New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-07

OF any sort, means compulsory acceptance and would
force the infcrority; 90 appear, whereas Its skiu
employment and an optional acceptance. vhich tne
laws OF Congress do forbid will prevent that IN
feriority from appearing in domestic trade when
nothing disguise in foreign exchanges
No prospective fall in the purchasing power Oh inc
metal can be 80 harssng tho Treasury "a the per
petual npour of coin made fun legal tenner lor ~
face, yet worth its face, which the treasury -
expected to employ like gold as III IL "cio "oi' ~
face a,
To stop the purchase of silver will thus arrest the
growth of that Standing shame in our finance, the
Treasury surplus IL Will put Us in the way OF abol
ishing the altogether, not by cheating our cred
itors. shaving pensioners, Gripping our wage
carners, but by enabling tho Treasury to hold the
silver dollar firmly in local parity with the gold
dollar until we unite with the lead ne Powers in
restoring and establishing their permanent equiv
Rlence
% 1t is direct consequence of the monetary disoca-
ton that wheat Of India, which there fetched rupees
per quintal fourteen years ago, and there fetches
per qunal to day be sold in LONDON lcost
Of transport apart for little as the gold price of
silver rupees of India in London TO daya fall of %
per cent.
This fall has caused. of course. corresponding
fan in the price Of Engl sh and Irish home grown
wheat in London.
This lowered price OF wheat in London has had to
be met 10y a lower price of the American wheat sur
plus sold in London. The price of our surplus wheat
determines the price of the whole wheat crop Of the
United States
So that the monetary dlsocaton has already cost
our farming population. who number nearly one
almost incompatible sum, loss OF millions upon
mil ions of dollars every year. loss which they will
continue 70 suffer long Congress delays to stop
the silver purchase and by that act to compel an
Internal onal redress Of the monetary dslocatOn.
Another years delay in stopping the silver pur
chase is the loss Of rcmuneatve prices upon another
wheat crop of the United States; is another years
stimulus to IndiI's competition for the foreign
'kets OF agricultural product, and reduction Of
abil ty TO hod that market against any compe
ttion in the world measured by common money!.
While our war-tar II taxes, prolonged after twenty
wears of peace. have been choking OFF our manufact
from successful competition in foreign markets
with tho products of nations which do not tax
materials. have deemed foreign markets for the
surplus produce of farms seed time and
harvest Our command of them at least have
deemed unassaable. They in peril
1t is for Congress TO consider whether policy which
does not prevent the loss of 25 per cent off of
,ilyer output to a few thousand mine owners, out
proongs the loss to many million farmers of 25 per
cent off the price Of their annual wheat CROP should
not be abandoned and the only policy adopted
which promises to restore the former prosperity of
10Th.
If the law were repealed which makes compulsory
Treasury purchases of silver and that repeal
States hold themselves in readiness TO unite with
France. Germany and Great Britain In opening their
minis 10 the free coinage of silver and gold at ratio fixed
by international emen it is the deliberate judgment
OF the undersigned that before the expiration OF another
fiscal wear this international monetary disocation might
he corrected by such an international concurrence, the
two monetary metals restored To their old and universal
function the standard measure OF prices for the
worlds commodities the depression of trade and industry
relieved, and general prosperity renewed.
the unconditional repeal of the of February 80 1873
accompanied by such declaration.
FINANCES OF THE UNITED STATES.
The public debt consists Of four principal items which
i'll round numbers. as follows:
/. The unfunded debit
United legal tender notes. 1916 900 900
2. The funded debt
Loan of 1889, three per cents. ......... 6iO0O.OOO
Loan of 1891 four and half per CENTS. 25OO0O0OO
Loan of 1907, four per cens..-........ 13eOOO,OOO
lnaf
treasury have been over S25OOOcO.OOO the net ordi
nary expenditures have been upon an average
$251 100000 year the Of the ordinary
has been. upon an average. over S1OO.OOOOOO year
Including the $2,oO0000 month expended for silver.
the total annual surplus has been nearly
S125O00OOO year for the last seven years With tbs
surplus we have been paying of funded debt at aver
age rate OF S00OOO.OOO year. and have been spending
the residue mostly silver dollars OF which in January
next, 2jOoOO 600 win have been coined.
Our home consumption rs taxed, gave during the last
fiscal increase OF revenue beyond that OF the
the present scal year case $3OS496 increase Of rev
beyond that OF the inst quarter of the last fiscal
amounting last year about 5O 900 on com mod
ties entered from abroad produced at home for
sumption in the United states are giving an increase and
Congress at the last session expressed a soicide to
debt subject to can Exercising due discretion such has
o sr see h my y anf a mat the seent nr
the laws Of Congress which direct action will
debt has now been reduced to sGio} 800 and in sep
TENDER payment to any holder without regard to future
calls publicly offered According 10 the best fore
east TO be made in matter that can better be judged
OF from week TO week J., WI" Ge pracenoie to ha{e
first of next October If prudent an earlier dale VIII be
attempted.
CURRENCY REFORM-rAXATIpY REFORM.
Overwhelming force is thus contributed by Congress
and by our rising revenue the argument plan
currency reform. first In the order Of Importance ant
OF time. and for taxation reform, which submitted 10
the wisdom of Congress in my first annual report ana
which now beg leave 10 state i'll more detail
t aff.pfl Fiat .ps-a
and long before the fttch Congress in The natural order
events would assemble. organize and determine uion
time When the annual larger commercial need and Use OF
money In NOV Ing The crops gives 10 Their operation the
serious consequence VIII lie Withdrawing
collation. ana pouring INTO The Treasury the proceeds Of
surplus taxation. beyond All sums of which the present
Congress has hitherto considered prescribed the en-
plOymcnt During the years OF the immediate future,
under the operation of existing laws Tins surplus tax
alton wOud De at least ana excessive as unw
Worldwide monetary Gi"catiOn the present Congress
can assist to cure needless depletion OF the peoples
The rate of ~ ZJ,OOOOUJ year present
Congress can completely cnle.
SURPLUS TAXATION $125, 0000 900 YEAu
Employment for the proceeds of surplus taxation
for delay in reducing our surplus taxation can no
longer be found In rapid payment OF the funded debt
Setting aside the vanishing per coats AMI The un-
funded debt of S3iG 100000, the rrsldde of
the public debt has been in such wise
funded BY our predecessors that 2JO,OOO.OOO can
not be paid e,Scepi By purchase a! high PREMIUM TO
S737,770,4OO cannot he paid, except by purchase
high premium 10 the bondhodcr, before july /. 1907.
On and after those dates lively but not until then.
those loans payable, al the option OF the United
STATES at their face and without premium The present
premium on The four ana abalf Per cents OF sJl about
IL per cent The present premium on the four per cent?
1907 is about - per cent. To continue our present
surplus taxation ana 10 employ its proceeds or for
years IA giving TO the bOndholrr any such
still higher premiums 10y antIcipatOfy purchase Of
those Louds before they arr. due aud payable al par h
fiscal policy unnecessary, cAtravaGant and mcrci-
less to the industrious tOcrs OF land from whose
earnings profits capital are deducted and taken all The
revenues OF the Treasury that cannot presume their
re -suf af
vOlvng upon the head o! this Department such thrift
less task.
also aside equally inefensble the continuance
present surplus taxation aud lis cplOyuenf I'm
extrayngant appropriations by which. OF course I
neither mean TO include suitable annual appropriations
tine large expense Of deepening chaIc 10 carry
oil foods the Mississippi river such a. arc rerd
ed the still larger OF providing seaOurd
citieswlt permanent coast defence These are not tine
means az naval aggression nor indictments to mIitancy
nj home abroad they prudent provisions lor me
common defence and general welfare, which reuulre no
blanket clause justify them. en.,iu,,r.