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

would DO dsadvantageous not matter of indifer-
ence. Now make limping of both metals. as
is possible since the difficulty is with respect the
less precious metal, which manage, by the legal
tender power and the receipt for taxes to hold in
some general use along with the other. Then, how
ever we could keep i'll use but one not the two-not
even By legaltend laws. or penal laws. Thus the
freesilver coinage prescription and the silverbass
prescription are alike-amputation of uninjared
| leg to cure temporary ameness in the other.
Avoiding repetition of what had the to say
last winter reply to the inquiries of the House Of
Representatives. viii add but suggestion. which
should be fatal TO the free-slver coinage proposal
AS our limited silver coinage paralyzes, so our free
| silver coinage at this moment would destroy, the
power of the United States to promote the restoration
of silver to its old and equal place in the monetary
order.
The Secretary thinks the United States should
not again take the initiative in calling silver
conference, and that our government should not
go beyond $3.50 900 900 in its purchases of silver
| On this point he says:
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
and the methods of federal taxation 1t will recover
to the United States equality of position (non-
coinagel with foreign powers. which will give due
influence in negotiation. It will induce negotiation,
and negotiation the end of relief fer the pur
pose of delay Stopping the purchase and coinage of
silver is the first step and the best which the United
States take III doing their great part to repair the
monetary dislocation of the world. It's origin
foreign; its remedy is international The time is ripe
upon that international transaction The ripe mo-
ment must not be let slip.
To stop the purchase of silver will enabe the Treas
ury, while the monetary system is restoring to its
normal conditions, to maintain with certainty and
greater the present stock of silver coin at with
gold in all fiscal and local to the great relief
from distrust of the owners and employers of capital
and the greater relief and increasing employment
OF laborthe first fruits of sound finance and the hrst
condition OF prosperity
The Secretary then summarizes the condition
of the public debt. and shows that the surplus
taxation amounts to 1926. 900. 900 year. He
argues in favor of removing this tax, and says
| the sinking-fund will cancel the public debt
when it becomes due. He sums up thus:
| Reduce taxation immediately TO an annual revenue
suhcng to pay annual expenditure including tho
snkingfun and excluding the silver purchase.
Pay unfunded debt of 1916 6S1 OF 6 with the
present surplus and the surplus which will be-
fore the whole reduction of taxation be made
take effect, and while more funded debt can be
paid except at premium during the i've years from
until 1891.
therefore respectfully recommend:
1. Repeal of theclause in the act of Feb %, 1878,
making compulsory Treasury purchases of silver for
the heretofore given and in order to reduce
surplus and unnecessary taxation $24 100000 q
year.
2. Further reduction of surplus taxation, close
down to the necessities of the government economic
ally administered.
8. Repeal of the act of May 81, 1873 MAKING
compulsory post-reaemption issues and reissues Of
United States legaltender notes, thus facilitating
A. Gradual purchase and payment of 1916. 6Sl.-
| DIG outstanding promissory notes of the United
States with the present and accruing Treasury sur
plus issuing silver certificates in their ROOM and gold
certificates if need be- without contraction of the
present circulating volume of the currency, these
notes called Qreenbacks being the only debt due
and payable before 1891 except the per cent bonds
which probably all to be called and paid early in
| the ensuing fiscal year.
| On the subject of tax reduction, Mr. Manning
| says:
The taxes to be first RENTED are those which pre-
vent hinder the sale of surplus products in for
eign markets. Their removal will set capital in
ton by the promise of better returns, enlarge the
stea1 employment and increase the annual income OF
| many Thousand wage-earners. whose prosperity will
diffuse prosperity. These the duties
materials, and the most widely injurious of them is
the tax upon wool But the of all the wage
earners in the United States be at enlarged
effectively certainly, permanently, by reducing the
cost to them of the great necessities of fe Our
tariff taxes increase needlessly the cost of clothing
shelter food to every family Every wage earner.sr
expense every tax payers expense for the clothing Of
himself and his family is nearly doubled least the
Northern, Middle and Western States, by taxation
which now be RENTED yet leave the Treasury a
sufficient revenue. h1
The duty on raw wool procured for the Treasury
last year only So, 126 10S. The cost of wooden
clothing for our 90, 100000 people thereby and
otherwise enhanced many times than ninety
cents head the only cost of $51, 778 94S reve
nue. from sugar Moreover. any tax wool mn
ported will always make domestic woolrasing bad
business, for IN dry climates varieties of
wool required by the manufacturer not produced
The tax prevents our manufacturers from competing
in foreign markets with all manufacturers who
buy untaxed wool. The tax prevents manufacture
and export of competing woolens that require the
ad1nixture of non-American wools and restricts
the home demand and the growth of the home demand
for domestic wooI-thuS making the export of our
domestic woolens impossible yet involving the
HANGED price of foreign and domestic woolens This
petty tax of So 1876 l0S wool assists in nearly
doubling the actual cost of their clothing to the
American people with real and no incidental bene
fit to anybody except the foreign manufacturers.
respectfully recommend to CONGRESS that they
fer the wage-earners of the United States the
boon of untaxed clothing and in order thereto. the
immediate passage of act simply and solely placing
raw wool upon the free list.
OF course. repeal of the duty wool should
be followed by but need not wait for, compensating
adjustment of the duties manufactured woolens,
whilst manufacturers learning the lesson that
with the highest paid and most efficient labor in the
world with the skilled management and the best
inventive appliances they need fear competition
from any rivals in the world, in home foreign
markets so long as they buy their woods Free OF
every kind.
But the common daily clothing of the American poo
pie need not be taxed; therefore, it ought not TO be
taxed to free their clothing of taxes will finally reduce
stiles of fe and thus enlarge honestly and justly the
income of every wage-earner in the United States
But tails reduction of unnecessary and injurious
taxation is not enough, and will operate slowly in
diminishing revenue. Last years import tax on raw
wool is little more than the growth last year OF
our taxes from whisky, tobacco and beer. To make
wool free of tax may finally work larger loss of
revenue by enabling WOODEN manufacturers to
dersell at profit the foreign importers who brought
in last year T4O. $50, 500 worth of manufactures of
wool, from which got tax of 1927 279, 52S.
To say nothing of other taxes upon raw materials,
there several hundred articles among the A 1879
articles that tax which ought to be swept
off the list into the free list-petty vexatious,
needless taxes, much enlargng the cost of collecting
the revenue from Imports shall. at early day.
prepare and submit to Congress supplementary
port the collection of duties.
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Ge1nav Houaa Nevq York