Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-07
GRADUAL REIMBURSEMENT.


tney nave adapted their business, but If the
public good requires it they should be content
with such consider alton as shall deal ia rly
and cautiously with their interests. While the
just demand of the people for relief from
needless taxation is honestly answered. a
reasonable and timely submission to such a
demand should certain be possible. Though
disastrous shock to any interest and cheer
tul cess.on sometimes averts abrupt and heed
less action. often The outgrowth of i'm patience
aud delayed justice, due regard should also be
accorded III any proposed TeadJustmeut to the
Interests of American labor so far as they are
involved. We congratulate ourselves that
mere is among us no laOorng class liked
within unyielding bonds and doomed under
all conditions to the iHeXOrab!e fate of
daily toll. We recognize in labor
chief factor in the wealth of the re-
pubic, and we trust those who have 1t
in their keeping, as citizens entitled to the
most careful regard ana thoughtful attention.
VIII remember that this regard am attention
should be awarded them, not only because
labor, the capital of our work ingmen, lie justly
entitled TO Its share of government favor, but
tor the further and not less important reason
that the laboring man, surrounded by his
family n his humble home, as a coneumer is
vitality interested in all that Cheapens the cost
OF living ana en- bles him to bring within his
domestic circle additional comforts and ad-
vantages
MUST NOT BE OVERLOOKED.
THIS relation of the workingmen to the rev.
enue laws OF the country, ana tho manner In
W
wages, should not be forgotten In the Justitia-
Bile prominence given to the proper mainte-
nance OF the 5upplyand protection Of weil-pdid
LABOR, and these considerations suggest such
an arrdnG ement of the government revenues
as shall reduce the expense of living, while it
does not curtaIl the Opportunity for work nor
reduce the compensation of meriCan labor,
and lnjurlousiy affect its condition ana the
dlgni ned place IL holds in the estimation
OF our people. But our farmers anu agricul-
turi-ts, and those VINO from the soil
produce the things consumed by all,
are perhaps more directly and plainly con-
cerned than any other of our citizens in a just
and careful system of Federal taxation.
Those actually engaged in and more remotely
connected with this kind OF work number
ne riy one-nalf of our population. None
labor harder or more continuously than they.
No enactment limits their hours of toll and no
lnterposltion OF the government enhances To
any great extent the value of their products.
ana Net for many Cf the necessarles ana com
forts of life, which the most scrupuous ecOno-
my enables them TO UrIlg into
their homes, and for the implements
OF husbandry, they are Obliged to pay price
largely increased by an unnatural profit,
which, by the action OF the government, is
given TO the more favored manufacturer.
recommend that, keeping IN view ali these
considerations, the increasing and unneces-
cary surplus OF national income annually ac-
cuuulatfng he released to the people by an
amendment TO our revenue laws which shall
cneapen the price of the necessaries OF life
and give freer entrance 10 such imported ma
teriaIs as by American labor may be manu-
featured into marketable commodities. Moth
ing can be accomplished, however, III the
direction of this much needed reform unless
the subject is approached in a patriotic spirit
OF devotion to the interests of the entire cOun-
try and with Willingness to yield something
for the pubic good.
REDUCING THE DEBT.
The sum paid upon the pub &c debt during
the fiscal year ended June 80, 1856, was 81 49,,
ITnr hos 4
81, 1856, per cent. bonds were called for re-
dempilon amounting to Sl27 .2.3, 100, of which
$oO. GA, 20J " as called to answer the require
menls OF the law relating TO tine sinking fund
anu $40, b39,9O0 Tor the purpose OF reducing the
public deb by application Of part of the
surplus In the Treasury to that object OF the
bonds thus called $l02. 26a.3jQ became subject
under such calls 10 redemption PRIOR to Nov.
l, 1885. Inc remainder, amounting TO $751;
Ol3,63O, matured under the calls alter
that date. In addition to the amount
subject to payment anu canoe latlon prior to
Nov l. there ere al,o paid before that day
certain of these b nds, with the interest
thereon, amounting to $5,072.3j0, which were
anti, lpaJed as to their maturity, of which
s2564, $50 had not been called. Thus, $l07 ,34l.-
$40 mad been actually applied PRIOR To Nov. i,
1886, to tue eXtlngulshment OF our bonded and
Understanding debt, eaving on That day
still outstanding the sum OF 81, 49, t3, ll2. OF
this amount $o6, $3.50 were still represented
by per cent. bonds hey, however, have
been since NOV. l, or will at once be further
reduced by S22,6J6, $50, beng bonds which
nave oeen called as already stated, but not
redeemed and Cancelled before the latte r
date.
SILVER COINAGE.
During the fiscal year ended June 30. 1886
there were coined, under the compulsory
silver coinage act OF 1873, 2JS3S,90j silver
dollars. ana the cost of The liver used in
such coinage was $23, 800. There had been
coined up TO the Gloss OF The pi evIous fiscal
year, under tue provisions OF the law,
2US,eS2, 5di silver dollars, and on Dec
|, 1886, the total amount OF such coin
age was $I47 ,lSl. $40. The Director OF the
Mint reports that at the time OF the
passage OF the law of 1873, recting this
coinage, the intrinsic value OF the dollars thus
coined was ga &C. eacn, anu that on July 81,
1856, the price of silver reached the 10 west
stage ever known, SO that the intrinsic or
bullion price of our standard silverdOllar at
that day was less than 72c The price of silver
on Nov. 30 last was such as TO make the dol
lars in trinsicAlly worth Csc. each These d f.
1erences in value of the coins represent
the fluctuations in the price OF. silver, ana
they certainly do not Indicate that compul-
sorry coinage by tie government enhances the
price OF that commodity or secures unifOr-
nifty in its value. Every fair and legal effort
has been made by the Treasury Department
TO distribute this currency among the people.
The withdrawal of the United States treasury
notes OF small de aom nations. and the issuing
OF small silver certificates nave been resOrteI
TO III the endeavor to accomplish this result in
obedience to The sentiments Of the Representa-
tives of the people in the Congress-
On Nov. q, 1855 the people held of these
coins. or certificates repre-. entlng them. the
nominal sum OF $l6J,S73,1il, and we still had
SO, 464, 345 Ia the Treasury. as against about
$l42,9Ji.055 in the hands of the people, and
T2,S65,S rem aiming in the Treasury one year
ago. The Director of the Mint again urges the
necessity OF more vault room for the purpose
OF storing the silver dollars VIII ch are not
needed for circulation by the people.
SUSPENSION URGED.
have seen no reason to change the views
expressed in my last annual message on the
subject of this compulsory coinage, and ]
again urge its suspension on all the grounds
iniorced by the significant increase of our
gold explorations during the last year, as ap-
pears by the comparative statement herewith
presented, and, for the further reason. that
the more this currency 10 distributed among
the people the greater becomes our duty to
protect 1t from disaster; that we now have
abundance for ali our need, and that there
seems but little propriety in building vaults
TO store sGch currency, when the only pre-
tense for It's coinage is The necessity of use by
the people as a circulating med um.
CUSTOMS LITIGATION.
The great number of suits now pending in
the United states Courts for the southern
district of New York growing out of the col
lection OF customs revenue at the port OF New
York, and the number OF sucN sui ts that are
almost daily instituted, are certainly worthy
the attention Of Congress. The legal COntro-
yersies based upon conflicting views byimport-
ers aud the collector rs to the Interpretation
OF our present complex and indefinite revenue
laws might be largely Obviated by an amend
ment OF those laws. but pending such amend