Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-12-06
THE COUNTRY,S FINANCES.
Annual Report of the Secretary Of the
Treasury.

consideration OF the silver question and currency
and taxation reform. In regard to the silver ques
tlon, he says: "The act OF 1873 which de
monetized the standard silver dollar, and
the act OF 1878, which 'remonetized' ii,
are so nearly Identical that common authorship
might be suspected. The act OF 1873 has been de-
nounced and praised for demonetiZing silver,
which it did not do. The act OF 1878 has been
praised and denounced for remonetizing silver,
which II did not do. Both took a sure way to
keep our fractional silver at home. Expectations
would only DE possible at loss on the silver coined
under either acS. In both acts mOnetizatton is de-
MED except TO Treasury purchases.
the secretary reviews at length the action OF
g Iorelgn governments ON the silver question, and
utude towards silver.
THE SILVER QUESTION.
Is an international one, and both our own silver
question and surplus problem are involved in il.
The free-slver-coinage prescription for the none
tary dislocation satisfies but OF several indis
penSable conditions. General free coinage
would put us at once on silver basis,
the gold dollar would be at a premium, and
would be exported, and silver would be used ex-
ciuslVely In legal tender payments And yet even
this would not tend to restore the worldwide use
OF silver The free silver coinage prescription and
of an uninjured feg to cure temporary Iameness in
the other. The Secretary is OF the opinion that
the time for another conference has not arrived,
ana the moment for diplomatic interference is not
ielc1t0us. Treasury silver purchase is character
ized as 'an expense and taxation demonstrated
by experience to be OF no avail"
TO STOP THE PURCHASE OF SILVER
Is our only choice, our duty and our interest. 1t
will stop wasteful and injurious expense, and
the taxation which defrays it, 1t will commence
and promote reform in the sum and the methods
of federal taxation, 1t will recover to the United
States an equality Of position (non-coinage) with
foreign powers, which VIII give US due influence
0tftlcntfnS q TYpa
innate and abnormal difficulties" TO stop pur-
chasing will enable the Treasury to maintain with
certainty and greater ease the present stock OF
silver coin at par with gold in all our fiscal and
local uses.
"Another years delay in stopping the silver pur-
chase Is the loss OF remuneratiye prices upon
another wheat crop OF the United States.
1T is for Congress to consider whether policy
which does not prevent the loss OF % per cent off
OF our silver output to few thousand mine-own-
erS but prolOngs the loss to many million farmers
OF Is per cent off the price OF their annual wheat
policy adopted which promises to restore the for
mer prosperity or both"
SURPLUS TAXATION
Employment for the proceeds OF our surplus
taxation, reasons for delay in reducing our sur
plus taxation, can no longer be found in a rapid
payment OF the debt. Setting aside the vanishing
three per cents and the unfunded debt OF $780,
600 the residue OF the public debt has been in
such wise funded by our predecessors
that $3.50, 1000 cannot be paid except
the bondhoIder, before September /, 1ss1, and
that S737, 776 400 cannot be paid, except by pur-
chase at high premium to the bondholder, before
July l. 1907. To continue the present surplus tax
alton, and to employ its proceeds in giving to the
bondholder premiums by anticipatory purchase
OF those bonds before they are due and payable at
par, is a fiscal policy unnecessary, eXtravagant
and merciess to the Industrious toilerS of our land
Compliance with the provisions OF the sinking
fund and the public debt will effect the payment
OF the whole public debt, greenbacks and bonds,
by the year 1908 without a continuance of our
peal OF the clause in the act of February 2s 1S7s
making compulsory Treasury purchases OF
silver, In order to reduce surplus and
2. Further reduction OF surplus taxation close
down to the necessities OF the government eco
nomical!y nom administered. 8. Repeal OF the act of
May 81, 1875, making compulsory poSt-redemption
issues and reissues OF United States legal tender
notes: 4. Gradual purchase and payment OF
United States with the present and accruing
Treasury surplus, issuing silver certificates in
their room, and gold certificates II need be- with
out contraction OF the present circulating volume
OF the currency.
TIE INTERNAL REVENUE TAXES.
"What surplus we expend in paying OF the
greenback debt will diminish by so much the i'm
mediate reduction Of our tariff taxation; for,
while the funded debt stands, certainly it is not
wise to discard the taxes on whisky, tobacco and
beer. Indeed, it is my own belief that
whenever we begin taking off the shackles
OF war-tarif taxes on raw materials,
lures dw1nde so fast not only to compel the re-
tentfOn OF these most Mt items OF revenue-whisky
tobacco and beerMbut, perhaps to drive US back
pound tax on coffee and half as much from tea.
PROTECTION AND FREE TRADE.
"Free trade" accurately describes the internal
commerce OF our states. 1t does not apply to our
trade with foreign nations. No man now living will
"free trade" adopted by these United States
in their commerce with foreign nations: for taxes
on imports, from the foundation OF this govern
ment, have ever been one chief source of federal
revenue, and such they VIII continue to be.
united states OF Europe as II is among the United
States OF America, the great surplus products OF
our industry, including the manufactured, would
have the pick Of foreign markets, for the reason
that our labor, being the most highly paid and in
sur1ng lowest percentage OF labor cost, would
everywhere SurpaSS rivalry.
UNTAX THE CLOTHING OF SIXTY MILLION PEOPLE
81 respectfully recommend to Congress that they
confer upon wage-earners OF the United states the
boon OF untaXed clothing, and in order thereto,
the immediate passage of an act placing raw wool
upon the free list. A repeal Of the duty on raw
wool should be followed by acompensating adjust
ment OF the duties on manufactured woOllenS.
But the common daily clothing OF the
American people need not be taxed; to free their
clothing OF taxes will finally reduce by half their
lie" f' ~ WV - '''' ~ s''A' '''N''''
"There are several hundred articles among the
1872 articles that we tax, which ought at to
be swept off the tax list into the free list.
shall at an early day prepare and submit to Con-
gress supplementary report on the collection OF
duties"
The estimates OF receipts and expenditures for
1887 shows Total receipts 1885, 600 900; total ex-
penditures 500, ,2l3, ,517.2l; estimated surplus,
$54, 7S6, 1879.
Treasurer JOrdan's Report.
The annual report OF Treasurer Jordan calls at
tention to the necessity OF changes in financial
system. He says the three per cents will be re-
tired during the fiscal year. and only the four and
per cents be left available for
sinking fund purposes, these bonds only earning
two per cent on their market value. Consequently
1t will be found impracticable to make purchases
at such times as to relieve the money market in
times Of distress.
New Term Of the Criminal Court.
FIXING THE JURY LISTS
The December term Of the Criminal Court was
convened this morning by Judge Macarthur, and
the grand jurors being called, but one-Henry De
Camp-fatled to answer, and the following were
excused: Harvey l. Page, George Watts, Robert |
Cohen, j. w. Cromwell and Norman Bestor. There
being six vacancies, the marshal was directed to
fill them, and the Jurors were discharged till to
morrow.
The petit jurors were called, and John Robinson,
Joseph N. Kelly, James w. Godfrey, Thomas Ru-
pert, II. j. Corning and Joseph C. Coleman failed
to answer. The following were excused: C. NJ.
Bell, Frederick Freund, VIM. Wagner, Horati0 |