Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1885-12-10

Wood ana ite manutac-
Our imports during the year ''2'; we're as foi
MERCHANDISE. a.auu,.st.. s5Ie,5e005s 90
silver. .ssss'.ss..s'.s" le5o06N w
Total....s...a..s...... to2b, ,S'2 $40 20
The following are given as prominent arti-
cios OF imports during the year. with their
values aud the percentage they bear TO the
of the entire amount OF duties collected. 20
per cent was collected from the following ar
ticles Of import. Sugar and molasscs, ~;
wool and us msnuractures; %; silks ana rs
manufactures, 81; cotton manufactures, o;
FAX, hemp, jute and their-manufaotures,B
THE TARIFF
The fact that our revenues are IN excess OF
the actual needs Of an economical admins
tration OF the Government iustinos reduo.
tion In the amount exacted from the people
means me esiablished by the W III OF a free % PED. S
pie by which certain principles are applied
which they have adopted for thelr beneht
and protection, and Il Ia never better admin
istered and its true spirit is never better
observed than when the peoples taxation
for its support is scrupulously limited 70 the
actual necessity OF expenditure, and dis
tributed according TO Just and equitable
plan.
such a manner ne TO protect the Interests OF
American labor, which Is the capital OF our
worknRmcn. Its stability and proper re-
text for protective policy. within these
limitations n certain reduction should be
made our customs revenue. The amount
OF such reduction having been determined,
the inquiry follows where can IL best be re-
mitted and what articles can best be re-
leased from duty I'm the interests OF our oiti'
zens.
/ think the reduction should be made In
the revenue derived from tax upon the
imported necessar.es Of llte. We thus
family OF the land, and release to the
people in ovory humble home larger meas
uro OF the rewards Of frugal industry.
NATIONAL nAFKs.
During the year ended November I, 1886,
l45 National banks Nere organized, with an
aggregate capital OF $40 glS,00O, and circua-
tion notes have been issued to them amount
ing TO s4,g540l0. The whole number of these
banks In existence on the day above
mentioned was 212. The very limited
amount of circulating notes issued
with the amount the law permits them TO is.
sue upon deposit OF bonds for their re-
demptlon, indicates that the volume OF cir
through this instrumentallty. Nothing more
important than the present condition of our
currency and coinage can claim your atton.
ton. Since February. lS7T the Government
has, under compulsory provisions OF law,
purchased silver bullion and coined the
same at the rate OF more than S2,OOO,O0O
date. 2lb55e,i35 silver dollars have been
coined.
THE SILVER QUESTION.
A reasonable appropriation or a delegation
OF power TO the general Government would
limit Its exercise without express restrictive
words TO the peoples needs and the require
meuts of the public welfare Upon this
theory the authority 10 "coin money" giveL
to Congress by the Constitution, II Il permits
the purchase by the Government OF bullion
for coinage, in any event does not Justify such
purchase and coinage beyond the amount
needed for sufficient circulating medium.
The desire 20 utilize the SILVER product OF the
fFkE M NnuA tn n mis- mr. NlNrs
perversion Of this power.
The necessity for such an addition TO the
silver currency OF the Nation. as Is compelled
by the silver coinage act, is illustrated BY the
fact that up 20 the present time only about
500Oo.0O OF silver dollars 30 coined have actu-
ally found their way into circulation, leaving
more than Sl65.OO,Oo0 In possession OF the
Government. the custody OF which has en-
tailed a considerable expense for construc.
tiOn Of vaults for It's de osit. Against this
latter amount there are outstanding silver
certificates Of about SrlO0O,OOO.
Every month s2,0O1.OO OF gold in the pub
lie treasury are paid out for s2000 600 or more
OF silver dollars TO be added 10 the idle mass
accumulated. IL continued long enough
this operation will result IA substitution of
silver for all the gold the Government owns
applicable to its general purposes. IL will
not do to rely on the customs rece pts OF the
Government, the silver thus coined having
hcon made legal tender for all debts aud
dues, public ana private. At times during
the last six months 5s per cent OF the receipts
for duties have been In silver or silver certin
has been 10 per cent.
The portion OF silver and its certificates re
eelved by the Government viii probably in.
nearer the period approaches when Il will be
obliged TO offer silver In payment OF its obli-
cations, the greater inducement there will
be to hoard gold against depreciation in the
value Of silver or for the purpose OF specu
latng. This boarding of gold has already
begun. when the time comes that gold has
been withdrawn from circulation, then viii
be apparent the difference between the real
value Of the silver dollar and dollar
In gold, aud the two coins will part com
puny. Gold, sull the standard of value and
necessary IN our dealings with other coun-
tries, will be az premium over silver. BanEs
which have substituted gold for the deposits
Of their customers may pay them with
silver bought with such gold, thus making "a
handsome proht Rich speculators will sell
their boarded gold TO their nelRhbors. who
need IL 10 liquidate their foreign indebted
ness az a rulnOus premium over silver, and
the lahoring men and women q the land
most defenselest Of all, Will md that the dol
lar received for the wages OF their toll has
sadly shrunk in its purchasing power.
u may be said that the latter result will be
but temporary. and that ultimately the price
Of labor will be adjusted to the change. But
even & IN 8 takes place the wnge-worker can
not possibly gain, since the price he Is com
PEELED to pay for his living will not only be
measured in a coin heavily deprecated. iiuc-
tuat ng and uncertain in It's value, but this
uncertainty IN the value OF the purchasing
medium will be made pretest for an I'D
vance ~ prices beyond that justified By the
actual depression.
The words uttered In 1874 By Daniel Web
ster In the senate OF the United states are
true 10 .dHy-"The very man of all others who
has the deepest interest In a sound currency
and who suffers most bY mischievous legIs.
iation In money matters Is the man who
earns his daily bread By his daily toll" The
most distinguished advocate Of bi.metalsm,
in discussing our silver coinage, has lately
written: mo American citizens hand
has yet felt the sensation OF
eheap99ess either in receiving, or
and those who live by labor or Legitimate
trade never win feel that sensation Of
eheapness. However plenty silver dollars
may be, they will not be distributed ns gifts
among the people, and II the labOring man
should receive four deprec ated dollars
whers ne now receives two, he will pay IN
the deprecated coin more than double the
price he now pays for all the necessarlcs aud
comforts OF life.
Those who 90 not fear any disastrous con.
sequenccs-arising from the continued com
pulsory coinage Of silver, as now directed by
law, and who suppose that the addition OF the
currency OF the country intended as its re-
suit viii be public beneht. are reminded
that the point Is easily reached IN the attempt
70 noat At the same time two sorts OF money
OF different excellence when the better will
cease 20 be in circulation. The boarding OF
gold, which has already ;aken place. indi.
Gates that We shall not escape the usual
experience in such eases. So II this sli-
yer collage be continued. We may reason.
ably expect that gold or It's equivalent
viii abandon the field of circulation 10 ~
yer. This OF course mus, produce a severe
contraction OF our circulating medium. In
stead OF adding 10 H. II will be Disputed
thht any attempt on the part OF the Govern
ment 90 cause the circulation OF a silver dol
lar worth % cents, side by side with a gold
dollar worth l06 cents. even with the limit
thht legislnt on does not run counter 20
trade; 10 be successful II must be
secopded by the confidence OF the people. thai
both coins viii retain the same purchasing
power aud chnugeable At win. A spe-
al euOrt has bcen made by the Secretary Of
the Treasury 10 Increase the amount OF our
slvor coin IN circulation, but the fact that a
large share OF the limited amount thus put
out has soon returned 10 the public treasury
~ payment or duties. leadstO the belief that
the people DO not nov desire 20 Keep IL in
hand and this. with the evident dispOsit ON
70 hoard gold, gives rise 20 the suspicion
that there already exists a lack Of confidence
among the people touching our financial
processes. i recommend the suspension Of
the compulsory coinage OF silver dollars
directed by the law passed IN February lsl5
THE AiAnINI IIn.nIr ~ anu ..I...- p -