Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1885-12-17
os152,oo1

than "A -. zee 4ssH 81
~ ~, rntt~r amount OF dates etllectel' ~
,.g ccnt wa coiIeclsd from the followil AK arAet.s
! - tn,t.1rt. Suaag ami moiasser. ~ Noo ~
It's mauufactures, -; six ana W. ann.ac mr. !
q. I'm amt stael ant tbsir mani aotu
| :. cnttnn ami It's manufactures, u; max hemp
and late and their IA Inuiactur :. y
"" REDUCTION CF REVENUE
rrha ,ac+ Nat ung r .ycGues are IN excess OF the
,ctnsi needs Of the government, ~Jastlles = re-
| ductiou In tue amount cNtnt"d t"hi .Ho ~"
for Us support. Our government !. Iu w ~ NSiena
ceTTaiI Dytncipies arr applied, Which LicN nav
| adoptei for their benefit and pfoteoeton, aau
Is never better admlniI'ered, s"' y .n nsa,,;eis
taxation for It's support ~ SCI. 10y III
10 the actual necessity o. exp. g aIuW
tributed according 70 a lnst am -. a,ie =, =
the redac'tOu OF he revenue recover w ~
e5ycrume It and iadtrectlr paid by the beop,s
from Customs dulles Ihe 9aT rs nnv oovo o..
rssiIn for the general discussion ut the wlsdI!h
or expediency OF y protective systsm: JUN
and irness dictate that Ia any morin0 ~ w. n
dustfia- and Interests when La'1 pTsH
ENCOURAGED by SUCH laws, and IN whHoA
I'Ir r,trznns have large investments,
should not b9 mthles+lv injured 81 destroy q
We .nnuiI also deaf with the subJ';a IN such
manner as to protect tine intereSLs ol Anle,Io-n
labor. which il the capital OF our workAn2dien.
Is stability and proper renuIcr ton iuih tn
the most iustii Ibla pTeteXt Tor a prOtecrN
policy. Within these lImt atoms q crttln re-
| ductiUn should be made on ouT customs trVrah'
Tno amannt u such reduction having beti. "e-
termined. the inquiry follows where can IL ots
be remitted aud what articles can o'sL ~ 30
leased from duty in the iHtefesv OF our cltl19ar'
| th,cS n. reduction should be made m tue rev
eune derived from 4 tax upon tha imported nee
essarics Of Ifc. We thus directly lessen inc
cost Of living IN every tamliYot Ihe lanl' an
lease to the people 10 every hunlble h,H't"
larger measure OF tins re yards OF frugal il
dustry.
TN..g., yha vaaF snl4l Nov ] IRAl. Id ma
ttonal banks were organized, with an Aggregate
capital OF SO. 9JS, 900, and circulating NOES
have been issued to them amounElng to III
Go The whole number Of these banks ia eA-
isteuce on the day ABOVE mentioned was LII
The very limited amount OF circulating notes
issued BY OUT national badks comnared wlth the
amount the law permits them 20 issue, upon a
deposit of bonds for their redemption. lndlca@es
that the volume of our circulStIng medium my
be largely increased throuZh TINS lhstru-
mentality. Nothing more Important thah th'
present condition OF our currency snd coinage
can claim your attention. Since February. 1873.
the government has, under the compulsory pro,
visions Of law, purchased silver bullion ana
coined the same at the rate Of more than
So o 600 every month. BY this process
up to the present date, 30 iaS-
A reasonable appreciation Of q delegation OF
power to the general government would limit IT'S
exercise without express restrictive words 10 the
peoples needs aud the requirements OF the puo-
lie welfare. Upon this theory the authority 10
loan money, as given to congress by the con-
s~titution, If It permits me purchase by the gov
eminent OF bullion for coinage IN any event,
does not justify such purchase and coinage 10
the extent beyond the amount needed Tor a
sufficient circulating medium. The desire 20
utilize the silver product Of the country should
not lead to a misuse, or the peryersion OF THIS
power. The necessity for such an addition 10
the silver currency OF the nation as Is com
PEELED 10y
THE SILVER COINAGE ACT.
Is negatiyed by the fact that up to the present
time only abOut fiji, Y millions Of silver dollars
g.. .zga.N A.r, vfV,alI FtH1FgN thar vkaN tnFn cir
c~ulaJion, leaving more than Sl65, 100000 IN pos
session Of the government, the custody OF
which has ontailed a considerable expense Tor
the construction OF vaults Tor It's deposit.
Against this latter amount there ss 0Ntstand-
ing silver certificates amounting to about S93,-
OOO, 600. Every month 50, 100000 OF gold ia
the public treasury are paid out Tor Sl,Ooo,OOO
or more Of silver dollars Ia be added 70 the idle
mass already accumulated. IL continued long
enough this operation will result in the subSli-
tuition Of silver for all the god the government
owns applicable to its general purposes. 1t will
not do TO rely upon the customs receipts Of the
government 70 make good this drain OF gold, be-
cause the silver coined having been made legal
tender for all debts and dues, public and prt-
yaJc, at times during the last six months, IS
per cent of the receipts for duties have been IA
silver Or silver certificates, while the average
within that period has been 20 per cent.
The proportion OF silver aud its certificates re-
ceived by the government will probably increase
as time goes on, tor the reason that the nearer
the period approaches when il will be Obliged to
Offer silver in payment of It's obligations, the
greater iuducement there will be to hoard gold
against depreciation in the value OF silver and Tor
the purpose of speculating. This boarding Of
gold ha already begun. When the time cOaes
that gold has been Withdrawn from circu ssson,
then Will DC apparent the difference between the
real value Of a silver dollar and a dollar In
gold, and the two coins will part company. Gold
still the standard OF value and necessary IN
our dealings with other countries VIII be a. a
premium Oy r silver. Banks which have substi-
tured gold Tor the deposits of their customers.
may paw them with silver bought with such
/ FllI ghnp bin n nIa.Tn Oft 1Hga
spectators will sell their boarded gold To their
neighbOrs, who heed II 70 lIquidate their foreign
debts, at ruinOus premiums over silver, and the
| labOTIDg men and women OF the land, most de-
fensetess OF all, will find that the dollar received
for the wages Of their toll has been sadly shrunk
In its purchasing power, IL may be sad that the
ultimately the price 81 labor viii be adjusted 10
the change. but even il this takes place the wage
worker cannot possibly gain, bu: must ineyita-
bly, loose since the price he il compelled TO pay
for his living will not only be measured in q
coin heavily deprecated and huctuating and
uncertain in its value, bat this uncertainty in
the value OF the purchasing medium viii be
made the pretext for an advance in prices be-
yOnd that justified by actual depreciation. The
words uttered IN 1884 by Daniel Webster, in the
senate of the United States, are true to-day:
Tine very man OF ali Others who has the deep
est interest IN a sound currency, aud who suffers
most from m,schievous Legislation 81 money
matters, Is the man who earns his daily bread by
his daily toll"
The most distinguished advocate Of bimetal-
ism, discussing our SILVER coinage, has lately
written: No American citizen had felt the SEN
sattDn Of cheapness, either In receiving or ex-
pcuulng the silver act dollars" and those who
live by labor or egitimate trade. never will feel
that sensation of Cheapness. However plenty
silver dollars may become, they will not be dis
triDuted as gifts among the people, and If the
la30rIng man should receive four deprecated
dollars where he now receives but two, he Will
pay in the deprecated coin more than double
the prizes he now pays for all the necessSries
and comforts OF life Those who donot fea. any
| nlsasIFOnS ron 9PnngnnpE AFlkInN from thu mn
ttuued compulsory coinage of silver as now
directed by law, and who suppose that the
addition TO the currency OF the country, in
tended as its result, will be a public benefit, are
reminded that history demonstrates that the
point Is easily reached In the attempt to fioat at
the same time two sorts Of money Of different
circulation. The boarding Of gold which has
already taken place indicates that we shall
not escape the usual experience in such cases.
SO II TINS silver coinage he continued we NAV
reasonably expect that gold and its equivalent
will abandon tbs tinld "a circulation TO silver
alone. This, o. course, must produce a severe
contraction OF our circulating medium instead
of adding TO II. II viii not be disputed that any
attempt on the part Of the government tn cause
the ctrCula tion Of silver dollars worth 80 cents
side by side with gold dollars worth 100 cents,
even with the limit thai legislation does not run
counter 10 laws OF trade, TO be successful must
be seconded by the confidence Of the people that
both coins Will retain their ssme purchasing
power and be INTERCHANGEABLE at will. Special
effort has been made by the secretary OF the
treasury 10 luCIthse the amount OF our silver
coin in circulation, but the fact that a large
share OF the limited amount thus nut out has
soon returned 70 the public treasury In payment
OF duties leads TO the belief that the people 40
not now desire to keep II In hand: and this wit h
the evident dispoHition to hoard gold, gives
rise TO the suspicion that there already
exists q lack of confidence among
the people touching our financial processas,
There Is certainly not enough silver now In cir
culation TO cause uneastness, and the whole
amount coined and now on hand might, after a
time, be absorbed by the people without appre-
henSton. But It Il the ceaseiess stream that
threatens 10 overflow the land which causes fear
and uncertainty. What has been Thus far sinh
mitted upon this subject relates almost entirely
TO considerations OF a home nature, unconnectcd
with the bearing which the policies OF other ma
lions have upon the question. But 1t f. per
fectly apparent that a line of action in regard 10
our currency cannot wisely be settled upon or
persisted IN without considering the attitude OF
the subject OF other countries with whom we
maintain Intercourse through commerce trade
and travel. An acknowledgment of this fact
Is found In the act b. virtue OF which our silver
Is cnmpnlsoriiy coined, IL provides:
The president shall invite the governments of
the countries comprising the Latin union. so
called. and Of such other European nations ~
ne may deem advisable. to toin the United
+, states In q conference to adopt q common ratio
between gold aud silver for the purpose OF es-
tablishing internationally the use of bimetalIio
II money and sepnring nxfIv ~ ral.tfv. u.1.-