The Rugby gazette and east Tennessee news. (Rugby, Morgan Co., Tenn.) 1884-188?, 1886-12-18
MR.. MANNING'S POLICY.
The Financial Aims of the Admin
istration Outlined.
Some Novel Propositions Advanced In the
Report e. the Secretary of the Treasury
Silver, Debt-Paylng and Reduce 4
ton of Taxation Discussed.
THE FINANCES.

THE FINANCES.
WASHINGTON, Dec 1.-THE annual report of
Hon. Daniel Manning Secretary of the Treas
ury, is a heavy document of nearly twenty four
thousand words. The main features of the re-
port are as follows:
THE SILVER QUESTION.
The report in opening calls attention to the
change OF front of Great Britain on the silver
question. For years the British Government
mad insisted on keeping to her own preferences
regarding the choice of monetary metal and the
minting
In January of the present year, however, q
correspondence was opened between two de-
partments OF the British Executive (by the In.
dlan ONCE with the treasury, which marked
Ihe point OF new departure which resulted In
september in the creation Of the Royal Gold
ana Silver Commission. Its chairman, vice
president OF the Bimetalic League, and one
o! us expert members, the Financial Secretary
OF the Government Of India, are known TO share
IN the belief that an international agreement
TO open the minis of leading governments
10 the free coinage at fixed ratio Of
both gold and silver into unlimited legal.
tender money would suffice to restore the rela-
tive value of the two metals to their old stabili-
". Whatever may be the conclusions of this
commission, whatever the prosperity of those
conclusions with cabinets or parliaments, its
appointment and character mark a change in
the attitude of the British Government toward
That belief, at least from indifference to consid-
ate attention. The change is important"
:, inc report then takes on the form of an ex-
haustive review Of the monetary history of the
United States. The act of 1878 did not demon.
etize silver 1t retired no silver coin from cir
culation, but took q sure way to keep all our
fractional silver coin at home. The act of 1873
dla not remonetize silver, but it did limit mon
etlZation to treasury purchases for non-frac-
uonal coin. 1t took sure way to keep all our
non.fractional silver coin at home.
"Ihe method OF the two acts Is Identical
!EXporlatlon would only be possible at loss on
the silver coined under either act. In both acts
monetizatlon is denied except to treasury pur-
chases. The door of the mint is shut to the
public by both acts Both acts are innocent of
snare IN causing the monetary dislocation, al
though the act OF 1878 helps to prolong it, In
1873 we bad not escaped the paper-money
plague, and our resumption Of the use of the
Two metals and current redemption of paper
qua not begin till the monetary dislocation was
far advanced.
1.-THE action of the United States in 1884,
changing the ratio from fifteen to sixteen
mad forestalled the act of 1873 To open our
mlnts Tor the coinage Of silver at sixteen to one
Oh goia, Wnile France was coming silver 15h to
one OF gold, was, SO to say, equivalent to closing
our mlnts to the coinage of silver at all. Two
ratios can not live together face to face.
IN the money world from that year the United
states became gold mono-metallc power, and
they did intend to and when they did not.
"Ofered by the open mint to both metals.
free coinage of silver for slver-owners into
legal-tender dollars would stop the use of the
1t would stop the simultaneous circulation of
gold ana silver dollars. The gold dollar would
be at a premium and be exported. 1t would
neither restore nor tend to restore the world.
wloe use OF inc Two metals in rated equival-
ence, which is the cure for the monetary dislo-
cation as their disjoined use has been its cause.
Will add but one suggestion, which should
pe Iatai 10 the free-siver-coina2e proposal AS
our limited silver coinage paralyzes, so our free
silver coinage at this moment would destroy the
power OF the United States to promote the res
toration OF silver to its old and equal place in
the monetary order"
a, A negative reply is also given to the PROPOSE
more than 2500O0,0OO Of silver. $50 stop the
purchase OF silver is our only choice, our duty
and our interest" The report continues
stopping the purchase and coinage of sill
yer is the first step and the best which the
United States can take in doing their great eat
part to repair the monetary dslocation OF the
world. Its origin was foreign, its remedy is in
ternatlonal The time is ripe for this powerful
commonwealth to enter decisively upon that
International transaction. The ripe moment
aust not be let slip.
III the law were repealed which makes COM
pulsory treasury purchases of silver, and IL that
repeal were accompanied by the declaration of
themselves in readiness to unite with France.
Germany. and Great Britain in opening
their minis to free coinage of silver
and gold at ratio fixed by international
, agreement en- ~. 1T is the deliberate judg-
tne expiration OF another fiscal year this inter-
national monetary dislocation might be correct
ed by such an international concurrence, the
TWO monetary metals restored to their old and
universal functions as the one standard measure
OF prices for the worlds commodities the de-
preston Of trade and industry relieved. and a
general prosperity renewed.
~, 10 stop the purchase OF silver will arrest
tne growth OF that standing shame of our
finance the treasury surplus. 1t will put us in
Inc way OF abolishing the same altogether, not
by cheating our creditors shaving our pension
erS, OF GRIPPING our wage-earners but by en-
aDling the treasury to hold the silver dollar
dollar until we can unite with the lead
ing Powers in restoring and establish
ing their permanent equivalence. Another
year delay in stopping the silver purchase is
lIe loss OF remuneratlve prices upon another
wheat crop of the United States is another
year stimulus to midas competition for the
foreign markets of our agricultural product
ano reduction OF our ability TO hold that mar
ket against any competition in the world (meas-
ured by common money!.
Respectfully recommend to the wisdom of
Congress the unconditional repeal of the act of
February u, 1872
THE PUBLIC DEBT.
The public debt is stated as consisting of four
principal items-$3i60OOOO of lepal-tender
notes, 4, OOOOO0 of three per cents of 1882 S,5O-
O,OOO OF IA per cents Of 1891, and S138 900 of
TOUR per cents OF 1907 This has been paid off |
~ an average of $780, 00O 90 year. the $l25 OOO
w OF surplus revenue being partly used for
Ims ana the purchase of silver, "a needless de- |
pletlon OF the peoples earnings which the pres
enI Congress can completely cure"
The last of the public debt subject to call. !
fol,Ol?,SO0 OF per cents, Secretary Manning |
ore October /, 1887
employment for the proceeds of our surplus |
taxation, reasons for delay in reducing our sur.
plus taxation, can no longer be found In rand |
payment OF the funded debt. Setting aside the |
vanishing three per cents and the unfunded |
leot OF S3a6,OO0,0OO, the residue of the public
leDt has been in such wise funded by our pre-
1ecessors that $500 900 can not be paid.
except by purchase at high premium
% the bondholder. before September 1
Sol, and that S737, 776, 400 can not be paid.
Except by purchase at high premium
o the bondholder, before July /, 1907. On and
'1ter those dates, respectively, but not until
men, those loans are payable, at the option of
ne United States, at their face and without
premium. TO continue our present surplus
AVIATION, and to employ its proceeds now or
or some years to come in giving to the bond
loloer any such, or still higher, premiums
" antlcipatory purchase of those bonds
before they are due and payable at par is a fis-
al poncy so unnecessary, extravagant and mer-
lless 10 the industrious toilers of our land.
rom whose earnings, profits or capital are de-
lucted ana taken all the revenues of the treas |
fbo,r |