The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-12-22
NATIONAL FINANCES,
Annual Report of the Secretary of
the Treasury.

Annual Report of the Secretary Of
the Treasury.
Secretary Manning in his annual repor
says of the silver question:
IF the law were repealed which makes
compulsory Treasury purchases of silver, and
if that repeal were ACCOMPANIED by the de-
now hold themselves in readiness to unite
with Franco. Germany, and Great Britain in
opening their mints to the free coinage
of silver and gold at a ratio fixed
by international agreement it. is
the deliberate Judgment Of the un-
dersigned that before the expira-
ton Of another fis al year this international
monetary dislocation might be corrected by
such an international concurrence, the two
monetary metals restored to their old and
univer. al function as the one standard meas
ure Of prices for the worlds commodities,
the depression of trade and industry relieved,
and general prosperity renewed.
81 respectfully recommend to the wisdom
of Congress the unconditional repeal of the act
of February 2S, 1878, accompanied by sucha
declaration"
Regarding surplus taxation the Secretary
says: Unemployment for the proceeds of our
surplus taxation, reasons for delay in re-
ducing our surplus taxation, can no longer
funded debt Setting aside the vanish:
ing three per cents, and the unfunded
debt of SS46, ,009OOO, the residue of the
public debt has been in such wise funded by
our predecessors that $35O, ,0J0, QUO cannot be
paid, except by purchase at high premium
to the bondholder, before September l, 1881,
by purchase at high premium to the bond
holder, before July ], 1907. On and after
those dates, respectively, but not until
option of the Unite States, at their
face and without premium. The present pre-
MUM on the AZ per cents of 1891 IS about
II per cent. The present premium on Cne
per cents of 1907 Is about 29 per cent. 10
continue our present surplus taxation, ana
to employ it's proceeds now or for some years
to come in giving to the bondholder any
such, or still higher premiums by antlcl-
patory purchase Of those bonds before they
are due and payable at par, is fiscal policy
30 unnecessary, eXtravagant. ana
merciless to the industrious toilers of our
land from whose earnings, profits, or capital
are deducted and taken al the revenues of
the Treasury, that l cannot presume their
representatives in Congress would let stand
any law devolving upon the head Of this De-
partment such thriftes task"
Mr.. Manning recommends:
"Q.) Repeal of the clau.e in the act OF
February %, 1878, making compulsory,
Treasury purchases of silver, for the reasons
heretofore given and in trder to reduce sur
plus and unnecessary tayat:on 81, ,OOO,OOO
year.
.(2.) Further reduction of surplus taxa
tion, beginning in manner which Will bs
suggested below, close down to the necessi-
ties of the Government economically admin
istered.
"s.) Repeal of the act of May 81, 1878,
making compulsory, post-redemption issues
aud reissues of United States le2al-tender
notes, thus facilitating
. .H.) Gradual purchase and payment Of
e536, ,6Sl ,0l6 outstanding promissory notes OF
the United States with the present and &C
cruing Treasury surplus, issuing silver certlh-
rates in their room, AMI gold certificates
if need be, without contraction of the present
circulating volume OF the currency, these
notes (cal.el greeabacksi being now the only
iebt due an / payable before 1891 except the
three per cent. bonds, which are probably all
to te called and pal early in the ensuing rs
cal year."
step in the way of tax-reduction should be to
repeal the tariff duties Oh raw materials. he
saws: The total value of our domestic ex-
90, is for the last fiscal year was almost eX-
actly S6G5, ,00h,900 o. which IS per cent. were
the products of our fields forests, fisheries,
and mines, an | per cent. only were the sum
total of manufactured products IN whicn
ing without necessity cur war-tariff, taxes
on raw materials, we have been undersold
and excluded from foreign markets by ma
tions not taxing raw mat t.ria!s. Despite thelr
lov-prlced inferior lab"r, and the high FER
centage of Iabor-cost therefore included IN
their product our taxed raw materials ana
their free raw materials have protected
the so : called "pauper labor OF
Europe against American competition. Our
increasing capacity to produce an industrial
surplusage has been accompanied By war
tayation exactly suited to prevent the sale
of that surplusage in foreign markets. Out
of our actual abundance this war taGatlon
has forged the instrument OF our industrial
and commercial mutilation. Defeating our
manufacturers in their endeavor to compete
abroad with the manufacturers of untaxed
raw materials, it has sent them on fero-
cious competition at cut-throat prices In our
own home market, to which they are shut
I'D, and for which their producing powers
are increasingly superintendent Long Pc
RODS of elut aad so-calied overproductlon
have alternated with brief periods OF
renewed activity and transient prosper
ity like the present. These pro-
longed war-tarif taxes, incompetent
and brutal as a scheme OF revenue, 1atal 10
the extension OF foreign markets. ana as
orderly to our domestic trade, have IN the
last resort, acted and reacted with most
ruinous injury upon or waSe-earners. AS
the more numerous part Of our population,
onr wage-earners are of course, the first, the
last. and the most to be effected by injurious
laws. Every government by true statesmen
will watcheully regard their condition and In
terests II these are satisfactory, nothing
else can be Of very monentous importance
hut our 50. called prote tive craftsmanship
has disfavored them altogether. Encumoer'
ing with clumsy help a few thousand em.
ployers, it has trodden down the millions Of
wage-earners. 1t has for twenty-one years
denied them even the peaceful fruits of
liberty.
"An official analysis Of thu last census dis
closes that Of the 17.392,OJ9 persons in the
United States then engaged in gainful work
tnow 20. 00J, ,0J0), about rs per cent. cannot
be subjected to foreign competition, and
about Ger cent. are all who can be, or, rath-
er, whore employers can.
Last year SlJ2, ,905 ,025 was the increase OF
price we paid on commodities imported
hither, and here consumed-from taxes on
imports Except opium, dates, q few chemi-
Gals, etc. incidentally benefiting the employ
ers of 90, 900 persons here employed in pro-
ducing the like commodities for general con.
sumption here, by the tax handicap on for
eign competitors, raising their prices
ION the other hand 19,000, 900 persons
paying nineteen twentieths of those
ta1-increased prices, and paying also
nineteen-twentieths of any enhanced
prices Of the domestic product thus
lad x,a,,o yoo