St. Landry democrat., 1885-12-19
THE SILVER QUESTION.

Losing Contest, and Recommends the Sus-
pension of the Further Coinage of Silver
Dollars.
We give below the views of President
Cleveland on the subject of taxation and on
the silver question, as embodied in his
message, but which were omitted in the
regular report rather than run the risk Of
curtailing them, as we deem the matter of
sufficient Importance to be given ip full:
REDUCTION or TAXATION.
The fact that our revenues are in excess of
actual needs of an economical administra-
ton OF the Government, jusCihes reduction
in amount oxacted from the people for its
support. Our Government is but the means
established by the will of free people by
which certain principles are applied Hhich
they have adopted for their benetit and pro-
lection and 1t is never better administered,
and ats true spirit is never better observed,
than when the peoples taxation for Its sup
port is scrupuiousiy limited to the actual
necessity OF expenditure aud distributed ac-
cordng to just ana equitable plan. me
proposition with which we have to deal
is tie reduction of tho revenue received ny
the Government and Indirectly paid the
people from customs duties. The question
of free trade is not Involved, nor Is there
now any occasion for the general discussion
OF the wisdom or ext ediency of q protective
system, Justice and fairness dictate that in
any modification OF our present laws reiat-
ing to revenue the industries and interests
which have been encouraged by such lava,
and in which our citizens have large invest
ments should not be rulhlessly injured or
DESTROYED, We should also deal with the
subject in such manner as to protect tho in
terests of American labor, which is the cap.
itaI of our .workingmen. Its stability and
proper remuneration furnish the most 1ustt-
liable pretext for protective policy. Within
these Limitations a certain reduction should
be made in our customs revenue. The
amount of such reduction having been de-
ternined the inquiry follows, where can 1t
best be RENTED, and what articles can best
be released from duty in the interest OF our
citizens!
WHERE THE REDUCTION SHOULD BE MADE.
think the reduction should be made in the
revenue derived from the tax upon the I'm
portant necessariea of life. We thus directly
lessen the cost of living in every family of
the land, and release to the people in every
humble home lnFger measure of the re-
wards of frugal Industry.
During the year ended November ], 1885,
145 National Banks were organized, with an
aggregate capital of $i6,93S,00O, and circula-
ton notes have been issued to Thorn am cunt.
Ing to S4,274,9N. The whole number of these
banks IN ex1sss 1 on the Gay aooVe mem
of circulating notes issued by our National
Banks, compared with the amount the law
permits them to issue upon a deposit of
bonds for Their redemption, indicates that
the volume of our circulating medium may
be largely increased through this instrument
taIity
Nothing more important than the
PRESENT CONDITION OF OUR CURRENCY
and coinage can claim your attention. Since
February 1878, the Governments has under
the compulsory provisions of law, purchased
silver bullion and coined the same at the
rate of more than 81 ,n0I,0 900 every month. BY
1875 silver dollars have been coined. rea.
sonable appreciation of Il delegation OF
power to tho general Government would
limit It's exercise without express res trctive
words, to the peoples needs and the require
inents of tho public welfare. Upon this
theory the authority to ttcoin money given
to Congress by the Constitution. il it per-
nitS the purchase by the Government OF
bullion for coinage in any event, does not
justify such purchase and coinage to an eX-
tent beyond the amount needed for u suffi-
clenG circulating medium. Tho desire to
utilize the silver product OF the country
should not lead to u misuse or the pereer-
sion of this power. The necessity for such
aIE Tradition to the silver currency of tho Ma
ton as is compelled by the silver coinage
ace Is negatived by tile fact that up to the
present time only about fifty millions OF sill
yer dollars so coined have actually found
their way into circulation, leaving more
than one hundred and sixty five millions in
possession of the Government, the custody
OF which has entailed considerable ex-
pense for construction of vnuits for its de-
posit Against this latter amount there are
outstanding silver certificates amounting to
ABOUT 9S5, 0OusVUt.
IDLE COIN
Every month s., 09l 900 of gold In the pub
lie Treasury are paid out for S.. 600 90 or
more of silver dollars to be added to the idle
mass already accumulated Ii continued
long enough this operat ion will result in the
substitution of silver for all ths gold the
Government owns applicable to its general
purposes 1t will not do to rely Unon the
customs receipts OF the Governments to make
good this drain of gold, because the silver
thus coined has been made lie sal tender for
all debts and dues, public and private. At
times during the past six months fifty eight
per cent OF the receipts for duties have been
IN SILVER or silver certificates, while the av-
erage within that period has been twenty
per cent The portion of silver aud its GER
tlficates received by the Government Will
probably increase as time goes on, for the
reason that the nearer the period APP
proaches when It will be obliged to offer sill.
greater inducements there will be to hoard
gold against depreciation in tho Valne OF
silver or for the purpose Of specializing.
THE HoA1DIEG or GOLD
has already begun. When the time comes
mat gold has been Withdrawn from circula-
ton there will be apparent the difference be-
tween the real value of the silver dollar and
dollar IN gold, and the two coins will part
company Gold, still the standard Of value,
ann necessary in our dealings with other
countries, will be at a premium over silver.
Banks which have substituted gold for tue
deposits of their CUSTOMERS NAV nav them
with silver bought with such gold, thus max.
ing handsome profit Rich, Spectators
Wlil sell their boarded gold to their neigh.
Iors who need it to liquidate their foreign
aeots, at ruinous premium over silver. and
Che laDoring men and women of the land,
most defenseless of all, will find that the
dollar received for the wages OF their toll has
sauly sbrunk In its purchasing power. 1t
may De said that the latter result will be
ONT temporary, and that, ultimately, the
price OF labor will be adjusted to the change
bu6 even If this takes place, the wage work
ef cannot possibly gain, but must inevitably
for his living will not only be measured In d |
com heavily deprecated, and fuctuating
anu u. uncertain in its value, but this uncer-
talnty m the value of the purchasing mo-
vance in prices beyond that pstifed by ac-
Sual depreciation.