Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1885-12-16
THE REDUCTION OF THE TARIFF

Cotton and It's manufactures 70, l52, 0Ol 4S8
Hides and skins other than
1ur Sk1nS 206S6, 443 1856
THE REDUCTION OF THE TARIFF
The fact that our revenues are in excess Of
the actual needs of an economical administra-
ton of the Government justifes a reduction in
the amount expected from the people for it's sup
port Our Government is but the means estab-
lished by the will of free people by which GER
tain principles are applied which they have
adopted for their benefit and protection And If
is never better administered and it's truer spirit
is never better observed than when the peoples
taxation for its support is scrupulously limited
TO the actual necessity of expenditures and dis
tr1butcd according to just and equitable plan
, The proposition with which we have to deal u.s.
the 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
1s there now any occasion for the general discus
sion OF the wisdom eXpediency of q protec-
tive system. Justice and fairness dictate that
in any modification of the present laws relating
to revenue, the industries and interest which
have been encouraged by such laws, and in
which our citizens have large investments. should
not be ruthlessly injured or destroyed.
We should deal with the subject in such man.
ner as to protect the interests of American labor
which is the capital Of workingmon. It's
stability and proper remuneration furnish the
most justiiable pretext for O. protective policy
Within these limitations certain reduction
should be made in orr customs revenue. The
amount of such reduction having been deter
mined, the inquiry follows. Where can it best
be RENTED, and what articles can best be re-
leased from duty in the interest of our citizens?
think the reduction should be made in the
revenue derived from tax upon the imported
necessaries of life. We thus directly lessen the
cost of living in every family of the land and
release to the public in every humble home a.
larger measure of the rewards of frugal industry.
THE NATIONAL BANK CIRCULATION.
During the year ended Nov. 1, 1885, AS nation
al banks were organized, with an aggregate cap
Ital OF SIC, 938,OOO, and circulating notes haye
been issued to them amounting TO S4,274910.
The whole number of these banks in existence
on the day above mentioned was 2,727.
The very limited amount of circulating notes
issued by our national banks compared with the
amount the law permits them to issue, upon g.
deposit of bonds for their redemption, indicates
tnet the volume OF our circulating medium may
be largely increased through this instrumental
ity.
THE SILVER QUESTION.
Since February, 1873 the Government has I'M
der the compulsory provisions of law 1,11rcIased
silver bullion and coined the same at the rate of
more than 100000 of dollars every month. By
this process up to the present date. 215 759 All
silver dollars have been coined.
A reasonable appreciation of a delegation Of
power to the General Government would limit
its exercise, without express restrictive words
to the peoples needs and the requirements Of
the public welfare.
Upon this theory the authority ito coin money"
given Congress by the Constitution if it permits
the purchase Dy the Government of bullion for
coinage in any event, does not justify such pur-
chase and coinage. to an extent beyond the
amount needed for sufficient circulating
medium. The desire to utilize the silver pro-
duct of the country should not lead to a misuse
or the perversion of this power.
The necessity for such an addition to the sill
yer currency of the nation is compelled by,
the silver coinage act is negatived by the fact
that up to the present time only about fifty
millions of silver dollars so coined have act
ually found their way into circulation, leaving
more than one hundred and sixty-five millions
in possession of the Government. the custody OF
which has entaile1 considerable expense for
construction of vaults for its deposit. Against
this latter amount there are outstanding silver
certificates amounting to about 49, 900 900 Of dol
lars. Every month s. 600 900 of gold in the public
Treasury paid out for 81 90, 900 or more of
silver dollars, to be added to the idle mass al
ready accumulated. If continued long enough
this operation Will result in the substitution Of
silver for all the gold the Government owns ap-
pllcable to its general purposes. 1t Will not do
to rely upon the receipts of the Government to
make good this drain of gold, because the silver
thus coined, having been made legal tender for
all debts and dues, public and private at
times during the past six months fifty per cent.
OF the receipts for duties have been in silver
or silver certificates, while the average within
that period has been twenty per cent The
proportion OF silver and It's certificates received
by the government will probably increase as
time goes on, for the reason that the nearer the
period approaches when it will be obliged to
offer silver in payment of it's obligations, the
greater inducement 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 apparent the difference between the
real value of the silver dollar and q dollar in
gold, and the two coins will part company.
Gold, still the standard of value and neces-
sary in our dealings with other countries will be
at O. premium over silver. Banks which have
substituted gold for the deposits of their GUS
toners may pay them with silver bought with
such gold, thus making a handsome profit. Rich
spectators will sell their boarded gold to their
nelghbors who need it to hquidate their foreign
debts at a ruinOus premium over silver, and the
laboring men and women of the land, most de-
fenseless of ALL Will find that the dollar
n hpir toll hod
sadly shrunk in its purchasing power.
1t may be said that the latter result will be but
temporary, and that ultimately the price of Ia
Dor will be adjusted to the change, but even if
this takes place the Wage-worker cannot possi-
bly, gain, but must inevitably lose, since the
price he is compelled TO pay for his living will
not only be measured in coin heavily depreci-
ated and huctuatfng, and uncertain in its
value, but this uncertainty in the value Of the
pretext for an advance in prices beyond
that Justified by actual depreciation.
The words uttered il 1884 by Daniel Webster,
in the Senate OF tie United States, are true to-
day: The very man Of all others who has the
deepest interest in a sound currency and who
suffers most by mischievous legislation in
daily bread by his daily toll" The most
distinguished advocate of bimetalism, dis
cussing silver coinage, has lately written:
mo American citizens hand has yet felt
the sensation of cheapness, either in re-
ceiving or expanding, the silver-act dollars"
and those who live by labor or legitimate trade
However plenty silver dollars may become thew
will not be distributed as gifts among the peo-
pie, and if the 1aboring man should receive four
silver dollars where he now receives but two
he will pay in the deprecated coin more than
double the price he now pays for all
the necessaries and comforts of life.
Those who do not fear any disastrous con-
sequences arising from the continued cornuu1-
sorry coinage of silver now directed by law
and who suppose that the addition to the err
rency OF the country, intended as it's result viii
be public benefit, are reminded that history
demonstrates that the point is easily reached in
the attempt TO hoat at the same time two sorts
OF money OF different excellence When the bet
ter VIII cease to be in circulation. The hoard
ing OF gold which has already taken place
indicates that shall not escaDe
the usual experience in such cases
30, II rals silver coinage be continued we NAV
expect that gold and it's equivalent
VIII 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 80 cents side by side With
gold dollars worth 100 cents even with the limit
that legislation does not run contrary to laws Of
trade, to be successful must be seconded by the
confidence of the people that both coins will re-
tain the same purchasing power and DO inter-
changeable at will.
Special effort has been made by the Secretary
OF the Treasury to increase the amount Of our