Huntsville gazette., 1889-12-07


ceeds. No further use should be male OF
this method of getting the surplus into cir
culatlOn, and the deposits now OUTSTANDING
should be gradually withdrawn and applied
to the purchase of bonds. 1t is fortunate
that such use can be made of the existing
surplus, and Tor some time to come of any
casual surplus that may exist after congress
has taken the necessary steps for a reduction
at tho revenue. Such legislation should be
promptly, but very considerably enacted.
Il recommend a revision of our tariff law,
both in its administrative features and in the
schedules. The need of the former is gen
orally conceded. and an agreement upon the
evils and Inconvenience to be remedied and
the best methods for their correction will
PROBABLY not be diifiult. Uniformity OF var
uation at all our ports is essential, and eff.
fective measures should be taken to secure
it. 1t is equally desirable that questions af
fecting rates and claSsifications should be
promptly decided.
1.-The preparation of q new schedule of Gus
toms duties is a matter of great delicacy. be
cause OF its effect upon the business of the
country, of great difficulty by reason of the
wide divergence of opinion as to the objects
that may be promoted by such legislation
Some disturbance of business may perhap:
result from consideration of the subject by
congress, but this temporary i'll effect will bt
reduced to minimum by prompt action anG
assurance which the country enjoys that any
necessary changes will be SO made as not tC
impair the just and reasonable protection oi
our home industries.
s'The inequalities of the law should be ad.
justed but the protective principle should bt
maintained and fairly applied to the pro
ducts of our farms as well as our shops
These duties necessarily have relation tC
other things besides the public revenues. We
cannot limit their effects by fixing our eyes
on the public treasury alone They have q
direct relation to hot1e production, to work
to wages, and to the commercial independ
ence OF our country, and the wise and pa
triotic legislator should enlarge the field Of
his vision to include all of these. The nee
essary reduction in our public revenue can,
am sure, be made without making the
smaller burden more onerous than the larger
| by reason of the disabilities and limitation!
which the process of reduction puts upor
both capital and labor.
| s'The free list can very safely be extended
| by placing thereon articles that do not offel
| injurious competition to such domestic pro
| ducts as our home labor can supply. TIL,
removal uf the internal tax upon tobacco
would relieve an important agricultural
product from a burden, which was imposed
| only because our revenue from customs du
| ties was insufficient for the public needs.
IF safe provision against fraud can bt
| devised the revOval of the tax upon spirits
used in the arts and in manufactures, woult
! also offer an unobjectionable method of re
ducing tine surplus
"a table presented by the secretary of tn,
treasury, showing the amount of money o.
/ all kinds in circulation each year, from 1871
| to the present time, is of interest. 1t ap
pears that the amount of National banl
! notes in circulation has decreased during
that period STA, l09, 729, of which $37, ,799,
| 229 is chargeable to the last year.
"The withdrawal of bank circulation vii
necessarily continue under existing condi
lions 1t is probable the adoption OF thu
upgestions made by the comptroller of tn,
If bonds for the establishment of banks b,
reduced and that an issue of notes to thu
oar value of the bonds be allowed, woult
help to maintain the bank circulation.
! From March l, 1873 to Oct, l, 1889, the ne
increase in the total amount OF money il
circulation was $599, ,224, 1873 The circula
lation per capita has increased about :;
| during the time referred to.
| The president discussing the coinage o.
silver explains that the large surplus in thu
| treasury vaults is lowing to the fact that it
paper representative is more convenient
The general acceptance and use OF the silver
| certificate show that silver has not beer
otherwise discredited. Some favorable con
| ditionS have contributed to maintain thi
practical equality in their commercial U.s.
between the gold and silver dollars. Blu
| some of these are trade conditions that stat
utory enactments do not control, and of th'
| continuance of which we cannot be certain
| II think it is clear that if we shoulC
make col lage of silver at present rates fire.,
we wen must expect the difference in bullior
values OF the gold and silver dollars will b'
! taken account of in commercial transaction
| and fear the same result would follow any
considerable increase of present rate OF coin
! age such a result would be discreditable tx
! our financial management and disastrous to
all business interest. We should not treae
! the dangerous edge of such peril, and in
deed, nothing more harmful could happeI
to the silver interests. Any safe Legislation
upon this subject must secure the eQua0V ol
| the two coins in their commercial uses,
| 81 have always been an advocate OF the
use Of silver in our currency. We are large
producers of that metal, and should not dis
credit it. To the plan which will be pre-
| sented by the secretary of the treasury fol
the issuance of notes or certificates upon the
, deposit of silver bullion at its market value
l have been able to give only hasty exami
nation, owing to the press of other natter
and to the fact that it has been SO recently
formulated. The details of such law re
uuire careful consideration, but the genera
plan suggested by him seems to satisfy thu
purpose-to continue the use OF silver IL
! connection with our currency, and at the
same time to obviate the danger OF
which Ii i've spoken. At later day may
communicate further with congress upon thi:
subject"
The Chinese exclusive act is briefly referred
! to and the difficulty Of keeping the Mongol
ians out explained as being due to the vast
boundery line to be guarded in the north
west and the scarcity of officers. The state
ment is made that additional officers will bt
placed on duty in that section.
Concerning our coast defenses the presi
dent said:
Judged by modern standards we ART
practically without coast defenses Many ol
| the structures we have would enhanct
rather than diminish the perils of theil
garrisons, if subjected to the fire OF i'm
proved guns and very few are so located a
to give full effect to the greater range OF
such guns as we are now making for coas
, defense uses This general subject has hae
| consideration in congress for some years, anG
| the appropriation for the construction o.
large rifled guns, made one year ago, was,
| am sure, the expression of q purpose to pro
vide suitable works in which these gun
might be mounted An appropriation now
made for that purpose would not advanc,
| the completion of the works beyond oul
ability to supply them with fairly effective
| guns.
1.-THE security of our coast cities agains
| foreign attack should not rest altogether il
the friendly disposition of other nations
| There should be second line wholly in oul
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