Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1885-12-25
THE TREASURY.
Secretary Manning's Report of the Condi-
ton of the Nations Finances-Isevenue
Reform Strongly Advocated.

l IlOn OF Cne NaIlOnS
Reform Strongly Advocated.
WASHINGTON, Dec. 10.-The report OF
Mr.. Manning, Secretary of the Treasury,
fills a pamphlet Of one hundred pages.
The statistical features of the report will
be found well summarized in the Presi-
dents message. The two important SUBJ
jects OF discussion in the report of the
Secretary having general interest are cur
rency reform and taxation reform, both Of
which are favored by the Secretary. Cur
rency reform, says the Secretary. is first
in the order of Importance and
Of time, and fifty precedes other re-
forms, even taxation reform, because it will
facilitate all other reforms, and because it
can not safely be deferred. The coinage
act of 1878 is overlooking the minis with
ulissued, tile b-Treasuries with returned
silver dollars, and will unavoidably convert
1e funds of the Treasury into those depre-
ciated and depreciating coins. The disor-
ders of our currency chiefly arise from the
operation of two enactmentS:
l.. The act Of February rs, 1878, which has
been construed as a permanent appropriuto on
for perpetual Treasury purchases of at least
81, 0OJ,000 worth ofsilvcr p%crnnuun, although
from causes mostly foreign that metal is now
of mutable and falling value, which must be
manufactured into coins OF unlimited legal
! tender and issued TO the people of the United
states s Tba as &c, equ of MsY s. Of 1s; our w m9ne jngst nn1t,
postponed tulfllment of the solemn pledge
March is. 1862, not only of redemption but
also OF payment of all the obligations OF
the United States not bearing interest, legal.
lied as S34G. 00D,C 0 paper money of unlimited
legal tender, and required the post-lcdcmn'
ton issue and reissue of these promises to
pay dollars, us equivalent of our monetary
unit.
But these two evils, which are each a
separate menace to the public tranquility
and injurious to the public morals and the
public faith, do not double the difficulties
OF a reform OF the currency. Their concur
renee may even assist Congress to provide
better currency than the best now
possessed by any nation-a currency i'll
which every dollar note shall be
the representative certificate of a coin
dollar actually in the Treasury and payable
OH demand; a currency in which Oul
monetary unit coined in gold (S55O, 600, 00Oj
and its equivalent coined in silver ($2l5,
600, OOO) shall not be suffered to part CON-
pany.
Such a reform of the whole currency Of
the United States (setting aside the Ma
tional bank notes, which are diminishing
and well securely can be undertaken and
finished subject to the following condi-
tions:
N''A oAoSA Va 'Ss oosiNS W e"S ~
dustrics, the business enterprise, the domestic
trade, or foreign ofthe country.
=. utdegrading the United States mon
etary unit of value to a cheaper dollar. and
without raising the United States monetary
unit of value to Il cOstlier dollar.
j. Without loss to any who now hold the
promise of the United States to pay a dollar.
4. Without reduction OF the present volume
of the currency, or hinderance to its free in;
crease hereafter when every dollar note shall
be the certificate Of a coin dollar in the Treas
ury payable on demand.
i: Without pause in the reduction of the
| public debt. but paying more than thrcc-firthS
OF all that part OF the debt now payable at the
option OF the United States prior to Septeln-
Der, 1891.
6. Without increase of taxation.
Z; Without the sale of any silver bought
and coined since February, 1878.
4 s. Without the diSLSc of 2l5, 600, 900 coined
silver dollars of unlimited legal tender or
any fall or discount in Their present received
value; and without the disuse of the 550.O0o,-
600 coined gold dollars OF unlimited legal
tender, or any rise or premium on their
present received value.
8. Without prejudice to the adoption here
after of an international bimetalkc union,
with free coinage Of both metals for ali
Corners. at a fixed ratio OF weights, into coins
OF unlimited legal tender.
10. Without the coins of the two metals
parting company from each other. whatever
may be the temporary fall, if any, in the mar
let price of silver bullion after stopping
Treasury purchases.
The Secretary c0mmends to the consid-
Grafton Of Congress the question whether
such a reform OF the currency ought not
now to be endeavored; whether these are
not among the prudent and just conditions
of its reform; and whether such a reform
might not be promoted, with immediate adj
vantage to all our industries and trade, by
repeal of the clause requiring Treasury pur-
chases of silver bullion, and repeal OF the
act making compulsory Treasury issues and
reissues Of the legal tender notes.
The Secretary than anfarS nnon a Ionr
and technical argument sustaining his po-
sition, the gist of which is tersely and
strongly presented by the President in his
message. The grouping Of statistics, the
definition of terms, and the collation. Of
coinage laws are all interesting to a student
OF the question, but popularity would be
found tedious.
AS to revenue reform the Secretary says:
Like our currency laws, our tariff laws are
their origin, their defects are unnecessary
after twenty years;of peace. They have been
retained without sitting and discrimination,
criticism or examination. A horizontal re.
duction OF ten per cent. was made in 1872, but
was repealed in 1875. and rejected in 1884.
They require ut our custom-hOuses the
employment OF a force sufficient to ex-
anime appraise and levy duties npon more
duty begun in war have been increased since.
although the late Tariff Commission declared
them injurious to the interests supposed to
be benefited and said that n reduction
would be conducive to the general prosperi-
ty.' They have been retained, although the
long era of falling prices, IN the case OF speci-
tic duties, has operated 3 large increase of
rates. They have been retained at an aver
age nd vnlorcm rate tor the last year of over
f~orty-siX per cent, which is but
two and one.halt per cent. less
than the highest rate of the war
period, and is nearly four per cent. more thnn
the. rate before the latest revision. The
highest endurablc rates of duty. which were
adopted in 1924 to offset internal taxes upon
almost every taxable article, have in most
cases been retained now from fourteen to
has been removed. They have been retained
while purely revenue duties upon articles not
competing with anything produced in the
thirty-cight States have been discarded.
They have been retained upon articles
used as materials for our own manufactures
On 1854 adding $500 Q 600 to their cost, which,
Il exported. compete in other countries
against similar manufactures from untaXed
materials. Some rates have BEEN retained
after running the industries they were meant
to advantage. Other rates have been retained
after e%iecting Il higher price for
q domestic product ut home than it
was sold abroad for. The general
high level of rates has been retained on the
theory OF cOuntervailing lower wages abroad,
when, in fact. the higher wages OF American
labor are at once the secret and the security
Of our capacity to distance all competit on
from ''Dauper labor in any market All