The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-12-09

Inc following are given as prominent articles
of imports during the year, with their values and
the percentage they bear to the total importation
Per
Articles. Value. centage
Sugar and molasses $76, TBS, 713 1902
Coffee. OBSERVATION-DISCLOSURES. 40, 723, 31S 500
Wool and its manufactures 446564s2 773
Silk and its manufactures. 40. 393, 0O2 $50
Chemicals dye drugs and medl-
Iron and steel, and their manu-
features Observation-Disclosures. Sd, 56S, 6SS 5.SS
Flax, hemp. juteand manufact-
ureS..- 81 S04, S74 5.69
Cotton and its manufactures. -. % l52, COL ASS
Hides and skins, other than fur
SKINS .----------------- 2OoS0,44o 800
Of the entire amount Of duties collected. 70
per cent was collected from the following arti-
cles Of import: Sugars and m0lasses, 20; wool
and its manufactures. IS; silk and its manufact-
ures, 8; iron and steel and their manufactures,
Z; cotton manufactures g. fax hemp and iute
and their manufactures s.
The fact that our revenues are in excess of the
actual needs of an economical administration O.
the government, justifes a reduction in the
amount exacted from the people for its support
Our government is but the means established
by the will of great people, in which ordi-
nary principles are applied, which have been
adapted for their benefit and protection, ard it
is never better administered, and its true spirit
is never better observed, than when the peoples
taxation for it's support is scrupulousy limited
to the actual necessities of expenditure, and dis
trlbuted according to a 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 of free trade is
not involved, is there now any oc
casion for the general discussion of the wisdom
Or expediency Of a protective system Justice
and fairness dictate that in any modification of
our present laws relating to revenue, the in
dustres and interests which have been en-
al w law md in hch
ZenS have large investments, should not be ruth
lessly injured or destroyed. We should also
deal with the subject in such manner as to pro
tect the interests of American labor, which
is the capital of our working men. Its stability
and proper remuneration furnish the most justif-
able pretext for a protective policy. Within
these limitations certain reduction should be
made IN our customs revenue The amount of
such reduction having been determined the in
quiry follows, where can it best be remitted,
and what articles can best be released from
duty in the interest of our ctizens9 ] think the
reduction should be made in the revenue de-
rived from the tax upon the imported necessa-
rles of lfe We thus directly lessen the cost of
living in every family of the land and release to
the people in every humble home larger meas
ure of the rewards of frugal industry.
NATIONAL BANKS AND SILVER.
During the year ended Nov l, 1885, las
national banks were organized with an aggre-
gate capital of SIG, 93e 000 and circulating notes
have been issued to them amounting to 81, 274.-
910 The whole number of these banks in ex-
istence 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
a deposit of bonds for their redemption, indi-
Gates that the volume of our circulating medium
may be largely increased through this instru-
mentally.
Nothing more important than the present
condition of our currency and coinage can claim
your attention. Since February, 1878, the gov
eminent has, under the compulsory provisions
Of law, purchased silver bullion and coined the
same at the rate of more than s., 600, 600 every
month. BY this process up to the present date,
2l5, 759. 431 silver dollars have been coined.
A reasonable appreciation of dele
government would you'd limit it's its EXERCISE ssue
without express restrictive words, to the peoples
needs and the requirements of the public well
fare. 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 purchase and coinage to an ex-
tent beyond the amount needed for sufficient
circulating medium 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 cur
rency of the Nation as is compelled by the silver
coinage act is negatived by the fact that, up to
the present time only about fifty millions of sill
YER dollars 80 coined have actually found their
way into circulation, leaving more than one hun
dred and sixty Eve millions in possession of the
government, the custody of which has entailed a
considerable expense for construction of vaults
for its deposit. Against this latter
amount there are outstanding silver
certificates amounting to about s93, OOO. 900
Every month, So. 600 900 of gold in the public
treasury are paid out for $1,000, 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-
plcable to its general purposes. It will not do
to rely upon the customs receipts of the govern
ment to make good this drain of gold, because
the silver thus coined having been made legal
tender for all de BITS and dues, public and private
att times during the last six months SO per cent
of the receipts for duties have been in silver or
silver certificates, while the average within
that period has been ~ per cent. The
portion of silver and its 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 its obligations the greater induce
ment there will be to hoard gold against depreci-
alton in the value of silver 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 the silver dollars and dollar in gold, and the
two coins will part company. Gold, still the
standard of value, and necessary in our deal
ings with other countries, will be at
premium over silver, banks which have substi-
tuted gold for the deposits of their customers
may pay them with silver bought with such
gold, thus making handsome profit; rich spec
ulators will sell their boarded gold to their
neighbors who need it to liquidate'their foreign
debts at ruinous premium over silver, and the
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 it's
purchasing power. 1t may be said that the lat
ter result will be but temporary and that
ultimately the price of labor will be adjusted to
the change, but even if this takes place
the wage worker cannot possibly gain,
but must inevitably lose, since the
price he is compelled to pay for his living will
not only be measured in a coin heavily depre-