Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1885-12-09

lContinued from second page. |

Ststss, claim to like treatment in respect of
vessels coming to the United States from
their home ports. This government,
however, holds that the privileges granted BY
the act are purely geographical. enuring to
any vessel of any foreign power that may
choose to engage in traffic between this
country and any port within the defined zone
and no warrant exists under the most favored
nation clause for the extension of the priv
ileRes in question to vessels sailing to this
country from ports Outside the limitation Of
the act. Undoubtedly, relations of commerce
with our near neighbors. whose territories
form 90 long frontier line, difficult to be
guarded, and who find in our country and
equally offer to rs natural markets and de-
mand special and considerable treatment. /
earnestly urge Congress to re-cast sppropria-
TONS for the
MAINTENANCE OF DIPLOMATIC AND C0SsULAR
SERVICE
on a footing commemorate with the import
ance of our national interests. By restoring
consular fee revenues to public use, consular
service would be self-supporting. even with
liberal increase of the present low salaries.
The report Of the secretary fully exhibits the
CONDITION OF PUBLIC FINANCES.
and out of several branches Of the government
connected with his department the suRges-
tions Of the secretary relating to the practical
operations of this important department and
his recommendation in the direction of SIM
plification and economy, particularly in the
work of collecting customs dues. are espec-
ially urged upon the attention of Congress
The fact that our revenues are in excess of
the actual need of an economical administra-
ton of the government justifes reduction in
the amount exacted from the people for its sup
port. The proposition with which we have
TO deal is a reduction of the revenue received
by the government and indirectly paid by the
people from customs duties. The question OF
free trade is not involved, nor is there now
any occasion for a general discussion of the
wisdom or expediency of the protective sys-
tenn Justice and fairness dictate that in any
modification of our present laws relating to
revenue, industries and interests which have
been encouraged by such laws and in which
our citizens have large investments should
not be ruthlessly injured or destroyed. We
should also deal with the subject in such
manner as to protect the interests of American
labor, which is the capital of our working
men. Its stability and proper remuneration
furnish the most justiiable pretext for pro.
tective policy. Within these limitations GER
revenue. The amount of such reduction hav
ing been determined, the inquiry follows where
can it best be RENTED and what articles
can best be released from duty in the interest
of our citizens? think the reduction should
be made in the revenue derived from tax
upon imported necessaries 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 a larger measure of
the rewards of frugal industry
SILVER COINAGE.
Nothing more important than the present
condition of our currency and coinage can
claim your attention. Since 1878 the gov
eminent has, under compulsory provisions of
law purchased silver bullion and coined the
same at the rate of more than two millions of
dollars every month. By this process up to the
present date, 2l5, 1853, 431 silver dollars have
been coined. The authority to coin money
given to Congress by the constitution, if it
permits the purchase by government of bull
lion for coinage, in any event does not justi
fy such purchase and coinage to an extent be-
yond the amount needed for a sufficient cir
culating medium. Desire to utilize the silver
product of the country should not lead 10 the
misuse or perversion of this power. Every
month two millions of gold in the public
treasury are paid out for two millions or more
of silver dollars to be added to the idle
mass already accumulated. If continued
long enough this operation will result in
substitution of silver for all the gold the
government owns applicable to its general
purposes. 1t will not do to rely upon the
customs receipts Of the government to make
good this drain of gold, because silver thus
coined having been made legal tender tor all
debts and dues, public and private, at times
during the last six months So per cent of the
receipts for duties have been in silver or sill
yer certificates. The nearer the period APP
proaches when the government will be obliged
to offer silver in payment of its obligations,
the greater inducement there will be to hoard
gold against the depreciation in value of sill
yer. or for the purpose of specializing. This
boarding of gold has already begun. When
the time comes that gold has been withdrawn
from circulation then will be apparent the
difference between the real value of silver
dollar and dollar in gold and the two coins
will part company; gold, being still the STAN
dard of value. and necessary in our dealings
with other countries, will be at a premium
over silver; banks which have substituted
gold for deposits of their customers may pay
them with silver bought with such gold. thus
making handsome profit; rich spectators
will sell their boarded gold to their neighbors
who need it to liquidate their foreign
debts. at ruinous premium on silver, and
the laboring men and women of the land
most defenceless of all, will find that the dol
lar received for wage of toll has sadly shrunk
in it's purchasing power. The boarding of
gold which has already taken place indicates
that we shall not escape the usual experience
in such cases. So, if this silver
coinage be continued we may reasonably ex-
pect gold and its equivalent will abandon the
field of circulation to silver alone. This of
course must produce severe contraction of
our circulating medium instead of adding to
it. 1t will not be disputed that any attempt
on the part Of the government to cause the
circulation of silver dollars worth eighty
cents, side by side with gold dollars worth
one hundred cents, even within the limit that
legislation allows, does not run counter to
the laws of trade. To be successful it must
be seconded by the confidence of the people
that both coins will retain the same purchas-
ing power and be interchangeable at will
The return of silver to tie public treasury
in payment of duties leads to the belief that
the people do not have a desire to keep
it in hand, and this, with the
evident disposition to hoard gold,
gives rise to the suspicion that there already
exists lack of confidence among the people
touching our financial process. There is
certainly not enough silver now in circulation
to cause uneasiness. and the whole amount