The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1886-12-16
MR.. MANNING's POLICY.
The Financial Aims Of the Admin
istration Outlined.


Some Novel Propositions Advanced In the
Report of the Secretary OF the Treasury
-Si1vsrs Debt-Faylng and Retluc.
Men Of Taxation Discussed.
!, the FINANCEs.
wAsufN0FoR, Dec. 0-The annual report Of
Hon. Daniel Manning, Secretary of the Trees
.houssnd words. Tho main features Of the re-
port are - follows: .
rnB SILVER QUESTION.
The report In opening calls attention to the
change OF mont Of 0roat 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 the
minting.
I'm Janusry Of the present yesr however, q
correspondcnce was opened between two de-
dian once with the treasury, which marked
the point OF new departure, which resulted in
September in the creation Of the Royal Gold
president Of the Bimstalic League, and one
Of It's expert members, the Financial Secretary
in the belief that an internationSi % sereement
to open the mints Of leading governments
to the free coinage at fixed ratio OF
tender money would sufiice to restore the reia.
tive value Of the two metals to their old stabii-
~. Whatever may be the conclusions Of this
conclusions with cabinets or parliaments, its
appointment and character mark Q change in
ths me asas9e s q sns British IT
ate attention. The change is important
The report then takes on the form Of an ex-
q sas m % @ nos 81
etize silver. It retired no silver coin from cir
culation, but took sure way to keep oil our
did not remonetixe silver, but II did limit mon
iettzation to treasury purchases for non.frac.
tional coin. It took sure way to keep all our
non.fractional silver coin at home.
1.-THE method Of the two acts 10 Identical
Expectation would only be possible at o loss on
M ac In Do.n
chases. The door Of the mint is shut to the
public by both acts. Both acts are innocent OF
though the % act of 1878 I helps to proons % It. In In
plague, and our W resumption Of the S Use YS Of the
aid nos Begin Iii the %cnssssy disiooasohP %ss
far advanced.
'The action Of the United States IN 1894,
had forestalled the act OF 1879. To open our
mints for the coinage of silver at sixteen to one
so to
our mints To the coinage Of silver at all. Two
ratios can not live together face to face.
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.
"Onercd by the open mint to both metals,
free coinage of silver for sver-owners into
legal-tendor dollars would stop the use of the
mint for free coinage Of gold by gold.
1t would stop the simultaneous circulation oil
gold and silver dollars. The gold dollar would
be at u premium and be exported. 1t would
wide use Of the two metals in a rated eouiyai
ence, which is the cure for the monetary dislo
cation, us their disjoined use has been its cause
II will add but one suggestion, which should
nrOnOSal
our limited silver coinage paralyzes, SO our free
silver coinage ut this moment would destroy the
toration Of silver to its old and equal place II
the monetary order"
a nagatye reply is also given to the proposi
more than S.SO,0OJ.O00 Of silver. ITO stop the
purchase OF silver is our only choice, our dut.
and our interest" The report continues ;,
yer is tho first step and the best which tn,
United States can take in doing their grea
world. Its origin was foreign, it's remedy is in
ternational. The time is ripe for this powerful
commonwealth to enter decisively upon tha
international transaction. The ripe momen
must not be let slip.
III the low were repealed which makes com
pulsory treasury purchases Of silver, and II tina
repeal were accompanied by the declaration O
Congress that the United States now holt
themselves in readiness to unite with France
yn,s and Great rse Britain in Ope,n
agreement 1t is the deliberate judg
the expiration of another fiscal year this inter
national monetary dislOcntion might be correct
ed by such an International concurrence, tn
universal functions as the one standard measur
of prices for the worlds commodities, the de
preston OF trade and industry relieved, and
general prosperity renewed.
ITO stop the purchase Of silver will arres
the growth Of that standing shame Of ou
finance, the treasury surplus It will put us 4
n q n1t fhorv M
by cheating our creditors, shaving our pension
ers, or crtppling our wage-earners, but by en-
% Tmiy % in i iooal parity % VIII with tse tSe oI1aS so
dollar until we can unite with the lead
ing Powers In restoring and establish
years delay in stopping the silver purchase /
the loss OF remunerative prices upon anothe
wheat crop Of the United States, is anothe
foreign markets OF our agricultural product
and Q reduction OF our ability TO hold that maj
ket against any composition in the world (meai
respectfully recommend to the wisdom @
Congress- the % %InsoIditional repeal Of the oct Q
THE PUBLIC DEBT.
The public debt ls stated as consisting of fou
principal items-s346.0 10000 Of legal-tende
S6 q ~ per cents Of a isoI and and sass n 100 @
81 81 @ s nss cssa Rsas
900 of surplus revenue being partly used 10
tnlS ana tne purch0se OF silver, ~ needless DC
pletton OF the peoples earnings which the prei
ent Congress- can completely cure"
The last OF the public debt subject to call
1A,M7,6O0 of per cents, Secretary Mannin
promises to have called for payment on or be
fore October !, 1887.
employment for the proceeds Of our surplu
texation, reasons for delay In reducing our SUI
Plus taxation, can no longer be found in rapi
payment OF the funded debt. Setting aside tn
yAnishing three Per cents and the unfunde
debt ha6 been In such Wise funded nv our Orf
decessors that te5O,OOO,0OO can not be paid
to the 6ondhoIder before September
1891, and that E737, ri. 900 can not be PAID
except by purchase ~ high premium
70 the bondholder, before July !, 1907. On an
after those dates, respectively, but not unit
then, those loans are payable, ut the option q
premium. TO continue our p esent surplu
for some years to come In giving to the bono
holder any such, or still higher, premium
by anticipatory purchase Of those bond
before they are due and payable at par Is Q d,
cal policy SO unnecessary extravagant and mel
ciless to the industrious toiers OF our lame
from whose earnings profits or capital ore d.
Quoted and taken oil the revenues Of the treai
tves In Congress would let stand any law d.
yolving upon the head of this department sue
q thriftless task"
Tho sinking fund. according 10 Treasure
Jordan, will affect the payment of the Who'll
public debt, greenbacks and bonds, by the yea
1903 within year after the last funded det
becomes due and PAYABLE. The Secretary CON
cent OF surplus taxation II his Recommendation
are headed. Besidea the renenl nj the Silve