Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1889-12-11

a e,S ~ ~ actual ana estlmated
total expenditure Of $sa1,s sci, ii699 leaving on
estimated surplus Of sas. 67S ssSO oil.
During the fiscal year there was applied TO
the sinking fund go I'D, 17s.sS and during the
n mrsd quarter % the current year the sum Of
s$Sn n,a al q which were credited to the
The revenues for the nscal year ending
J LIME w isei, are are. estimated by the Treasury
ut $341 4a0, ALTO, This shows an estimated sur
plus for that year Of s4S SO, which is more
likely to be increased then reduced when the
SctNal transactions 0re written up.
THE SURPLUS.
The existence OF SO largo an actual and an.
ticipated surplus should have the immediate
ons the With view to TO
needs OF the Government as closely as may be-
The collection OF moneys not needed for public
uses imposes an unnecessary burden upon our
Plus IN the public vaults Is o disturbing ele-
m men, IN IN the conduct Of private bust
putting 4 into e.
tionable prOpriety. We should not collect
revenue Tor the purpose OF anticipating our
pong 6onds beyond the requirements OF The sinking
treasury should be so used, as there Is no
other lawful way OF returning the money to
circulation, and the profit realized by the
government offers q substantial advantage
without interest upon the security OF Govern.
ment bonds regard as an unauthorized
porary and unnatural increase OF the banking
capital of favored localities and compels cnu-
tious and gradual recall Of the deposits to avoid
Injury to the commercial interests It Is not to
be expected that the banks having these depOs.
its will sell their bonds to the Treasury so long
,, as the present highly beneficial arrangement is
both upon the bonds and their proceeds. No
further use should be made OF this method Of
getting the surplus into circulation, and the de-
posits now outstanding should be gradually with.
drawn and applied to the purchase Of bonds.
1t is fortunate that such q use can be made Of
the existing surplus, and for some time to come
gress hos taken the necessary steps for o reduc,
ton of the revenue Such legislation should be
promptly butvery considerably enacted.
THE TARIFF. E3EEE I&& &
recommend revision Of our tariff law,
both in its administrative features and In the
schedules. The need of the former Is generally
conceded and on agreement upon the evils and
Inconvenience to be remedfed and the best
methods for their correction will probably not
be difficult. Uniformity OF valuation at all our
ports Is essential and effective measures should
be taken to secure it. It is equally desirable
that questions Affecting rates and classified.
lions should be promptly decided. ~
The preparation OF q new schedule OF customs
duties is a matter Of great delicacy because 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 pro-
III.
OF business may perhaps result from considera-
ton OF this subject by Congress, but this tenn.
porary ill,effect will be reduced to minimum
by prompt action and the assurance which the
will be so made as not to impair the just and
| reasonable protection of our home industries.
justed, but the protective principle should be
maintained and fairly applied to the products Of
our farms as well as our shops. These duties
necessarily have relation to other things be-
not LIMIT
| their effects by fixing our eyes on the public
Treasury alone. They have direct relation to
home production, to work, to wages and to the
| commercial Independence Of our country, and
the wise and patriotic legislator should enlarge
the field Of his vision to include all of these.
The necessary reduction in our public reve-
the smaller burden more onerous than the
larger by reason Of the disabilities and limita-
tious 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 competition to such
domestic products as our home labor can sup
bacco would relieve an important agricultural
product from burden which was imposed only
because our revenue from customs duties was
insufficient for the public needs. II safe provis-
the tax upon spirits used Tn the arts and in
manufactures would also offer an unobiection-
able method of reducing the surplus.
NATIONAL BANK CIRCULATION.
A table presented by the Secretary Of the
Treasury, showing the amount OF money OF all
kinds In circulation each year from 1873 to the
amount of National Bank notes in circulation
has decreased during that period &114 1O9, 49, of
which 81, 229 Is chargeable to the last year.
The withdrawal OF bank circulation will neces-
sarily continue under existing conditions.
{ The total amount Of money of oil kinds in
circulation on March !; 1873, was $50, 1873 so7.
oisooo The amount per per-. capita increased about
five dollars during this time
THE SILVER DOLLAR.
The 1a the svsr By Sg the ea
month to be coined into silver dollars of 4l2H
grains has been observed by the department;
sns @
monthly purchases to q, 100000 When the
law was enacted Februa1y q, 1879, the
per ounce, making the bullion value of the dol
lar SO cents Since that time the price has fallen
as low as sls cents per ounce reducing the bull
last few months the market price has some.
what advanced, and on the 1st day OF Novem.
Der last the bullion value Of the silver dollar
have accompanied the coinage and use Of the
As coin it has not had general
S Seen compe,ed to stoPe IT, But this Is mans S
testify owing to the fact that its paper repre-.
sentative Is more convenient. The general &C.
CepI4ncC anu use OF Inc Silver C6TblnC8t0 snow
that silver has not been otherwise discredited.
Some favorable conditions have contributed to
maintain this practical equality In their COM
mercial use between the gold and silver dol
lars. But some Of these are trade conditions
that statutory enactments do not control and
Of the continuance OF which We can not be Ger.
tain 4
I think It is clear that il we should make
coinage Of silver at present rates free we must
expect that the difference in bullion values OF
the gold and silver dollars will be taken account
of in commercial transactions and fear the
same result would follow any considerable in.
crease of the present rate OF coinage Such q
result would be discreditable to our financial
management and disastrous to all business In.
terests We J. should not tread the
dangerous edge OF such peril,
and, indeed, nothing moro harmful
could happen to the silver interests. Any safe
Legislation upon this subject must secure the
equality OF the two coins In their commercial
uses. have always been an advocate OF the
use OF silver in Our currency. We ore large pro.
ducers of that metal and should not discredh 1t.
To the plan which will be presented by the
Secretary of the Treasury for issuance of notes
OF certificates upon the deposit Of silver bullion
at its market value have been able to
give only hasty examination owing to the
press of other matters and to the fact that
it has been so recently formulated. The details
Of such o law require careful consideration, but
the. general plan suggested by him seems to
satisfy the purpose-to continue the use OF
silver in connection with our currency ana at
the same time 70 Obviate the danger OF which
have spoken. At q later day I may communi.
cate further with Congress upon this subject
go 1<S<NA SsnNY Nvzrrrs NC