New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-04
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BROTHERS
MATCHLE SIS
PE q III Cd 8
30 UNION SQUARE.

: 90 no,es IN tl,e mar value of the bonds be allowed
| would hin 10 maintain the bank circulation
| Bit while this withdrawal OF nank notes MAJ
been going on there has Detn di IN cpcio
i'm the amount of gold and silver com III clrcui
lion and in the issues OF gold and silver certlh
Gates. -. III Lid. I, cir
culation ON March |, 1887, was $500, 1883 O'
While on October /, 1889, the total was sl,402,
Cls 600. There was an increase of s293, 7t5o,
in yold coin. Of S57,554100 in standard silver
aSlars Of silver IN c sGif Sf and
sI4'07s,7s7 in United States notes, making
total of s71 3.976,4O3. There was during the same
rpriod decrease OF s1l4,l Ivy IN DARK CIR
cuiation and of s642,4sl in subsidiary silver
The net increase was s599,224, 1893 The cir
cn,otion ner capita has increased about five dol
lars during the time covered by the table referred
to.
THE SILVER QUESTION,
The total coinage Of silver dollars was or
November /, 1882 s343,63s,om OF whicf
s2s3.58o.521 were in the Treasury vaults and
SEQ COS. 4sO were in circulation VI the amoun'
in the vaults, s277,319 044 were represented oy
outstanding silver certificates, leaving So 2l9,oH
not in circulation and not represented oy Ger
tiicates. m
The law requiring the purchase. b. the Treas
urv of TWO million dollars worth OF silver bullion
each month, to be coined INTO SILVER uoimrs oi
four hundred and twelve and onc-half grains, has
been observed by the Department; but neither
The present Secretary nor any OF ms predecessor
has deemed it safe to exercise the discretion gwen
by law 10 increase the monthly purchases 10 loui
million dollars. When the law was enacted
February 20, 1873 the price Of silver IN the
market was 81 20 4-10 per ounce, making tne
bullion value Of the dollar 90 cents. Since that
time the price has fallen as low at 9l.2 cents per
ounce, reducing the bullion value of the dollar
to 70. G cents. Within the last few months the
market price has somewhat advanced. and on the
lst day of November last the bullion value Oh
the silver dollar was ~ cents.
The evil anticpations which have accompanied
the coinage and use of the silver dollar have not
been realized. As coin it has not had general
Use and the public Treasury has been compelled
10 store it, But this is manifestly owing to the
fact that its paper representative Is more con
venient. The general acceptance and use OF the
silver certificate show that silver has not peen
otherwise discrcdted Some favorable conditions
have contributed 10 maintain this practcal
equality, in their commercial use, between the
gold md silver dollars. But some OF these are
trade conditions that statutory enactments 40
not control and of the continuance OF which we
cannot he certain.
| think il is clear that if we should make the
coinage Of silver at the present ratio free we must
expect that the difference in the bullion values
Of the gold and silver dollars will be taken ac-
count OF i'm commercial transactions, and | fear
the same result would follow any considerable In
crease Of the present rate OF colnage. ouch Il
result would be dsrredtable TO our financial man
agement and disastrous to all business Interests.
We should not tread the dangerous edge OF such
peril. And. indeed, nothing more harmful could
happen to the silver interests. Any safe legiSla-
ton upon this subject must secure the equality
of the two coins in their commercial uses.
/ have always been an advocate OF me use OF
silver in our currency. We are large producers
tho plan which will he presented by the Secretary
of the Treasury for the issuance of notes or cert
Gates upon the deposit Of silver bullion at its mar
lIet value, have been able TO give only hasty
afnott A, 70 fhn n
and to the fact that il has been so recently formu
lated. The details Of such law require careful
consideration, hut the general plan suggested by
him seems 10 satisfy tho purpose-to continue the
use Of silver in connection with our currency, and
NJ the same time to obvate the danger Of which
I have spoIen. AT later day may communi-
cate further with Congress upon this subject.
CHINESE EXCLUSION!
The enforcement of the Chinese Exclusion Act
has been found to be very difficult on the north
western frontier Cinnamon, landing at Victoria.
find il easy to pass our border owing to the i'm
possibility, with the force at the command of the
customs officers, of guarding so long an inland
line. The Secretary Of the Treasury has author
lied the employment Of additional officers, who
will be assigned to this duty, and every effort
will be made to enforce the law. The Dominion
exacts a head tax OF fifty dollars for each China
man landed, and when these perSolas, In fraud Of
our law, cross into our territory and are apprc-
hended, our officers do not know what 10 do with
them, as the Dominion authorities will not suffer
them TO be sent back without Il second payment
of the tax. An effort will be made 10 reach an
understanding that will remove this difficulty
The proclamation required by Section of the
act Of March 2, $780, relating to the killing OF
seals and other fur-bearing animals, was issued
by me on the 2lst day Of March, and revenue
vessel dispatched 10 enforce the laws and
protect the interests Of the United States. The
establishment Of refuge station at Point Barrow
as directed by Congress, was successfully accom-
plished.
COAST DEFENCEs.
Judged by modern standards, we are practically
without coast defences Many of the structures
we have would enhance rather than diminish the
perils Of their garrsons If subjected TO the fire
Of improved guns; and very few are so located
as 10 give full effect to the greater range of
such guns as we are now making for coastdefence
uses This general subject has had consideration
in Congress for some years, and the approximation
for the construction of large rifed guns made one
year ago. was. ! am sure, the expression Of a
purpose TO provide suitable works in which these
guns might be mounted An appropriation now
made for that purpose would not advance the
completion OF the works beyond our ability to
supply them with fairly effective guns
The security Of our coast cities against foreign
attack should not rest altogether in the friendly
disposition of other nations. There should be
second line wholly in our own keeping | very
urgently recommend an appropriation at this
session for the construction of such works in our
most exposed harbOrs
I approve the suggestion OF the Secretary OF
War that provision be made for encamping com
panics of the National Guard in our coast works
for specified time each year and for their training
in the use Of heavy guns. Ills suggestion that
an increase of the artillery force OF the Army is
desirable is also in this connection commended 10
the consideration Of Congress.
The improvement Of our important rivers and
harbOrs should he promoted by the necessary APP
propriations Care should be taken that the
Government is not committed 10 the prosecution
of works not of public and general advantage aud
that the relative usefulness OF works OF That class
he said TO be completed do not doubt that the
end would be sooner and more economically
reached if fewer separate works were undertaken
at the same time and those selcctcu lof lhell
greater general interest were more rapidly pushed
10 completion. work once considerably begun
should not he subjected TO the risks ana deterlorn
ton which interrupted or insufficient aprropr"-