The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1886-12-16

The Annual ReT ort of the Sec
rotary of he Treas
u. ..
DiScontinuance OF the Purchase Of
Silver Strongly Recon-.
mca led.
The Question of Reducing the Sur
plus-The Tax of Raw Nate
rails 10 Be Reduced.

rails to Be Reduced.
The annual report OF the Hon Daniel Man
ming, Secretary of the Treasury, is heavy doe
ument of nearly twenty-four thousand words.
The main features of the r port are as follows:
Careful perusal OF the instructive debates Mt
the last session of Congress lends me To review
tue four policies which then received marked
attention:
Free coinage OF silver.
=. Conferences
3. Continued purchases of silver.
T. stopping purchases of silver.
First-The free-silVcr coinage prescription for
the monetary dislocation satisfies but one of
several Indispensable conditions. While IL il
Gn Indispensable condition of permanent re-
storation that the free monetization Of silver
shall be equally cCmplet to rs Of gold yet were
il now given to silver in this actual moment Of
disloeatton the practical result would be to
withdraw the same from gold. That would be
n change without advantage in any respect and
in every respect with disadvantage. In the first
place IL would bring us TO the Asiatic silver
basis. This has been commenced in some quar-
tiers. Thers is, however. no such public desire.
Second-A1Ore conferences, further diplomatic
correspondence are proposed. i venture to
think. with all due deferonce TO those who
responsible foi decision, that the time for
another conference has not arrived, and that
the moment for diplomatic interference is not
perfectly felicitous. The Continental Powers
await the action of Great Britain, whose reluc-
lance defeated the object Of both conferences
called at the instance OF the United States and
to whom again almost within twelvemonth,
she has turned deaf ear. IL il suited the dig
nifty Of the United States again TO besiege the
attention OF European states, or again to make
advances where they have been SO lately re-
pulsed it would not suit our interests SO TO do
when il is certain that the inquiry upon which
Great Britain has suddenly entered at the iu-
stance and insistence of her great dependency.
India, ana of her own accord, is entered upon
with an exclusive regard To her own interest.
And of Great Britain's interests the United
States have no call to become advisers or
guardians.
Thrd-To go on as we are is the least credit
able of all the courses open to our choice.
The Treasury silver purchase is defended by
nobody approved by nobody; even every vote
for the free coinage of silver is vote that the
Treasury silver purchase shall cease asser-
ton that it ought to cease.
Fourth-To stop the purchase OF silver is our
only choice, our duty, and our interest 1t will
stop II wasteful and injurious expense, and the
taxation which defrays it. IL viii commence
and promote reform in the sum and the meth
DDS of Federal taxation. IL will recover to the
United States an equality OF position mon
coinagel with foreign powers which will
give us due influence in negotiation IL
will induce negotiation, and negotiation to
the end of relief. not for the purpose of delay.
II the law were repealed which makes compul-
sorry Treasury purchases of silver, and If that
repeal were accompanied by the declaration of
Congress that the United States now holds itself
in readiness to unto with France Germany,
and Great Britain in opening their minis to the
free coinage of silver and gold at Il ratio fixed
by international agreement, IL is the delit crate
| judgment of the undersigned that before the
expiration OF another fiscal year this interna-
tional monetary disocation might be corrected
by such an international concurrence the two
monetary metals restored u their old and uni
versal function as the one standard measure OF
| prices for the worlds commodities, the de-
| preston OF trade and industry relieved and n
| general prosperity renewed.
/ respectfully recommend 10 the wisdom OF
| Congress the unconditional repeal OF the act OF
| Feb. y, ISIS, accompanied by such declara-
| ton.
rLa financial animation scnpnod ot In roo ond
| "A whole. plainly indicates our b 81 policy.
| Ne should reduce taxation Immediately To an
| annual revenue sufficient 10 pay our annual
| penditure including the sinking fund and
| Guiding the silver purchase: pay our unfunded
| debt Of s3iG,6Sl,0 l6 with the present surplus
| and the surplus which will accrue before the
| whole reduction of taxation can be made 10 take
! effect ind while 10 more funded debt can be
paid except at a premium during the five years
| from now until 1891.
| therefore respectfully recommend
| l. Repeal Of the clause in the act of Feb. %,
| 1878, making compulsory treasury purchases OF
| silver and for the reasons heretofore given in
| order To reduce surplus and unnecessary taxa
| ton S4. 900 year.
2. Further reduction of surplus taxation, be-
| ginning in a manner which will be suggested
below, close down to the necessities of the Gov
eminent economically administered.
Repeal Of tho act OF Nay 81, 1875, making
| compulsory post-redemption issues and reissues
OF United States legal-tender notes, thus facili-
| tatng-
| 4 Gradual purchase and payment OF S346 Gsl,-
| ole outstanding promissory notes of the United
| States with present and accruing Treasury sur
plus, issuing silver certificates in their room,
and gold certificates il need be, without contrac-
ton of the present circulating volume of the
! currency, these notes called greenbacks) being
now the only debt due and payable before 1891
except the 3 per cent bonds, which are probably
| all 10 be called and paid early in the ensuing
REDUCTION or SURPLUS TAXATION.
| II remains TO consider the reduction OF taxa
| ton to the needs of the Government economi-
cally administered. What surplus we eXpend
! in paying off tie greenhack debt will diminish
| by so much the immediate 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 nv own belief that whenever We begin taking
of the shackles of war-tarif taxes on raw Iza-
terinls such increased prosperity Will follow TO
the employers W no dread IL, and such larger
and steadier employment To the wage-ear1ers
| who need il, by increasing the sales abroad OF
| our own manufactures, and by whipping our
| foreign competitors in our own markets. that we
| shall our income from imported manHfact-
ures dwindle so fast as not only to coinpt the
retention of these most fit items OF revenue
| whisky, tobacco and beer-but perhaps, to
drive us back to getting ten millions Of revenue
from two cents apound tax on coffee ana half as
| much from tea.
1t is the reduction of war tariff taxation which
| we have To consider. Under our system Of gov
eminent by party and the rule OF the majority,
| do not think il unbecolning even in a public
! officer Mt this time To recall certain responsible
| and specific pledges in respect To the sum and
methods If Fedel al taxation. subject 10 which
1 the people or the united States, IN the exercise
| of lawful election took away the administra-
| ton of this Government from the party
| trusted herewith for quarter OF u century,
| and lodged il in other hands.
| Public life will cease To lie the ambition Of
| honorable and worthy men il the deliberate
pledges and protested principles Of political
parties are not law for their leaders. Dis
| charging il / might, whatever hostility OF
tone, irrelevant, it contains. 1 desire
to refer TO the record OF one public oblga-
| ton thus assumed, and thus accepted,
and made binding by the last general
| popular vote. These pledges can never
be fulfilled without reform in the and
methods OF Federal taxation Nor can our
country ever profit fully by its : comparable
| advantages among the nations OF tue earth in
| population, peace, land, and liberty, so long as
we 20 ON pleading infancy. and swaddle, in me-
dieval rags, its victorious energies. 1t is these
which need release and liberty. All our requi-
site taxation may be made an easy garment
We have made prison Of 10, plastered stiff with
obsolete contentious about protection and free
trade. It is actually the rates Of the war
tariff Of the last generation under which we are
| now living, for the undebated unsifted law of
1888 made by n conference committee, did but
| keep alive the body of the tariff of 1864 Tho
average percentage Of the taxes TO the val
| mes of imported commodities has been fol-
| lows:
| Per