National Republican., 1886-12-07


with certainty and greater ease the present
stock Of silver coin II par with gold in all our
fiscal and local uses to tho great relief from
distrusi, Of the owners and employers Of capi-
tai, and so TO the greater relief and Increasing
employment of labor-the first fruits OF sound
fnGnce and the first condition Of prosperity.
To stop the purchase of silver Of course,
will cause new full in tho London market
sptedier and more assured will then be the day
OF It's final restoration TO Its formerplace in the
money of the world. II is the recent heavy
cars that were deaf But a fall of silver, II the
exptnse and influx 10 the treasury are stopped,
Will not enhance the trouble Of the treasury OF
laws Impose to keep the silver circuiatlon al
par with gold within our own Jurisdiction. OF
courte. compulsory employment OF money
mipp0IsTly ana 1oSay so iniepor IN ~ onn Iunueq sort
means compulsory acceptance, and would
force the inferiority TO appear, whereas It's
tkilliul employment and an optional accept
bid, will prevent that inferiorty from appear
ing in our domestic trade, which nothing can
diguise In our foreign exchanges;
No prospective fall In the purchasing powor
Of metal can be so harasslng TO the treasury as
the perpetual inpour OF coin made full legal
tender for It's face, yet not worth its face,
which the treasury Is expected 10 employ like
gold as II II were worth its face.
Another years delay in stopping the silver
purchase Is the loss of remuneraltve prices
upon another wheat crop Of the United States;
is another years stimulus to Indla's competi-
tion for the foreign markets OF our agricultural
product, and reduction OF our ability TO hold
that market against any competition In the
world measured by n common money.
While our war tariff taxes, prolonged 0fter
twenty years of pence, have been choking oil
our manufactures from successful competition
in foreign markets with the products OF nations
which do not tax raw materials, we have
deemed foreign markets for the surplus pro-
duce OF our farms as sure as seed.tlmo and
harvest. Our command OF them at least we
have deemed unassailable, They are in peril.
IL 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 owners but prolongs the loss
to many million farmers of 25 per cent of the
price Of their annual wheat crop, should not
now be abandoned and the only. policy adopted
which promises to restore the former prosper
If the law were repealed which makes com:
pultOry treasury purchases Of silver, and II
tion Of Congress that the United States now
hold themselves in readiness to unite with
France; Germany, and Great Britaindn open,
gold at n ratio fixed by international agree.
ment, II is the deliberate Judgment of the un-
dersigned that before the expiration of another
fiscal year this International monetary disloca-
tion might be corrected by such an inter-
national concurrence, the twomonetary metals
restored to their old and universal function as
the one standard measure Of prices for the
worlds commodities. the depression OF trade
and industry relieved and ageneral prosperity
renewed.
Congress the unconditional repeal OF the act of
Feb. rs, 1878, accompanied by such declara-
tion.
consists of four principal items which are in
round numbers as follows: Theunfunded debt,
United States legal tender notes, S3i6 900, 900;
the funded debt loan OF 1882, per cents,
s6i,o00,O00; loan Of 1891, "a per cents, $780,
00O0C0; loan of 1907, per cents, s73S 200, 900.
During the last seven years thc receipts Of
the federal treasury have been over $500,
| 5000; the net ordinary expenditures have
| been upon an average 1851 100000 year: the
excess of the ordinary revenue has been, upon
| an average over 800, 900, 900 year. Including
| the S2,OO0,C00 a month expended for silver, the
Si25, 5,OO0.l0O a year for the last seven years
| With this surplus we have been paying Of
funded debt at an average rate of SlO0, 100000 O
year, and have been spending the residue
| mostly oil silver dollars.
The financial situation, scanned at large aud
| We should
| revenue sufhcing to pay our annual expendi
| ture, including the sinking fund, and exclud
ing the silver purchase -
Pay our unfunded debt OF S3i6,6SlOl6 Win
the present surplus, and the surplus which
will accrue before the whole reduction OF tax.
alton can be made or take effect. and while nc
more funded debt can be paid except AT a pre-.
MUM during the five years from now until
| 1891
REDUCE TAxEs-PAY GREENBACK DEBT WITT
| SURPLUS.
! Therefore respectfully recommends:
,ol: Repeal OF the oieuss In the act OF FEB: 2s
Of silver, for the reasons heretofore given, an
in order TO reduce surplus and unnecessar
taxation s24, 600, COO a year.
| @ Further reduction OF surplus taxation
beginning in u manner which VIII be sug
scsted below, close down to the necessities o
the government economically administered.
l Af fha nntn nt In IN
compulsory post-redemptlon issues aud re
issues OF United States legal tender notes, thu
facilitating
GSl ,0l6 outstanding pronissory notes OF tn
| United States with thepresent and accruin
treasury snrplus, issuing silver certificates Il
| their room, and gold certificates If need b(
without contraction Of the present circuatin
| volume of the currency, these notes (calle
Rrecnbacks) being now the only debt due an
payable before 1891 except the per. cen
paid carly in the ensuing fiscal year.
The extraordinary conjunction OF opport'
nifty and necessity making practicable SO con
plete reform in our currency and so large
reform In our taxation, will, perhaps, excuse
reference to the conditions and the method I
their execution, which were set out In my la'
annual report, or any repetition of whatI hay
already had the honorto suggest In respec
fully urging upon Congress the easy provisio
| of a better currency for the people OF th
any nationN''a currency in which every dolil
! noie shall be the representative certificate OF
coin dollar actually In the treasury and pa
, able on demand: currency In which OF
monetary unit coined In gold, or its equiv
lent coined in silver, shall not be suffered
The act making compulsory post.redemptio
| issues and reissues of United States notes an
. the act making compulsory treasury Durchas
Of silver are each a separate menace to Il
| public tranquility, are each injurious to th
| public morals, the public faith, and the publ
, interest. But they do not double our dinicu
, ties. On the contrary, the repeal OF both &C
and the use OF the treasury metal surplus
I | the substitution Of coin certificates for greer
backs will convert our, worst kind Of pap
| currency into tho best kind-indefnite prom
issory notes of debt mado legal tender will /
converted into representative certificates
| coin held subject to demand.
AS the competency OF the federal goverl
ment to make its debts legal tender of pa!
ment for the debts OF Its citizens, one
another, has, In these latter days, been a
/ | firmed, despite an absolute consensus
| opinion TO the contrary among It's founde
and statesmen OF all parties nom 1883 to lS6
| IL seems to me In this conflict OF legal opinion
! duty TO recur to the unquestioned concll
! | sions OF a sound finance.
The total value of our domestic exports 4
+ the last fiscal year was almost exactly 5000
: 000. 600, of which SO per cent were the produc
| OF our fields, forests fisheries. and mines, an
: 16 per cent. only were the sum total OF mani
factured products In which American lab
| was inwTOught.
In the last quarter OF century, progress
telegraphs, transportation, lRbor-saving inve
, tionf, and the mechanic arts has reduced d
| profits OF capital and the ratio of interest
| more than one half; has Increased the wages
labor throughout the world has augmented
at least third the surplus which our man
, facturcrs can produce beyond domestic nee!
| for sale abroad ProlOngng without necessit
, | our war tariff taxes on raw materials Wo ha
/ been undersold and excluded from forei(
+ markets by nations not taxing raw material
Despite their low-prlCed inferior labor, and u
, high percentage of labor cost therefore INCLUDE
1 in their product, our taxed raw materials al
r their free raw materials have protected the S
I called "pauper labor of Europe against Anne
J an competition.
? THE CHEAPEST AND BEST TAXES To RETAIN.
I Another proposal is to reduce taxation
, | cutting down the tax on whisky, tobacco, al
beers, and removing the duty on sugar
u Nobody pays a tax on tobacco except q