Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1885-12-19
TREASURY DEPARTMENT.
rExT or SECRETARY MANNING's RRPoR,

showing tothl oIutnhIS rtCelEts Oh inc usCul
year ending June so, 1885, of SOS, cso, 7o6.ss, and
total ordinary expenditures Of S305, $50 970.54,
leaving a balance OF ST., $50. 1858 There is a
ne, balance in IN" treasury OF SO, slS, 2g2.3s
The report thereupon proceeds to a discussion
OF currency reform md taxation reform, which
are considered IA nearly related The secretary
contends that there is grave need OF refo m OF
both the currency and taxa ion, alleging that the
continuance SO long Of existing arrangements IL
'discreditable." lie holds that the disorders of
the currency are due especially 10 the silver coin
age act, making compulsory the coinagc OF ~
0N.UUO silver Ollars Il year and the act OF May 81.
lNlS. legalizing the re-issuance of grecnbacks a.
lcgd tender money.
bat taese two evils, Gays the secretary, which
are each q
SEPARATE MENACE TO THE PUBLIC TRAN
GUILTY.
and injurious to the public morals and the pub
lie faith, do not double the difficulties of a re-
form of the currency. Their concurrence may
even assist congress to provide the people of the
United States with a better currency than the
best now possessed by any NATIONAL currency in
which every dollar note shall be the representa-
tive certificate of q coin dollar actually IN the
treasury and payable on demand; a currency in
which our monetary unit coined in gold $500
4, 0) and its equivalent coined in silver lS2l5,-
0Ou,O0U) shall not be suffered to part company.
Such n reform. the report argues. OF the whole
currency OF the United States (setting aside the
national bank notes, which are, diminishing ana
well secured) can DO undeGtaken and finished
subject To certain conditions. These conditions
are enumerated as follows:
1. Without shock or disturbance to the indus
tries, the business enterprise, the domestic trade,
OF foreign commerce of the country.
2. Without degrading the United States none
tary unit of value 10 a cheaper dollar, and with.
out raising the United States monetary unit OF
value 10 a ~costlier dollar.
B. Without loss TO any who now hold the prom
Use of the United States TO pay u dollar.
4. Without reduction OF the present volume or
the currency or hindrance 10 it's free increase
hereafter when every dollar note shall be the
certificate Of a coin dollar in the treasury payable
on demand.
3. Without pause in the reduction OF the pub
lie debt, but paying more than three-hfths OF all
TINT part of the debt now payable at tho option
of the United states prior to September. 1871.
d. Without increase OF taxation.
Z. Without the sale Of eny silver bought and
coined since February, 1873.
y. Without tte dislsc ul the 2l5,an,UU coined
silver dullsrs Of unlimited legal tender, or any
fUll or discount III their present received value;
and without the disus. of the 5O,U"1i,O coined
gold dollars OF Alimite legal tender, or any
rice or premium on tneir present received value.
81. Without prejudice to The adoption hereafter
of IN international bimetallic union, wit free
coinage of both metals for all comor6. AT a hXei
ratio of weights, into coins of unlimited legal
tender.
10. Without the coins OF the two metals part
ing company from each other, Whatever may be
the Temporary fall, il any, in the market price
of silver bullion after stopping treasury pur-
chases.
THE MAIN FEATURE or II RKFoRM CoNTEM-
PLATEp
by the secretary simply the repeal OF. tne SILVER
coinage law, and in support of this he enters
into an elaborate argument, which is in fact one
of the leading features of this report. lie points
out the fact that gold Il the standard OF yalue IN
the foreign III aot only of the United
States, but also OF Every nation IN Europe, and
further notes the fact tiat gold IS 20 per cent. OF
the metallic circulation OF Nae United STATES at
the present moment. lilo .urges TINT whatever
laws congress may enact iniIaicai 10 Inc gold
circulation, they cannot op rate outside OF ue
United States, nor can they rise above the UNI
v9rSal lnWg az trade ana commerce or the Dklsl+
ness sense az the people.
The secretary, after a review or the history OF
TIE RATIe ETwEE COL N SILVER
from the foundation of Che government, and
afte showing That the standard silver dollar -
worth intriusically more than 20 per cent. ~
than the gold dollar, asserts that the country hits
reached 4 point in the coinage OF silver WI rrn u
cannot longer be maintained at par with Suid.
lie says this is clear not only from the iact tbaL
of the 2l5 ,0G',OO Of silver dollars coined loss
than 10000 can be forced into circuls uon. huL
also from the known factthnt holders Of gold arc
already beginning to hoard it. 1t IL further evi-
dcnced by the almost unanimous Judgment Of
the business men OF the country.
The secretary calls attention TO the fact that
all attempts to find relief fom the impending
danger through international agreement ~ To "A
ratio between gold and silver has utterly failed.
He transmits the report of the United States
commission to Europe TO investigate the sub
iect. and his detailed explanation OF the failure
Of all International effort. The secretary there
fore maintains that there are just two alterna-
tives-to continue the coinage OF silver and force
gold To a premium or To preserve the circulation
Of gold by
STOPPING TIE CoINAGE OF SILVER.
He declares that the formor ia disastrous and
ruinous: that il IEYoIves the contraction OF the
currency by the S5JJ,tu,U0 of gold currency;
that IL would pTecllitate tho country suddenly
to the silver standard alone; that il would renew
the hazards Of speculations so painfully cT-
pcrienced when gold payments were suspended
during the war; that ii it would be ruinous to
the commercial interests Of the country and
a...., .. !. 49, 4 chat sstl 1aal.
wages Of American workinGmen aTe by far the
largest. by far the most important, aggregate OF
wealth 70 be effected by tbs depreciation or the
| dollar, or any legal tender equivalent of the dol
lar" The secretary continues and concludes:
All other aggregates Of wealth, the accumula-
tions of capitalists, which can only obtain profit
able use b. being daily turned over in the wages
Of workmcu and the employment OF the cap
taius Of tieir industry. All other aggregates OF
wealth which remain unemployed in the pay
inalit OF wages o! Tho day, tho month, the year,
are not to bs compared IN their sum 10 this gi-
IlGtic sum. II is this ~giIlntic SUN, the wages
| Il labor. ghich IL assaiied 10y every policy hat
would make tho dollar OF the fathers worth .se
than it's worth in gold. The debt Of the Unite.
States. large as IL IL. ~ "a wart fs SIDE that noun
tnin. If by. deirauding our fellow citizens who,
directly or indirectly through the savings banks,
hold those promises TO pay a dollar ON demand
or in due season; if b.. istting silver fall below
fMG len" Of p the paib biz debt debt much af0 less ."t than IS $40 J. a
head would thus be saved to tho people of the
United States. How long would SO "a piece pay
| our WORKING men ana women lOr the lOes OF II
third off every dollar Of their wages?. How long
before they could get their wages raised enough
TO huy az much "a bafore?
The secretary urges, as tie
oNLY REMEDY OF THE IMPENDING DANCES
the speedy repeal OF the silver coinage act.
Nc the topic If taxation reform. tie secretary
tsserts tiai the pr sent administration OK Gus.
'jnis laws IS a cHics rather than a system, ant
ekpressfs the hope that ~ parties will agree tbal
history OF tariff legislation and thu
various eiort- at reduction OF duties
caliing stteution TO the fact thai
he average adyalurem rate OF duty was last yeal
~ per cent. Inc secretary maintains that reduc
,ion OF he tariit should be directed 10 the in
rOngrcitics. the absuTdities aud expressions 81
no tarih aud that il should especially relate Il
ne necessaries of life and TO the requirements %
american labor. He further urges that congress
'lall 'maturely consider and favorably regarC
ne interests which can only gradually and care
ully be- adjusted. without loss. 10 changes in thu
Legislative conditions for their advancing pros
pefity."
The secretary then reviews
TIE CONDITION OF INTERNAL TAXATION
and the mints, and recommends various admin.
tstrttiye changes in the bureau of engraving and
printing. The report Of the comptroller OF the
currency liz recapitulated and his recommends.
IONS in general reiterated regarding the details
r the national banking system. The Remainder
" the report is occupied with the details of vari,
ia subordinate bureaus OF the treasury depart
mont, and concludes with general reference To q
mass of departmental reports which are incor.
.,orated in the report as an addendum.
INTERIOR DEPARTMENT.
syN0psIs or ruE sRCRRTARY's POE