The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1889-12-04
sary changes will be 80 made as not to
impair the Just and reasonable protection
OF our home industries,

AhARNAA hAAR lA0N AANN AHesNSe@NNfN
OF our home industries.
PROTECTION MUST BIZ MAINTAINED,
The inequalities Of the law should be
adjusted, but the protective principle
should be maintained and fairly applied
to the products Of our farms as well as
of our shops. These duties necessarily
have relation TO other things besides the
public revenues. We cannot limit theiE
effects by fixing our eyes on the public
treasury alone. They have direct rela'
ton TO home production, 70 work, 10
wages, and 10 the commercial indepen,
dence Of our country, and the wise and
patriotic legislator should enlarge the
Held OF his vision 10 include all OF these
The necessary reduction In our public
revenues can, am sure, be made with'
out making the smaller burden more
Onorous than the larger by reason OF the
disabilities and limitations, which the
process OF reduction puts upon both
capital and labor The free list can very
safely be extended by placing thereon
articles that do not offer injurious cOm'
petition TO such domestic products as
our home labor can supply. The re-
moyal OF the internal tax upon tobacco
would relieve an important agricultural
product from q burden which was inl.
posed only because our revenue from
customs duties was insufficient for tue
public deeds,
I II safe provision against fraud can be
devised, the removal OF the tax upon
spirits used In the arts and in maputac'
lures would also offer an unobjectiona'
BILE method Of reducing the surplus.
CIRCULATION OF MONEY,
A table presented by the Secretary Of
the Treasury, showing the amount Of
money Of all kinds 10 circulation each
year from 1878 to the present time, Is OF
interest, Itappesrs that the amount Of
national bank notes In circulation has
decreased during thatperiod Sll4, 100, ,720,
OF which $S770O, ,!20 Is chargeable 10 the
last year.
The withdrawal OF bank circulation
will necessarily continue under existing
conditions. II isprobable that the adop.
tion OF tho suggestions made by the
Comptroller Of the Currency, viz: that
the minimum deposit OF bonds for the
establishment OF banks be reduced, and
that an issue OF notes to the par value Of
the bonds be allowed, would help to
maintain the bank circulation. but,
while this Withdrawal Of bank notes has
been going on, there has been large In.
crease in the amount Of gold and silver
coin in circulation and In the Issue OF
gold and silver certificates.
Thel total amount OF money OF all
kinds IN circulation oil March |, 1878,
was SS05, ,70S, ,SO7, while on October |,
1880, the total was Sl.4O5, ,0l3,O0O There
was au Increase Of S203,Sl7,552 In gold
coin, OF $5I554, 100 in standard silver
dollars, OF $72,3l l,2iO in gold certificates,
OF $276, ,Gl0 7l5 In silver certificates, and
OF Sl4,073,7S0 10 United States notes,
making a total Of $7lS,97G. .403. There
was during the game period decrease oi
$ll4, 100, 100 in bank circulation, and OF
SGi3,4 ,4Sl iu subsidiary silver. The net
increase was $5O0224, 1893. The circuh.
tion per capita has increased about S.
during the tlme covered by the table re.
fered TO.
The total coinage oil silver dollars was,
on Novembar l, 1889, $3i3, ,93S, ,0Ol, OF
which $2SS, 53S 52I were in the Treasury
vaults aud S6O,0OS, ,4S0 were in circnll.
tion. OF the amount In tile vaults, $277,-
3lS.9i4 were represented by outstanding
silver certificates, leaving S6,2lO,577 not
In circulation, aud not represented by
certificates.
THE SILVER QUESTION.
The law requiring tue purchase by the
Treasury oftwo million dollars worth OF
silver bullion each month, 10 be coined
into silver dollars Of four hundred aud
twelve and one half grains, has been
observed by the department; butneither
the present Secretary nor any OF his
predecessors has deemed 1t safe to exer.
else the discretion given by law to in.
crease the monthly purchases to four
million dollars. When the law was
enacted February 2S, 1879 the price OF
silver In the market was 20 4.l0 per
ounce making tho bullion value Of the
dollar 90 cents. Since chat time the
price has fallen as low as 81 2 cents
per ounce, reducing the bullion value OF
the dollar TO 100 cents. Within the
last few months the market price has
somewhat advanced and on the lst day
OF November last the bullion value Of
the silver dollar was ~ cents. The evil
auticipations which have accompanied
the coinage and use OF the silver dollar
have not been realized. As u coin II has
not had general use and the public
treasury has been compelled to store It.
But this Is maniiestly owing to the fact
that Its paper representative is more
convenient The general acceptance
and use Of the silver certificates show
that silver has not been otherwise die.
credited. Some favorable conditions
have contributed 10 maintain this praC-
tical equality, In their commercial use,
between the gold and silver dollars.
But some OF these are tralU conditions
that statutory enRctmenls do not control
and OF the continuance OF which we
cannot be certain,
l think IL Is clear that we should make
the coinage Of silver at the present ratio
free, we,lllust expect that the difference
in the bullion values OF the gold aud sil.
yer dollars will be taken account OF in
commercial transactions, and | fear the
satne result would follow any Consldefa.
bls increase Of the present rale Of coin.
aye. Such result would bU dlsCredita.
ble 10 our financial management and dis.
aStrOus 10 all business interests. We
should not tread the dangerous edge Of
such d peril. And. indeed, nothing
more harmful could happen 10 the silver
interests. Any safe legislation upon
this subjcct must secure the equality Of
the two coins In their commercial uses.
thayo always been an advocate Of the
use Of silver In our currency, We aEe
large producers oi that metal, and
should not distrelit Ii. To the plan
which will be presented by the Secre.
tAry Of the Treasury for the issuance Of
nOt1B or certificates upon the deposlt Of
silver bullion at lts market value, have
been GblU to glvO only hasty UxGmina.
ton, owing 10 tho press OF other matters
aud to tile fact that II has been 40 recent.
ly formulated. Tho details Of such q
law require careful consideration, but
tllo general planSuggesLel by hun Vee,py
10 satisfy tho pltp0Ju--to Conliuu6 tG6
Use Of silver iu connection with our cur.
renCy and At tho Baino time 10 Obyiate
tho danger Of which | have spoken. AZ
4 A.. H. .a..N