Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-08

oon,in6ed nom 7aird Page,

4.l.-
its face, yet not for its face,
which the treasury Is expected to employ
like gold as II It were worth its face.
TO stop the purchase Of silver will thus
arrest the growth Of that standing shame
In our finance, the treasury surplus. II
will thus put Us IN the way Of abollshlng
the same altogether, not by cheating our
creditors, shaving our pensioners, or
Gripping our wage-earnefs, but by en-
abling the treasury TO hold the silver dol
lar firmly In local parity with the gold
dollar until we can unite with the lending
powers In restoring and establishing
their permanent equivalence
II IL direct consequence OF the none
tary dsocatlon that wheat Of India,
which there fetched 3 rupees per quintal
fourteen years ago, and there fetches
rupees to-day, can be sold In London
(cost OF transport apart) for as little as
the gold price Of silver rupees Of India
In London to-day---a fall Of rs per cent.
This fall has caused, Of course. a cor
responding fall In the price Of English
and Irish homegrown wheat In London
This lowered price OF wheat In London
has had to be met by lower price OF
the American wheat surplus sold in Lon
don. The price OF our surplus wheat
determines the price Of the whole wheat
crop Of the United States
SO that the monetary dislocation has
already cost our farming population. who
number nearly one-haf of the total pop.
rlaticn Of he United States, an almost
incompatible sum, loss OF millions
upon millions Of dollars every year,a loss
which they will continue 10 suffer so long
as congress delays TO stop the silver pur-
(haQq aud 70 that - -, no an tntar.
national redress Of the monetery disloca-
ton.
Another years delay 10 stopping the
silver purchase Is The loss OF remunera
tive prices upon another wheat crop Of
the United States; Us another years slim
ulus TO midas competition for the foreign
markets OF our agricultural products,
and reduction Of our ability TO hold that
market against any competitor In the
world, (measured by common money!
While our war-tarlf taxes, prolonged
after twenty years OF peace, have been
choking OFF our manufactures from sue
cessfal competition In foreign markets
with the products Of nations which do not
tax raw materials, we have deemed for
eigD MARKETS for the surplus produce Of
our farms as sure as seed time and har-
vest. Our command Of them at least, we
have deemed unassailaDle. They are In
peril.
II is for congress TO consider whether
policy which does not prevent The loss Of
20 per cent. of Of our silver output to Il
few thousand mine owners, but prolongs
the lose 10 many million farmers Of 20 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 prosperity OF both |
II the law were ,peGled which makes !
compulsory treasury purchases Of silver, |
and II that repeal were accompanied by |
the declaration Of congress that the |
United States now hold themselves In |
readiness 10 unite with France, Germany, |
and Great Britain in opening their mints |
to the free coinage OF silver and gold at a |
ratio fixed by international agreement, II
is the deliberate Judgment Of the under
signed that before the expiration Of an-
other fiscal year this international mon
etary dislocation might be corrected by
such an international concurrence, the
two monetary metals restored 10 their old
and universal junction as the one stand
ard measure OF prices for the worlds
commodities, the depression Of trade and
industry relieved, and general pros
perlty renewed.
respectfully recommend TO the wis
dom OF congress the unconditional Iepeal
OF the act Of February 2S, 1873, accom-
panied by such a declaration,
FINANCEs or TnE UNITED STATES.
The public debt consists Of four prnci.
pal items, which are, in round numbers,
as followss
!. The unfunded debt-UnIted States
legal.tender notes, $84G, 000,O GOO.
2. The funded debt--Loan OF 1882,
three per cents, S64,00o,0 600. Loan of
ls9l, four and.a-half per cents, $3.50, 000,-
600. Loan of 1907, four per cents, $685.
600, 600.
During the last seven yesra the receipts
OF the federal treasury have been over
$4,000, GOO 0l0i the net Ordinary oxpeudi.
lures have been upon an average $257,-
600, 600 YEAR, the excess Of the ordinary
-eyenue has been, upon an average, over
sl0O,000,0 900 year, Including the S2,-
900, coo q month expended for silver, the
total annual surplus revenue has been
nearly s 10000, GOO year for the last
seven years With this surplus we have
been paying OF funded dehtat an average
rate Of 100000, 600 year, and have been
spending the residue mostly On silver dol.
lars, Of which, IN January next, $3.50, Q00,-
900 win have been coined.
Our home consumption, as taxed, gave
during the last fiscal year an increase Of
revenue beyond that Of the previous fiscal
year OF Sl5, 740 295; but the first quarter
OF the present fiscal year gave s7S08, 1876
decrease OF revenue beyond that OF the
first quarter OF the last d-cal year. In
oiher words, our taxes (duties aud ex-
else, amounting last year 10 about S8lO,-
600 OO0) ON commodities entered from
abroad or produced At home for consump
tlon In the United States are giving an in.
crease, aud an augmenting increase.
Congrss at the last session expressed
a solcitude Ia hasten as fast as practica.
BILE the payment OF the funded debt sub
lect TO call. Exercising due discretion,
such has ever been my duty and purpose;
and the recent Indication OF the Judgment
OF congress on that head, as well aa the
laws OF congress which direct my action,
will continue TO receive heedtul atten-
ton. That part Of the funded debt has
now been reduced 10 S64, OF, 500, and In
September, payment to any holder, with
out regard TO future calls, was publicly
offered, According to the best recast
now % be made In matter that can bet
ter be judged OF from week to week, 1t
Will be practicable to have called for pay.
ment the last Of the three per cents by the
first OF next October. II prudent, an
earlier date will be attempted.
CURRENCY REFoRM---TAxATION REFoRM.
Overwhelming force is thus contributed
oy congress and by our rising revenue 10
Ntaa... q.