business is imported unless the price here OF
the domestic, as well as OF the imported, article
IS higher by the amount of the duty and the
cost of sea-transt than the price abroad, the
preference of the taxpayer for duties upon arti-
Giles not produced in the United States is justified
by the fact that such duties cost him no more
than the Treasury OF his country gets. As for
duties affecting articles that are also produced
in The United States the first To be safely dis
carded are those upon materials used by.
our own manufacturers, which now subject
them to q hopeless competition at home and
abroad, with the manufacturing nations, none
Of which taxes raw materials 1t is not to be
doubted that in any reform which shall finally
receive the approval of the two houses of Con-
gress, they will maturely consider and favor
ably regard the interests which can only grad
ually and carefully be adjusted, WITHOUT loss,
to changes in the legislative conditions for their
advancing prosperity. With this view, have
invited. in some two thousand circular letters
to our manufacturers and merchants. their en-.
lightened cooperation in the improvement of
our fiscal policy, and the replies received will
hereafter be submitted to the consideration OF
Congress-
INTERNAL REVENUE.
The Secretary endorses the recommendation
of the commissioner of internal revenue as to
an amendment of the law postponing the col
lection of the tax upon distilled spirits under
certain conditions until withdrawal for con-
sumption. He also concurs in the recommen-
datiOns as to the abolition OF the Office OF
inspector of tobacco. whose fees are an unneces-
sary tax upon blu mess. He thinks that an
| increase in the number OF internal revenue
agents should be made.
BUREAU OF ENGRAVING AND PRINTING.
The report states that in accordance with the
wise policy of Congress in late years, the Secre-
tary submits specific estimates for the bureau
of engraving and printing, fixing the number