The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-12-07

the government to collect the principal part of
| It's revenues by tax upon imports, and no
change in this policy is desirable But the pres
ect condition of affairs eonstrains our people to
| demand that, by revision of our revenue laws,
! the receipts of tie government shall be reduced
| to the necessary expense of its economical ad-
minis.ration; and this demand should be recog-
nized an1 obeyed by the peoples representatives
| in the legislative branch of the government In
| REQUESTING the burdens of federal taxation, a
sound public po.ity requires that such of our
citizens as have built up large and important in
dustries, under present conditions, should not be
suddenly and to their injury deprived of ad-
vantages to which they have adapted their bust
ness; but If the public good require it. they
should be content with such consideration as
shall deal fairly and cautiously with their inter-
ests, while the just demand of the people for re-
lief from needless taxation is honestly answered
A reasonable and timely submission to such de-
mand should certainly be possible without dis
astrous shock to any interest and a cheerful con-
cession sometimes averts abrupt and needless
action often the outgrowth of Impotence and
delayed justice. Due regard should be also &C
corded, IN any proposed REIMBURSEMENT, TO
the interests of American labor so far
as they are involved. We congratulate ourselves
that there is among no laboring class fixed
within the bounds and doomed under all cond-
tons to the memorable fate of daily toll We
recognize in labor chief factor in the wealth of
the Republic, and we treat those who have it in
their keeping as cltizens entitled to the most
careful regard and til ,dghtful attention. This
regard and attention should be awarded them
not only because labor is the capital of our work
ingmen and justly entitled to its share of gov
eminent favor but for the further and not less
important reason that the laboriug man, sur
rounded by his family in his humble home. as
consumer, is vitality interested in all that cheap
ems the cost of living and enables him to bring
within his domestic circle additional comforts
and advantages. This relation of the working
man to the revenue laws of the country and
Thn in oh
influences the question of wages,
should not be forgotten in the
justiiable prominence given to the proper main
tenance of the supply and protection of we'll
paid labor And these considerations suggest
such an arrangement of government revenues as
shall reduce the expense of living. while it does
not curtail the opportunity for work reduce
the compensation of American labor or injur
iously affect its condition and the denfied place
1t holds IN the estimation OF our people. But
our farmers and agrculturists those who from
the soil produce the things consumed by all, are
perhaps, more directly and plainly concerned
than other of our citizens in just and careful
system of federal taxation. Those actually en-
gagged IN and more remotely connected with this
kind OF work number nearly one-half of our pop
ulatlon; none labor harder more continuously
than they; no enactmentS limit their hours of
toll, and no interpositon of the government en-
hances, to any great extent, the value of their
products and vet for many of the necessaries
and comforts of life which the most scrupulous
economy enables them to bring into their homes
and for their implements of husbandry they are
obliged to pay price largely increased by an
unnatural profit, which, by the action of the
government is given to the more favored man
ufacturer | recommend that. keeping in view
all these considerations the increasing and IN
necessary surplus of national income annually
accommodating be released to the people by an
amendment to our revenue laws which shall
cheaper the price Of the necessaries of life, and
give freer entrance to such imported materials
as by American labor may be manufactured
into arketable commodities Nothing can be
accomplished, however, in the direction of this
much-needed reform unless the subject is ap-
preached in patriotic spirit of devotion to the
interests of the entire country, and with will
lingness to yield something for the public good
The sum paid upon the public debt during the
fiscal year ended June 80, 1886, was $44, SOL
O43 30: during the twelve months ended Ocf. 81
1885, per cent. bonds called for redemp-
ton amounting to 1927, 283, 100 of which $780,
CAB, 200 was so called to answer the requirements
of the law relating to the sinking fund, and
$466399 for the purpose of reducing the public
debt by application of a part Of the surplus ia
the Treasury to that object. Of the bonds thus
called, $l02 10y, 400 became subject. under such
calls, to redemption prior to Nov. l. 1886. The |
remainder, amounting to 49, 0l3 650 matured |
under the calls after that date. In addition to |
the amount subject to payment and cancellation |
prior to Nov. /. there were also paid before that
date, certain of these bonds with the interest |
thereon amounting TO s., 072, $50, which were an
ticipated AS to the maturity of which So, 664 $50
had not been called. Thus, $i07. 341, 800 had |
been actually applied, PRIOR to the LIST of Novem-
Der. 1885, to the extinguishment of our bonded |
and interest bearing debt, leaving on that |
day still outstanding the sum of 81 ,153 443 1l2 |
OF this amount. $50 84S 700 were still Represented
by per cent bonds They. however. have been, |
since November lst or will at be, further !
reduced by $50, COG, $50, being bonds which have
been called as already stated. but not redeemed |
and Cancelled before the latter date.
During the fiscal year ended June 80 1856, |
there were coined under the compulsory silver |
coinage act of 1878 20, S3S, 905 silver dollars and |
the cost of the silver used in such coinage was |
$23, AS 960 OIL There had been coined up to the |
close of the previous fiscal year. under the pro- |
visions of the law 203 8S2 554 silver dollars and
on the lst day of December 1885, the total |
amount of such coinage was $247. l3l, $40 The |
Director of the Mint reports that at the time of
the passage of the law of 1873 directing this |
coinage the intrinsic value of the dollars thus |
coined was 944 cents each, and that on the 3lst |
day of July, 1856 the price of silver reached the
lowest stage ever known SO that the intrinsic or
bullion price of our standard silver dollar at
that date was less than II cents. The price of
silver on the Both day of November last was such |
as to make the dollars iutrinsicaily worth 78 |
cents EACH Ihe differences in value of the |
coins represented the fluctuations in the price |
of silver, and they certainly do not indicate that
compulsory coinage by the government enhances |
the price of that commodity, or secures uniform |
ity in its value. Every fair and legal effort has |
been made by the Treasury Department
to distribute this currency among the
people The withdrawal of United |
States treasury notes OF small
denominations and the issuing of small silver
certificates have been resorted to in the endeavor
to accomplish this result, in obedience to the
will and sentiments of the Representatives of
the people in the Congress On the 9th day of |
November, 1886, the people held of these coins,
certificates representing them, che nominal |
sum of 1885, 873 04l and still had $40 AGA, 345 |
in the Treasury, against about $l42 894 055 in |
the hands of the people, and $72 865,376 remain /
ing in the Treasury one year ago The Director |
of the Mint again urges the necessity of more |
vault-room, for the purpose of storing these sill
YER dollar which are not needed for circulation |
by the people. have seen no reason to change |
tbs views expressed in my last annual
message the subject of this compulsory
coinage. and / again urge it's suspension on all |