Savannah morning news. [volume] (Savannah) 1868-1887, 1885-12-09
OBSERVATION-DISCLOSURES REPORT
Estimates for the Fiscal Yesr-The Con-
ditiona of Curreney Reform. Etc.

GbGAm4JGS LOT bno fiscal \ SHF-In6 OOu-
ditiOns of Currency Reform, Etc.
WASHINGTON. Dec. S.-Secretary Man
ning's report is one which will be read
with more interest than usual with such
documents. The estimates for the fiscal
year of 1886 shows a surplus of S24, 250, 600,
and those for tho fiscal year 1887, exclud-
ing the sinking fund, show a surplus of
$22, O69, AT 66.
That part of the report relative to cur
rency reform, and taxation reform, is the
most interesting to the general reader.
The Secretary says these reforms ''invite
and exact the best efforts Of American
statesmen" and ''that men of both
parties have been liable TO the be
lief that the disorder in the
currency is kind Of order, and that the
mixture OF private jobs and past public
needs in our tariff, is a system of protec-
ton to American labor" The disorders
In the coming chiefly arises from the
operation OF the law requiring the per-
petual purchasing of $24,0O0,000 of silver
per annum, and its unlimited coinage
into legal tenders, and the indefinitely
postponed fuldllment of the pledge to re-
deem and pay all the obligations of the
United States not bearing interest, and
legalized $346, 100000 of paper money as
unlimited legal tenders and required the
past-redemption issue and reissue Of those
promises to pay. Mr.. Manning says:
But these two evils. which are each a sepa-
rate menace to the public tranquility and
injurious TO the public morals and the public
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 better currency than
the best now possessed bv any nation-a cur
rency in which every dollar note shall be the
representative certificate of coin dollar &C
tuauy In the Treasury and payable on de-
mand; currency In which our monetary unit
coined in gold 1885, O00, 900 and its equivalent
coined in silver tS2l5, 900, 000) shall not be suf-
fered to part company.
Such a reform Of the whole currency OF the
United states Setting aside the national
bank notes. which are diminishing and well
securely can be under taken and finished sub
Ject to the following conditions:
THE CONDITIONS OF CURRENCY RE-
FORM.
!. Without shock or disturbance to the in
dustr1es, the business enterprise. the domestic
trade or foreign commerce OF the country.
,. without degrading the United States
monetary unit Of value to cheaper dollar.
and without raising the United States none
tary unit of value to a costlier dollar.
3. Without loss to any who now hold the
promise OF the United States to pay a dollar.
4. Without reduction of the present vol
ume OF the currency, or hindrance to its free
increase hereafter when every dollar note
shall be the certificate of a coin dollar In the
treasury payable on demand.
D.. without pause in the reduction of the
public debt, but paying more than three ffths
of all that part of the debt now payable at
the option of the United States prior to Sep
TENDER, 1891,
s. Without increase Of taxation.
z. Without the sale Of any silver bought
and coined since February, 1878.
s. Without the disuse of the 2l5.0O0, 900
coined silver dollars of unlimited legal tender
or any fall or discount in their present re-
ceiyed value; and without the disuse of the
So, GOO, 600 coined gold dollars of unlimited le-
gal tender, or any rise or premium on their
present received value.
9. Without prejudice to the adoption here
after of an International bimetallic union,
with free coinage of both metals for all
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
ket price Of silver bullion after stopping
treasury purchases.
would most respectfully commend to the
consideration Of Congress the question
whether such 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 advantage
TO all our industries and trade. by repeal of
me clause requiring Treasury purchases Of
compulsory Treasury issues and reissues of
the legal tender notes.
The secretary explains the relation
of silver and gold in this country, and
also the coinage OF Europe. He says:
Our zl5,0OC 900 silver dollars are here, and
cannot be expected sensibly to decrease, as
our gold may. Nobody WIN export or melt
them. The reasons are plain. They will not
now abroad, for the legal tender quality given
them by act OF Congress cannot procure their
reception elsewhere; not in Germany, Just as
her legal tender laws, applied to her equally
deprecated 400 or 500 million silver marks in
thalers of unlimited legal tender, cannot pro-
mote their reception here, or in France; not
In France. just as her legal tender laws. APP
piled TO her 800 million hve-franc
pieces OF unlimited legal tender,
cannot promote their reception
here or in Germany. Ceasing to coin more,
our 2l5,000,0 900 silver dollars will remain. No
body will melt them, since the silver melted
is worth 20 or p per cent. less than the silver
mlnted, while they remain legal tender for
all sums. Therefore, no silver to be used in
the arts or industries, or for expectation, will
be drawn from this stock. It is not to be eX-
pected that Congress will withdraw from
these $4,000, 900 silver dollars their full tender
quality; it is not to be expected that Congress
will redeem and melt them and sell the metal
The fact, then, is that we cannot but be two
metallists.
oNE-METALLISM OR TWO-METALLIsM-
OUR ONLY CHOICE.
The choice before Congress is not between