Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-12-08


their manufactures. 80. S54S74 REQ
Cotton and its manufac-
Hides and skins other 4eo
than fur skins...--.....--.- 2O.5S6,443 $3.50
OF the entire amount of duties collected 20
per cent. was collected from the following arti-
cles OF import:
s,a.,.., ,o Percentage,
Wool and its manufactures. .....-. <
six and Its manufactures. 3
Iron and steel and their manufactures.
Sotton manufactures..-......... q
FLAX, hemp,aGd jute, and their manufactures 8
REDUCED TAXATION RECOMMENDED.
The fact that our revenues are in excess of
the actual needs of an economical administra-
ton OF the Government, justfies a reduction in
the amount exacted from the people for its sup
port. Our government is but the means estab-
lished by the will OF free people, by which
certain principles are applied which they have
adopted for their benefit and protection; and it
is never better administered and its true spirit
is never better observed than when the peoples
| taxation for its support is scrupulously limited
to the actual necessity of expenditure and dis
trlbuted according to just and equitable
plan.
The proposition with which we have to deal
Is the reduction of the revenue received by the
government, and indirectly paid by the people
from customs duties. The question offree trade
Is not involved, nor is there now any occasion
for the general discussion of the wisdom or ex-
pedtency OF a protective system.
hcation OF our present laws relating to revenue
the industries and interests which have been
encouraged by such laws, and i'm which our
citizens have large investments, should not be
ruthiessly injured 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.nen: its stability
ana proper remuneration furnish the most
JuStifia6le preteXt for a protective policy.
Wltnln these limitations a certain reduction
should be made in customs revenue The
amount OF such reduction having been deter
be RENTED and what articles can best be
ZenS?
think the reduction should be made i'm the
revenue derived from a tax upon the imported
nccessaricS OF lie. We thus directly lessen the
! cost OF living in every family of the land, and
felt-:ec 10 the people i'll every humble home a
large measure of the rewards OF frugal indus
try.
Durlle, the year ended November l. 1885
one hu'idrcd and forty-five national banks were
organized, with aggregate capital OF SI6,-
49,, 06o and circulating notes have been issued
10 ii ga asi.--.ni ing TO i21i91O. The whole
NUMBER oI these banks in existence on the day
above mentioned was 2.121
The Very limited amount of circulating notes
issued by our national banks compared with
the amount the law permits them To- issue. upon
deposit OF bonds Tor their redemption, indi-
Gates that the volume OF our circulating medium
may be largely increased through this instru-
mentality.
THE CURRENCY AND SILVER COINAGE CUES
TIoNS
Nothing more important than the present
condition of currency and coinage can
claim your attention.
Since February, 1873, the Government has,
under the compulsory provisions of law, pur-
chased silver bullion and coined the same at
| the rate OF more than two millions Of dollars
every Ecntn. By this process up to the present
date 2lo, 30, 81 silver dollars have been
! coined.
a reasonable appreciation of a delegation of
| its exercise without express restrictive words,
| to the peoples needs and the requirements OF
| the public welfare.
Upon this theory the authority 10 "coin
money given to Congress By tie Constitution,
! il II ,"."1nits The purchase by the Government
OF bullion for coinage in any event, does not
| Justify such purchase and coinage TO an extent
| beyond the amount needed for sufficient cir
| cuiating medium.
The desire to utilize the silver product of the
country SHOULD not lead 10 a misuse the per-
version of this power
silver currency of the nation as is compelled by
| the siver-conage act. is negatived by Lte fact
that up 10 the present time only about fifty
| millions of the silver dollars so coined have
| actually found their way nto circulation, le;.v-
| ing more than one hundred and siXty-five
| millions in the possession OF the Government,
| the custody OF which has ent,iled a consider
able expense for the construction OF vaults for
its deposit. Against this latter amount there
! are outstanding silver certificates amounting to
! about ninety-three million. .. dollars
| Every month two millions of gold in the pub
| more of silver dollars, TO be added to the idle
! mass already accumulated.
Ii continued long enough, this operation will
result in the substitution OF silver for all the
gold the Government owns applicable to it's
| general purposes. 1t will not do to rely upon
| the customs receipts ofthe Government to make
good this drain OF gold. because the silver thus
| coined having pee,. Inaue legal tender for all
debts and dues, public and private, at times
| during the last six months 5S per cent of the
receipts for duties have been in silver or silver
| certificates, while the average within that Pc
riod has been 20 per cent. The proportion OF
silver and its certificates received by the Gov
| eminent will probably increase as time goes on,
| for the reason that the nearer the period APP
prOaches when it will be obliged TO offer silver
| IN payment of its obligations, the greater in
| ducement there will be to hoard gold against
| depreciation in the value OF silver, or for the
purpose of speculation.
| This boarding of gold has already begun.
| When the time comes that gold has been
withdrawn from circulation, then will be APP
parent the difference between the real value of
the silver dollar and dollar in gold, and the two
coins Will part company. Gold. still the stand
ard of value, and necessary in our dealings with
other countries, will be at Il premium over sill
yer; banks which have substituted gold for the
deposits OF their customers may pay them with
silver bought with such gold, thus making
handsome profit; ricn spectators will sell their
bearded gold to their neighbors who need
it to nquidate their foreign debts, at a
laboring men and women of the land, most de-
fenseless of all, will find that the dollar received
for the wage OF their toll has sadly shrunk in
its purchasing power. 1t may be said that the
latter result will be but temporary, and that ul-
| timately the price OF labor will be adjusted to
the change; but even if this takes place the
wage worker cannot possibly gain, but must in
evitably lose, since the price he Is compelled
10 pay for his living will not only be measured
in a coin heavily deprecated, and fiuctuating
and uncertain in It's value but ilis uncertainty
in the value of the purchasing medium will be
made the preteXt for an advance in prices be-
yOnd that justified by actual depreciation.
The words uttered in S:54 by Daniel Webster
in the Senate of the United states are true to-
day: 1.-The very man OF all others who has the
deepest interest in a sound currency, and who
suffers most by mischievous legislation in
money matters, is the man VINO earns his daily
bread by his daily toll"
The most distinguished advocate of Dimetal-
ism, discussing our silver coinage, has lately
written:
"NO American citizens hand has yet telt the
"nsatiOn VI cheapness either in receiving or
expcnding the silver-act dollars"
And those who live by labor or legitimate
trade never will feel that sensation OF cheap
ness. However plenty silver dollars may be
come, they will not be distributed AS gifts
among the people; and IL the labor .ig man
should receive four deprecated dollars where
ne now receives but two, he will pay in the
deprecated coin more than double the price he
now pays tor all the necessaries and comforts Of
life.
THE DOUBLE AND SINGLE STANDARD.
Those who do not fear any disastrous conse-
quences arising from the continued compul-
sorry coinage of silver rs now directed by law,
and who suppose that the addition to the cur