The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1886-12-18
MIR. MANN1NG's POLICY.
The Financial Aims of the Admin
istration Outlined.
Some Novel Propositions Advanced in the
Report OF the Secretary Of the Treasury
silver, Dcbt-Paying and Reduce
tion Of Taxation Discussed.

Some Novel Proportions Advanced in the
Report OF the Secretary OF the Treasury
silver, Dcbt-Paying and Reduce
tion Of Taxation Discussed.
TnB FINANCES.
WASHINGTON, Doc. s--The annual report Of
Hon. Daniel Manning, Secretary OF the Treas
ury, is heavy document OF nearly twenty-four
thousand words. The main features OF the re.
port are as folows
THE SILVER QUESTION.
Tho report In opening calls attention to the
change Of front Of Great Britain on the silver
question. For years the British Government
had insisted on keeping to her own preferences
regarding the choice Of monetary metal and tho
minting.
I'm January of tho present year, however, o
81
dian ONCE with the treasury, which marked
tho point OF new departure, which resulted in
6eptember in the creation OF the Royal Gold
and Silver Commission. Its chairman, o vice.
president Of the Bimetalic League, and one
Of It's expert members, the Financial Secretary
Of the Goyornment OF India, are known to share
TO open the mints Of leading governments
TO the FREQ coinage nt fixed ratio Of
both gold and ,y silver anto unlimited ID Legal
tive vnlue of the two metals TO their old stabli.
ty Whatever mny bc the conclusions Of this
commission. whatever the prosperity OF those
appointment and character mark change in
the attitude Of the British Government toward
that belief at least from indifference to Sonsid-
Tho report then takes on the form Of IN ex.
haustive review Of the monetary history OF the
United States. The act Of 1873 did not demon.
etize silver. Ityetired no silver coin from cir
culation, but took q sure way to keep oil our
fractional silver coin at home. The net OF 1873
did not remonetize silver, but 1t did limit mon
n mn fraC
tional coin. 1t took O sure way to keep all Our
non.fractional silver coin at home.
'.Thc method Of the two acts is identical.
Expectation would only be possible at q loss on
the silver coined under either act. In both ncts
monetization Is denied except to treasury pur-
chases. The door Of the mint is shut to the
public by both acts. Both acts are innocent OF
share IN causing the monetary dislocation, al.
though the act OF 1873 helps to prolong IT, In
1sw we had not escaped the paper.money
two metals and current redemption of pnper
did not begin till the monetary dislocation was
far advanced.
'.The nction Of the United States in 1884,
changing the ratio from fifteen to sixteen,
had forestnllcd the act OF 1874 To open our
mints for the coinage OF silver Mt sixteen to one
OF gold, while France was coming silver 1871 to
one Of gold was, SO to say. equivalent to closing
our mints to the coinage OF silver at oil. Two
ratios can not live together face to face.
In the money world from that year the United
States became gold mono-metallic power, and
such they have ever since remained, both VIII en-
they did intend TO and when they did not.
"Onered by the open mint to both metals
free coinage OF silver for silver-owners into
legal-tender dollars would stop the use Of the
mint for FREQ coinage Of gold by gold-owners
gold and silver dollars. Tho gold dollar would
be at premium and be exported. 1t would
neither restore nor tend to restore the world
wide use OF the two metals In rated eQuival
ence, which Is the cure for the monetary dislo
cation, as their disjoned use has been its cause
will add but one suggestion, which should
ttynv NtvSsnsv A.
our limited silver coinage paralyzes, 80 our free
silver coinage at this moment would destroy the
power Of the United States to promote the res
toration Of silver to Its old and equal place In
the monetary order"
~. A NEGATIVE reply is also given to the proposi
purchase OF silver Is our only choice our duty
and our interest" The report continues:
Stopping the purchase md coinage Of sill
yer the first step and the best which the
United States can take in doing their great
part TO repair the monetary dislocation OF tht
world; It's origin was foreign, its remedy is in
commonwealth to enter decisivcly upon that
international transaction. The ripe moment
must not be lot slip.
'.If the law were repealed which makes com
pulsory treasury purchases Of silver, and II that
repeal were accompanied by the declaration oi
CONGRESS Cong that the United States now hold
Germany and Great 3 8rtain % ~n in opening opening
their mints 10 free coinage OF silvei
and gold at ratio fixed by internationa
msnt Of the undersigned that before bfS
the expiration Of another fiscal year this inter
national monetary dislocation might be correct
two monetary metals restored to their old and
universal functions rs the one standard measure
OF prices for the worlds commodities the de
preston Of trade and industry relieved, and Z
general prosperity renewed.
ITO stop the purchase Of silver will arrest
the growth of that standing shame Of oul
The way Of abolishing the same altogether, no,
by cheating our creditors, shaving our pension
ers, or crtppling our wagc.earners, but by en-
soling the treasury to hold the silver dollal
dollar until we can unite with the lead
ing Powers in restoring and establish
years delay in stopping the silver purchase ii
the loss OF remunerutive prices upon another
wheat crop OF the United States, is another
years stimulus to India's competition for tn.
and reduction OF our ability 10 hold that mar
ket ngainst any competition In the world (meas
ured by common money!.
"Irespectfuily recommend to the wisdom O
Congress- the unconditional repeal Of the act O
February s6. 1873"
THE PUBLIC DEBT.
The public debt ls stated rs consisting OF fou,
princiPal items-ssie0Oo,o Of legal,tendel
notes, S64 OOO OF three per cents OF 1882 $751;
O,0OO of ~ per cents Of 1891, and s78s 00O 900 O.
four per cents Of 1907. This has been paid of
~ IN aVofaRe OF tluO,UUU,tW year. the xl2AOOO,
600 OF surplus revenue being partly used fol
this and the purchase OF silver. - needless de
pletion of the peoples earnings which the pres
ent Congress can completely cure"
The lust OF the public debt subject TO call
e64,017,SOO OF per cents. Secretary Manning
promises TO have called for payment on or be
fore October !, 1887
Employment for the proceeds OF onr surplu,
taxation, reasons for delay in reducing our sur
plus taxation, con no longer be found In rapit
payment Of the funded debt. Setting aside tht
vanishing three per cents and the unfundeC
debt OF Sa46, 900 0O0, the residue of the public
debt has been in such wise funded by our pre-
70 the bondholder before September /
1891, and that tTS7, ~, 400 can not be paid
% the oondheider, before July j, iSo7. On and
after those dates, respectively, but not unit
then, those loans are payable, ut the option o
the United States, ut their face and without
taxation. and TO employ its its proOeeds e cl now G.
for some years TO come In giving TO the bond
holder any such, or still higher, premiums
6y antictpatory purchase OF those bond.
cal policy % unnecessary, extravagant and mer
ciless 70 tho industrious toilers Of our land
from whose earnings profits or capital are de
Quoted and taken oil the revenues Of the treas
tives In Congress would let stand any law do
= thriftlc6s task"
The sinking. fund. according 70 Treasurer
public debt, greenbacks and bonds, by the yea
1903 within ycar after the last funded deb
becomes due and payable. The Secretary com
ments on this ana says that II Will be without {
arc needed. Besides the repeal Of the Silver
Purchase act he urges the repeal OF the net fol
the compulsory pOst-redempti0n issues and re
issues Of legal,tender notes; Coin, not prom