Savannah morning news. [volume] (Savannah) 1868-1887, 1885-12-09

Nerchapdise. ............. S57s, $50 O53 so
cold .............t ..-.-..-. z9,osl,oso "
silver. Observation-Disclosures. l6,550.621 90
Total........................ S622, s22, 37e 50
Tho following are given As prominent
articles OF imports during the year, win
their values and the percentage they bear TO
The total Importation;
ARTICLES Values. centage
sugar and molasses .-....- so. lSs,tlS lS'z9
Coffee ...... ..... .....-.... 46, 123,3lS S.O9
Wool and ITS manufactures A,656,4s2 7.73
silk and lts manufactures 4O,395,OO2 6.ss
Chemicals, dyes, drugs and
medicines ...-.... W. ...- 5J,OiO,Slb b.Uf
Iron and steel and their
manufactures. ............ S3,563,6s9 b.95
ma al T res .''.'. ' aa,Sa,s74 see
Cotton and its mAnufAc-
lures ...... .-............ %, l52,0Ol Ass
Hides and skins other than
tur skins -.--.... .......--- z0,5Sb,44S 800
or the entire amount of duties collected 20
per cent. was collected from the following ar
ticles Of import:
Articles. Centage.
Sugar and molasses ...............,..s..... %
Wool and its manufactures .........-.... 10
Silk ana its manufactures. ..............-..
Iron and steel ami their manufactures
Cotton manufactures .......... .........-.--
Flax, hemp 4 jute and their manufactures
EXCESS OF REVENUE.
The fact that our revenues are in excess Of
the actual needs OF an economical admlnistfa-
ton 81 the government justlhes reduct on
in the amount eXaCted from the people for It's
support. Our government is but the means
established by the Will Of r free people by
which certain principles are applied which
they have adopted for their benefit and pro
lection, ana II Is never better administered
and It's true spirit is never better observed
than when the peoples taxation for its sup
port IS scrupulopsly limited to the actual
necessity of expenditure and distributed ac-
cOrding to a just and equitable plan.
The proposition with which we have to deal
is a reduction of the revenue received by the
government and indirectly paid by the peo-
pie from customs duties.
FREE TRADE NOT INVOLVED.
The question Of free trade Is not involved,
nor is there now any occasion for the general
discussion OF the wisdom or eXpediency of
protective system. Justice and fairness dictate
that in any modification OF our present laws
relating to revenue the industries
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 workngmen. Its
stability and proper remuneration furnish
most Justiiable preteXt for protective policy
Within these limitations a certain reduction
should be made in ON customs revenue. The
amount Of such reduction having been deter
mined the inquiry follows: Where can il best
be RENTED and what articles can best be re
leased from duty IN the interest Of our clti-
zens2
think the reduction should be made in the
revenue derived from a tax upon the I'M
ported necessaries of life. We thus directly
lessen the cost OF living in every family OF the
land, and release to people living in every
humble home a larger measure of the re-
wards of frugal industry.
THE NATIONAL BANKS.
During the year ended Nov. l. 1855, las ma
tional banks were organized, with an aggre-
gate capital of $l6,93S, 900, and circulating
notes have been issued to them amounting to
s., 274, 80. The whole number of these banks
in existence on the day above mentioned was
27A. The very limited amount OF cir
culating 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 Instrumental
ity. Nothing more important than the pres
ent condition Of our currency and coinage
can claim your attention.
THE SILVER PROBLEM.
Since February, 1875, the government has
under the compulsory provisions of the law
purchased silver bullion and coined the same
at the rate Of more than S2,000,O00 every
month. By this process. up to the present
date, 2!5759,43l silver dollars have been coined.
reasonable appreciation of a delegation
Of power TO the general government would
limit its exercise without express restrictive
words to the peoples needs and she require
ments of the public welfare.
Upon this theory the authority "tO coin
money" given to Congress by the constitution
If it permits the purchase by the government
Of bullion for coinage, in any event does not
justify such purpose and coinage to an extent
beyond the amount needed for a sufficient
circulating medium.
MISUSE SHOULD BE AVOIDED.
The desire to utilize the silver product,of the
country should not lead to a misuse or the
perversion of this power.
The necessity for such an addition to the
silver currency Of the nation as compelled by
the silver coinage act is negotiated by the
fact that up to the present time only about
$4,000. 900 of the silver dollars so coined have
actually found their way into circulation
leaving more than l65,0O0,0O0 in possession
of the government, the custody of which has
entailed a considerable expense for eonstruc-
tion of vaults for Its deposit. Against this
latter amount there are outstanding silver
certificates amounting to about sos, coo, 600
Every month S2.00O,00O OF gold in the public
Treasury are paid out for S2,000,000 or more Of
silver TO be added to the idle mass already
accumulated.
Ifeontinued long enough this operation will
result in the substitution OF silver for all the
gold the government owns applicable to ITS
general purposes. 1t will not do to rely upOn
the custom receipts of the government to
make good this drain of gold, because the
silver thus coined having been made legal
tender Tor All ueDls ana Uues puhllc ana prl-
vate at times during the last six months IS
per cent. of the receipts for duties have been
in silver, or silver certificates, while the aver
age within that period has been 20 per cent.
THE FLOOD INCREASING.
The proportion of silver and its certificates
received by the government will probably IN
crease as time goes on, for the reason that the
nearer the period approaches when we Will
be obliged to offer silver in payment Of its
obligation greater inducement there will be
to hoard gold against depreciation in value
Of silver, or for the purpose or specializing
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 the dollar in gold, and
the two coins will part company. Gold, still
the standard OF value and necessary In eur
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
ght with such gold, thus making a hand
some profit. Rich spectators will sell their
10 liquidate their foreign debts, at ruiuous
premium over silver, and the laboring men
and women Of the land, the most defeuseless
OF all, will ind that the dollar received for the
wage OF their toll essadly shrunk in its pur-
chasing power.
TEMPORARY BUT NIsCHIEVoUs.
II may be- said that that latter result will
be but temporary, and that ultimately the
price OF labor will be adjusted TO the change
but even II this takes place the wage worker
cannot possibly gain, but must inevitably
lose, since the price lac is compelled to pay for
his living will not only be measured In "A coin